HomeMy WebLinkAboutRetirement Committee - Minutes - 02/08/2018iytt"thns
General Employees Betlrement
Committee
215 N. l\4ason
2"d Floor
PO Box 580
Fort Collins, CO 80522
970.221.67AA
970.221 .6782 - lax
tcgov.com
GENERAL EMpLoyEEs' RerrnEuEnr CoMMrrrEE
MINUTES
FEBRUARY 8, 2018
1 :1 5 Pttl
215 N. MASoN - CoNFERENCE RooM 2D
- SEcoND FLooB
Committee Members Present: John Voss, Chairman
Bill Switzer, Vice Chairman
Delbert Bernhardt
James Lathrop
John Lindsay
Clark Mapes
Others Present: Blaine Dunn
Janie Appleton
Jenny Lopez Filkins
Joel Stewart (Milliman)
Keen Garbiso
Travis Storin
Meeting called to order at 1:15 pm.
1. Citizen Participation and Plan Member Comments - none
2. Consider Approving the Minutes from the meeting of January 1 1 , 2018
James Lathrop moved to approve the minutes of the January 1 1 , 2018 GERC meeting
Clark Mapes seconded the motion. The minutes were approved unanimously.
3. Review key assumptions to be used in annual actuarial evaluation (Joel Stewart)
(see attached)
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J..
G ERC Review of Key
Assumptions 2018.p
Ivlotion on all key assumptions (economic and demographic)
Bill Switzer made a motion to approve all economic and demographic key assumptions with the
exception of the investment return assumption percentage which will be updated lrom 6.5% to
6.25%. (pages 6-7 of the attached) Clark Mapes seconded the motion. The motion passed.
c. Fiduciary Training - Thoughts and Takeaways
Committee would like to have a wrilten investment policy,
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City
ins
Supplemental is a funding policy -
not an investment policy -
state your objectives -
allocations - time lines
- monthly report shows parameters
- we want to get that in writing -
asset allocation is everything (policy = stability)
5. Discuss Requirement of Active GERP Members Over Age 70 to Make an
Election (Janle Appleton)
We have one active employee who is over 70 years of age. Are members required to make
a selection while they are actively employed?
7. Monthly lnvestment and Other Reports (Blaine Dunn) - report attached
EE
I
201.8 Jan.pdf
Bill Switzer requested that Blaine highlight items on the report that he wants to bring to the
committee's attention.
8. Election of Officers - Chairman, Vice Chair to take place
at March 8th meeting
9. Other Business
Jenny Lopez - annual fiduciary acknowledgement form for
each member to sign
She will send it out in advance of the March 81h meeting.
l\/leeting journed at 2:46 pm
LA//)/ 19,
John oss, Chairman Carolyn Koontz, Stafl Liaison
2
Plan's responsibility - Do they have the option - if we are going to make a selection on their
behalf - life annuity is the delault -
ARISA form is the trigger
Kean Garbiso; notified - tell them what you
are electing -
give them an opportunity -
50%
joint survivor -
stalf can make a recommendation.
6. Review 2018 Work Plan
Bill Switzer made a motion to remove the lasl item and adopt the rest. Clark Mapes
seconded the motion. The motion was approved. Approved 2018 Work Plan attached.
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RE1IREIVENT COMV