HomeMy WebLinkAbout2017 - Retirement Committee - Annual ReportGENERAL EMPLOYEES’ RETIREMENT COMMITTEE
2017 Annual Report to City Council
Prepare 2017 GERC Annual Report for City Council prior to January 31, 2018.
Completed after January 31, 2018. Sent to Council March 8, 2018.
Elect Officers and Review GERC standing rules in February 2017
Elections took place as required. John Voss was elected Chair and Bill Switzer was
elected Vice-Chair.
Continue Monitoring of Retirement Plan and the appropriate level of contributions.
The preliminary Actuary Valuation report for year-end 2016 was reviewed by the GERC
at the March meeting. The valuation report was adopted by the committee.
Revise actuarial assumptions prior to March 1, if necessary, for the 2017 Report.
The actuarial assumptions were reviewed at the February meeting. The Actuary
recommended no changes to the Plan assumption. The committee approved the
assumptions as recommended.
Review ‘Personal Retirement Planning Statement’ forms in April 2017.
The ‘Personal Retirement Planning Statement’ was reviewed at the February meeting.
The statements were distributed to active GERP participants in April 2017.
Review Quarterly and Monthly Investment Reports.
The quarterly investment reports were reviewed by the committee to verify that the
investment portfolio is in compliance with GERP policy. Changes to the portfolio were
also reviewed along with investment performance.
Review legislative issues with actuarial consultant and support staff.
Reviewed the IRS Determination Letter Application at the February meeting.
Prepare Work Plan for 2018 by September 30, 2017
Reviewed the work plan for 2018 and made the necessary modifications for creating a
2018 plan at the October meeting. The 2018 work plan was completed and submitted to
the City Clerk.
Provide and enhance the educational opportunities for GERP members and GERC Board
members, as appropriate
Board was unable to get education in 2017. However, in early January 2018 the entire
Board was trained by Innovest Portfolio Solutions LLC in their fiduciary responsibilities.
The web site for the General Employees’ Retirement Committee will be monitored,
updated as needed, and the minutes will be posted once they have been approved and
signed.
The website was monitored and updated as needed and the meeting minutes posted by
the staff liaison.
Consider recommending retirement transition modifications to the plan.
The committee discussed throughout the year but no changes were recommended.