Loading...
HomeMy WebLinkAboutRetirement Committee - Minutes - 01/10/2019ci Committee Members Present: Clark lVlapes, Chairman John Voss, Vice Chairman James Lathrop John Lindsay Del Bernhardt Others Present: Blaine Dunn Keen Garbiso Joel Stewart, ltlilliman Jenny Lopez Filkins Carolyn Koontz Pfbdrins General Employees Retirement Committee 215 N. Mason 2nd Floor PO Box 580 Fort Collins, CO 80522 970.221.6788 97O.221 .6782 - lax fcgov.com Geruenal Euplovees' Rerrneuerur CoulrrrrEE Mrruures JnnuaRv 10,2019 215 N. Masoru - Corureneruce Roolr 24 - Secoruo Floon - 1 :15 plt [\4eeting called to order at 1:17 pm 1. Citizen Participation and Plan Member Comments - None 2. Consider Approving the Minutes from the meeting held on December 13,2018 John Voss moved to approve the minutes of the December 13, 2018 GERC meeting. John Lindsay seconded the motion. The minutes were approved unanimously. 3. Monthly investment report (Blaine Dunn) The General Employees' Retirement Plan (the "Plan") had a total market value of $43,1 57,474 as of December 31,2018 with a year-to-date return of -4.97o/". Fixed income investments accounted for 31 .2% of the portfolio's market value. Domestic and foreign equity funds represented 51 .8% and 17 .0% respectively. The asset allocation targets are fixed income: 40"/", domestic mutual funds: 45"/", and foreign mutual funds: 15%. The Plan investment policy allows for a variance of 10 percent above or below each of the stated targets. Value of plan decreased by $Sm over end of year last year Retired Plan lVembers Active [t/embers Terminated Vested 258 57 77 lins YTD New Annuity Payments Lump Sum Payments Term inations Blaine Dunn; We will look at moving away from the Fidelity Value Fund in 2019 after a suitable alternative is identified as it continues to underperform. John Voss; if the lunded percentage goes below lhe 70"k threshold, the committee will need to consider requesting to increase the supplemental contribution in the next budget cycle. 4. Review Draft 2018 Annual Report Annual Report reviewed and discussed by the committee. Jenny Lopez Filkins offered to conduct Legal Training for City Council appointed committees to the GERC. The training focuses on ethical obligations described in the City Charter and City Code and has been added to the 2019 Work Plan. Jenny Lopez Filkins gives this training to all Boards and Commissions she supports. This training will be added to the GERC agenda as time allows. Fiduciary Training last year cost $500. Committee agreed training was adequate and will be offered for new members and all interested in 2019. We will have someone come lo deliver training on site. Committee discussed making sure the GERC make up is in compliance. Of the 5 members not appointed by the financial officer, 4 members must be either current members, term vested or retired. Committee is in compliance. James Lathrop moved to approve the GERC 2018 Annual Report. Del Bernhardt seconded the motion. The GERC 2018 Annual Report was approved and will be submitted to City Clerk's office in compliance with the deadline of January 30th GERC 2019 Work Plan will be reviewed and finalized at the February '14th meeting. 5. Election of Off icers Floor was opened for nominations; James Lathrop made a motion that Clark Mapes, Chairman and John Voss, Vice Chairman retain their positions for another year. John Lindsay seconded the motion. The motion was approved unanimously. 6. Other Business Committee discussed note sent by Christine Macrina regarding KFCG tax expiration at the end ol 2020. City Council is scheduled to review ballot language on February 5, 2019 for the April election. Clark Mapes made a motion that the Committee take a position and send a memo of formal recommendation in support of Option A, 19 5 R Z ins adding 0.85% to the base rate. James Lathrop seconded the motion. Draft memo will be sent to Clark and committee lor review before submitting. Agendas for February and March 2019 GERC meetings will be primarily Joel Stewart from [t/lilliman. Assumptions will be presented and discussed at the February 14th meeting and the evaluation will take place at the March 14th meeting IVeeting adjourned aI2:12 pm Clark M es, c rma Carolyn Koontz, Staff Liaison J