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HomeMy WebLinkAbout2018 - Retirement Committee - Annual ReportGeneral Employees Retirement Committee 2018 Annual Report January 10, 2019 215 N. Mason Street Conf. Room 2A 2018 ANNUAL REPORT Page 1 1. Prepare 2017 GERC Annual Report for City Council prior to January 31, 2018. Completed after January 31, 2018. Sent to Council March 8, 2018. 2. Fiduciary Training for Committee Members Fiduciary training was completed in January 2018 for all committee members. The training was provided by Innovest Portfolio Solutions. 3. Elect Officers and Review GERC standing rules in February 2018. Elections took place as required. Clark Mapes was elected Chair and John Voss was elected Vice Chair. 4. Consider modifying practices, policies, plan document etc. as advised in fiduciary training. The committee discussed throughout the year culminating in an investment policy review in October 2018. After discussion the committee decided the plan and policies were in a good state and did not require any changes at this time. The committee will continue to monitor this moving forward. 5. Continue Monitoring of Retirement Plan and the appropriate level of contributions. The committee monitored the level of contributions throughout the year and determined the current levels are appropriate. The funding levels were also presented to Council Finance Committee in November 2018, and they also agreed the current levels of funding are appropriate. 6. Revise Actuarial Assumptions prior to March 1, if necessary, for the 2018 Report. The assumptions were reviewed at the February meeting. After discussions with the actuary the committee decided to lower the assumed annual rate of return from 6.50% to 6.25%. This change was reflected in the 2018 report. 7. Review ‘Personal Retirement Planning Statement’ forms in April 2018 The ‘Personal Retirement Planning Statement’ was reviewed at the March meeting. The statements were distributed to active GERP participants in April 2018. 8. Review Quarterly and Monthly Investment Reports. The quarterly investment reports were reviewed by the committee to verify the investment portfolio is in compliance with GERP policy. Changes to the portfolio were also reviewed along with investment performance. General Employees Retirement Committee 2018 Annual Report 2018 ANNUAL REPORT Page 2 9. Review Legislative Issues with Actuarial Consultant and Support Staff. No legislative issues were identified as having an impact on GERP in 2018. 10. Prepare Work Plan for 2019 to be sent to City Clerk’s office by February 15, 2019 11. Provide and enhance the educational opportunities for GERP members and GERC Board members, as appropriate. Education opportunities for board members were presented to the board when appropriate. 12. 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.