05-12-22 General Emplyees' Pension Board of Trustees Adopted MinutesMINUTES
General Employees' Pension Board of Trustees
r Meeting
Thursday, May 12, 2022 - 6:30 PM
Commission Chamber
Present: Emanuel Brown, Member
Gary Smith, Member
Ray Brandstaetter, Chair, General Employees' Pension Board of Trustees
Jeff Newman, Member, General Employees' Pension Board of Trustees
Rob Miller, Alternate Member, General Employees' Pension Board of Trustees
Absent:
Nicholas Kenyon, Member
Also Present: Melissa Burns, Director of Finance
1. CALL TO ORDER
2. COURTESY OF THE FLOOR TO VISITORS
3. APPROVAL OF MINUTES
A. Approve minutes of the February 10, 2022 regular meeting of the General
Employees' Pension Board of Trustees.
MOTION: Motion to approve minutes as written.
Motion: Ray Brandstaetter
Second: Emanuel Brown
Emanuel Brown (Seconded By) For
Gary Smith For
Ray Brandstaetter (Moved By) For
Jeff Newman For
Motion passed 4 to 0.
4. REPORTS
A. Recap of investment performance for the period ended March 31, 2022 and
subsequent activity
David Wheeler and Timothy Haugaard with Graystone Consulting discussed the
performance of the plan's investments for the quarter ending March 31, 2022. They also
provided an Asset Allocation Study and Alternative Investment Education.
General Employees' Pension Board of Trustees
May 12, 2022
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Report Summary
Quarter to Date (01 /01/2022-03/31/2022) - (4.36%)
Performance Since Inception (03/10/2010-03/31/2022) - 8.30%
B. Presentation of the Annual Actuarial Valuation Report as of October 1, 2021
Nicolas Lahaye with the actuarial firm of Gabriel, Roeder, Smith & Company presented
the Actuarial Valuation report as of October 1, 2021. The funded ratio of the plan is
96.4% an increase from 90.6% the previous year. The required employer contribution
decreased to $850,265 from $1,099,876. A discussion took place over lowering the
target rate of return on investment from 6.75% requesting the actuary to perform a study
on the effect of lowering the rate of return.
MOTION: Motion to approve the actuarial valuation report as presented, and direct the
actuarial firm to perform an investment rate study with cost not to exceed $2,000.
Motion: Ray Brandstaetter
Second. Emanuel Brown
Emanuel Brown (Seconded By) For
Gary Smith For
Ray Brandstaetter (Moved By) For
Jeff Newman For
Motion passed 4 to 0.
C. Expenditure report for the period ended March 31, 2022
Report for informational purposes only. No discussion on this item.
D. Fund balance report for the period ended March 31, 2022.
Report for informational purposes only. No discussion on this item.
5. DISCUSSION WITH PENSION BOARD ATTORNEY
A. Items for Discussion
Pension Board Attorney Pedro Herrera updated the board on legislative bills that would
affect the pension boards, and none had passed that would. Also reminded the board
members to complete and send in the financial disclosure, Form 1.
6. NEW BUSINESS
None.
7. ADJOURNMENT
General Employees' Pension Board of Trustees
May 12, 2022
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Attest:
There being no further discussion, Chair Branstaetter declared the meeting adjourned at 8:25
p.m.
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Melissa Burns, Plan Administrator
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Ra Br, d aetter, Chair
General Employees' Pension Board of Trustees
May 12, 2022
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