A meeting of the Governing Board of the Colorado Retirement Association was held on Friday, April 22, 2022, at 9:00 a.m.
The following were present at the meeting:
- Chris Felton, Board Chairman-Participated by Zoom
- Paul Danley, Vice Chairman-Participated by Zoom
- Darius Allen, Board Member-Participated by Zoom
- Tobe Allumbaugh, Board Member-Participated by Zoom
- Terri Schafer, Board Member-Participated by Zoom
- Tim Mullen, Executive Director
- Ed Krisor, Legal Counsel-Participated by Zoom
- Doug Farmen, Chief Financial Officer
- Matt Evans, Retirement Services Coordinator
- Lois Kruse, Office Administrator
Board Members Jerry DiTullio and Adam Ford were not in attendance.
Chris Felton, Board Chair, called the meeting to order at 9:02 a.m.
Mr. Felton asked members of the Board if they reviewed the minutes from the March 18, 2022 meeting and if there were any comments. There being none, a motion was made by Darius Allen to approve the minutes as presented. Tobe Allumbaugh seconded the motion and it passed unanimously. Chris Felton abstained from the vote.
Tim Mullen provided a status update of the bills in the Colorado Legislature that Joan Green has been monitoring. None of the bills discussed directly relate to CRA at this time.
CRA Board Election Update:
Tim Mullen provided a brief overview of the three open Board of Directors positions effective June 30, 2022. For reference, the Board package included an excerpt from the Operating and Procedural Manual detailing election requirements and procedures. Vice-Chairman Paul Danley announced he will be retiring from his employer by July 1, 2022, and as a result, he is no longer eligible to serve on the CRA Board. Paul thanked CRA for the opportunity to serve on the Board for the last four years. Everyone congratulated Paul and wished him well in future endeavors.
CRA Activity Update:
Tim Mullen noted the number of Employer on-site visits are increasing. CRA continues to monitor all employer and participant interactions for safety and continues to maintain all pandemic protocols.
Participant Agreement reviews are ongoing. Employers are continuing to include CRA’s new plan design features in their updated agreements, expanding retirement options and flexibility for their employees.
Tim mentioned that hold times for participant calls with Empower’s call center are somewhat shorter than they have been, however there is still work to be done in this area. Salesforce and website updates are continuing. Matt Evans is working to improve the functionality and accessibility of the website.
The CCI conference begins May 31, 2022. CRA will have a booth and will also be sponsoring a commissioner’s breakfast.
Tim will be participating in the Stable Value Investment Association’s spring seminar and will be presenting as a plan sponsor panelist.
Proposed 2022 Scholarship Award Recipients:
Next on the agenda was the proposed scholarship awards. This is the third year using the format where six winners will receive a one-time $2,000.00 scholarship from CRA. The proposed 2022 CRA Scholarship Award Recipients are:
- Alison Fox
- Savannah Mendenhall
- Madelyn Oxley
- Laurae Pearson
- Lauren Rumley
- Arlina Yazzie
A motion was made by Chris Felton to approve the list of proposed CRA Scholarship Recipients. Terri Schafer seconded the motion and it passed unanimously.
A brief discussion ensued considering the possibility of expanding the number of scholarships awarded in the future.
Chris Felton asked members of the Board if there were any questions or concerns regarding the expense reports. There being none, expense reports were accepted as presented.
The next meeting of the CRA Board of Directors will be held on Monday, May 23, 2022.
Chris Felton asked if anyone had any questions or additional items to discuss. There being no further business to come before the Board, Chris Felton adjourned the meeting at 9:30 a.m.