MINUTES OF THE MEETING OF THE
GOVERNING BOARD OF THE
COLORADO RETIREMENT ASSOCIATION
A meeting of the Governing Board of the Colorado Retirement Association was held at 10:00 a.m. on the 6th day of April, 2020 via ZOOM.
The following were present at the meeting:
- Chris Felton, Board Chair pro-tem-By teleconference
- Paul Danley, Board Member-By teleconference
- Tobe Allumbaugh, Board Member- By teleconference
- Scott Vargo, Board Member- By teleconference
- Jerry DiTullio- Board Member-By teleconference
- Elizabeth Price, Executive Director-By teleconference
- Tim Mullen, Chief Financial Officer-By teleconference
- Dawn Small, MARCOM Director-By teleconference
- Katie Dirksen, Retirement Services Coordinator- By teleconference
- Lois Kruse, Office Administrator-By teleconference
- Rebecca Hudson-Holland & Hart-By teleconference
- Wendy Dominguez-Innovest-By teleconference
- Peter Mustian-Innovest-By teleconference
Chris Felton called the meeting to order at 10:13 a.m.
Elizabeth Price stated the reason for the meeting– The Board needs to discuss the provisions of the Coronavirus Aid, Relief and Economic Security (C.A.R.E.S.) Act as they apply to CRA and to consider permitting CRA Participants to take advantage of some or all of its provisions. Ms. Price recommended that the Board vote on the proposed amendment so participants can start taking advantage of the provisions of the C.A.R.E.S. Act.
Discussion of the proposed amendment- there was a question if there is any reason why we should not do this. The Innovest team mentioned that as fiduciaries we need to be familiar with the C.A.R.E.S. Act and understand the implications of each portion of the Act as it applies to CRA.
The discussion further clarified that CRA will not be advising participants, just giving them information and to seek advice from their personal financial advisor, if they have one.
CRA is putting together an information sheet that will be given to staff and employers.
The distributions and loans that are made citing the provisions of the C.A.R.E.S. Act will be tracked and the forms used will specifically note COVID-19 on the form. The forms that the participant signs will have verbiage stating that they are utilizing the C.A.R.E.S. Act provision and that they qualify under penalty of perjury.
The motion to adopt the proposed amendment was made by Scott Vargo, seconded by Jerry DiTullio and passed. There were no nay votes. The amendment authorizes CRA to permit participants to take full advantage of the C.A.R.E.S. Act specifically permitting distributions, loans and deferral of required minimum distributions.
Chris Felton moved to have the meeting adjourned and the meeting ended at 10:27 a.m.
The next regular meeting of the CRA Board of Directors will be held on April 17,2020 via teleconference.