Board Oversight > Minutes Archive > August 16 CRA Minutes

August 16 CRA Minutes

Board Meeting: August 16, 2019

MINUTES OF THE MEETING OF THE

GOVERNING BOARD OF THE

COLORADO RETIREMENT ASSOCIATION

The monthly meeting of the Governing Board of the Colorado Retirement Association was held at 8:30 a.m. on the 16th day of August 2019 at the office of the Association.

The following were present at the meeting:

Lucas Hale, Board Chairman

Chris Felton, Board Member

Paul Danley, Board Member

Tobe Allumbaugh, Board Member

Scott Vargo, Board Member

Elizabeth Price, Executive Director

Tim Mullen, Chief Financial Officer

Ed Krisor, Legal Counsel

Dawn Small, MARCOM Director

Susan Cleeton, Director of Client Management

Susan Hofmann, Executive Planner & Administrator

Lois Kruse, Office Administrator

Board Member Jerry DiTullio attended via ZOOM

Lucas Hale called the meeting to order at 8:36 a.m.

A motion was made by Chris Felton to approve the minutes of June 21, 2019.

The motion was seconded by Lucas Hale and passed unanimously.

Galliard- Overview and Update was given by the Galliard team.

Joan Green, CRA lobbyist joined the meeting and gave an update.

Innovest-Quarterly Update-6-30-2019-Update was given by the Innovest team.

There was discussion during the presentation regarding MLPs. After discussion and clarification, a motion was made by Scott Vargo to accept proposal for change to Steelpath Select, seconded by Tobe Allumbaugh and the motion passed.

RFI Recordkeeping- Discussion-Conversation regarding Empower and it their fees were still cost effective.

A motion by Lucas Hale at 10:07 a.m., seconded by Ed Krisor and passed unanimously to go into Executive Session Pursuant to 24-6-402(4)(f) for the purpose of discussion of staff personnel matters.  Out of Executive Session.

There was discussion regarding CRA’s fee cap and fee minimums.

A motion was made by Lucas Hale to increase the fee cap to $400,000 effective January 1, 2020 and to leave the fee minimum at $28.  The motion was seconded by Jerry DiTullio, motion was passed with Tobe Allumbaugh as the only opposing vote.  Innovest team leaves the meeting.

Break for Lunch

Audit Engagement Letter-information was given by Tim Mullen. There was a motion by Scott Vargo to accept the letter and was seconded by Lucas Hale.  Motion was passed unanimously.

Entity qualification review- Garfield County Federal Mineral Lease District- information given by Ed Krisor.  Motion to approve was made by Scott Vargo and seconded by Paul Danley.  Motion carried.

Executive Director Report:  Given by Elizabeth Price

Election Results:  Winner is Darius Allen from Alamosa County. He will be present at the next meeting on September 20, 2019.

Policy Manuel Update:  Motion to approved updates was made by Paul Danley and seconded by Lucas Hale.  Motion passed.

Client Services Update– Information was given by Susan Cleeton.

Marketing Update– Information was given by Dawn Small.

Expense Reports:  Reviewed and approved

A motion was made by Lucas Hale at 11:45 a.m., seconded by Chris Felton and passed unanimously to go into Executive Session pursuant to 24-6-402(4)(b) C.R.S. for the purpose of discussion with and advice from legal counsel regarding staff personnel matters. Out of Executive Session.

A motion was by Lucas Hale at 12:04 p.m., and seconded by Paul Danley and passed unanimously to go into Executive Session pursuant to 24-6-402(4)(b) C.R.S. for the purpose of discussion with and advice from legal counsel regarding and employer participation agreement.  Out of Executive Session.

A motion was made by Lucas Hale at 12:52 p.m., seconded by Tobe Allumbaugh to go into Executive Session pursuant to 24-6-402(4)(f) C.R.S. for the purpose of discussion of staff personnel matters- ED review & Goal Setting.  Out of Executive Session.

The next business meeting of the CCOERA Board will be held on September 20, 2019 via ZOOM from the office of the Association.

There being no further business to come before the Board, the meeting was adjourned.