MINUTES OF THE MEETING OF THE GOVERNING BOARD OF THE
COLORADO RETIREMENT ASSOCIATION 8-21-20
The monthly meeting of the Governing Board of the Colorado Retirement Association was held at 9:00 a.m. on the 21st day of August 2020, via teleconference.
The following were present at the meeting:
- Chris Felton, Board Chairman
- Paul Danley, Board Member
- Tobe Allumbaugh, Board Member
- Jerry DiTullio, Board Member
- Darius Allen, Board Member
- Adam Ford, Board Member
- Ed Krisor, Legal Counsel
- Tim Mullen, Executive Director/ Chief
- Financial Officer
- Katie Dirksen, Retirement Services Coordinator
- Lois Kruse, Office Administrator
Chris Felton called the meeting to order at 9:05 a.m.
A motion was made by Darius Allen and seconded by Jerry DiTullio to approve the minutes of June 19th, 2020 as presented. The motion passed with Chris Felton abstaining from the vote due to his absence from the June 19th, 2020 meeting.
Wendy Dominguez, Peter Mustian and Jared Martin from Innovest Portfolio Solutions, CRA’s investment advisor, were admitted to the meeting. Lauren Albanese, with Financial Investment News, was also admitted to the meeting at this time.
Wendy provided a brief history of Innovest and their time serving CRA for Adam Ford, CRA’s new board member. She recapped Share Class changes from earlier in the year; takeaways from the SECURE Act and CARES Act statistics from 9 large retirement plan providers. Tim Mullen updated the board regarding CRA CARES Act distribution and loan activity since CRA adopted those provisions.
Wendy then reviewed plan expenses, noting CRA has done an excellent job of managing recordkeeping and administrative fees for the 401(a) and 457(b) plans. Wendy also mentioned the markets tendency toward a forward-looking outlook, the current zero interest rate environment and the federal stimulus packages are
all factors supporting the markets value at this time.
Peter Mustian reviewed CRA’s investment lineup and performance for the second quarter and year to date. There were no recommendations for any changes at this time.
The Innovest team and Lauren Albanese left the meeting.
CRA Activity Updates:
Tim Mullen presented an overview of the upcoming Salesforce project for tracking participant service. He recapped activity with employer groups and participants including virtual meetings and retirement seminars. Tim also updated the board on the status of updating Participant Agreements with
Tim Mullen and Ed Krisor presented the proposed changes to the Governing Board sections of the Operating & Procedural Manual as requested by the board in the June meeting. A motion was made by Chris Felton and seconded by Tobe Allumbaugh to approve the changes as presented. The motion passed
CRA will begin the process to fill the vacancy for the Municipal/Political Subdivision position in September.
Audit Engagement Letter:
Tim Mullen presented the Audit Engagement Letter to the board for approval, engaging Plante & Moran to audit the financial statement of CRA for the fiscal year ended June 30, 2020. This letter has been reviewed and approved by Ed Krisor and Tim Mullen. A motion was made by Tobe Allumbaugh and seconded by Adam Ford to approve the audit engagement. The motion passed unanimously.
As there were no questions, expense reports were accepted as presented.
There was a 10 minute break and the meeting resumed at 10:26 a.m.
At 10:26 a.m. Chris Felton made a motion to go into executive session Pursuant to 24-6-402(4)(f) C.R.S. for the purpose of discussion of staff personnel matters.
Tobe Allumbaugh seconded the motion and it passed unanimously.
The executive session ended at 10:53 a.m.
The regular board session resumed at 10:55 a.m. At 10:57 a.m. a motion was made by Jerry DiTuillo and seconded by Paul Danley to go into executive session Pursuant to 24-6-402(4)(f) C.R.S. for the purpose of discussion of staff personnel matters. The motion passed unanimously.
The executive session ended at 11:35 a.m.
The regular board session resumed at 11:36 a.m. A motion was made by Jerry DiTullio and seconded by Tobe Allumbaugh to proceed as discussed in executive session #1. The motion passed unanimously.
A motion was made by Paul Danley and seconded by Adam Ford to proceed as discussed in executive session #2. The motion passed unanimously.
There being no further business to come before the Board, a motion was made by Chris Felton and seconded by Tobe Allumbaugh to adjourn the meeting. The motion passed unanimously and the meeting was adjourned at 11:38 a.m.