Board Oversight > Minutes Archive > December 13, 2019, CRA Minutes

December 13, 2019, CRA Minutes

Board Meeting: December 13

The monthly meeting of the Governing Board of the Colorado Retirement Association was held at 8:30 a.m. on the 13th day of December, 2019 at the office of the Association.

The following were present at the meeting:

  • Lucas Hale, Board Chairman – In person
  • Chris Felton, Board Member – In person
  • Paul Danley, Board Member – By teleconference
  • Tobe Allumbaugh, Board Member – By teleconference
  • Scott Vargo, Board Member – By teleconference
  • Jerry DiTullioBoard Member -By teleconference
  • Darius AllenBoard Member – In person
  • Elizabeth Price, Executive Director – In person
  • Tim Mullen, Chief Financial Officer – In person
  • Ed Krisor, Legal Counsel – By teleconference
  • Rebecca Hudson, Legal Counsel – In person
  • Dawn Small, MARCOM Director – In person
  • Katie Dirksen, Retirement Services Coordinator – In person
  • Lois Kruse, Office Administrator – In person

Lucas Hale called the meeting to order at 8:32 a.m.

A motion was made by Tobe Allumbaugh to approve the minutes of November 15, 2019 as presented. The motion was seconded by Chris Felton and passed unanimously.

 

Legislative Update:
The meeting was joined by Joan Green who gave a legislative update.

 

Executive Session:
At 8:36 a.m. a motion was made by Darius Allen to go into Executive Session Pursuant to 24-6-402 4(e) C.R.S. determining positions relative to matters that may be subject to negotiations. Motion was seconded by Chris Felton and passed unanimously. Executive Session ended at 8:48 a.m.

 

Executive Report:
Executive Director update on the strategic plan was given by Elizabeth Price. The Executive Director has been sending weekly updates to the board as well.

 

MARCOM Report:
Dawn Small gave the MARCOM update.

At 8:57 a.m. the Executive Director suggested that CRA move forward with the contract for the target market project and the Board agreed. Consideration will be given to budgeting the $5,840.

 

CFO Report:
Portions of the CFO report were given by Tim Mullen at this time. He reported on Internal financials- unaudited for the quarter ended 9-30-19.  He reported on selected financial information as well.

 

Innovest Report:
The meeting was joined by Wendy Dominguez and Peter Mustian from Innovest. They presented information on share class changes. At 10:17a.m. a motion was made by Lucas Hale to accept the Share Class changes as presented by the Innovest team for American Beacon International Equity Fund Ins, American Beacon Small Cap Value Fund Instl, and JP Morgan Strategic Income Opportunities from Fund Class R5 to Fund Class R6 which offers a lower expense ratio.  The motion was seconded by Chris Felton and passed unanimously.

There was a discussion regarding the Innovest RFP process. Wendy and Peter leave the meeting at 10:29 a.m.

The meeting took a break until 10:40 a.m.

The meeting resumed at 10:40 a.m.

 

Executive Session:
The meeting is joined by Mica Dawson, Legal Counsel, Fisher & Phillips LLP.

There is a motion at 10:41 a.m. by Darius Allen 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.  The motion was seconded by Chris Felton and passed unanimously.

Executive Session ended at 10:52 a.m.

 

Plan Revision:
Discussion of plan revisions and amendment was led by Tim Mullen.

401 Revisions-Rebecca Hudson from Holland & Hart discussed additional guidance from the past several years. There was a lengthy discussion regarding the possible selection of ranges of contributions by entities.  At 11:46 a.m. a motion was made by Jerry DiTullio and seconded by Chris to accept the changes to the plan document as presented. At 11:47 a.m. an addition to the motion was made to allow Tim Mullen and Rebecca Hudson to make clerical and immaterial changes, (typos etc.) to the 401plan document. The motion passed unanimously.  Tobe Allumbaugh was not on the call at that time.

457 Revisions-at 11:55 a.m. a motion was made by Chris Felton and seconded by Lucas Hale to accept the plan document and allow Tim Mullen and Rebecca Hudson to make clerical changes, align definitions with the 401 document and make any inconsequential changes they deem necessary.

The motion passed unanimously.

 

Conclusion:
Expense reports were accepted without discussion.

The next meeting of the CRA Board of Directors will be held on February 21, 2020 at the office of the Association.

There being no further business to come before the Board, a motion was made to adjourn and passed unanimously.  The meeting was adjourned at 1:03 p.m.