Board Oversight > Minutes Archive > June 18, 2021, CRA Minutes

June 18, 2021, CRA Minutes

Board Meeting: June 18

A meeting of the Governing Board of the Colorado Retirement Association was held on June 18, 2021, at 9:00 a.m.

The following were present at the meeting:

  • Chris Felton, Board Chairman
  • Paul Danley, Vice Chairman
  • Darius Allen, Board Member
  • Tobe Allumbaugh, Board Member
  • Adam Ford, Board Member
  • Terri Schafer, Board Member
  • Tim Mullen, Executive Director/Chief Financial Officer
  • Ed Krisor, Legal Counsel
  • Mike Whalen, Retirement Plan Services Director
  • Matt Evans, Retirement Services Coordinator

Jerry DiTullio, Board Member was not in attendance.

 

Chris Felton, Board Chairman, called the meeting to order at 9:06 a.m.
Mr. Felton asked members of the Board if they reviewed the minutes from the May 21, 2021 meeting and if there were any comments. There being none, a motion was made by Chris Felton to approve the minutes as presented. Darius Allen seconded the motion and it passed unanimously.

 

Legislative Update:
Joan Green, CRA’s legislative lobbyist, presented a legislative update. Ms. Green noted that out of the 623 bills that have gone through the legislature during this session, 502 have passed. During this past session, there were no bills specific to CRA. Joan also noted that during the COVID- 19 pandemic stay-at-home period, the normal lobbying process with the legislature was restrictive.

 

Entity Qualification Review:
Tim Mullen gave a brief overview of the Town of Frederick. Mr. Mullen stated that Ed Krisor, CRA legal counsel, has reviewed the information provided for Town of Frederick and they qualify to participate in CRA’s 401(a) and 457(b) plans.

A motion was made by Chris Felton for acceptance of Town of Frederick into both CRA plans. Tobe Allumbaugh seconded the motion and it passed unanimously.

 

Financial Update:
Mr. Mullen noted that year-to-date, the S&P index is in an upward trend. The May 31, 2021 year-to-date blended rate of return for both the 401(a) and the 457(b) plans is 7.33%.

Tim stated that loan balances are up from this time last year; however, the average loan balance remains about the same. As of June 11, 2021, distributions from the CRA plans have exceeded contributions into the plans.

Tim Mullen presented the Plan and Association financial statements for the nine months ended March 31, 2021.

This discussion reviewed the balance sheets, income statements, year-to-date budget, and the Association’s general ledger.

As part of overall CRA activity, Mr. Mullen shared that CRA has completed another round of Retirement Seminars. The feedback on these seminars was positive. CRA is creating additional information relating to these seminars for the website.

 

Expense Reports:
Chris Felton asked the members of the Board if there were any questions or concerns regarding the expense reports. There being none, the reports were accepted as presented.

The next meeting of the CRA Board of Directors will be held on Friday, August 20, 2021.

There being no further business to come before the board, a motion was made by Chris Felton and seconded by Adam Ford to adjourn the meeting. At 10:23 a.m. the motion passed unanimously.