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 9:00 a.m. on the 19th day of June 2020, via teleconference.
The following were present at the meeting:
- Lucas Hale, Board Chairman
- Paul Danley, Board Member
- Tobe Allumbaugh, Board Member
- Scott Vargo, Board Member
- Jerry DiTullio, Board Member
- Darius Allen, Board Member
- Tim Mullen, Executive Director/ Chief Financial Officer
- Ed Krisor, Legal Counsel
- Dawn Small, MARCOM Director
- Katie Dirksen, Retirement Services Coordinator
- Lois Kruse, Office Administrator
Lucas Hale called the meeting to order at 9:01 a.m.
A motion was made by Scott Vargo to approve the minutes of May 15, 2020 as presented. Motion was seconded by Tobe Allumbaugh and passed unanimously.
MARCOM Report- Tim Mullen began by noting that only a brief update will be given monthly or as needed. A quarterly report will present a deeper dive into the MARCOM information. Dawn Small shared web traffic information that reflected increased activity from April through May 2020. As of late July, enhancements to the Participant Portal are expected to be completed. Enhancements include one ID and one password for access to all accounts and an option for participants to view their account in Spanish.
Action Item-C.A.R.E.S. Act Plan Amendment Resolution #2 – During the emergency meeting of the CRA Board of Directors on April 6, 2020, the board adopted various RMD, Loan and Distribution provisions of the C.A.R.E.S. Act. The Plan amendments for these adopted provisions are not required until 2025. Ed Krisor explained that this resolution documents the details of the C.A.R.E.S. Act that were adopted during the aforementioned April 6, 2020 meeting. A motion was made by Jerry DiTullio and seconded by Tobe Allumbaugh to approve the resolution. The motion passed unanimously.
Action Item- 401(a) Plan 1st Amendment Resolution #3 – This Plan Amendment allows employers that match employee 457(b) contributions to remit these employer matched funds into the CRA 401(a) plan. The Amendment is to be effective July, 1, 2020. Employers will be notified of the Amendment via newsletter, plan conversations and discussions with client service managers. The motion to approve the 401(a) Plan 1st Amendment and Resolution #3 was made by Lucas Hale and seconded by Scott Vargo. The motion passed unanimously.
Election Update and Discussion of Election Procedures- Tim Mullen gave an update on the ongoing CRA elections for the open board positions. The Chosen Member Position has two candidates: Tobe Allumbaugh with Crowley County and Sean Wood with Clear Creek County. The Elected County Member Position also has two candidates: Adam Ford from Garfield County and John M. “Mick” McQuilton from Eagle County. The Municipalities/Special Districts Member Position received no nominations, therefore has no candidates.
Regarding election procedures outlined in the CRA Operations and Procedures manual, Ed Krisor and Tim Mullen have drafted language to address the lack of a nomination for an available board position. The suggestion was that Paragraph three for Municipalities and Special Districts be amended to read that the treasurer of the largest entity be invited to serve on the board. If the treasurer declined the invitation, the process for no candidates in this category would follow the same process as the one mentioned above for the Commissioner and Employee position in paragraph two.
Procedures were discussed for allowing a board member, who previously decided to not run, to recommit to the board, if there were no nominations for their vacated position. Also discussed were procedures to repost notices for nominations where no nominations were received for said board vacancy. After a brief discussion, the board would like for the same rules and procedures to be followed for all three types of potential board vacancies.
Ed Krisor and Tim Mullen were requested to present proposed changes to the CRA Operations and Procedures manual as they related to board elections, incorporating discussions and board comments. The changes will be presented for approval at the August 21, 2020 board meeting.
Financial Update-Selected financial information was presented as of June 11, 2020. It was noted that average loans balances were about the same as last year. Also discussed were contributions and distributions which are holding steady. Year to date investment returns were also noted. Internal Financial Statements-Unaudited as of March 31, 2020 and the quarterly general ledger were also discussed.
Tim Mullen re-presented the budget for the fiscal year ended June 30, 2021 that was discussed in detail at the May 15, 2020 board meeting, with no changes. Scott Vargo motioned to approve the budget as presented. Jerry DiTuillo seconded the motion and it was passed unanimously.
Expense Reports- As there were no questions the expense reports were accepted as presented.
Tim Mullen thanked Scott Vargo and Lucas Hale for their service, commitment and dedication to the CRA Board of Directors. Lucas and Scott both thanked everyone for the opportunity to serve.
The next meeting of the CRA Board of Directors will be held on August 21, 2020.
There being no further business to come before the Board, a motion was made by Darius Allen and seconded by Paul Danley to adjourn the meeting. The motion passed unanimously and the meeting was adjourned at 9:49 a.m.