A meeting of the Governing Board of the Colorado Retirement Association was held on October 21, 2022, at 9:00 a.m.
The following were present at the meeting:
- Chris Felton, Board Chairperson
- Darius Allen, Board Member-Participated by Zoom
- Tobe Allumbaugh, Board Member-Participated by Zoom
- Adam Ford, Board Member
- Terri Schafer, Board Member
- Tim Mullen, Executive Director
- Ed Krisor, Legal Counsel
- Denis Rice, Chief Financial Officer
- Mike Whalen, Retirement Plan Services Director
- Matt Evans, Retirement Services Coordinator
- Lois Kruse, Office Administrator
Jerry DiTullio, Board Member and Meghan Martinez, Board Member were not in attendance.
Board Chair Chris Felton called the meeting to order at 9:02 a.m.
Mr. Felton asked members of the Board if they reviewed the minutes from the September 16, 2022 meeting and if there were any comments. There being none, a motion was made by Tobe Allumbaugh to approve the minutes as presented. Chris Felton seconded the motion and it passed unanimously.
Chris Felton added a second Executive Session pursuant to 24-6-402(4)(b) for the purpose of receiving legal advice.
Chris briefed the Board on a procedural issue regarding an incomplete funds transfer from Vanguard to Fidelity within CRA’s Target Date Portfolios which would have had an effective date of March 11, 2022. This procedural issue has been rectified.
2022 Annual Audit Report:
Jim Cowgill, CPA and Office Managing Partner for Plante Moran PLLC, began his presentation thanking CRA for its continuing business relationship. Consistent with prior years, this year’s audit contains a clean audit opinion.
Mr. Cowgill referenced the procedural issue that was noted during the audit. Tim Mullen stated the issue has been discussed with the board and legal counsel. Mr. Cowgill then discussed various financial highlights within the audited financial statements.
The required audit communication to the Board from Plante Moran PLLC was discussed, with Mr. Cowgill stating there were no significant audit findings, no disagreements with management, nor any difficulties encountered in performing the audit. Mr. Cowgill thanked management and staff for their assistance with the audit.
Adam Ford made a motion to approve the audit as presented. Terri Schafer seconded the motion and it passed unanimously. Mr. Cowgill exited the Board meeting.
At this time, the agenda was re-sequenced in the following order.
CRA Activity Updates:
Tim Mullen shared he had been in Baltimore, Maryland for the National Association of Government Defined Contribution Administrators (NAGDCA). Tim Mullen was able to network with several vendors and discuss the upcoming RFP for recordkeeping service that CRA will be posting in the near future.
Colorado Government Finance Officers Association’s annual conference is from November 15th through the 18th in Grand Junction, CO. CRA will have a vendor booth. Mike Whalen and Matt Benitez will be presenting an education session on the benefits and efficiencies of Multi-Employer Plans. Mr. Mullen will be in Washington D.C attending a National Advisory Board meeting with Empower.
Year end is coming and there has been an uptick in appointment requests from Association employer groups wanting to re-analyze their Participation Agreements and benefits. Benefit fairs are in full swing and going very well.
The Town of Mt. Crested Butte has informed CRA of their intention to leave CRA and to join PERA for their retirement needs. CRA has provided the Town with the procedural requirements for the town to disassociate with CRA.
Denis Rice noted CRA has a promising candidate for the vacant operations position.
Matt Evans noted that October is “National Retirement Security Month” and CRA has and will send out scheduled informational e-mails encouraging retirement engagement.
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.
Chris Felton called for a five-minute break at 9:27 a.m.
The meeting resumed at 9:33 a.m. with Joan Green, CRA lobbyist, discussing her interim review report. Mrs. Green noted that the Pension Review Commission had several interim meetings.
With a concern as to how inflation will impact state and local government retirees,
the Pension Review Committee introduced a bill that would give qualifying Colorado public service retirees a $700 tax credit. The bill was originally intended to benefit FPPA and PERA retirees. Ed Krisor, CRA legal counsel, believes CRA retirees would benefit from this bill as well. There is no guarantee this bill will move forward due to the possible fiscal impact on state funds. If there is testimony on this bill, CRA will present testimony to the legislature during the committee hearings. The sponsors of the bill are Representatives Bird and Sirota and Senators Kolker and Hansen.
Mrs. Green discussed the Family Medical Leave Insurance bill. Mr. Krisor advised Joan that CRA has already opted out of this plan.
Mrs. Green briefly mentioned the pilot Statewide Retirement plan for private employees whose employers do not offer a retirement plan. With nothing further on the legislative agenda, Mrs. Green left the meeting.
At 9:50 a.m. Chris Felton made a motion to go into Executive Session pursuant to 24-6-402(4)(b) C.R.S. for the purpose of receiving legal advice. Adam Ford seconded the motion and it passed unanimously. This Executive Session concluded at 10:13 a.m.
At 10:14 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. Adam Ford seconded the motion and it passed unanimously. This Executive Session concluded at 10:49 a.m.
The public session of the CRA Board of Directors meeting resumed at 10:50 a.m. Chris Felton made a motion to approve the compensation package for the CRA Executive Director as discussed in Executive Session, Adam Ford seconded the motion and it passed unanimously.
The next meeting of the CRA Board of Directors will be held on Friday, December 9, 2022.
Chris Felton asked if anyone had anything additional for the good of the order. There being no further business to come before the Board, Chris Felton adjourned the meeting at 10:52 a.m.