Board Oversight > Minutes Archive > October 23, 2020, CRA Minutes

October 23, 2020, CRA Minutes

Board Meeting: October 23

A meeting of the Governing Board of the Colorado Retirement Association was held on October 23, 2020 at 9:00 a.m.

The following were present for the meeting:

  • Chris Felton, Board Chairman
  • Paul Danley, Vice Chairman
  • Darius Allen, Board Member
  • Tobe Allumbaugh, Board Member
  • Jerry DiTullio, Board Member
  • Adam Ford, Board Member
  • Tim Mullen, Executive Director/Chief Financial Officer
  • Ed Krisor, Legal Counsel
  • Katie Dirksen, Retirement Services Coordinator
  • Lois Kruse, Office Administrator

Chris Felton called the meeting to order at 9:01 a.m.

A motion was made by Chris Felton to approve the minutes of the Board of Directors meeting of September 18th 2020 as presented. The motion was seconded by Adam Ford. Tobe Allumbaugh was not in attendance at the time of the vote. As there were no nay votes, the motion passed.

 

CRA Activity Updates
Tim Mullen recapped the activity of participants utilizing COVID-19 provisions of the CRA plans.  These COVID-19 provisions were adopted by CRA in April 2020 as a result of the C.A.R.E.S. Act, allowing COVID distributions and loans, and the ability to suspend loan payments. The COVID-19 loan provision expired on September 22nd.

There have been approximately 150 Participant Agreement reviews completed with employers so far this year.

Most of the upcoming CRA Benefit Fairs with employers will be held virtually this fall.  Where an in-person fair is required, CRA employees and member employers will be required to follow all current mandates and safe practices.

Mr. Mullen shared that Randy Kaune, CRA client service manager, will be relocating to Nashville, TN.  Tim discussed the transition plan, stating that Randy will continue with CRA through November to assist with said transition.

CRA has received positive participant feedback on the retiree webinars presented by Kristen MacKenzie of CRA.  These three-part webinars included representatives from the Social Security Administration and Medicare.  100 % of the survey respondents said they would attend another CRA seminar.

October is “National Retirement Month.” CRA will be sending focused e-mails to all participants reminding them to review their investment options, see if those options are

on target, and to schedule a retirement account review with a client service manager.

 

Legislative Update
Lobbyist Joan Green provided a legislative update.

Joan recently attended a meeting of the Colorado Secure Savings, Board of Directors.

The State of Colorado has begun the process to create a State Retirement Program.

 

Expense Reports
Chris Felton asked if there were any questions regarding expense reports. There being none, the reports were accepted as presented.

 

2020 Annual Audit Report
Tracy Goldberg and Jim Cowgill from Plante Moran presented a draft of the June 30, 2020 annual audit report.  The audit will be issued with a clean opinion with no areas of concern.  The draft of the annual audit was accepted by the CRA Board of Directors as presented.

Given the current pandemic, the audit was performed remotely.  Plante Moran stated all aspects of the audit went well and they thanked management and staff for their assistance.

 

Executive Session
At 9:37 a.m. a motion was made by Chris Felton to go into an Executive session pursuant to 24-6-402(4)(f) C.R.S. for the purpose of discussion of staff personnel matters.

The motion was seconded by Paul Danley and passed unanimously.

Executive session ended at 10:04 a.m.

The next meeting of the CRA Board of Directors will be held on Friday, December 18th, 2020.

There being no further business to come before the board, a motion was made by Chris Felton and seconded by Darius Allen to adjourn the meeting.  The motion passed unanimously and the meeting was adjourned at 10:05 a.m.