Board Oversight > Minutes Archive > September 15, 2023, CRA Minutes

September 15, 2023, CRA Minutes

Board Meeting: September 15

A meeting of the Governing Board of the Colorado Retirement Association was held on September 15, 2023 at 9:00 a.m.

The following were present at the meeting:

  • Adam Ford, Vice Chairperson
  • Darius Allen, Board Member – Participated by Zoom
  • Tobe Allumbaugh, Board Member – Participated by Zoom
  • Jerry DiTullio, Board Member – Participated by Zoom
  • Tim Mullen, Executive Director
  • Ed Krisor, Legal Counsel
  • Denis Rice, Chief Financial Officer
  • Mike Whalen, Retirement Plan Services Director
  • Matt Evans, Communication Specialist

The following Board members were not in attendance:

  • Chris Felton, Chairperson
  • Terri Schafer, Board Member
  • Meghan Martinez, Board Member

Board Vice Chairperson Adam Ford called the meeting to order at 9:01 a.m.

Mr. Ford asked members of the Board if they reviewed the minutes from the August 18, 2023 meeting and if there were any comments. There being none, a motion was made by Jerry DiTullio to approve the minutes as presented. Darius Allen seconded the motion and it passed unanimously.

Mr. DiTullio requested all action items be addressed at the beginning of this Board meeting as he may have to leave for another meeting.

Entity Qualification Reviews:
Tim Mullen presented information for the following entities:

  • Round Mountain Water & Sanitation District
  • Eagle Valley Transportation Authority
  • Town of LaSalle

Ed Krisor, CRA’s legal counsel, has reviewed the supplied information for the three entities. They all qualify to participate in CRA’s plans.

Adam Ford moved to allow the aforementioned three entities to join CRA. Tobe Allumbaugh seconded the motion and it passed unanimously.

Financial Update:
Denis Rice presented internal Plan and Association financial statements for the fiscal year ended (FYE) June 30, 2023. This discussion reviewed the balance sheets, income statements, budget versus actual, and the Association’s general ledger. It was noted that CRA’s audited Financial Statements for the FYE June 30, 2023 will be presented at the next Board meeting.

Board member Allumbaugh inquired as to what the current crediting rate is for the CRA book value investment option. Mr. Mullen answered approximately 2.7%. It was noted that book value returns lag the market’s current short-term interest rate environment. Recently, the book value yield to maturity was slightly under 5%.

Next, Mr. Rice discussed selected financial data within the CFO report. As of September 8, 2023, year-to-date (YTD) fund performances ranged from a low of 0.57% (Fidelity Low-Priced Stock) to a high of 38.99% (Harbor Capital Appreciation Instl).

CRA’s Alternative Investments, available only within the Target Date Portfolios, ranged from a low of -2.67% (Blackrock Strategic Income Opportunities) to a high of 7.30% (DFA Emerging Markets Core Equity). Comparatively, through September 8, 2023, YTD S&P returns are 16.10%.

Schwab self-directed balances are up slightly for the same time period.

As of August 31, 2023, the YTD blended rate of return for the 401(a) and 457(b) plans is 10.52%. Also, through August 31st, the amount of YTD plan contributions and distributions are approximately the same.

The current interest rate on plan loans is 9.5%. There are no significant changes in loan activity and loan balances.

CRA Activity Updates:
Mr. Mullen attended the Special District Associations’ annual conference with Mike Whalen and Rick Chase. The conference ended September 14, 2023 and resulted in several potential new employer opportunities.

One of those opportunities is Round Mountain Water and Sanitation District. CRA will do a formal Board of Directors and staff presentation in October.

CRA also met with the City of Idaho Springs last Monday (9-11-23) with the expectation of bringing the City into CRA.

CRA will be presenting to the Board of Directors and staff of Parachute Battlement Mesa Recreation District on September 18, 2023.

As part of CRA’s retirement planning seminars, CRA presented “Income Planning in Retirement” last Wednesday.

Open CRA position opportunities have been posted on the website.

Tim Mullen will attend the National Association of Government Defined Contribution Administrators annual conference from October 8th through October 11th, 2023.

Expense Reports:
Mr. Ford 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 is anticipated to be held on October 20, 2023.

There being no further business to come before the Board, Mr. Ford adjourned the meeting at 9:40 a.m.