Board Oversight > Minutes Archive > September 18, 2020, CRA Minutes

September 18, 2020, CRA Minutes

Board Meeting: September 18

The monthly meeting of the Governing Board of the Colorado Retirement Association was held at 9:00 a.m. on the 18th day of September 2020, via teleconference.

The following were present at 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 9:04 a.m.

A motion was made by Jerry DiTullio to approve the minutes of August 21st, 2020 as presented. The motion was seconded by Tobe Allumbaugh and passed unanimously.

 

CRA Updates
Tim Mullen recapped the activity of participants utilizing COVID-19 provisions of the C.A.R.E.S. Act to obtain distributions, loans or suspend loan payments.

It was noted that Client Services Manager, Francisco Chacon did a good job incorporating a narrative with his Employer power point presentation.  It was well received.

Given the positive feedback and high attendance, CRA will be scheduling more retirement seminars in the future.

Tim updated the board on the status of nominations to fill the Municipality/Special District board vacancy.  To date, there have been no nominations.

The City of Victor recently added the CRA 401(a) plan to their retirement menu for their employees. The City was already utilizing CRA’s 457(b) plan.

The Town of Eagle has shown interest is becoming a CRA employer member.

Tim Mullen continued his updates with a current status of the CRA Participant Agreement project. From approximately August 15th through September 15th  there have been 47 additional in person interviews conducted with employer members. Kudos to Mike Whalen and Katie Dirksen for their hard work.  Feedback from our employer groups has been positive for this ongoing project.

 

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

 

Financial Update

  • Selected Financial Information:
    Tim Mullen began by recapping year-to-date investment performance ranges.  The year-to-date S&P 500 Index is in positive territory and CRA investment returns are up as well. CRA Plan loan rates are currently at 4.25% with average loan balances approximately the same as a year ago.  CRA year-to-date contributions and distributions are relatively flat.
  • Internal Financial Statements-Unaudited as of June 30, 2020:
    Tim Mullen discussed the Plan and Association financial statements for the full fiscal year ending June 30, 2020. The annual audited financial statements will be presented to the Board for their review at the October 23, 2020 meeting.

The next meeting of the CRA Board of Directors will be held on Friday, October 23, 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 9:37 a.m.