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 20th day of September 2019 at the office of the Association via teleconference.

The following were present at the meeting:

• Lucas Hale, Board Chairman-By telephone
• Chris Felton, Board Member-By telephone
• Paul Danley, Board Member-By telephone
• Tobe Allumbaugh, Board Member-By telephone
• Scott Vargo, Board Member-By telephone
• Jerry DiTullio, Board Member-By telephone
• Darius Allen, Board Member-By telephone
• Elizabeth Price, Executive Director-In person
• Tim Mullen, Chief Financial Officer-In person
• Ed Krisor, Legal Counsel-By telephone
• Dawn Small, MARCOM Director-In person
• Susan Cleeton, Director of Client Management-In person
• Lois Kruse, Office Administrator-In person

Lucas Hale called the meeting to order at 9:06 a.m.

A motion was made by Jerry DiTullio to approve the minutes of August 16, 2019 with corrections
The motion was seconded by Chris Felton and passed unanimously

Executive Director Report: Given by Elizabeth Price

Policy Manual Updates: Elizabeth Price reviewed the updates with the Board.
A motion was made by Jerry DiTullio to approve the updates. The motion was seconded by Paul Danley and was passed unanimously.

Investment Policy Update: Elizabeth Price reviewed the investment policy updates with the Board. A motion was made by Tobe Allumbaugh to approve the updates as presented.
The motion was seconded by Lucas Hale and was passed unanimously.

ASP Update: Elizabeth Price shared the progress being made on the goals in the strategic plan.

Marketing Report: Dawn Small reviewed the Marketing Scorecard for August detailing the Website traffic, conversions, click through rate, and social engagement.

Client Services Report: Susan Cleeton reviewed the client services activity and the upcoming projects for the team. Comment by Darius Allen that the presentation at Alamosa County was very well received.

CFO Report: Given by Tim Mullen

Internal Financials:
Unaudited for FYE 6-30-2019

FYE 2019-2020 Budget Approval:
Budget was presented by Tim Mullen and discussed. The budget now reflects the addition of the new fee structure that will be implemented on January 1, 2020 and the addition of capital outlay items. A motion to approve the 2019-2020 budget as amended was made by Jerry DiTullio and seconded by Chris Felton. The motion was passed unanimously.

Selected Financial Information:
Reviewed 2019 YTD performance ranges, alternative spectrum, YTD S&P index, YTD 401(a) and 457(b) rates of return and total plan loans. Also reviewed Schwab balances, and YTD 401(a) and 457(b) contributions and distributions.

Discussion of Proposed Plan Revisions and Amendments
Tim Mullen reviewed with the Board the suggested changes that he and Ed Krisor developed
regarding the 401(a) Plan and the Participation Agreements for the 401(a) Plan and the 457(b) Plan.
The Board indicated that it was in agreement with these suggestions.
The suggested changes will be reviewed by Rebecca Hudson of Holland & Hart and then brought to the Board for its approval at its November 15th meeting.

Items that will be on the Agenda for the November 15th meeting:
Current audit
Plan amendments including the statute changes and name change.

Entity qualification review- Town of Blue River- Presentation was made by Ed Krisor

The Town of Blue River will rejoin CRA with a 457(b) plan only at this time. A motion was made by Tobe Allumbaugh, seconded by Scott Vargo and passed unanimously to allow the Town of Blue River to rejoin CRA.

Ed Krisor also gave an update on Mesa County- The county attorney agreed that the employees of the DA’s office were employees of the DA and not the county. The 21st judicial District will become a separate entity with separate contributions effective October 1, 2019. There will be a qualification review to bring them into CRA. A motion was made by Scott Vargo and seconded by Jerry DiTullo to accept the 21st Judicial District into CRA. Documentation will be presented at the November 15th meeting.

Expense Reports: The reports were reviewed by the Board

The next business meeting of the CRA Board will be held on the 15th of November at the office of the Association.

There being no further business to come before the Board, a motion was made by Scott Vargo to adjourn, seconded by Chris Felton and passed unanimously. The meeting was adjourned at 10:07 a.m.