HomeMy WebLinkAboutIR 9261 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9261
Ttq To the Mayor and Members of the City Council June 22, 2010
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SUBJECT: UPDATE ON JULY 28TH JOINT CITY COUNCIL/EMPLOYEE
"T= RETIREMENT FUND BOARD MEETING
The purpose of this Informal Report is to advise the Mayor and City Council of the anticipated
topics that will be discussed at the next joint meeting with the Employees' Retirement Fund
Board. The joint meeting is scheduled for Wednesday, July 28th at 3:00 at the Botanic Garden.
Suggestions for the joint meeting agenda were made at the Audit & Finance Advisory Committee
meeting on June 3rd. City staff is working with the Retirement Fund staff to provide the requested
information. Specifically, it was requested that the actuaries for both the City and the Retirement
Fund seek to identify where their pension models are in agreement and where they are different.
This would include looking at different rate of return assumptions along with the impact on the
contribution rates, the unfunded actuarial accrued liabilities, the ad hoc COLA provision, and the
potential insolvency date in the future.
Another request was to have the seating arrangements for the joint meeting modified to allow for
the inclusion of the City Manager's Ad Hoc Pension Committee members, as well as the City's
Financial Advisor. This format will facilitate dialogue with several of the key stakeholders on
pension related matters.
If you have any questions, or have additional requests for the joint meeting, please contact Karen
Montgomery, Assistant City Manager at 817.392.6222.
D e A. Fisse r,,P.E.
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS