HomeMy WebLinkAbout(0003) 03022021 joint meeting minutesCITY OF FORT WORTH, TEXAS
JOINT CITY COUNCIL — FORT WORTH EMPLOYEES' RETIREMENT FUND
BOARD MEETING
MARCH 2, 2021
Present:
Mayor Pro tem Jungus Jordan, District 6
Council Member Carlos Flores, District 2
Council Member Brian Byrd, District 3
Council Member Cary Moon, District 4
Council Member Gyna Bivens, District 5
Council Member Dennis Shingleton, District 7
Council Member Kelly Allen Gray, District 8
Council Member Ann Zadeh, District 9
Fort Worth Employees' Retirement Fund Board Members Present:
Todd Cox, Chair, Place 2
Kevin Foster, Place 6 vice Chair
Lloyd Cook, Place 1
Loraine Coleman, Place 3
Andrea Wright, Place 4
Tom Lewis, Place 5
Marsha Anderson, Place 7
Jesus Payan, Place 8
Jarod Cox, Place 9
Steve Litke, Place 10
Bryan Barrett, Place 11
Jim Lacamp, Place 12
Reginald Zeno, Place 13
Absent:
Mayor Betsy Price
Staff Present:
David Cooke, City Manager
Sarah Fullenwider, City Attorney
Benita Harper, Fund Executive Director
I. Call to Order — Mayor Pro tem Jordan and Chairman Todd Cox
With a quorum present, Mayor Pro tem Jordan and Chairman Cox called the Joint Meeting of the
Fort Worth City Council and the Fort Worth Employees' Retirement Fund (ERF) Board to order
at 2:01p.m., on Tuesday, March 2, 2021, in the City Council Conference Room 290, 200 Texas
Street, Fort Worth, Texas.
CITY OF FORT WORTH, TEXAS
JOINT CITY COUNCIL — FORT WORTH EMPLOYEES' RETIREMENT FUND
MARCH 2, 2021
Page 2 of 2
II. Welcome and Introductions — Mayor Betsy Price and Chairman Todd Cox
Mayor Pro tem Jordan and Chairman Cox welcomed the members and audience to the meeting.
Members of both boards introduced themselves.
III. Update regarding Actuarial Valuation and Review of Risk Sharing Functionality
Mr. Jim Voytko, Senior Consultant and Actuary Ryan Falls; Gabriel, Roeder, Smith & Company
appeared before the joint meeting and provided an overview of the Actuarially Determined
Employer Contribution (ADEC) and the Actuarially Determined Contribution (ADC) and when
the risk -sharing contribution increases can go into effect.
IV. Presentation on the Investment Performance of the Fund
Fort Worth Employees' Retirement Fund CIO, Derrick Dagnan, presented the investment
performance of the Fund. The fund returned +10% in a difficult 2020. The investment outlook is
challenged. Returns and contributions are key to improving the fund. He also provided an
investment program update.
V. Discuss the Performance of the Fund and Determine How to Address the Unfunded
Liabilities, if any as Required by Section 5.11 of Article 6243i of the Texas Revised
Civil Statutes.
VL Next Meeting — To be determined
The next meeting date is to be determined
VII. Request for Future Agenda Items
No requests were made.
VIII. Adjourn
There being no further business, Mayor Pro tem Jordan and Chairman Cox adjourned the joint
meeting at 2:51p.m.
These minutes approved by the Fort Worth City Council on the I Ith day of May 2021.
Attest:
Mary J. Kayser
City Secretary
Approved:
Betsy Price
Mayor