HomeMy WebLinkAbout2012/12/18-Minutes-City Council-Special CalledCITY OF FORT WORTH CITY COUNCIL AND
FORT WORTH EMPLOYEES' RETIREMENT FUND BOARD OF TRUSTEES
CALLED - SPECIAL JOINT MEETING
DECEMBER 18, 2012
Present:
Fort Worth City Council
Mayor Betsy Price
Council Member Salvador Espino, District 2
Council Member Daniel Scarth, District 4
Council Member Frank Moss, District 5
Council Member Jungus Jordan, District 6
Council Member Dennis Shingleton, District 7
Council Member Kelly Allen Gray, District 8
Council Member Joel Burns, District 9
Absent:
Mayor Pro tem W.B. "Zim" Zimmerman, District 3
Staff Present:
Tom Higgins, City Manager
Sarah Fullenwider, City Attorney
Fort Worth Employees' Retirement Fund Board of Trustees
Billy Samuel, Chairman, Place 6
Matt Anderson, Place 1
Todd Cox, Place 2
Laura Voltmann, Place 3
Glenn Balog, Place 4
Lance Usrey, Place 5
Sue Winter, Place 7
Jesus Payan, Place 8
Jarod Cox, Place 9
Bill Gordon, Place 10
Bill Crawford, Place 11
Mike Bickley, Place 12
Lena Ellis, Place 13
Fort Worth Employees' Retirement Fund Staff Present:
Ruth Ryerson, Executive Director /CIO
Doreen McGookey, General Counsel
CITY OF FORT WORTH CITY COUNCIL AND
FORT WORTH EMPLOYEES' RETIREMENT FUND BOARD OF TRUSTEES
CALLED — SPECIAL JOINT MEETING
DECEMBER 18, 2012
Page 2 of 3
I. CALL TO ORDER
With a quorum of bodies present, Mayor Price and Board Chairman, Billy Samuel called the
joint meeting of the Fort Worth City Council and Fort Worth Employees' Retirement Fund
(ERF) Board to order at 1:07 p.m., on Tuesday, December 18, 2012, Ella Mae Shamblee Branch
Library Meeting Room, 1062 Evans Avenue, Fort Worth, Texas 76107.
H. WELCOME AND INRODUCTIONS
Mayor Betsy Price and Chairman Samuel welcomed the members and audience to the meeting.
Both boards were introduced.
III. EXPERIENCE STUDY SCHEDULE
ERF Executive Director /CIO Ruth Ryerson reviewed the timetable for the 2013 Experience
Study which will be done by the Fund's Actuarial Firm — The Segal Co. The 2013 Experience
Study will cover data from 3 calendar years — January 2010 — December 2012.
• 1 st week of January 2013 — final 2012 payroll data due from City to Retirement Fund
• January 17 — salary & benefit data sent from Retirement Fund to Segal
• First week of February — data errors / questions sent from Segal to Retirement Fund
• Mid - February — final financial data sent by Retirement Fund to Segal
Ms. Ryerson noted that Segal will be speaking with HR in the City to get salary
projections for the next 5 years.
• Mid - February — Data corrections / explanations submitted to Segal
• March 20, 2013 — Experience Study results presented to Retirement Fund Board of
Directors
• April 24, 2013 — Experience Study Final Report available for distribution
Ms. Ryerson noted the following:
Any assumption changes approved by the Retirement Board will be used for the
January 1, 2013 Actuarial Valuation
Actuarial Valuation may be deferred until later in the year depending on timing of COLA
Selection process and progress of legal issue determinations
IV. FUND PERFORMANCE UPDATE
Michael Ford with RV Kuhns and Associates, Inc. presented the Fund Performance Update. He
gave an over view of the Capital Markets; reviewed the Funds asset Allocations, reviewed the
Funds asset allocation and performance as of September 30, 2012 and as of November 30, 2012.
CITY OF FORT WORTH CITY COUNCIL AND
FORT WORTH EMPLOYEES' RETIREMENT FUND BOARD OF TRUSTEES
CALLED — SPECIAL JOINT MEETING
DECEMBER 18, 2012
Page 3 of 3
(Note: The Fund Performance Update presentation is on file in the City Secretary's Office.)
V. ADJOURN
There being no further business, Mayor Price and Chairman Samuel adjourned the joint meeting
at 1:18 p.m.
These minutes approved by the Fort Worth City Council on the 8th day of January, 2013.
Attest: 7
Mary J. a r
City Sesr tary
Approved:
Bet
Mayor