To: Board of County Commissioners
Through: Rich Harris, Chairperson, Arapahoe County Retirement Board
Prepared By:
prepared
Ben Colussy, Retirement Plan Administrator
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presenter
Presenter: Dana Woolfrey, Chief Actuary, Gabriel Roeder Smith; Dale Conners, Investment Consultant, CAPTRUST; Rich Harris, Arapahoe County Retirement Board Chair; Ben Colussy, Retirement Plan Administrator; Cindy Birley, Chief Legal Counsel, Davis Graham & Stubbs
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Subject:
title
2:00 PM *Annual Arapahoe County Retirement Plan Update
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Purpose and Request:
recommended action
The purpose of this study session is to provide the Board of County Commissioners with an update regarding the Plan's financial status. The Plan's actuary, Gabriel, Roeder, Smith, and Company (GRS) will provide a presentation showing the updated results as of January 1, 2024. The plan's actuary's study and quantify the plan's liabilities (benefit obligations). The Plan's Investment Consultant, CAPTRUST, will present on the investments and focus on the Plan's assets under management.
In addition, the Plan's Legal Counsel, Davis Graham & Stubbs, Retirement Plan Administrator, and Retirement Board Chair will attend to answer any questions from the Board of County Commissioners as appropriate.
The purpose of the actuarial presentation is to bring all participants up to date with the financial health of the Plan. This past year, the contribution level increased by .25% with the County providing the .25% increased contribution. The employee contribution remained at 9.0%. Investment experience was positive this past year, making the last 4 out of 5 years positive for investment performance. The 5-year investment performance is above the actuarial assumed rate of return 7.25%. Performance above 7.25% contributes to "paying off" the plan's unfunded financial liability. However, reliance on investment performance alone is not the best approach for this Plan to improve its financial position...
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