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
Rich Harris, Arapahoe County Retirement Board Chair
Ben Colussy, Retirement Plan Administrator
Cindy Birley, Chief Legal Counsel, Davis Graham & Stubbs
Andy Fiegel, Investment Consultant, Captrust
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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, 2025. The actuaries study and quantify the plan's liabilities (benefit obligations).
In addition, the Plan's Chairman of the Board, Investment Consultant, Legal Counsel, and Retirement Plan Administrator 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 in 2024, 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%. However, investing in the market involves risk. Reliance on investment performance alone is not the best approach for this Plan to improve its financial position. The Plan funding only increased from 61.8% to 62.8%. Thus, there needs to be continued discussion for increased contributions, including possibly implementing a step increase at 0.25% a year, ...
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