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WELD COUNTY RETIREMENT BOARD
ARTICLE I — Name of the Board.
The Board is called the Weld County Retirement Board ("Retirement Board"). The Retirement
Board was created by the Board of County Commissioners of Weld County by resolution dated
November 1, 1967, pursuant to authority set forth in C.R.S. § 24-54-107.
ARTICLE II — Functions.
The functions and duties of the Retirement Board are set forth in the Weld County Retirement
Plan ("the Retirement Plan"), as amended. The Retirement Plan was adopted by the Board of
County Commissioners of Weld County, pursuant to authority set forth in C.R.S. § 24-54-101.
ARTICLE III — Membership.
A. Membership and Terms — The Retirement Board shall consist of five (5) members, to
include the following:
1. The Weld County Treasurer.
2. Two (2) Weld County employees who are elected by the employees of Weld County.
Elections for the County employee members shall take place prior to the end of current
terms, or upon vacancy of the position. Elections of the County employee members
shall be conducted by the Weld County Department of Human Resources, when
necessary.
3. Two (2) qualified electors of Weld County who are not County employees or elected
officials. The qualified elector members shall be appointed by the Board of county
Commissioners.
4. The two (2) Weld County employees and two (2) qualified electors of Weld County
shall serve staggered four (4) year terms. There is no limit to the number of terms each
member may serve.
5. Terms for all members shall end upon the election or appointment of their successors.
B. Vacancy — In the event of a vacancy among the members of the Retirement Board, the
vacancy shall be filled for the remainder of the vacancy term in the same manner as set forth
in Section III. A., above. Vacancies shall occur at the end of terms, upon resignation from
the Retirement Board, when a member is incapacitated, if a County employee member
leaves County employment, if an appointed member is no longer a qualified elector, or if a
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member is removed from office by the Retirement Board because of two (2) or more
unexcused absences from regular meetings of the Retirement Board.
C. No Compensation -- Members of the Retirement Board shall serve without compensation.
Members may be reimbursed for reasonable expenses incurred in connection with their
duties as a member of the Retirement Board in the same manner as expense reimbursement
for employees set forth in the Weld County Code.
ARTICLE IV — Officers.
A. The Weld County Treasurer shall be the Chair for the Retirement Board. At the first regular
meeting of each year, the Chair shall call for the election of a Vice -Chair from the
membership. In the absence of the Chair, the Vice -Chair will act in that capacity. In the
absence of the Chair and the Vice -Chair, a temporary Chair will be selected by the
Retirement Board.
B. The Retirement Board shall annually appoint a Secretary.
ARTICLE V — Meetings.
A. Regular meetings of the Retirement Board shall occur on the first Tuesday of the Months of
February, May, August and November, or at such other time of said months as designated
by the Chair.
B. Written notice of all regular meetings of the Retirement Board shall be received by the
members via email or via regular mail through the U.S. Postal Service at least one (1) week
prior to the meeting date.
C. Special meetings may be called when deemed necessary by the Chair, provided that at least
twenty-four (24) hours notice is given to each member prior to any special meeting. Notice
of special meetings may be accomplished by telephone, by email, or by leaving written
notice at a member's residence.
D. A quorum shall consist of not less than three (3) members of the Retirement Board. No
business may be conducted and no voting on items may occur unless a quorum is present.
E. Meetings may be cancelled by the Chair when there is no business to be conducted. Notice
of cancellation of meetings may occur by telephone or by email.
F. Robert's Rules of Order shall prevail to the extent they are not in conflict with specific
provisions of these Bylaws.
G. Because of the confidentiality of records of members in the retirement system which are part
of the Retirement Plan required C.R.S. § 24-54-115, and because the Retirement Board is
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not a "local public body" as that term is defined in C.R.S. § 24-6-402(l)(a)(I), meetings of
the Retirement Board are not be open to the public.
ARTICLE VI - Fiscal Year.
A. The fiscal year of the Retirement Board shall close on December 31 of each year.
ARTICLE V - Duties of Officers.
A. It shall be the responsibility of the Chair to preside at all meetings, call special meetings,
cancel meetings when no business will be transacted, and carry out general Chair
responsibilities. The Chair shall respond to any requests received by the Retirement Board,
pursuant to the Colorado Open Records Act, C.R.S. §§ 24-72-101, et. seq. The Chair shall.
make all official statements of the Retirement Board. The Chair shall sign all documents
approved by the Retirement Board in accordance with the Retirement Plan.
B. It shall be the responsibility of the Vice -Chair to assume the duties of the Chair in his or her
absence.
C. It shall be the responsibility of the Secretary to keep minutes of all meetings of the
Retirement Board and to send notices of all meetings to members. All minutes of
Retirement Board meetings shall be kept in the office of the Weld County Treasurer.
ARTICLE VII — Amendment to Bylaws.
B. These Bylaws may be amended by the Retirement Board at any regular meeting in which all
five (5) members are present. No amendment shall be approved unless it receives at least
four (4) affirmative votes of the members. The full text of any proposed amendment must
be received by each member at least one (1) week prior to the meeting date.
Approved by the Weld County Retirement Board: August 1, 2017.
Jo h efebvre - Wfeld County Retirement Board Chair
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Weld County Retirement Board
August 1, 2017
Minutes
• Call to Order -Record of Attendance:
Board members:
o Barb Connolly
o Lee Korins
o William Hertneky
o John Lefebvre
o Duane Naibauer
Also, Attending:
e Patti Russell, Director, Human Resources
e Staci Datteri-Frey, County Human Resources
o Don Warden, Director of Finance and Administration
o Renee Fielder, County Treasurers Office
o Dale Connors, Ellwood Associates
o Andrew (Andy) Fiegel, Ellwood Associates
o Brad Ramirez, Segal and Associates
Participants Attending:
None in attendance
Minutes:
Bill Hertneky moved to approve the minutes of the prior meeting. Duane Naibauer
seconded the motion and it passed unanimously.
Investment Report:
• Quarterly Performance: Andy Fiegel, of Ellwood, spoke to the Board about the Plan's
quarterly performance. He noted that volatility was very low and tech stocks were
creating the biggest returns. The fund started the year at $251,417,057 and this quarter
ended at $266,686,130 an increase of a little over $15 million. The second quarter saw a
gain of 1.9% and the year-to-date gain was 6.1%.
• Dale discussed Master Limited Partnerships (MLPs). This sector has been a strong
investment for the fund in the past, in the first half of this year it was weak due to a high
correlation to the underlying commodities. Ellwood remains confident in this
investment.
• Our MLP - Tortoise - is invested in long -haul pipelines and some gathering plants.
Transported oil and gas volumes remain high along with cash flows. The Plan has a 10%
to allocation in this fund sector. Pipelines are safer and cheaper than any other
transportation method such as trucking or rail which gives them a competitive advantage.
Additional Question Between Meetings Ratified at the August meeting:
• After the May meeting an email poll was sent out by Retirement Board Chair, John
Lefebvre, the question to the Board was whether the Plan should increase our already
approved Golub investment from $4 million to $8 million as was recommended by our
investment advisory firm Ellwood since the May meeting. The Board responded with
four 'yes' votes and one 'no' vote. The question was officially ratified at the quarterly
meeting where a motion was made by Barb Connolly and seconded by Bill Hertneky to
change the investment in Golub from $4 million to $8 million. The question was called
and passed also with four votes for the motion and one vote against the motion.
ActuariaUPlan Report:
• SEGAL representative Brad Ramirez presented the actuarial valuation summary as of
January 1, 2017, for the Weld County Retirement Plan. There is no recommended
contribution but Weld County should continue current contributions to maintain a fully
funded status.
• Brad Ramirez will draft a memo to drop the assumed rate of return to 7.25%. This will
be voted on at the next board meeting in November.
Change in Bylaws:
• Board Chair, John Lefebvre, presented the revised By -Laws for the Board to the Board
and asked for a ratification vote. A motion was made by Bill Hertneky and seconded by
Lee Korins. The motion passed unanimously.
Presentation of Quarterly Payments:
• Payments for the Plan were provided to the Board - no motion was required.
Reports:
• Weld County lump sum payout report provided to the Board by Staci Datteri-Frey of the
Human Services department - no motion was required.
New Business:
• John Lefebvre discussed a report that displayed the revenue from 5 of the top 10 counties,
noting that many of those counties collect revenue from both property tax and sales tax.
This is not the case in Weld County where there is no county sales tax. The Weld County
Retirement Plan was the best funded of the 5 counties compared even though it was
fourth overall in total revenue.
Next Quarterly Meeting Date:
• Tuesday, November7, 2017 at 9:00 a.m. in the St Vrain Conference Room, in the Weld
County Administration building located at 1150 O Street, Greeley, Colorado.
Adjourn
• John Lefebvre adjourned the meeting at 10:25 a.m.
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