HomeMy WebLinkAboutMinutes - Corrections Officer Retirement Plan Board - 9/22/2025MINUTES
CORRECTIONS OFFICER RETIREMENT PLAN
REGULAR SESSION
January 22, 2025
KACHINA CONFERENCE ROOM
11000 N. LA CAÑADA DRIVE
REGULAR SESSION AT OR AFTER 11:00 AM
CALL TO ORDER
Chair Young called the meeting to order at 11:00 a.m.
ROLL CALL
Present:Zachary Young, Chair
Michelle DeVault, Member
Keli Mendivil, Member
Brett Sadovnick, Member
Dr. Roberta Hindenlang, Member
Staff Present:Jennifer Inboden, Local Board Secretary
Dave Gephart, Chief Financial Officer
CALL TO AUDIENCE - There were no speaker requests.
REGULAR SESSION AGENDA
1.REVIEW AND APPROVAL OF THE MARCH 15, 2023 REGULAR SESSION MEETING MINUTES
Motion by Member Dr. Roberta Hindenlang, seconded by Member Michelle DeVault to approve the March 15,
2023 regular session meeting minutes.
Vote: 5 - 0 Carried
2.APPOINTMENT AND REAPPOINTMENT OF OFFICE:
MAYOR AND COUNCIL APPPOINTED ZACHARY YOUNG AS CHAIR ON SEPTEMBER 4, 2024 AND
REAPPOINTED BRETT SADOVNICK AS MEMBER ON SEPTEMBER 1, 2023 TO THE CORRECTIONS
OFFICER RETIREMENT PLAN LOCAL BOARD FOR TERMS ENDING ON AUGUST 31, 2027.
Motion by Member Michelle DeVault, seconded by Member Dr. Roberta Hindenlang to acknowledge the
appointment of Zachary Young as Chair and the reappointment of Brett Sadovnick as Member to the Corrections
Officer Retirement Plan Local Board for terms ending August 31, 2027.
Vote: 5 - 0 Carried
3.REVIEW AND DISCUSS THE 2024 ACTUARIAL VALUATION REPORT
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3.REVIEW AND DISCUSS THE 2024 ACTUARIAL VALUATION REPORT
Guest Dave Gephart, Chief Financial Officer for the Town of Oro Valley provided an overview of the
actuarial report:
Mr. Gephart began by reminding the Board that last time he presented to them, the Town was in the
process of addressing the unfunded liability by making excess contributions to the CORP plan in the
amount of $2 million. This process has since been completed.
He began by going over the summary of the Actuarial Valuation Report as of June 30, 2024. The
pension is now healthy with a 102.8% funded status as of the end of Fiscal Year 2024.
Based on the information shown in the Contribution Requirements table on page 4 of the report, the
employer cost should be 1.54%. Arizona State Statute mandates a minimum employer contribution
rate of 6.00%, so this is the current rate being used by the Town.
Mr. Gephart stated that the information on page 5 concerning the Tier 3 Defined Contribution plan
does not apply to the Town's plan since all of our members are Tier 1 or Tier 2.
He reviewed the Liabilities and Funded Ratios by Benefit table on page 8 and explained that it is a
cash equivalent of the percentage-based tables on previous pages. The Total Actuarial Accrued
Liability is $3,995,956.
Member Hindenlang asked about the Unfunded Actuarial Accrued Liability amount that
appeared to be a negative amount of ($110,530.) Mr. Gephart explained that since the plan is
more than fully funded at 102.8%, this amount is actually a positive amount of an Unfunded
Actuarial Accrued Credit rather than a liability.
Mr. Gephart finished by reviewing the Statement of Changes in Fiduciary Net Position for Year
Ended June 30,2024 table on page 11 which reviews the market value basis for the entire CORP
fund for Arizona, not just the Town of Oro Valley. The valuation for the prior year had been
$4.076 billion. Total additions to the plan including contributions and investment income were $665.4
million. Total deductions from the Plan including distributions and administrative expenses were
$241.5 million resulting in a net increase of $423.9 million and a net position held in Trust of $4.5
billion.
Member Sadovnick asked if the health of the fund depends on the Town's revenues. Mr.
Gephart answered that there are no concerns since this plan is so small. Currently the plan
has 2 active members, 4 retirees, 1 beneficiary, 1 disability retiree and 2 inactive members.
Mr. Gephart concluded that the CORP plan is fully funded and in a very good place. The only reason
the Town is contributing 6% is because it is mandated.
4.REVIEW AND APPROVAL OF RETIREMENT OF MICHELLE DEVAULT EFFECTIVE FEBRUARY 14,
2025 THUS TERMINATING HER MEMBERSHIP
Motion by Member Brett Sadovnick, seconded by Member Keli Mendivil to approve the retirement and terminate
the membership of Michelle DeVault.
Vote: 5 - 0 Carried
ADJOURNMENT
Motion by Member Michelle DeVault, seconded by Member Brett Sadovnick to adjourn the meeting at 11:34 a.m.
Vote: 5 - 0 Carried
I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the regular session of the
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I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the regular session of the
Town of Oro Valley Corrections Officer Retirement Plan Board of Oro Valley, Arizona held on the 22nd day of
January, 2025. I further certify that the meeting was duly called and held and that a quorum was present.
Dated this _22nd_ day of ____January_____, 2025.
___________________________
Jen Inboden
Senior Human Resources Analyst
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