July 18, 2024 County of] Elk Retirement Board Meeting Minutes Elk County, Ridgway, PA The County of Elk Commissioners met on Tuesday,July 18, 2024 at 10:35 AM, County of Elk Courthouse Thomas G. Wagner Conference Room. The meeting was opened with the Pledge of Allegiance. Those present were Commissioners M. FritzLecker, Matthew G. Quesenberry and Gregory J. Gebauer. Also present were Rick Brown, Solicitor; Patrick Straub, ChiefClerk; Emily Anders, Office Administrator; Calvin Moore, IT; Matthew Frey, Treasurer; and Marilyn Secco, Press. FORMALITY: County Salary Board. FritzLecker. Commissioners M. Fritz Lecker, Matthew Quesenberry, and Gregory Gebauer along with Treasurer, Matthew Frey and Chief Clerk Patrick E. Straub comprise the members of the Elk The Chairperson oft the Retirement Board is the Chairperson for the County Commissioners, M. APPROVAL OF AGENDA Quesenberry and carried unanimously. APPROVAL ( OF MINUTES Frey and carried unanimously. A motion was made by M. Fritz Lecker to approve the agenda, seconded by Matthew G. Ar motion was made by Matthew G. Quesenberry to approve the agenda, second by Matthew PRESENTATIONS: Retirement Plan performance review, ADC (Actuarial Determined Contribution) requirements for the 2024 Plan year, and other pertinent Plan information - Chief Clerk/ Board Secretary Patrick Straub. The County's current ADC: is $525,121. The plan has grown 7.18% in 2024, 13.49% in 2023, and dropped 11.42% in 2022. The plan currently has 140 active, 104 retirees, and 26 vested but not receiving benefits. OLD BUSINESS: 1) Discuss alternative options for retirement plan administration, primarily participant record keeping services due to large Definiti fee increase from $2,800/ year to $6,000/ year effective 01/01/24. Patrick Straub investigated ai few new options. Epic Actuary quoted $10,000 per year, with a $3,500 fee to switch. Patrick Straub negotiated with Definiti and the cost for 2024 was dropped to $4,400. In 2025, the cost will be $6,000. Hei recommended staying with Definiti.. A motion by M. Fritz Lecker, second by Matthew Frey and carried unanimously. NEW BUSINESS 1) Resolution to amend the Retirement Plan to adopt the changes to the required minimum distribution ("RMD") rules applicable to all qualified retirements plans, including the County's pension plan, in accordance with the Retirement Act of2019 (the "SECURE Act"), and the SECURE 2.0 Act of2 2022 ("SECURE: 2.0"). The SECURE. Act increased the age at which RMDs must begin under section 401(a)(9) of the Internal Revenue Code to a member who has terminated employment from age 70% to age 72, effective for members who reach age 70% after December 31, 2019. Adoption of this amendment is required by 12/31/27. Motion by Matthew G. Quesenberry, second by M. Fritz Lecker and carried unanimously. QUESTIONS FROM THE PRESS Marilyn Secco asked Patrick Straub to repeat the rates of return. QUESTIONS FROM TAXPAYERSNIA ADJOURN MEETING The meeting was adjourned at 10:55am on aj motion by Gregory J. Gebauer. Attest: ase