HomeMy WebLinkAbout2015-11-10 NEERB MINUTESNONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
November 10, 201 S
l...) Chairperson Woodward called the regular meeting of the Englewood NonEmergency Employees
Retirement Plan Board to order at 3:30 p.m. in the Public Works Conference Room of the Civic Center,
1000 Englewood Parkway, Englewood, Colorado.
Members Present:
Members Absent:
Others Present:
A quorum was present.
Shelley Becker, Director of Finance and Administrative Services
David Henderson, Employee Representative
John Moore, Council Appointee
Mahendra Patel, Secretary, Employee Representative
James Phelps, Council Appointee
Jim Woodward, Chairperson, Council Appointee
Steven Yates, Council Member (No Notice)
Wendy Dominguez, Innovest Portfolio Solutions
Jerry Huggins, lnnovest Portfolio Solutions
Diane Hunt, Gabriel Roeder Smith and Company (GRS)
Leslie Thompson, GRS
Joe Herm, GRS
* * * * *
Introduction of Shelley Becker. Director of Finance and Administrative Services
The Board welcomed Ms. Becker and congratulated her on the appointment.
Approval of Minutes
MR. PATEL MOVED TO APPROVE THE MINUTES OF THE AUGUST 11, 2015 REGULAR
MEETING. MR. MOORE SECONDED.
Ayes:
Nays:
Absent:
Abstention:
The motion carried.
Henderson, Moore, Patel, Phelps, Woodward
None
Yates
Becker
Innovest Portfolio Solutions, LLC
Performance Evaluation
Ms. Dominguez reviewed the capital markets information for the past quarter. She commented that
although it was generally a down quarter for the market, however, the NERP funds out performed the
custom benchmark.
Mr. Huggins reviewed third quarter portfolio performance. He reviewed fund performance and some of
the variables that impacted the performance.
Mr. Huggins referred to the Manager Report Card page noting the new color legend that indicates the
fund changes occurring during the quarter.
Discussion of Custodial Bank Services
Mr. Huggins explained the past attempt to change the custodial bank and the reason for revisiting the
issue. He reviewed the comparison of custodial fees. He commented that comparing Wells Fargo to
Charles Schwab, the Schwab revenue sharing will create a savings of about $14,000 per year for the Plan.
The Board discussed the options available and the ability to renegotiate the fees, typically about every
three years, because the fees are asset based and there typically is a change in assets.
MR. MOORE MOVED TO APPROVE SELECTING CHARLES SCHWAB AS THE CUSTODIAL
BANK PROVIDER. MR. PHELPS SECONDED.
Ayes:
Nays:
Becker, Henderson, Moore, Patel, Phelps, Woodward
None
Absent: Yates
The motion carried.
Mr. Huggins stated Innovest would contact Schwab and begin the process of changing the custodial bank
providers.
Ms. Wescoat informed the Board that Daniel Brotzman, City Attorney, has provided notice that he will be
leaving the City during January.
Gabriel Roeder Smith and Company
Ms. Hunt announced she is retiring at year end. She thanked the Board and has enjoyed her time working
with the NonEmergency Employee Retirement Plan Board.
Retirement Approvals and Notifications:
a. Consideration of DROP Benefit for Stanley McClung
b. Consideration of DROP Benefit for Richard Coy
c. Consideration of Retirement Benefit for Mitchell Forrester
d. Notification of DROP Application for Patricia Herron
e. Notification of Retiree Robert Burgener's Death
MR. PATEL MOVED TO APPROVE THE ITEMS LISTED ON THE BENEFIT APPROVALS AND
NOTIFICATIONS. MR. PHELPS SECONDED.
Ayes:
Nays:
Absent:
Becker, Henderson, Moore, Patel, Phelps, Woodward
None
Yates
NonEmergency Employees Retirement Board Meeting
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The m otio n carrie d .
Membe rs ' C hoice
Ma he ndra Pa te l's term e nds J a nu a ry 3 1, 20 16. M r. Pate l indi cated th at he woul d not be re tu rn in g s in ce he
w ill no t be a bl e to comple te a fo ur year term prio r to retirin g fro m th e C ity. M s. W escoat w ill cond uc t a n
e lecti o n to fi ll t he vacant Board pos it ion .
T he next regul ar meetin g is scheduled fo r Fe bruary 9, 20 16
T h e B oard a dj ourn e d at 4:20 p.m .
Caro l Wescoat
R ecordin g Secret ary
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Non Emergency Employees Reti re ment Board Mee tin g