HomeMy WebLinkAbout1996-05-14 POPB MINUTES.,
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POLICE PENSION BOARD MEETING
May 14 , 1996
A regular meeting of the Englewood Police Pension Board was called to order by Chairperson
Norm Wood, at 4 :35 p .m . in Mayor's Office at the City of Englewood City Hall, 3400 South
Elati Street.
Members Present :
Members Absent:
Others Present:
A quorum was present.
Norm Wood, Chairperson
James Phelps, Council Appointee
Frank Gryglewicz, Director of Financial Services
Gary Condreay, Employee Representative
Ralph "Rick" Forbes, Employee Representative
Tom Bums, Mayor
Carol Wescoat , Recording Secretary
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SEATING OF BOARD MEMBER
• Chairperson Wood congratulated James Phelps on being reappointed by the Englewood City
Council.
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Approval ofMinutes
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE REGULAR
MEETING OF JANUARY 11 , 1996 AND THE MARCH 13 , 1996 TELEPHONE POLL.
MR PHELPS SECONDED .
Ayes :
Nays :
Absent:
The motion carried.
Wood , Phelps , Condreay, Gryglewicz , Forbes
None
Burns
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OLD BUSINESS
Signing of Updated Investment Policy. Agreements for Investment Managers and Custodial
Bank Services .
The signing was completed prior to the scheduled meeting and executed copies were
distributed to the Board Members .
Review of Dodge & Cox transactions
Mr. Gryglewicz reviewed the Dodge and Cox transactions for the period January 1, 1996,
through March 31 , 1996 .
Report on Velma Brackeen Tague .
Mrs . Tague has not provided any payment of the outstanding balance. The collection agency
requested authorization to proceed with a lawsuit. Authorization was sent on March 18 ,
1996 .
NEW BUSINESS
Consideration of benefit for Norman Wood .
Officer Norman Wood has requested retirement benefit effective as of his termination date,
January 20 , 1996. Officer Wood had attained 25 years of service credit on that date.
MR. GRYGLEWICZ MOVED TO APPROVE A MONTHLY RETIREMENT BENEFIT IN
THE AMOUNT OF $1 ,939 .55 , FOR NORMAN WOOD EFFECTIVE JANUARY 21, 1996.
MR.PHELPS SECONDED
Ayes :
Nays :
Absent :
Abstention :
The motion carried .
Phelps, Condreay, Gryglewicz, Forbes
None
Burns
Wood
Consideration of benefit for Donald McLennan .
Officer Donald McLennan has requested retirement benefit effective as of his termination date,
March 3, 1996 . Officer McLennan had attained 26 .250 years of service credit on that date .
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MR. GRYGLEWICZ MOVED TO APPROVE A MONTHLY RETIREMENT BENEFIT IN
THE AMOUNT OF $1,991.88, FOR DONALD MC LENNAN EFFECTIVE MARCH 4 ,
1996 . MR. PHELPS SECONDED
Ayes :
Nays :
Absent :
The motion carried .
Wood, Phelps , Condreay, Gryglewicz, Forbes
None
Burns
Review of 1995 fees charges by William M . Mercer. Inc.
Mr. Gryglewicz reviewed the 1995 fee charges for actuarial and investment performance
evaluation . Discussion followed related to service performed .
Discussion oflnvestment Performance Fees for William M . Mercer. Inc .
Mr. Gryglewicz explained the fee proposal letter from Dale Connors, of William M . Mercer,
Inc . Mr. Connors has purposed an annual fee of 4 .5% basis points .
MR. PHELPS MOVED TO APPROVE THE WILLIAM M . MERCER, INC ., 1996 FEES
OF 4 .5% BASIS POINTS FOR PERFORMANCE EVALUATION WITH THE REQUEST
FOR FORMAL PROPOSAL TO BE COMPLETED PRIOR TO THE END OF 1997. MR.
GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Wood , Phelps , Forbes, Condreay, Gryglewicz
None
Burns
MR. PHELPS MOVED TO ADJOURN . MR . FORBES SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Wood , Phelps , Forbes, Condreay, Gryglewicz
None
Burns
The meeting adjourned at 4 :50 p.m.
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Carol Wescoat
Recording Secretary
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