HomeMy WebLinkAbout1998-07-09 POPB MINUTES. '
POLICE PENSION BOARD MEETING
July 9, 1998
A regular meeting of the Englewood Police Pension Board was called to order by Board
Member Frank Gryglewicz, at 1 :30 p.m. in Conference Room A, City of Englewood City
Hall , 3400 South Elati Street.
Members Present:
Members Absent:
Others Present:
Gary Condreay, Employee Representative
Ralph "Rick" Forbes, Employee Representative
Frank Gryglewicz, Director ofFinancial Services
James Phelps, Council Appointee
Tom Burns, Mayor (notice)
Norm Wood , Chairperson (notice)
P atrick Landry, William M . Mercer, Inc .
Cind y Birley, William M . Mercer, Inc .
Carol Wescoat, Recording Secretary
A quorum was present.
* * * * *
APPROVAL OF MINUTES
MR. PHELPS MOVED TO APPROVE THE MINUTES OF THE REGULAR MEETING
OF JULY 9, 1998 . MR. CONDREAY SECONDED .
Ayes :
Nays :
Absent:
The motion carried.
Forbes, Ph elps , Condreay, Gryglewicz
None
Burns, Wood
MR. PHELPS MOVED TO APPROVE THE MINUTES OF THE JOINT PENSION
BOARD MEETING OF M A Y 13 , 199 8. MR . GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Forbes, Phelps, Condreay, Gryglewicz
None
Burns, Wood
* * * * *
OLD BUSINESS
Discussion of Deferred Retirement Option Plan (DROP)
Mr. Landry introduced Cindy Birley, legal counsel for William M . Mercer, Inc., She has
worked on the plan document.
Discussion ensued relating to DROP features and timing of document preparation.
Mr. Landry, presented the DROP fee proposal. Mr. Landry and Ms. Birley, outlined the
services that will be provided for the proposed fees and other options available . The proposed
fees include updating the plan and adding DROP verbiage to the plan document.
Mr. Landry also presented the option of not filing a Letter of Determination for the Police
Officers Plan and relying on the Letter that will be received for the NonEmergency Retirement
Plan after adding their DROP. This fee would be approximately $4 ,500. William M . Mercer,
Inc ., will give a ten percent discount if all three plans are updated .
Mr. Landry and Ms. Birley left the room to perm it Board discussion in private .
The Board discussed proposed fees and services provided by Will iam M . Mercer, Inc. The
Board agreed to include actuarial services and DROP preparation in a request for proposal.
NEW BUSINESS
Eligibility statements from beneficiaries .
All requests for confirmation of continued eligibility statements have been received from
beneficiaries . No further action is needed at this time .
Discussion of Request for Proposal
Discussion related to services and fiduciary responsibility of the Board.
MR. PHELPS MOVED TO PROCEED WITH A REQUEST FOR PROPOSAL THAT
WILL INCLUDE ACTUARIAL AND PERFORMANCE EVALUATION SERVICES , AS
WELL AS PLAN DOCUMENT AMEND1\1ENTS TO ADD A DROP . MR. FORBES
SECONDED .
Ayes : Forbes, Phelps , Condreay, Gryglewicz
Nays : None
Police O ffic ers Pension Boa rd
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Absent : Burns, Wood
The motion carried .
MEMBERS CHOICE
No items were discussed
MR. GRYGLEWICZ MOVED TO ADJOURN . MR. PHELPS SECONDED .
Ayes :
Nays:
Absent :
The motion carried.
Forbes, Phelps, Condreay, Gryglewicz
None
Burns, Wood
The meeting adjourned at 2 :35 p.m .
Carol W escoat
Recording Secretary
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Police Officers Pension Board