The URL can be used to link to this page

Home My WebLink About1999-01-14 POPB MINUTES" • • • POLICE PENSION BOARD MEETING January 14, 1999 A regular meeting of the Englewood Police Pension Board was called to order by Chairperson Norm Wood, at 1 :36 p.m. in Conference Room A, City of Englewood City Hall, 3400 South Elati Street. Members Present: Members Absent : Others Present: Norm Wood, Chairperson Gary Condreay, Employee Representative Frank Gryglewicz, Director of Financial Services James Phelps , Council Appointee Tom Bums, Mayor (notice) Ralph "Rick" Forbes, Employee Representative (notice) Carol Wescoat, Recording Secretary A quorum was present. * * * * * SEATING OF BOARD MEMBER Seating of re-elected Board Member. Ralph "Rick" Forbes Norm Wood congratulated Ralph "Rick" Forbes on his re-election . Mr. Forbes .was aqsent . Election of Board Chairperson/President MR. PHELPS NOMINATED NORM WOOD AS CHAIRPERSON/PRESIDENT. MR. CONDREAY SECONDED . Ayes : Nays: Absent : Abstention : The motion carried . Phelps, Condreay, Gryglewicz None Bums, Forbes Wood APPROVAL OF MINUTES MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE REGULAR MEETING OF OCTOBER 8, 1998 . MR. PHELPS SECONDED . Ayes: Nays : Absent : The motion carried. OLD BUSINESS Wood, Phelps, Condreay, Gryglewicz None Bums, Forbes * * * * * Discussion of Deferred Retirement Option Plan (DROP) The Board discussed the fee proposal for preparing the plan document. Discussion of fee proposal from Kutak Rock The Board discussed the proposed fees and consideration of other firms to complete the work. MR. PHELPS MOVED TO APPROVE THE FEE PROPOSAL FROM KUT AK ROCK. MR. GR YGLEWICZ SECONDED . Ayes : Nays : Absent : The motion carried . Wood, Phelps, Condreay, Gryglewicz None Bums, Forbes Discussion of FPP A Affiliation The pension funds have been transferred and FPP A is meeting with the participants to discuss their option of joining the FPP A Statewide Pension Plan . The Board discussed the potential advantages of individual participant affiliation with Statewide program . Request from David Silby • • The Board reviewed David Silby's City of Englewood employment application . The application does not reflect any confirmation of prior employment. Mr. Silby was unable to obtain additional confirmation of his dates of employment with the Sheridan Police • Department. Police Officers Pension Board 2 .. • • • Discussion ensued relating to Officer Silby ' s employment as a full-time police officer with Sheridan and the concerns of approving the additional service credit for Mr. Silby . The Board agreed to table the matter until Mr. Brotzman could be present to provide an opinion. NEW BUSINESS Consideration of benefit request from Thomas Vandermee Thomas Vandermee has requested retirement benefits as of his termination date, October 11, 1998 . He was employed on April 3, 1973 , and has completed more than 25 years of service. MR. PHELPS MOVED TO APPROVE THE BENEFIT FOR THOMAS V ANDERMEE, IN THE AMOUNT OF $3 ,450 .97 , PER MONTH EFFECTIVE OCTOBER 12, 1998 . MR. GRYGLEWICZ SECONDED . Ayes : Nays : Absent : The motion carried . Wood , Phelps , Condreay, Gryglewicz None Burns, Forbes Consideration of benefit request from Michael J. Swan Michael Swan has requested retirement benefits as of his termination date, October 12 , 1998 . Mr. Sw an was employed on September 1, 1973 , and has completed more than 25 years of servic e . MR. GRYGLEWICZ MOVED TO APPROVE THE BENEFIT FOR MICHAEL SWAN, IN THE AMOUNT OF $2 ,113.41 , PER MONTH EFFECTIVE OCTOBER 13 , 1998 . MR. CONDREAY SECONDED. Ayes : Nays : Absent : The motion carried . Wood , Phelps, Condreay, Gryglewicz None Burns, Forbes Review of January l, 1998 Actuarial Report from FPP A Mr. Gryglewicz reviewed the January 1, 1998 actuarial report from FPP A. He commented on the asset growth and the reduction of the unfunded liability . Police Officers Pension Board 3 Mr. Gryglewicz reported the amount transferred on January 4, 1999 from Dodge and Cox to the FPPA was $9,328,360 . Chairperson Wood commented on providing an increase for retirees in the form of a flat amount with all retirees receiving the same increase. The purpose would be to provide retirees who have been retired for a long time a greater increase in benefit than a percentage increase would. The Board discussed the FPP A investments and the obligation the City has to provide benefit payments to retirees . MR. PHELPS MOVED TO APPROVE INCURRING THE EXPENSE, NOT TO EXCEED $1,000, FOR AN ACTUAR1AL STUDY TO DETERMINE THE COST OF PROVIDING AN AD HOC INCREASE TO ALL RETIREES AS OF JANUARY 1, 1998 IN THE AMOUNTS OF EITHER $50, $75, OR $100 PER MONTH EFFECTIVE JANUARY 1, 1999 . MR. GRYGLEWICZ SECONDED . Ayes : Nays: Absent: The motion carried . Wood, Phelps, Condreay, Gryglewicz None Bums, Forbes Review of 1998 meeting attendance The Board reviewed the 1998 meeting attendance report . Discussion followed regarding the number of Board member absences . 2:45 p.m. brief recess that reconvened at 2 :55 p.m . The Board brought forward Mr. Silby's request for further discussion . MR. GRYGLEWICZ MOVED, SUBJECT TO APPROVAL BY THE CITY ATTORNEY, TO APPROVE DA YID SILBY'S EMPLOYMENT WITH SHERIDAN FROM JULY 1, 1969 TO DECEMBER 31, 1970 BE ADDED TO HIS CREDITED SERVICE PERIOD . MR. PHELPS SECONDED . Ayes : Nays : Absent : The motion carried . Wood, Phelps, Condreay, Gryglewicz None Bums, Forbes 4 Police Officers Pension Board .. • • • • • • MEMBERS CHOICE No items were discussed MR. PHELPS MOVED TO ADJOURN. MR. CONDREAY SECONDED . Ayes : Nays : Absent : The motion carried . Wood, Phelps, Condreay, Gryglewicz None Bums, Forbes The meeting adjourned at 3 :00 p .m . ~~u)µu~ Carol Wescoat Recording Secretary 5 Police Officers Pension Board