HomeMy WebLinkAbout2009-08-13 POPB MINUTESPOLICE OFFICERS PENSION BOARD MEETING
August 13, 2009
The regular meeting of the Englewood Police Officers Pension Board was called to order by
Chairperson Norm Wood, at 3:00 p .m . in Public Works Conference Room, Civic Center,
1000 Englewood Parkway.
Members Present:
Members Absent:
Others Present:
Norm Wood , Chairperson
Frank Gryglewicz, Director of Finance and Administrative Services
Gary Condreay, Employee Representative
James Phelps, Council Appointee
Jim Woodward , Mayor
George Egri, Employee Representative (no notice)
Dan Brotzman, City Attorney
A quorum was present.
* * * * *
Approval of Minutes.
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE REGULAR
MEETING OF FEBRUARY 12, 2009 . MR. PHELPS SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Condreay, Gryglewicz , Phelps , Wood, Woodward
None
Egri
Review of FPP A Plan Statements.
The Mr. Gryglewicz reviewed the quarterly statements from the Fire and Police Pension
Association (FPPA).
Review of Letter Regarding Impact of 2008 Investment Performance on Future Contribution
Requirements
Mr. Gryglewicz reviewed the memorandum from Gabriel, Roeder, Smith & Company
regarding the impact of the 2008 investment performance on future contributions. The next
actuarial report will be completed as of January 1, 2010. The 2010 report will include the
2011 and 2012 contribution requirements.
The memo is intended to help the City plan for the projected increase in contribution. The
memo indicates that if 2009 earnings are eight percent (the actuarial assumption rate), the
projected 2011 contribution estimate is $398,522. The current contribution requirement is
$289 ,033 for 2009 and 2010. The State changed the guid elines to allow the Plan to extend
the amortization period from 12 years to a maximum of 20 years if the life expectancy of the
membership exceeds 20 years . The contribution estimate includes the actuarial assumption
changes. The memo projects substantial increases in contributions for the years 2013 to 2016 .
MEMBER'S CHOICE
The Board agreed to cancel the next regular meeting scheduled for November 12, 2009
unless there are matters requiring Board action.
Mr. Egri' s term ends December 31, 2009 . An election will be held to fill the vacancy.
MR. PHELPS MOVED TO ADJOURN. MR. GRYGLEWICZ SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Condreay, Gryglewicz, Phelps, Wood, Woodward
None
E gri
The meeting adjourned at 3 : 15 p .m .
Carol Wescoat
Recording Secretary
2
Poli ce Offi cers Pen s ion Board