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HomeMy WebLinkAbout2010-08-12 POPB MINUTES' • • • POLICE PENSION BOARD MEETING August 12, 2010 The regular meeting of the Englewood Police 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 George Egri , Employee Representative James Phelps , Council Appointee Jim Woodward , Mayor (arrived 3:05 p.m .) None None A quorum was present. * * * * * Approval of Minutes . MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE REGULAR MEETING OF FEBRUARY 11 , 2010. MR. CONDREAY SECONDED. Ayes: Nays: Absent: The motion carried. Condreay, Egri , Phelps, Wood , Gryglewicz None Woodward Mayor Woodward arrived 3:05 p.m. Review of FPP A Plan Statements. Mr. Gryglewicz reviewed the quarterly statements from the Fire and Police Pension Association (FPPA). The Board discussed the substantial losses. Chairperson Wood inquired about a presentation by the FPP A investment staff. The Board agreed to a possible date of November 10 to have FPP A present at a joint board meeting with the Firefighters Pension Board if the firefighters agree. Discussion ensued regarding fluctuating market conditions in general. Police Officers Pension Plan January l, 2010 Actuarial Report. Mr. Gryglewicz reviewed the January 1, 2010 actuarial report. The Board noted that the contributions have increased from approximately $185 ,000 in 2002 to $340 ,010 in 2010. MR. GRYGLEWICZ MOVED TOAPPROVE THE JANUARY 1, 2010 ACTUARIAL REPORT . MR. CONDREAY SECONDED. Ayes: Nays: Absent: The motion carried Condreay , Egri , Gryglewicz , Phelps , Wood, Woodward None None Consideration of DROP benefit for John Knoth John Knoth , police officer, hired February 1, 1978 has requested entering the DROP as of May, 10 , 2010 . Mr. Knoth 's employment tennination date will not be later than May 9, 2015 . MR. GR YGLEWICZ MOVED TO APPROVE THE MONTHLY DROP BENE FIT FOR JOHN KNOTH OF $4,341.52 BEGINNING MAY 10, 2010. MR CONDREAY SECONDED . Ayes : Nays : Absent: The motion carried Condreay, Egri , Gryglewicz , Phelps , Wood , Woodward None None Next Meeting is scheduled for the Veteran 's Day Holiday, November 11, 2010 . The Board agreed if FPP A is available for a presentation of their investment strategy with the Firefighters Pension Board on Nov ember 10 , 2010 , a regular meeting will not be held. Reminder terms expire for Gary Condreay on December 31 , 2010 and James Phelps on January 31 , 2011. Ms. Wescoat will conduct the usual Board nominations and election for the employee elected Bo ard member. She informed the Board the Mr. Brotzman has opined that an election is not necessary if the Board receives only one qualified candidate to fill each vacant seat. MEMBER'S CHOICE No action. Police Officers Pension Board 2 • • • ' ., • • • MR. GRYGLEWICZ MOVED TO ADJOURN. MR.CONDREAY SECONDED . Ayes: Nays: Absent: The motion carried Condreay, Egri, Gryglewicz, Phelps, Wood, Woodward None None The meeting adjourned at 3:30 p .m. ~e>-f w~~ Carol Wescoat Recording Secretary Police Officers Pension Board 3