HomeMy WebLinkAbout1993-07-08 POPB MINUTES•
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POLICE PENSION BOARD MEETING
July 8, 1993
A regular meeting of the Englewood Police Pension Board was called to order by
Chairperson Norm Wood, at 1:33 p .m. in Conference Room B of the City of Englewood
City Hall, 3400 South Elati Street.
Members Present:
Members Absent:
Others Present :
Norm Wood, Chairperson
James Phelps, Council Appointee (arrived at 1:35 p.m.)
Dave Miller, Employee Representative
Clyde Wiggins, Mayor
Lorraine Hayes, Director of Financial Services
Ralph Allen, Employee Representative
Rick DeWitt, City Attorney,
Don Mazanec, William M . Mercer Inc.
Frank Gryglewicz, Acting Director of Financial Services
Carol Wescoat, Recording Secretary
A quorum was present.
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Approval of Minutes
MR. MILLER MOVED TO APPROVE THE MINUTES OF THE REGULAR
MEETING OF APRIL 8, 1993 . MAYOR WIGGINS SECONDED.
Ayes:
Nays :
Absent:
The motion carried .
Wood, Phelps, Miller, Wiggins, Hayes
None
Allen
MR. MILLER MOVED TO APPROVE THE MINUTES OF THE SPECIAL MEETING
OF MAY 13, 1993ANDTHEJOINTBOARDMEETINGOFMAY13, 1993. MS .
HA YES SECONDED.
Ayes :
Nays :
Absent :
The motion carried .
Wood, Phelps, Miller, Wiggins, Hayes
None
Allen
OLD BUSINESS
1992 Final Actuarial Report
Mr. Mazanec reviewed the 1992 Final Actuarial Report.
Discussion ensued relating to the increasing unfunded liability. The liability increase is
primarily caused by the contribution rate being below the recommended level. The percent
of payroll contribution will increase as payroll declines. Other discussion indicated that
contributions prior to 1980 were not adequate because they were made according to State
Statutes rather than actuarial needs .
Mr. DeWitt suggested considering making a summary of the actuarial report for the
membership or possibly a meeting.
Mr. Miller suggested a memo stating the report was available . Further discussion
continued relating to a meeting of the membership to present the actuarial report. No
conclusion was reached.
20% Supplemental Disability Benefit Ordinances
Ms. Hayes reviewed the proposed ordinances related to changing the funding of the 20%
Supplemental Disability Benefit.
Chairperson Wood reviewed the list of members receiving disability from the plan . It was
found during the preparation of the list that the spouse (as the beneficiary) of Grady
Brackeen was receiving 50% of the benefit he had been receiving at his death. This
amount included the 20% Supplemental Disability Benefit. Chairperson Wood was certain
that the 20% Supplemental Disability Benefit should have been discontinued prior to his
death. The board agreed to research and detennine Mr. Brackeen's eligibility.
MS . HAYES MOVED TO MAKE THE NECESSARY CHANGES TO ADD THE
FUNDING FOR GRADY BRACKEENS 20% SUPPLEMENT AL DISABILITY
BENEFIT SHOULD IT BE DETERMINED THAT HE HAD BEEN ELIGIBLE FOR
THE BENEFIT AT HIS DEATH. MR. MILLER SECONDED.
Ayes :
Nays:
Absent:
The motion carried .
Wood, Phelps, Miller, Wiggins, Hayes
None
Allen
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Chairperson Wood also stated that Wallace Smith should not have been included on the
list as he and his spouse are both deceased. This will be researched and recovery of funds
will be pursued as necessary.
Review of Cash Flow of Plan Funds
The current annual cash flow report was distributed and reviewed.
Report on Research into Changes in Contributions and Future COLA's
Chairperson Wood presented the findings of the committee researching the possibility of
changing the employees' contribution levels to allow for the potential of an increase in
benefits. The committee found that any contribution increase would not realize enough
added benefit to members to recoup their investment. The committee did not feel it was
necessary to return to the membership for further discussion .
NEW BUSINESS
Clarification of Service for Participants who had transferred into plan from within the City
Mr. DeWitt distributed and reviewed the opinion . The opinion stated that a member must
be a sworn police officer to accrue credited service under the Old Hire Police Retirement
Plan . Service for the police department as a cadet, dispatcher, or other comparable
positions would not be included as credited service .
Chairperson Wood clarified that members who had prior service with the police
department could appeal the decision of the board .
CHAIRPERSON WOOD MOVED TO HA VE THE RECORDS OF THE FOUR
INDIVIDUALS WITH PRIOR DEPARTMENTAL SERVICE CHANGED TO
REFLECT THE CORRECT ACTUAL HIRE DATE AS A POLICE OFFICER. MS.
HA YES SECONDED.
Ayes:
Nays:
Absent:
MEMBERS CHOICE
Wood, Phelps, Miller, Wiggins, Hayes
None
Allen
Ms. Hayes introduced Mr. Gryglewicz as the Acting Director of Financial Services and
explained that he will be taking her position as the voting board member.
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Discussion followed relating to Ms. Hayes position as Acting City Manager and her
opinions on City's funding of the plan's unfunded liability. Ms. Hayes stated she is
sympathetic toward funding, but would be unable to respond until the entire budget
process is evaluated .
MAYOR WIGGINS MOVED, AND MR. MILLER SECONDED, TO ADJOURN.
Ayes:
Nays:
Absent :
Wood, Phelps, Miller, Wiggins, Hayes
None
Allen
The meeting adjourned at 2 :42 p.m.
Carol Wescoat
Recording Secretary
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