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HomeMy WebLinkAbout1993-10-14 POPB MINUTES• • POLICE PENSION BOARD :MEETING October 14, 1993 A regular meeting of the Englewood Police Pension Board was called to order by Chairperson Norm Wood, at 1:35 p .m. in Conference Room B of the City ofEnglewood City Hall, 3400 South Elati Street. Members Present: Members Absent : Others Present : Norm Wood, Chairperson James Phelps, Council Appointee Clyde Wiggins, Mayor Rick Forbes, Employee Representative (arrived at 1 :55 p.m.) Frank Gryglewicz, Acting Director of Financial Services Dave Miller, Employee Representative Rick DeWitt, City Attorney, Don Mazanec, William M . Mercer Inc. Carol Wescoat, Recording Secretary A quorum was present . * * * * * Approval of Minutes MAYOR WIGGINS MOVED TO APPROVE THE MINUTES OF THE REGULAR MEETING OF JULY 8, 1993; JOINT BOARD MEETING OF JULY 21, 1993, AND THE JOINT BOARD MEETING OF SEPTEMBER 13, 1993. MR. PHELPS SECONDED. Mr. Phelps requested a correction be made to page 2 of the July 8, 1993 minutes, paragraph 2, under the section 1992 Final Actuarial Report, striking the sentence "The percent of payroll contribution will increase as payroll declines." The sentence is confusing and not pertinent to the minutes. Results of the vote on the amended minutes of July 8, 1993, the minutes of July 21, 1993, and September 13, 1993 : Ayes : Nays: Absent: Wood, Phelps, Wiggins, Gryglewicz None Miller, Forbes • The motion carried. 1 OLD BUSINESS 20% Supplemental Disability Benefit for the Beneficiary of Grady Brackeen Chairperson Wood referred to copies of letters sent to Mrs. Brackeen informing her of the Board's consideration of discontinuing the 20% Supplement Disability Benefit and giving her the opportunity to contact the Board. The letter was sent certified mail, but there has been no response to the letter. Chairperson Wood reviewed the copies of two letters dated January 26, 1983, sent to Grady Brackeen acknowledging benefits to age 55. The understanding of the Board is that this would appear to be inaccurate under the ordinance at the time. The benefit would have been discontinued at the time when the recipient would have completed 25 years of service or age 55 . Mr. Brackeen attaining age 55 would have been April 2, 1994. If it is determined that Mr. Brackeen was eligible for the 20% Supplemental Disability Benefit at the time of his death, Mrs. Brackeen would be eligible to continue receiving fifty percent of this benefit. Mrs. Brackeen is to receive fifty percent ofMr. Brackeen's monthly pension amount at the time of his death for her lifetime provided she does not remarry. The Board's consensus was to table the issue for one month until Mr. DeWitt is able to research Mr. Brackeen's eligibility for 20% Supplemental Disability Benefit at the time of his death. The Board would like to have a phone vote on the issue if Mr. DeWitt is not able to complete his research prior to October 27, 1993 at the next meeting. Discussion oflnvestment Manager's Search Chairperson Wood determined that discussion was not necessary prior to the October 27, 1993, meeting . Seating of New Member Chairperson Wood welcomed Ralph "Rick" Forbes to the Board. NEW BUSINESS Consideration of Benefits for Ralph Allen Chairperson Wood reviewed Ralph Allen's request for retirement benefit effective as of September 20, 1993. MAYOR WIGGINS MOVED TO APPROVE MONTHLY BENEFITS OF $1,837.19 FOR RALPH ALLEN. MR. PHELPS SECONDED. Ayes : Wood, Phelps, Wiggins, Gryglewicz, Forbes 2 • • • • • • Nays : Absent : The motion carried. None Miller Letter from D . Nessan. T . Vandermee. and S . Knoll Chairperson Wood reviewed a letter to the Police Pension Board Members from Douglas Nessan, Thomas Vandermee, and Steven Knoll that presented new arguments related to the opinion issued by Mr. DeWitt on the officers accrued credited service under the Old Hire Police Retirement Plan . The arguments suggest the credited service should be based on the original hire date. The letter states the officers had been promised benefits under the Old Hire Police Retirement Plan from the date of hire. Mr. DeWitt stated the letter defines the duties of the individuals and it appears their assigned duties, during their employment period prior to entering the Police Pension Plan, coincide with the responsibilities of police officers . He also indicated pertinent to the issue is the fact these cadets were full time employees . Chairperson Wood stated that his understanding was that the cadets had been assigned a duty week of32 hours and were also required to attend college classes that were paid for by the City. Chairperson Wood requested Mr. DeWitt issue a written opinion on this matter. He reminded Mr. DeWitt that the 1963 statutes would probably be the statutes in force during 1973 . Chairperson Wood also suggested the City may have been in error by not including the cadets in the Police Pension Plan . The cadets were required to make contributions to the Nonemergency Pension Plan, even though they would not have been able to become vested in the plan . Mr. DeWitt suggested that an agreement should be made resolving the issue as to effective date of participation in the Old Hire Police Pension Plan if it is determined that the cadets should have been included in the plan . Discussion followed explaining the provisions of the Police Pension Plan prior to City adopting their own plan document for the Police Pension Plan. MR. PHELPS MOVED TO TABLE THE ISSUE RELATING TO THE CLARIFICATION OF SERVICE FOR NESSAN, V ANDERMEE, AND KNOLL UNTIL MR. DEWITT HAS REVIEWED THE NEW ARGUMENTS . MAYOR WIGGINS SECONDED . Discussion followed related to the contributions made to the Nonemergency fund, the earnings on those contributions, and if there should be funds transferred from the Nonemergency to the Old Hire Police Pension Plan because of the cadets' contributions . Mr. DeWitt will consult with Financial Services about the contributions. Chairperson Wood stated the Board should be able to produce a negotiated amount related to the 3 difference in contributions because the cadets had been contributing at a lesser percentage • of salary to the Nonemergency plan. Ayes: Nays: Absent : Wood, Phelps, Wiggins, Gryglewicz, Forbes None Miller MR. PHELPS MOVED THAT THE FIRST ORDER OF AGENDA TO SEAT RALPH "RICK" FORBES HAD BEEN DONE . MAYOR WIGGINS SECONDED. Ayes: Nays: Absent: Wood, Phelps, Wiggins, Gryglewicz, Forbes None Miller MEMBERS CHOICE Investment Managers Search Chairperson Wood suggested the Board members review The Boston Company's most recent quarterly report prior to the October 27th joint meeting. Mr. Gryglewicz will contact William Mercer Company and request an updated report on the performance of the investment managers that are to be considered. Pension Board Election Chairperson Wood explained there will be an election for his position on the Board as his term expires December 31, 1993. CHAIRPERSON WOOD MOVED, AND MAYOR WIGGINS SECONDED, TO ADJOURN. Ayes: Nays: Absent : Wood, Phelps, Wiggins, Gryglewicz, Forbes None Miller The meeting adjourned at 2:35 p.m. Carol W escoat Recording Secretary 4 • •