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HomeMy WebLinkAbout1993-07-21 FPB MINUTES•• • • FIREFIGHTERS PENSION BOARD MEETING July 21, 1993 A regular meeting of the Englewood Firefighters Pension Board was called to order by Board Chairperson Chris Olson at 2:05 p .m. in Conference Room B of the Englewood City Hall , 3400 South Elati Street. Members Present : Members Absent: Others Present: Chris Olson, Chairperson Willis Resley, Council Appointee Mike Gruninger, Employee Representative Bill Young, Employee Representative Clyde Wiggins, Mayor Lorraine Hayes, Director of Financial Services None Dan Brotzman, Assistant City Attorney Frank Gryglewicz, Acting Director of Financial Services 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 SPECIAL MEETING OF MAY 13, 1993 . MR. RESLEY SECONDED. Ayes : Nays : Absent : The motion carried . Olson, Young, Resley, Gruninger, Wiggins, Hayes None None MAYOR WIGGINS MOVED TO APPROVE THE MINUTES OF THE JOINT BOARD MEETING OF MAY 13, 1993. MR. RESLEY SECONDED. Ayes : Nays : Absent: The motion carried . Olson, Young, Resley, Gruninger, Wiggins, Hayes None None 1 OLD BUSINESS Consideration of discontinuing 20% Supplemental Disability to Gary Decker. Chairperson Olson reviewed the board's past vote to rescind Gary Decker's 20% Supplemental Disability. To date the board has not had a response from Mr. Decker. Discussion followed related to defining any options provided by the Municipal Code and possibility of recovering the funds from Mr. Decker. MS . HAYES MOVED THAT PAYMENT OF THE 20% SUPPLEMENTAL DISABILITY BENEFIT TO GARY DECKER CEASE AND THAT MR. DECKER BE NOTIFIED OF THE DISCONTINUANCE OF PAYMENT. MAYOR WIGGINS SECONDED. Ayes : Nays: Absent : The motion carried . Olson, Resley, Gruninger, Wiggins, Hayes Young None Review of fees for The Boston Company and William M. Mercer Inc . In response to Mr. Gruninger's earlier request for a listing of the expenses involved with The Boston Company and William M. Mercer Inc ., the board reviewed them . Discussion followed relating to proposing a periodic review of the plan's expenditures . Mr. Gruninger suggested that the expense of errors by The Boston Company, William M. Mercer and City staff should not be passed on to the plan. Ms. Hayes commented that the two companies absorb the costs of their errors. Staff errors of a serious nature are dealt with through the supervisory process. A certain amount of errors incurred by staff are considered as a cost of doing business. 1992 Final Actuarial Report Mr. Mazanec presented the 1992 Final Actuarial Report. It contains only minor changes from the draft copy. •• • Mr. Gruninger questioned the inclusion of Mr. Decker's 20% Supplemental Disability in • the amount of funds to be transferred to Health Self-Insurance Fund . The funds will not be 2 •• transferred until the ordinance is finalized and a valuation of actual funding will be determined by William M. Mercer Inc ., at that time . Discussion followed as to the effect of transferring the funding of the 20% Supplemental Disability to a separate fund and its effect on the unfunded liability . Additional discussion followed relating to City's ability to discontinue the 20% Supplemental Disability by changing the Municipal Code . Discussion of J. David Wells' Proof of Continued Disability Mr. Gruninger was contacted by J. David Wells after receiving a letter from Ms . Hayes requesting a proof on continued disability. Mr. Gruninger had been unaware of the request and had told Mr. Wells that he would bring it before the board . Ms . Hayes explained that because Mr. Wells had protested the usual request of the tax returns as proof of continued disability , he receives a special questionnaire that is to be completed as proof of continued disability . Mr. Gruninger will contact Mr. Wells and request completion of the questionnaire . • Certificates of Appreciation • Ms . Hayes, Mr. Young , and Mr. Olson were presented with certificates of appreciation and City of Englewood pens for their past service on the Board . MEMBERS CHOICE Fees for Investment Manager Search Chairperson Olson stated that the board should reconsider its position on participating in the search for investment managers to possibly replace The Boston Company . When The Boston Company was initially contracted, the decision had been made to reevaluate its performance in five years . CHAIRPERSON OLSON MOVED TO PARTICIPATE IN THE SEARCH FOR INVESTMENT MANAGERS AND SHARE IN ONE-THIRD OF THE EXPENSE . MR. RESLEY SECONDED . Mr. Gruninger felt the approximately $4,000 would be better spent in benefits for the retirees . Mr. Gryglewicz stated that an increase of as little as a half a percent in earnings would recoup the expense very quickly and many times over . 3 Ayes : Nays : Absent: The motion carried. Olson, Young, Resley, Wiggins, Hayes Gruninger None Ordinances for Separate Funding of 20% Supplemental Disability Ms . Hayes distributed copies of the proposed ordinances . The board will schedule a meeting prior to finalizing the ordinances. Status of Firefighter's Grade Mr. Gruninger questioned the status of changing the grade of firefighters to be in line with State Statutes. Chairperson Olson will follow-up with Administrative Services. MAYOR WIGGINS MOVED TO ADJOURN. MR. GRUNINGER SECONDED. Ayes : Nays : Absent : The motion carried . Resley, Hayes, Olson, Wiggins, Young, Gruninger None None Meeting adjourned at 3 :30 p .m . (k ~ W/fk~ Carol Wescoat Recording Secretary 4 •• • •