HomeMy WebLinkAbout1996-01-11 FPB MINUTES' '
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FIREFIGHTERS PENSION BOARD MEETING
January 11 , 1996
A regular meeting of the Englewood Firefighters Pension Board was called to order by
Chairperson Bill Young at 3 :02 p .m . in Conference Room A of the Englewood City Hall ,
3400 South Elati Street.
Members Present:
Members Absent :
Others Present :
Bill Young, Chairperson, Employee
Willis Resley, Council Appointee
Mike Gruninger, Employee Representative
Tom Bums, Mayor (arrive 3 :04 p .m .)
Frank Gryglewicz, Director of Financial Services
Jay Seay, Employee Representative
None
Richard Edison, Firefighter
Dan Brotzman, City Attorney
Don Mazanec, William M . Mercer, Co ., Inc .
Carol Wescoat, Recording Secretary
A quorum was present.
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Seating of Board Member
Chairperson Young congratulated board member Michael Gruninger on his re-election .
Approval ofMinutes
MR GRUNINGER MOVED TO APPROVE THE MINUTES OF THE REGULAR
MEETING OF OCTOBER 19 , 1995 . MR . GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
OLD BUSINESS
Young , Resley , Gruninger, Gryglewicz, Seay, Bums
None
None
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Discussion of changing retiree payout options .
Mr. Brotzman has not completed his review of the payout options . The Board agreed to
table the issue until the next meeting .
Review of Dodge & Cox transactions.
Mr. Gryglewicz reviewed the Dodge and Cox transactions. Discussion followed related to
the reporting of transactions.
Discussion of Custodial Bank Services and Dodge & Cox Management.
The Board reviewed proposed changes to the investment policy .
MR. SEAY MOVED TO APPROVE THE REVISED INVESTMENT POLICY. MR.
GRUNINGER SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Young , Resley, Gruninger, Gryglewicz, Seay, Bums
None
None
Discu ssio n ensued regarding the need for a custodial bank and the Dodge & Cox
Management agreement.
MR. SEAY MOVED TO APPROVE THE DODGE & COX INVESTMENT
MANAGEMENTAGREEMENTWITHTHEAMENDMENTSRECO:MMENDEDBY
THE CITY ATTORNEY. MR. GRYGLEWICZ SECONDED.
Discussion regarding the portion of the Dodge & Cox investment management
agreement as it refers to brokerage fees.
Ayes :
Nays :
Absent :
The motion carried .
Young, Resley, Gruninger, Gryglewicz, Seay, Bums
None
None
MR. GRUNINGER MOVED TO MAKE AN AMENDMENT TO THE INVESTMENT
POLICY UNDER SECTION III (A) ADDING A PHRASE TO LIMIT INVESTMENTS
TO THE DODGE & COX FAMILY OF FUNDS . MR. SEAY SECONDED.
Ayes :
Nays :
Absent :
The motion carried .
Young, Resley, Gruninger, Gryglewicz , Seay, Bums
None
None
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Mr. Gryglewicz reviewed the need for a custodial bank Ms . Wescoat explained the
confusion regarding the management services provided by Dodge & Cox .
MR. GRUNINGER MOVED TO APPROVE NORWEST BANK AS CUSTODIAL
BANK . MR. GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Young, Resley, Gruninger, Gryglewicz, Seay, Bums
None
None
Investment Consulting Services
Mr. Gryglewicz reviewed the 1996 investment consulting fee proposal letter from William
Mercer Co ., Inc . The letter projects fees of $16 ,500 total.
NEW BUSINESS
Discontinuance of benefit for Mrs . Jennie Guanero .
Mrs . Jennie Guanero survivor of a volunteer firefighter retiree died on November 27,
199 5 . Mrs . Guanero ' s family has provided a certified death certificate and refunded the
final benefit payment. The final payment issued on November 30, 1995 , was for the
month of December. Since Mrs . Guanero passed away during November, she was not due
the December benefit payment. No future benefit payments are due .
Consideration of benefit fo r Mrs . Leo Wertin .
Volunteer firefighter retiree, Leo Wertin died on December 16 , 1995 . Mrs. Leora Wertin
has requested survivor benefits .
MR. GRUNINGER MOVED TO DISCONTINUE THE VOLUNTEER FIREFIGHTER
BENEFIT OF $200 .00 PER MONTH AND BEGIN SPOUSAL BENEFIT TO MRS .
LEORA WERTIN IN THE AMOUNT OF $100 .00 PER MONTH AS OF JANUARY 1,
1996 . MR. GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Young, Resley , Gruninger , Gryglewicz, Seay , Bums
None
None
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MEMBERS CHOICE
IRS Letter of Determination
Discussion followed questioning the need for action on the IRS Letter of Determination.
Mr. Brotzman reminded the Board of Mr. Mazanec's suggestion to delay further action
until the Federal Government has completed all the changes that will effect the plan . Mr.
Mazanec commented that it will be to the plan's advantage to postpone filing for the
Letter of Determination . The delay will prevent the need for frequent re-filings with the
IRS .
MR. SEAY MOVED TO ADJOURN . MR. GRUNINGER SECONDED.
Ayes :
Nays :
Young, Resley, Gruninger, Gryglewicz, Seay, Bums
None
Absent : None
Meeting adjourned at 4 : 15 p.m .
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Carol Wescoat
Recording Secretary
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