HomeMy WebLinkAbout1996-04-22 FPB MINUTES•
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FIREFIGHTERS PENSION BOARD MEETING
April 22 , 1996
A regular meeting of the Englewood Firefighters Pension Board was called to order by
Chairperson Bill Young at 3 :05 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
Denise Lombardi, Council Appointee
Mike Gruninger, Employee Representative
Frank Gryglewicz , Director of Financial Services
Jay Seay, Employee Representative
Tom Burns, Mayor (with notice)
Chris Olson , Deputy Director of Safety Services
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 Denise Lombardi on her City Council appointment to
the Board .
Approval of Minutes
MR. GRUNINGER MOVED TO APPROVE THE MINUTES OF THE REGULAR
MEETING OF JANUARY 11 , 1996 . MR. GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Young, Lombardi, Gruninger, Gryglewicz, Seay
None
Burns
MR. GRUNINGER MOVED TO APPROVE THE MINUTES OF THE TELEPHONE
POLL OF MARCH 13 , 1996 . MR . GRYGLEWICZ SECONDED .
Ayes : Young, Lombardi , Gruninger, Gryglewicz, Seay
Nays:
Absent:
The motion carried .
OLD BUSINESS
None
Burns
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Signing of Updated Investment Policy. Agreements for Investment Managers and
Custodial Bank Services .
The Board Members signed the previously approved agreements.
Review of Dodge & Cox transactions .
Mr. Gryglewicz reviewed the Dodge and Cox balances and transactions for the quarter
ending March 3 1, 1 996 .
Discussion of changing retiree payout options .
Mr. Brotzman commented on changing the payout options . Mr. Mazanec added that this
may be an opportune time to restate the plan document. The original plan was to be
restated after the Federal government had finalized the proposed changes to place
government entity plans more in line with ERISA.
Discussion followed regarding changing retiree payout options as it relates to a restated
plan document.
MR. GRUNINGER MOVED TO REQUEST WILLIAM M . MERCER, INC. PROVIDE
A PROPOSAL OF COSTS TO PREP ARE A PLAN DOCUMENT. MR.
GRYGLEWICZ SECONDED .
Ayes :
Nays:
Absent:
The motion carried .
Young, Lombardi, Gruninger, Gryglewicz, Seay
None
Burns
Discussion followed regarding the possible plan changes to be considered for new
document. The Board also discussed the affects caused by TABOR and property tax issues .
Firefighters Pension Board Meeting
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NEW BUSINESS
Request by Chris Olson to discuss spousal death benefit
Mr. Olson stated that the issue of improved spousal benefits may be addressed with a plan
document restatement. Mr. Olson volunteered his assistance with the process. Mr. Olson
had been extensively involved with the unapproved restatement done previously.
Mr. Gryglewicz commented on his recommendation to the City that funds be transferred to
reduce the plan 's unfunded liability .
Discontinuance of benefit for Mr. Lawrence Brownewell .
Mr. Lawrence Brownewell , A volunteer firefighter retiree, died on January 11 , 1996. Mr.
Brownewell' s family has provided a certified death certificate . The final payment issued
on December 31 , 1995 , was for the month of January . Mr. Brownewell has no living
spouse, therefore, no future benefit payments are due .
Considerat ion of benefit for Mrs. L. Althea McLellan .
Firefighter retiree , Donald J. McLellan, died on February 29, 1996 . Mrs. L. Althea
McLellan has requested survivor benefits . The benefit is one-third of a top grade
firefighter's salary at the time of his retirement ($1127.00 X 33 .3333%= $375 .67). The
spouse also receives a one time death benefit of $100 .00 .
MR. GRUNINGER MOVED TO DISCONTINUE THE FIREFIGHTER DISABILITY
BENEFIT AND BEGIN SPOUSAL BENEFIT TO MRS . L. ALTHEA MCLELLAN IN
THE AMOUNT OF $375 .67 PER MONTH AS OF MARCH 1, 1996 ; AND PROVIDE A
ONE TIME DEATH BENEFIT OF $100 .00 . MR. GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Young, Lombardi , Gruninger, Gryglewicz, Seay
None
Burns
Review of 1995 fees charged by William M . Mercer, Inc .
Mr. Gryglewicz presented the spread sheet outlining 1995 fees charged by William M .
Mercer, Inc ., for actuarial services and investment performance evaluation .
Firefighters Pension Board Meeting
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MEMBERS CHOICE
Jay Seay Request from Volunteer Firefighters
Mr. Seay stated the Volunteer Firefighters have requested the Board review an increase in
benefits. The Board's consensus was to review the increase in benefits with the next
actuarial valuation .
MR. SEAY MOVED TO ADJOURN . MR . GRUNINGER SECONDED .
Ayes :
Nays :
Absent :
Young, Gruninger, Gryglewicz, Lombardi , Seay
None
Burns
Meeting adjourned at 4:42 p .m .
~oe w~o-a.1
Carol Wescoat
Recording Secretary
Firefighters Pension Board Meeting
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