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Home My WebLink About1994-04-14 FPB MINUTES• • • FIREFIGHTERS PENSION BOARD MEETING April 14, 1994 A regular meeting of the Englewood Firefighters Pension Board was called to order by Board member Frank Gryglewicz at 3:07 p .m. in Conference Room A of the Englewood City Hall, 3400 South Elati Street. Chairperson Young arrived during the roll call. Members Present: Members Absent: Others Present: Jay Seay, Employee Representative Willis Resley, Council Appointee Mike Gruninger, Employee Representative Bill Young, Employee Representative Frank Gryglewicz, Acting Director of Financial Services and Chief Accountant Sheri Gulley, Mayor None Rick DeWitt, City Attorney Don Mazanec, William M. Mercer Inc . Richard Edison, Firefighter Carol Wescoat, Recording Secretary A quorum was present. * * * * * Approval of Minutes MR. GRUNINGER MOVED TO APPROVE THE MINUTES OF THE REGULAR MEETING OF JANUARY 14, 1994. MR. RESLEY SECONDED . Ayes : Nays: Absent: The motion carried. Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None MR. RESLEY MOVED TO APPROVE THE MINUTES OF THE JOINT BOARD MEETING OF APRIL 5, 1994. MR. GRUNINGER SECONDED. Ayes: Nays: Absent: The motion carried . Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None 1 * * * * * OLD BUSINESS Review of Ordinances for Separate Funding of 20% Supplemental Disability Mr. DeWitt stated Mr. McNally has been ill and he has been unable to discuss the proposal outlined at the January 14, 1994, meeting . MR. SEAY MOVED TO TABLE THE 20% SUPPLEMENT AL DISABILITY UNTIL CHAIRPERSON YOUNG AND JOHN MCNALLY HA VE CONT ACTED MR. DEWITT TO CONFIRM ACCEPTANCE OF THE AGREEMENT AS OUTLINED . MR. RESLEY SECONDED. Ayes: Nays: Absent: The motion carried. Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Investment Policy Guidelines Mr. Gryglewicz reviewed the changes recommended by William M. Mercer, Inc., for the Investment Policy Guidelines. He had requested the City Attorney's Office review the recommendations. The City Attorney acknowledged the recommendations were in compliance with State Statutes and the Municipal Code. MR. GRYGLEWICZ MOVED TO ACCEPT THE RECOMMENDED CHANGES TO INVESTMENT POLICY GUIDELINES. MAYOR GULLEY SECONDED . Ayes : Nays : Absent : The motion carried. NEW BUSINESS Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Review of Discontinuance of20% Supplemental Disability Benefit for David Wells Chairperson Young presented the letter notifying David Wells that the 20% Supplemental Disability Benefit was discontinued on his fiftieth birthday on April 2, 1994 . 2 • • • • MR. SEAY MOVED TO DISCONTINUE DA YID WELLS 20% SUPPLEMENT AL DISABILITY BENEFIT AS OF APRIL 2, 1994. MR. GRYGLEWICZ SECONDED . Ayes: Nays : Absent: The motion carried . Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Discussion ofIAFF Catastrophe Major Medical Insurance Plan Mr. Seay presented the information on the IAFF Catastrophe Major Medical Insurance Plan. Mr. Seay stated the insurance is available for paid firefighters only and he would like to see the information made available to all paid firefighters . Discussion followed suggesting various methods of distribution of the information. Mr. Gryglewicz reminded the Board that distribution would indicate support of a private enterprise by the City . The Board Members agreed the distribution of the information should be done by other methods . Mr. Edison offered to assist with the distribution. • Consideration of John Blanchard Credited Service Adjustment • Discussion ensued revealing that John Blanchard's personnel records indicate a suspension from 2/28/80 to 8/19/80 that was not reflected on the computer retirement system. Mr. Blanchard did not receive pay during the period of suspension and no contributions were made. Mr. DeWitt stated there is a written report by the Career Service Board that should clarify the extent of the suspension as it related to the pension plan. MR. GRUNINGER MOVED TO TABLE THE ALTERING OF JOHN BLANCHARD'S COMPUTER RECORDS UNTIL MR. DEWITT HAS PRESENTED FURTHER DOCUMENTATION RELATED TO THE SUSPENSION. MR. GRYGLEWICZ SECONDED. MR. SEAY AMENDED THE MOTION TO INCLUDE NOTIFYING JOHN BLANCHARD OF THE BOARDS INTENT TO PURSUE ALTERING THE COMPUTER RECORDS TO POSSIBLY INCLUDE THE SUSPENSION AS A BREAK IN SERVICE. MR. GRUNINGER SECONDED . Ayes: Nays : Absent: The motion carried. Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None 3 Consideration of Homer Richard Participation Date Adjustment Ms. Wescoat reviewed the research done on Homer Richard's participation date and copies of correspondence. Mr. Richard's computer date indicate a the hire date and plan participation date to be the same, January 24, 1968. Mr. Richard was hired as a Fire Records Specialist on January 24, 1968. During the period of January 24, 1968 to December 31, 1969 FICA taxes (social security taxes) were withheld from his pay. The correspondence included was a January 6, 1970, copy ofMr. Richard's memo requesting participation in the Firefighters Pension. As of January 1, 1970, Mr. Richard began contributions to the Firefighters Pension Plan . Discussion followed relating to the documents presented and Mr. Richard's eligibility to the Firefighters Pension Plan. MAYOR GULLEY MOVED TO CHANGE HOMER RICHARD'S COMPUTER RECORDS TO REFLECT A PLAN PARTICIPATION DATE OF JANUARY 1,1970. MR. GRUNINGER SECONDED. MR. GRUNINGER AMENDED THE MOTION TO INCLUDE NOTIFYING HOMER RICHARD OF THE BOARD'S INTENT TO PURSUE ALTERING THE COMPUTER RECORDS TO CHANGE THE PARTICIPATION DATE. MR. GRYGLEWICZ • SECONDED . • Ayes: Nays: Absent: The motion carried . MEMBERS CHOICE Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None * * * * * The Boston Company Presentation Mr. Gryglewicz has been contacted by The Boston Company. They would like to address a Joint Meeting of the Boards as soon as possible after the second quarter reports. Mr. Gryglewicz has suggested the end of July . Discussion Regarding Increase in Retiree Benefits Mr. Gruninger inquired of the requirements necessary to increase benefits in the future . Specifically, requirements of an escalation clause in the plan. Discussion followed relating • to the actuarial report and the unfunded liability . 4 • • • Mr. Gryglewicz reminded the Board that any increase in benefits must approved by the voters unless the pension is fully funded. The voters must approve any long term obligations per Amendment I (TABOR) Mr. Mazanec gave examples of other methods of providing additional benefits to retirees used by other entities. The additional benefits would only be available if investment performance improved or there is an affirmative vote of the people. Mr. Mazanec said that in many cases the cost of the increasing the benefit by one percent, increases the cost of the plan by ten percent. Discussion followed relating to the benefits of the City's voluntary 457 Deferred Compensation Plan to defer wages and earnings to supplement retirement income. The 457 Deferred Compensation Plan also eliminates the concern of survivor benefits, because individuals name beneficiaries of their plan assets. Attorney Fees Chairperson Young stated the original invoice from McNally, the Firefighters Association's attorney, totaled $5,300.00 . McNally allowed a $800 .00 discount of the $5,300 .00, for a net fee of $4,500 .00 . Chairperson Young will forward the invoice to Financial Services for payment. MR. SEAY MOVED TO ADJOURN. MR. RESLEY SECONDED. Ayes : Nays: Absent: The motion carried . Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Meeting adjourned at 4 :16 p .m. al c_·J /i ,YLlc') &-<-LI- Carol W escoat Recording Secretary 5