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Home My WebLink About1994-07-14 FPB MINUTES'• • • FIREFIGHTERS PENSION BOARD MEETING July 14, 1994 A regular meeting of the Englewood Firefighters Pension Board was called to order by Board Chairperson Bill Young at 3 :07 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 Representative Jay Seay, Employee Representative Willis Resley, Council Appointee Mike Gruninger, Employee Representative Frank Gryglewicz, Acting Director of Financial Services and Chief Accountant Sheri Gulley, Mayor None Dan Brotzman, Assistant City Attorney Richard Edison, Firefighter (arrived 4 :07 p .m .) Carol Wescoat, Recording Secretary A quorum was present. * * * * * Approval ofMinutes MAYOR GULLEY MOVED TO APPROVE THE MINUTES OF THE REGULAR MEETING OF JANUARY 14, 1994 . MR. GRUNINGER SECONDED . Ayes : Nays : Absent : The motion carried . OLD BUSINESS Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None * * * * * Consideration of John Blanchard Credited Service Adjustment Mr. Brotzman reviewed the information he provided pertaining to Mr. Blanchard's suspension re-instatement. The stipulation in the agreement was suspension without pay as a disciplinary action . Pension participation is based on a contribution as a percentage of pay. The agreement did not specify an exception for the break in service during the suspension. MAYOR GULLEY MOVED TO CORRECT JOHN BLANCHARD'S PENSION COI\1PUTER RECORD TO INCLUDE THE SUSPENSION FROM FEBRUARY 28, 1980 TO AUGUST 19, 1980, AS A BREAK IN SERVICE. :MR. SEAY SECONDED . Discussion followed clarifying that any period of suspension without pay is included on the employee's record as a break in service, regardless of the length of time . Ayes : Nays : Absent: The motion carried . Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Consideration of Homer Richard. Jr . 's Credited Service Adjustment Mr. Gruninger reviewed the issue of the incorrect participation date in the firefighter's pension records. :MR . GRUNINGER MOVED TO CORRECT HOMER RICHARD, JR. 'S, PENSION CO:MPUTER RECORD TO BE A PARTICIPATION DATE OF JANUARY 1, 1970. :MR . GRYGLEWICZ SECONDED. Ayes : Nays : Absent : The motion carri ed . Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Review of Ordinance for Separate Funding of20% Supplemental Disability Discussion ensued relating to the final ordinance and some of the possible wording changes that should have been made by Mr. DeWitt. Mr. Brotzman said that he would talk to Mr. McNally and discuss any of the proposed changes. Mr. Brotzman said that he was certain the changes were minor. Mr .. Gruninger questioned the wording on Section 3-8-1-2 A. The wording "creating a Firefighters Benefit Fund" appears to be incorrect. Mr. Brotzman and Mr. Gryglewicz will work to resolve the wording in the Ordinance. 2 •' • • • • NEW BUSINESS Issues for City Council Meeting. September 6. 1994 The Board reviewed the draft for City Council and discussed the issues. Minor changes were made to the draft . Colorado Public Pension Conference Discussion ensued relating to the benefits of attending the Colorado Public Pension Conference in Keystone, Colorado . MAYOR GULLEY MOVED TO APPROVE EXPENSES FOR CHAIRPERSON YOUNG AND MR. GRUNINGER TO ATTEND THE COLORADO PENSION CONFERENCE, SEPTEMBER 12-13 , 1994 . MR. GRYGLEWICZ SECONDED . Ayes : Nays : Absent : The motion carried . MEMBERS CHOICE Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None * * * * * Consideration of Spousal Benefits for Mrs . Clifford Rowland Chairperson Young reviewed the letter to the surviving sr )Use of Clifford Rowland . Mr. Rowland died .on July 2, 1994 . MAYOR GULLEY MOVED FOR APPROVAL OF SPOUSAL BENEFIT TO MRS . DOROTHY ROWLAND OF $50 .00 , TO BE EFFECTIVE WITH THE AUGUST CHECK ISSUED JULY 31 , 1994. MR. GRUNINGER SECONDED . Ayes : Nays : Absent: The motion carried . Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None 3 Consideration of Spousal Benefits for Mrs . Darold Foreman Chairperson Young reviewed the letter to the surviving spouse ofDarold Foreman. Mr. Foreman died on June 27, 1994. MAYOR GULLEY MOVED FOR APPROVAL OF SPOUSAL BENEFIT TO MRS. ALICE FOREMAN OF $429 .62, EFFECTIVE WITH THE AUGUST CHECK AND THE AMOUNT OF $238.88 TO BE WITHHELD FROM THE JULY 31, 1994, CHECK TO REPAY THE OVERPAYMENT MADE ON THE JULY CHECK. MR. GRUNINGER SECONDED. Discussion followed regarding if the benefit is one-third of the first grade (the City of Englewood's third grade) firefighter salary at the time of retirement or if the benefit is intended to be one-third of the salary at the time of death. Mr. Brotzman stated the spousal benefit should be one-third of the retirees' salary at the time of retirement. Richard Edison arrived 4 :07 p .m . Chairperson Young will research how other entities have interpreted death benefits . Mr. Gruninger requested amending the motion to not withhold the overpayment of • $238.88 from the July payment and begin the benefit of $429.62 with the August payment. Mr. Brotzman stated the Board has a fiduciary responsibility to recover the overpayment, but it is possible to recover it over a period of time . The precedence would be set with making the overpayment a gift to the spouse and it could be possible that the next overpayment may be involving thousands of dollars. Mr. Gruninger requested an amendment to recover the overpayment over a period of twelve months . Discussion followed indicating the administration problems involved with extending repayment over a period of time. Mr. Gruninger withdrew the amendment. Ayes : Nays : Absent : The motion carried. Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Consideration of Creating Payout Options for Retirees Mr. Seay inquired about the interest rate for firefighter's who withdraw their contributions . Discussion followed relating to the feasibility of a firefighter forfeiting all their benefit by withdrawing contributions . 4 • •• • • Mr. Seay inquired about changing the payo_ut options for retirees . He requested a copy of the wording for the payout options that are available for the Nonemergency Pension Plan retirees . Qualified Plan Chairperson Young requested a determination whether the Firefighters Pension Plan was a Qualified Plan . Financial Services or Mr. Brotzman will provide the infonnation for the next board meeting . Investment Policy Guidelines Chairperson Young stated Mr. McNally, the Firefighters Association's attorney, had infonned him of a bill about to be signed that would increase the allowable investment in equities to sixty-five percent. The increased equity percentage might give The Boston Company more flexibility to improve their perfonnance with the pension fund investments . Chairperson Young will verify the changes and notify the pension board . :MR . SEAY MOVED TO ADJOURN. :MR . GRUNINGER SECONDED . Ayes : Nays : Absent : The motion carried . Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Meeting adjourned at 4 :27 p .m. ~o-t wµ;c~ Carol Wescoat Recording Secretary 5