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Home My WebLink About1994-10-13 FPB MINUTES... I FIREFIGHTERS PENSION BOARD MEETING October 13, 1994 A regular meeting of the Englewood Firefighters Pension Board was called to order by Board Chairperson Bill Young at 3 :06 p .m . in Conference Room A of the Englewood City · Hall, 3400 South Elati Street. Members Present: Members Absent: Others Present: A quorum was present. Bill Young, Chairperson, Employee Representative Jay Seay, Employee Representative Willis Resley, Council Appointee Mike Gruninger, Employee Representative Frank Gryglewicz, Director of Financial Services Sheri Gulley, Mayor None Dan Brotzman, Assistant City Attorney Richard Edison, Firefighter Mr. & Mrs . Vince Wertin, Volunteer Firefighter Retiree Carol Wescoat, Recording Secretary * * * * * C onsideration of request by Vince Wertin on behalf of Volunteer Firefighters . Chairperson Young recommended rearranging the agenda to permit Mr. Wertin to present his issues . Mr. Wertin requested the board consider an increase in benefits for the Volunteer Firefighter r etirees . He stated the benefits had never been increased since he had joined the department in 1947. Chairperson Young stated the Board would discuss and consider the request. Changes in benefits require the fund to be actuarially sound . An actuarial valuation needs to be performed before considering a change in benefits . Mr. Gruninger commented that he and Mr. Seay are attempting to research volunteer firefighters ' assets that were rumored to be in existence. The volunteer firefighters will be contacted after the research is completed to determine further actions. 3:17 p.m . Mr. Wertin left . Approval of Minutes MAYOR GULLEY MOVED TO APPROVE THE MINUTES OF THE REGULAR :MEETING OF JULY 14, 1994 . MR. GRUNINGER SECONDED. Ayes: Nays : Absent : The motion carried. Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None MR. GRUNINGER MOVED TO APPROVE THE MINUTES OF THE REGULAR MEETING OF JULY26, 1994 . MR. GRYGLEWICZ SECONDED. Ayes : Nays : Absent: The motion carried. OLD BUSINESS Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None * * * * * Review of Ordinances for Separate Funding of20% Supplemental Disability Mr. Gryglewicz explained the Ordinances related to the separate funding of the 20% Supplement Disability are still being processed and they should be completed during November or December. Review of Colorado Public Pension Conference Mr. Gryglewicz presented a review of the Colorado Public Pension Conference, September 12-13, 1994 ; in Keystone, Colorado . Discussion at the conference emphasized e ach individual's and the Board's fiduciary responsibility. He recommended contacting Kenneth Phillips, a conference presenter to perform a special presentation for all the Boards. Mr. Gryglewicz acknowledged the opportunities to network with other entities in the State. Chairperson Young commented on a letter received from the conference organizer indicating that participants suggesting future conferences reflect more on the administration of the plans rather than specific investment philosophies and strategies. 2 . ~ ' . " I NEW BUSINESS Discontinuance of benefit to Ruby Pershing Ruby Pershing (spousal beneficiary of Maurice Pershing) died on August 9, 1994. MAYOR GULLEY MOVED TO DISCONTINUE PAYMENTS TO RUBY PERSIDNG. MR. GRUNINGER SECONDED . Ayes: Nays : Absent: The motion carried. Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Consideration ofreguest by John Blanchard. Discussion ensued pertaining to Blanchard's circumstances and those relating to Police Officers . AI so discussed was the enforcement of policies after determining a solution to an issue . Mr. Brotzman stated that employees should not be permitted to buy additional time and this basically was Mr. Blanchard's intention. He wanted to buy back the time of his suspension when he was not compensated . Additional discussion followed relating to the Court's determination of the matter. Mr. Blanchard was not present and did not provide a request to be presented to the Board. Presentation by FPP A 3:40 p .m. Jackie Cochran and Amy Timmons of the Fire and Police Pension Association (FPPA) arrived. Ms. Cochran and Ms . Timmons presented affiliation with PPP A to the Board. Affiliated plans are required to have employee contributions of eight percent (8%). Investment guidelines would be changed to mirror FPP A guidelines. FPPA's fees are less than 0 .5% of funds per year. Fees include an actuarial study every other year, money manager fees, and FPPA operating expenses. Pensioner's payroll checks and related end of year reports and tax returns are prepared by FPP A. The City is only able to affiliate with FPP A on January 1, of any year. The process would need to be completed very quickly to make the conversion as of January 1, 1995 . The initial process 3 includes a request to affiliate (including a resolution) and request the for actuary to determine the estimated employer's contribution necessary to comply with statutory contribution levels . Should the Old Hire Plan decide to affiliate, within 60 days of affiliation, each firefighter in the Old Hire Plan is given the option to remain in the current plan or transfer to the FPP A plan . 4 :25 p .m . to 4 :36 p.m. Mayor Gulley left meeting . 4:37 p.m. Jackie Cochran and Amy Timmons, left. Board Members took a short recess . Consideration of Re-statement of Plan Document Mr. Gruninger expressed concern that the current plan is not in compliance with State Statutes and feels there is a need for a plan document. Mr. Gruninger suggested monthly meetings are necessary to produce rules, regulations, policies and procedures. Consideration of monthly board meetings Mr. Gruninger recommended more frequent Board meetings to research additional projects (i .e ., writing a plan document and volunteer firefighters benefit research, etc.). Mr. Seay commented that payout options and death benefits need to be evaluated and be considered in a plan document. Mayor Gulley suggested arranging the meetings to specify first meeting of quarter to process normal subjects and the second and third meeting of the quarter would be designated for special projects. No additional meetings will be scheduled until after the January 12, 1995, quarterly meeting. Further discussion ensued relating to organization of the meetings to present projects and notifying the Recording Secretary of projects prior to each meeting to set agenda. Suggestions also included setting a time limit for subject matter and meetings. Discussion of request for proposals for actuarial services Mr. Gryglewicz reviewed the need for a request of formal proposal for actuarial services . * * * * * 4 ,• MEMBERS CHOICE Mr. Gryglewicz reminded the Board of the December election to fill Bill Young's expiring t erm. Chairperson Young presented a letter from Jon T. Seay, requesting benefits for service as a volunteer firefighter . Research is necessary to process the request. The request was t abled until research could be completed . Discussion followed relating to the records and assets of the volunteer firefighters. Mr. Gruninger questioned the Board's legal rights to the records . Mr. Brotzman stated as the Board, they are administrating volunteer 's plan . 5:05 p .m . Mr. Edison left . Discussion followed related to volunteer firefighters' records and assets believed to be held by the volunteer firefighters. Mr. Seay stated he would be able to locate some of the paper work related to the non-profit status of the volunteers and provide the information to Mr. Brotzman. Mr. Gruninger stated an ambulance donated by the Jaycees and a model A fire truck are in storage. The storage fees are paid by a fund controlled by the volunteers . Chairperson Young questioned if Sheridan volunteers who were not included on the list of volunteers for the transfer of funds could claim benefits from Englewood . Discussion followed relating to Englewood's liability for these volunteer firefighters . MAYOR GULLEY MOVED TO ADJOURN . MR. RESLEY SECONDED. Ayes: Nays : Absent: The motion carried. Young, Resley, Gruninger, Gryglewicz, Gulley, Seay None None Meeting adjourned at 5 : IO p .m . Carol Wescoat Recording Secretary 5