HomeMy WebLinkAbout1997-02-18 FPB MINUTES•
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JOINT PENSION BOARD MEETING
February 18 , 1997
Special Meeting
A Special Joint Pension Board Meeting of the City's three defined benefit retirement
boards, was held in the George Perrin Room, Englewood Public Library, 3400 South Elati
Street, Englewood, Colorado . The meeting began at 3 :33 p .m.
Non-Emergency Retirement Board
Richard Kahm, Chairperson
Gary Bowman, Council Appointee
LeRoy Da Vault, Council Appointee
Frank Gryglewicz, Director of Financial Services
Jill Mees, Council Appointee
Roberta Skrivan, Employee Representative
Alfred F . Vormittag, Jr ., Council Member (left 3 :43 p .m .)
Firefighters Pension Board
Bill Young, Chairperson
Frank Gryglewicz, Director of Financial Services
Mike Gruninger, Employee Representative
Denise Lombardi , Council Appointee (arrived 3 :3 8 p .m.)
Jay Seay, Employee Representative
Police Officers Pension Board
Frank Gryglewicz, Director of Financial Services
James Phelps, Council Appointee
Members Absent:
Non-Emergency Retirement Board
None
Fire Pension Board
Tom Bums, Mayor (with notice)
Police Officers Pension Board
Others Present :
Norm Wood, Chairperson (with notice)
Gary Condreay, Employee Representative (no notice)
Ralph Forbes, Employee Representative (no notice)
Tom Bums, Mayor (with notice)
Dale Connors, William M . Mercer
Patrick Landry, William M . Mercer
Chris Olson, Employee
Carol Wescoat, Recording Secretary
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PRESENTATION BY WILLIAM M . MERCER, INC .
Dale Connors presented the investment performance evaluation for the period ending December
30, 1996. Mr. Connors reported a good performance for 1996 . He also stated he is not as
optimistic for the future because he is expecting a market correction .
Mr. Connors commented on the low turnover of portfolio managers at Dodge & Cox.
Mr. Davault would like to have a report ofDodge & Cox's individual holdings . Mr.
Connors explained that Dodge & Cox will provide any requested information at their next
performance presentation.
Mr. Olson left, 4 : 18 p.m .
The Boards agree to a meeting with Dodge & Cox during the summer. Ms . Mees
inquired if it would be beneficial to meet after the end of second quarter. Mr. Connors
agreed . He will coordinate the meeting through Ms. Wescoat.
Non-Emergency Retirement Board adjourned 4 :20 p .m. NonEmergency Retirement Plan
and Police Officers Pension board members left . A short break occurred while the room
cleared of others than the Firefighters Pension Board members .
Discussion ensued relating to requesting repayment of benefits not due survivors when a
spouse dies . Mr. Gryglewicz commented it is the fiduciary responsibility of the Board to
recover funds for the benefit of other pensioners.
MR. GRUNINGER MOVED TO NOT RECOVER THE OVERPAYMENT OF
BENEFITS FROM MRS . CROUCH.
Discussion followed related to the legality of collecting the overpayment. Mr.
Gruninger questioned the location of guidelines stating the funds must be
recovered. Ms. Lombardi inquired about the benefit recovery when a retiree dies
and a partial month of benefits is not due . The benefits are always paid for the
month of death . However, the benefits are paid in advance, allowing the
individuals death to be in the month preceding payment, and after the payment
processing has been completed . Mr. Gryglewicz will request an opinion from Mr.
Brotzman.
Mr. Gruninger withdrew the motion .
Chairperson Young inquired about the actual figure of total benefits paid from Firefighters
Pension Plan each month . The amount was determined by the figures that were available .
The Board discussed the information received through the mail for a telephone poll .
Joint Pension Board Meeting
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MR. GRUNINGER MOVED TO APPROVE THE WILLIAM M. MERCER, INC .,
$1,250 FEE TO CALCULATE THE INCREASE IN LIABILITY BASED ON THE
PROPOSED PLAN DOCUMENT. MR. GRYGLEWICZ SECONDED .
Ayes :
Nays:
Absent:
Young, Lombardi, Gruninger, Gryglewicz, Seay
None
Bums (vote provided by telephone)
Ms. Lombardi stated she was voting Aye with reservations, because of the increase
in fees . There appeared to be confusion as to what the fee was to cover. She
expressed concern that the plan was being "nickeled and <limed" to cover
additional work. She suggested in the future the Board be provided a more
complete break-down of the fees.
The motion carried.
Ms . Wescoat stated that Mayor Bums had given notice of inability to attend meeting. He
also provided his vote on the telephone poll . He commented he would approve the fees
because he had nothing to compare the amount against.
The meeting adjourned at 4:40 p.m .
~ukc~
Carol Wescoat
Recording Secretary
Joint Pension Board Meeting
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