HomeMy WebLinkAbout1998-04-09 FPB MINUTES•
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FIREFIGHTERS PENSION BOARD MEETING
April 9, 1998
A regular meeting of the Englewood Firefighters Pension Board was called to order by
Chairperson Bill Young at 3 : 18 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
Tom Bums, Mayor
Frank Gryglewicz, Director of Financial Services
Denise Lombardi , Council Appointee
Mike Gruninger, Employee Representative (with notice)
Jay Seay, Emplo yee Representative (without notice)
Dan Brotzman, City Attorney
Patrick Landry, William M . Mercer, Inc .
John Ekey, William M . Mercer, Inc .
Carol Wescoat, Recording Secretary
A quorum was present.
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APPROVAL OF MINUTES
MAYOR BURNS MOVED TO APPROVE THE MINUTES OF THE PENSION
BOARD MEETING OF JANUARY 8, 1998 . MS . LOMBARDI SECONDED.
Ayes :
Nays :
Absent :
Abstention :
The motion carried .
Young, Bums, Lombardi
None
Gruninger, Seay
Gryglewicz
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE SPECIAL
PENSION BOARD MEETING OF JANUARY 21 , 1998 . MS . LOMBARDI
SECONDED .
Ayes :
Nays :
Absent :
Abstention :
Young, Gryglewicz, Lombardi
None
Gruninger, Seay
Bums
• The motion carried .
Mr. Gruninger had not completed the minutes of the regular meeting of October 9, 1997 . •
The approval was tabled until the next Board meeting .
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OLD BUSINESS
Discussion of John Blanchard
Mr. Brotzman reviewed the bankruptcy of John Blanchard . The debt has been discharged .
There are no assets to file against. No further action will be taken at this time .
Discussion of proposed plan document presentation to City Council.
The proposed plan document is scheduled to be discussed at City Council Study Session
on April 20 , 1998 . The study session will begin at 6 :00 p .m. Board members plan to
attend to present to the proposed plan document to City Council.
Discussion of 20% Sup plemental Disability benefit.
Mr. Landry reviewed the Supplemental Disability actuarial report based on the proposed
Supplemental Disability ordinance. The current annual expense for the two firefighters
receiving the supplement benefit is $14 ,213. The report indicates an estimated annual cost
of $27,000 for the proposed Supplement Disability ordinance for both police officers and
firefighters .
Mr. Gryglewicz inquired about the need to set up an account to fund the benefit accruals .
Mr. Landry commented on options available for benefit accrual or the possibility of
purchasing an insurance contract to pay expenses . Discussion followed relating to the
assumptions used for the report .
Mr. Gryglewicz will proceed with putting the proposed ordinances on the City Council
agenda for discussion .
NEW BUSINESS
Discontinuance of benefit for Vol a Powell
Vola Powell , surviving spouse of John Powell , died on January 13 , 1998 . No further
benefit is due .
Discontinuance of benefit for Kenneth McElhaney
Kenneth "Gus" McElhaney, died on January 9 , 1998 . Mr. McElhaney did not hav e a
surviving spouse . A death benefit in the amount of $100 was paid to Mr. McElhaney 's
estate . No further benefit is due .
Firefighters Pension Board Meeting
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Consideration of benefit request from Louis Doc McKay
Louis Doc McKay has submitted his request for retirement benefits . His last date of
employment was January 31, 1998 . Mr. McKay was hired as a firefighter on September
16 , 1969 .
MR. GRYGLEWICZ MOVED TO APPROVE A MONTHLY BENEFIT FOR LOUIS
DOC MC KAY, OF $2,544 .50, EFFECTIVE JANUARY 31, 1998 . MAYOR BURNS
SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Young, Bums, Gryglewicz, Lombardi
None
Gruninger, Seay
Consideration of benefit request from Wallace Gough .
Wallace Gough has submitted his request for retirement benefits . His last date of
employment was February 1, 1998 . Mr. Gough was hired as a firefighter on September
17 , 1969.
MR. GRYGLEWICZ MOVED TO APPROVE A MONTHLY BENEFIT FOR
WALLACE GOUGH, OF $2,544 .50, EFFECTIVE FEBRUARY 1, 1998 . MAYOR
BURNS SECONDED .
Ayes :
Nays:
Absent :
The motion carried.
Young, Bums, Gryglewicz, Lombardi
None
Gruninger, Seay
Discussion of Deferred Retirement Option Plan (DROP)
Mr. Gryglewicz updated the Board on the status of proceeding with the DROP . The
FPPA proposed amendments election, which includes a DROP, is currently being
completed . A draft of the Firefighters Pension Plan DROP will be prepared when the
FPP A plan is approved.
Discussion followed related to some of the considerations in drafting a DROP. The using
draft would most likely use the FPP A plan as a guide .
Mr. Landry suggested that if the plan is not put in place until it receives IRS approval , it
could be the end of the year before formal approval is received and the plan is
implemented .
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Mr. Gryglewicz asked Mr. Landry of the possibility of using a self-directed money
purchase investment company for the DROP accounts . Mr. Landry will research the
possibility . Discussion followed regarding filing with the IRS and requirements necessary
for approval.
Discussion of Volunteer Firefighters FPP A Statements .
The Board reviewed the Volunteer Firefighters FPP A Statements .
Discontinuance of20% Supplemental Disability benefit for Ron Dean .
Ron Dean will reach his normal retirement age on May 8, 1998 . The 20% Supplemental
Disability benefit stops at the normal retirement age. Mr. Dean has been notified of the
discontinuation of benefit.
Scheduling of William M . Mercer, Inc., performance evaluation presentation .
The Board agreed to schedule a William M . Mercer, Inc., performance evaluation
presentation in May.
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MEMBERS CHOICE
No items were discussed .
MS . LOMBARDI MOVED TO ADJOURN . MR. GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Young, Bums, Gryglewicz, Lombardi
None
Gruninger, Seay
Meeting adjourned at 4 : 10 p.m .
Carol Wescoat
Recording Secretary
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Firefighters Pension Board Meeting
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