HomeMy WebLinkAbout1999-01-14 FPB MINUTES' J
•
•
•
FIREFIGHTERS PENSION BOARD MEETING
January 14, 1999
A regular meeting of the Englewood Firefighters Pension Board was called to order by
Chairperson Bill Young at 3 :05 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
Tom Bums, Mayor
Frank Gryglewicz, Director of Financial Services
John Kenneth Holland , Employee Representative
Jay Seay, Employee Representative
Vacancy, Council Appointee
Brian Bruns, Firefighter
Kieth Lockwood , Firefighter
Carl Pollack, Firefighter
Carol Wescoat, Recording Secretary
* * * * *
Seating of elected Board Member, John Kenneth Holland
The Board congratulated John Kenneth Holland on his election to the Board.
Election of Board Chairperson/President
MR. GRYGLEWICZ NOMINATED BILL YOUNG AS CHAIRPERSON/PRESIDENT
AND JOHN KENNETH HOLLAND AS SECRETARY. :MR . SEAY SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Young, Bums, Gryglewicz, Holland , Seay
None
None
APPROVAL OF MINUTES
MR. SEAY MOVED TO APPROVE THE MINUTES OF THE PENSION BOARD
MEETING OF OCTOBER 8, 1998 . MR. GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent:
Abstention :
The motion carried.
OLD BUSINESS
Young, Gryglewicz, Seay
None
None
Bums, Holland
* * * * *
Discussion of Jon Seay
Mr. Jon Seay was not present. No action was taken .
Discussion of FPPA Affiliation
The pension funds have been transferred and FPP A is meeting with the participants to
discuss their option of joining the FPP A Statewide Pension Plan .
Mr. Gryglewicz reported that $14,909,901.00 was transferred from Dodge and Cox to
FPPA.
Discussion of Deferred Retirement Option Plan (DROP)
The Board discussed the fee proposal from Kutak Rock .
Discussion of fee proposal from Kutak Rock
Mr. Gryglewicz presented the fee proposal letter from Cindy Birley, an attorney with
Kutak Rock. The proposal includes adding the DROP language, the necessary
amendments for federal compliance, and filing for an IRS Letter of Determination.
Discussion ensued relating to the plan amendments . Mr. Seay commented on changing
the Plan to include the retirees on the Board.
l\1R . SEAY MOVED TO ACCEPT THE FEE PROPOSAL FROM KUT AK ROCK.
l\1R . GRYGLEWICZ SECONDED .
Ayes :
Nays:
Absent :
Young, Bums, Gryglewicz, Holland , Seay
None
None
Firefighters Pension Board Meeting
2
•
•
•
• The motion carried .
•
•
Discussion followed regarding withdrawal options under the DROP and time required to
complete the document amendments .
NEW BUSINESS
Review of January I. 1998 actuarial report from FPP A
Mr. Gryglewicz presented the January 1, 1998 actuarial report from FPP A. The plan no longer
has an unfunded liability . He explained the contributions to the Plan will be five percent
employee and five percent employer . The Plan requires that the employees contribute 5% and
that the employer match the contribution . This funding requirement may provide funds for
future considerations of benefit enhancements .
The Board discussed the possibility of benefit enhancements for retirees .
MR. GR YGLEWICZ MOVED TO APPROVE INCURRING THE EXPENSE, NOT TO
EXCEED $1 ,000 , FOR AN ACTUARIAL STUDY TO DETERMINE THE COST OF
PROVIDING A BENEFIT INCREASE TO RETIREES AS OF JANUARY 1, 1998 IN
THE AMOUNTS OF EITHER $50 , $75 , OR $100 PER MONTH EFFECTIVE JULY 1,
1999 . MR. SEAY SECONDED.
Ayes :
Nays :
Absent:
The motion carried .
Young, Bums, Gryglewicz, Holland , Seay
None
None
Review of FPPA Volunteer Firefighters Plan September 1998 Statement
The Board reviewed the Volunteer Firefighters FPP A Statements.
Mayor Bums left meeting at 4 :00 p.m.
Review of 1998 attendance report
The Board reviewed the 1998 meeting attendance report . Discussion followed regarding
the number of absences of Board members .
* * * * *
Firefighters Pension Board Meeting
3
MEMBERS CHOICE
Chairperson Young inquired about the status of replacing the citizen Board member. The
City Council is accepting applications and should be appointing during February.
Discussion related to the affiliation with FPP A. Chairperson Young inquired about the
three week delay of the retirees benefit payments .
Mayor Burns returned to meeting 4 : 10 p .m .
Discussion ensued considering the possibility of a one-time supplemental benefit to
retirees .
MAYOR BURNS MOVED TO APPROVE A ONE-TIME BENEFIT TO ALL
RETIREES AS OF JANUARY 1, 1999 IN THE AMOUNT OF $500 . MR.
GRYGLEWICZSECONDED.
The Board clarified that the benefit is for only retirees receiving benefits from
pension assets . Mr. Hoover and Mr. Blanchard are not receiving benefits from
pension assets .
Ayes :
Nay s :
Absent :
The motion carried .
Young, Burns, Gryglewicz, Holland , Seay
None
None
MR. SEAY MOVED TO ADJOURN . MR. HOLLAND SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Young, Burns, Gryglewicz, Holland , Seay
None
None
Meeting adjourned at 4 :25 p .m .
&l fL{ u/PAUo-df
Carol Wescoat
Recording Secretary
Firefighters Pension Board Meeting
4
•
•
•