HomeMy WebLinkAbout2008-08-14 FPB MINUTESFIREFIGHTERS PENSION BOARD MEETING
August 14 , 2008
A regular meeting of the Englewood Firefighters Pension Board was called to order by
Chairperson Kieth Lockwood at 4:05 p.m. in the Public Works Conference Room of the
Englewood Civic Center, 1000 Englewood Parkway.
Members Present:
Members Absent:
Others Present:
A quorum was present.
Kieth Lockwood , Chairperson , Employee Representative
John Garcilaso, Employee Representative
Frank Gryglewicz, Director of Finance and Administrative Services
Jay Seay, Secretary, Employee Representative
Carolyne Wilmoth , Council Appointee
Jim Woodward , Mayor
None
Dan Brotzman, City Attorney
Mary Brauer, Attorney
Don Seymour Retired Volunteer Firefighter and Marilyn Seymour
* * * * *
Seating of Carolyne Wilmoth .
The Board congratulated Carolyne Wilmoth on her appointment to the Board.
Approval of Minutes
MR. GRYGLEWICZ MOVED TO ACCEPT THE MINUTES OF THE PENSION BOARD
MEETING OF FEBRUARY 14 , 2008. MR SEAY SECONDED.
Ayes:
Nays:
Absent:
Abstention :
The motion carried.
Garcilaso Gryglewicz, Lockwood, Seay, Woodward
None
None
Wilmoth
Review of FPPA Volunteer and Firefighters Plan Statements
Mr. Gryglewicz revi ewed the FPPA quarterly statements.
Discussion of Plan amendment for IRS Filing 2008.
Ms . Brauer reviewed the Plan amendments required to maintain the qualified status of the Plan .
The amended Plan Document must be completed prior to the end of 2008 and will be submitted
to the IRS.
Discussion of Article VIL Death Benefits of Plan Document.
Ms . Brauer discussed the need to correct Article VII of the Plan Document to provide a death
benefit for the active firefighter and comply with federal tax laws that do not allow surviving
beneficiaries to receive more benefits than the retired firefighter.
Mr. Seay asked if the Plan has a Letter of Determinat ion, why the IRS did not require it to be
corrected at that time . Ms . Brauer explained that it would not likely pass IRS review when the
Plan is filed with these amendments. The Plan could be disqualified and tax advantages lost.
MR. GRYGLEWICZ MOVED TO APPROVED RECOMMENDING THE AMENDMENTS
TO CITY COUNCIL. MR. SEAY SECONDED.
Ayes :
Nays:
Absent:
The motion carried.
Garcilaso Gryglewicz, Lockwood , Seay, Wilmoth , Woodward
None
None
Ms. Wescoat outlined that payments to surviving spouses were miscalculated . The surviving
spouses Rosalie Donald , Blanche Hamilton, Gladys McCarty and Helen Heimbigner had not
received the correct monthly benefit after their husbands' death. These survivors should have
received a benefit equal to fifty percent of the retiree 's benefit.
MR. GRYGLEWICZ MOVED TO CORRECT THE MONTHLY BENEFIT FOR ROSALIE
DONALD , BLAN CE HAMIL TON, GLADYS MCCARTY AND HELEN HEIMBIGNER AND
PAY THE ADDITIONAL AMOUNTS . MS . WILMOTH SECONDED .
Ayes:
Nays:
Absent:
The motion carried.
Garcilaso Gryglewicz, Lockwood, Seay, Wilmoth, Woodward
None
None
Consideration of benefit for Elizabeth McKay, survivor of retired Firefighter Louis Doc McKay.
Louis Doc McKay, retired firefighter died on May 8, 2008. He was survived by his spouse ,
Elizabeth McKay .
MR. GRYGLEWICZ MOVED TO APPROVED A $1,372 .25 SURVIVOR MONTHLY
BENEFIT FOR ELIZABETH MCKAY BEGINNING JUNE 1, 2008 AND A ONE-TIME
FUNERAL BENEFIT OF $500. MR. SEAY SECONDED.
Ayes :
Nays:
Absent:
The motion carried
Garcilaso Gryglewicz, Lockwood , Seay, Wilmoth , Woodward
None
None
Firefi ghters Pensi on Board Me eting
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Notification of death of Ray Cosby.
Ra y Cosby, retired firefighter , died on March 26 , 2008 . He was unmarried at the time of his
death and no further benefits are due .
MR. GRYGLEWICZ MOVED TO APPROVED A ONE-TIME FUNERAL BENEFIT OF $500
TO THE ESTATE OF RAY COSBY. MR. GARCILASO SECONDE D .
Ayes:
Nays:
Absent:
The motion carried .
Garcilaso Gryglewicz, Lockwood, Seay, Wilmoth , Woodward
None
None
January 1, 2008 Actuarial Studies for Firefighters Pension Plan.
Mr. Gryglewicz reviewed the January 1, 2008 Actuarial Report. The Board discussed the need to
amend the report based upon the additional payments to the survivors and correcting the Plan
language for the death benefits.
MR . GRYGLEWICZ MOVED TO ACCEPT THE JANUARY 1, 2008 ACTUARIAL REPORT
AND REQUEST AN AMENDED REPORT THAT WILL INCLUDE THE DEATH BENEFIT
AMENDMENTS. MR. SEAY SECONDED .
Ayes:
Nays:
Absent:
The motion carried .
Members Choice
Garcilaso Gryglewicz, Lockwood , Seay, Wilmoth, Woodward
None
None
Mr. Seay asked about the Board 's liability for investment choices. Mr. Brotzman indicated that
as long as the Board has made prudent choices there should be little concern.
Mr. Seymour asked about the number of retired volunteer firefighters remaining. There are 11
remaining volunteer retirement recipients.
MR . GRYGLE WICZ MOVED TO ADJO URN. MR. GARCILASO SECONDED.
Ayes:
Nays:
Absent:
Garcilaso Gryglewicz, Lockwood , Seay, Wilmoth, Woodward
None
None
The motion carried. Meetin g adjourned at 4:58 p .m.
~~{)~
Carol Wescoat
Recording Secretary
Fir efi ght ers Pens ion Boa rd Mee tin g
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