HomeMy WebLinkAbout2009-08-13 FPB MINUTESFIREFIGHTERS PENSION BOARD MEETING
August 13 , 2009
The regular meeting of the Englewood Firefighters Pension Board was called to order by
C hairperson Kieth Lockwood at 4:00 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.
Approval of Minutes
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
* * * * *
MR. GRYGLEWICZ MOV ED TO ACCEPT THE FEBRUARY 12 , 2009 MINUTES OF THE
REGULAR BOARD MEETING . MR. GARCILASO SECONDED.
Ayes :
Nays:
Absent:
The motion carried.
Lockwood, Gryglewicz, Garcilaso Seay, Wilmoth, Woodward
None
None
Review of FPPA Volunteer and Firefighters Plan Statements
The Mr. Gryglewicz reviewed the quarterly statements from the Fire and Police Pension
Association (FPPA).
Review of Letter Regarding Impact of 2008 Investment Performance on Future Contribution
Requirements
Mr. Gryglewicz reviewed the memorandum from Gabriel, Roeder, Smith & Company regarding
the impact of the 2008 investment performance on future contributions. The next actuarial report
will be completed as of January 1, 2010. The 2010 report will include the 2011and2012
contribution requirements.
The memo is intended to help the City plan for the projected increase in contributions . The
memo indicates that if 2009 earnings are eight percent (the actuarial assumption rate), the
projected 2011 contribution estimate is $263,416. The contribution requirement is zero for 2009
and 2010 . The State changed the guidelines to allow the Plan to extend the amortization period
from 12 years to a maximum of 20 years if the life expectancy of the membership exceeds 20
years . The contribution estimate includes the actuarial assumption chan ges. The memo projects
substantial increase in contributions for the years 2013 to 2016 .
January l, 2009 Actuarial Report for Volunteer Firefighters Plan.
Mr. Gryglewicz reviewed the January 1, 2009 Volunteer Firefighters Actuarial Repo1t. The
City's contribution for 2010 and 2011 is $4 ,180 each year.
Members Choice
The Board agreed to cancel the November 12 , 2009 meeting unless there are matters that need to
be addressed by the Board .
Mr. Garcilaso 's term ends December 31, 2009. An election will be held to fill the
vacancy.
The next regular meeting will be February 11 , 2009.
MR. GRYGLEWICZ MOVED TO ADJOURN . MR. GARCILASO SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Lockwood, Gryglewicz, Garcilaso Seay, Wilmoth , Woodward
None
None
Meeting adjourned at 4:25 p.m.
Carol Wescoat
Recording Secretary
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F irefi g hters Pens ion Board Me etin g