HomeMy WebLinkAbout2016-11-08 NEERB MINUTES•
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NONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
November 8, 2016
Chairperson Woodward called the regular meeting of the Englewood NonEmergency Employees Retirement Plan Board
to order at 3:33 p.m. in the Public Works Conference Room of the Civic Center, 1000 Englewood Parkway, Englewood,
Colorado.
Members Present:
Members Absent:
Others Present:
A quorum was present.
Approval of Minutes
David Henderson , Employee Representative
John Moore , Council Appointee
Mahendra Patel , Employee Representative
James Phelps , Council Appointee
Kathleen Rinkel , Director of Finance and Administrative Services (Arrived 3 :42 p .m.)
Jim Woodward, Chairperson , Council Appointee
Carol Wescoat, Recording Secretary
Steven Yates, Council Member (No Notice)
Wendy Dominguez, lnnovest Portfolio Solutions
Jerry Huggins , Innovest Portfolio Solutions
Leslie Thompson , Gabriel Roeder Smith and Company
Joe Henn, Gabriel Roeder smith and Company
Kerry Bush , Benefits/Risk Analyst
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MR . PHELPS MOVED TO APPROVE THE MINUTES OF THE AUGUST 9, 2016 REGULAR MEETING . MR.
PATEL SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Henderson, Patel , Phelps , Moore , Woodward
None
Rinkel , Yates
Innovest Portfolio Solutions, LLC
Investm ent Policy Stat ement
Ms. Dominguez reviewed the proposed asset allocation mixes the Board requested to allow the addition of the
Reinsurance to the funds. The first purchase is for two percent of assets and should be finalized prior to 20I6 yearend.
The Board discussed the mix options and the possibility of additional Reinsurance purchases during 2017.
Ms. Rinkel arrived at 3:42 p.m.
MR. PATEL MOVED TO APPROVE UPDATING THE INVESTMENT POLICY STATEMENT AS PROPOSED IN
MIX ONE. MR. PHELPS SECONDED .
Ayes:
Nays:
Absent:
The motion carried.
Henderson, Patel, Phelps, Moore, Rinkel, Woodward
None
Yates
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The Board discussed the current two percent purchase of Reinsurance before yearend and to evaluate the additional
purchases during 2017. The Reinsurance purchase on the Investment Policy Statement will have a band of 2% to 8%
that may provide the opportunity for an additional purchase during 2017.
Performance Evaluation
Ms. Dominguez reviewed the highlights of the market during the past quarter. She reminded the Board of the benefit of
keeping a diversified choice of funds.
Mr. Phelps asked about changing RE!Ts to be a separate sector of allocation. Ms. Dominguez confirmed that RE1Ts are
new sector within the S&P 500 and no longer in the financial sector and it has its own sector. Discussed followed
relating to the pros and cons managers consider when having REITs included in their funds .
Mr. Huggins presented the third quarter portfolio performance. He commented that the mix represented on page I 5 is the
current Investment Policy Statement. This will change with the next evaluation to the revised mix that includes
Reinsurance. Each of the allocations are within the allowable ranges .
Mr. Huggins reviewed the funds' performance and some of the variables that impact the performance . The Plan fund
outperformed its custom benchmark . He indicated the Manager 's Score Card has a couple of minor concerns; Harbor
High Yield for performance and Thornburg International for the organization changes. lnnovest is not suggesting any
changes because of these minor concerns . PJMCO has been upgraded and should be green for the next evaluation.
Discussion ensued related to the expense ratio and the fund sources used for comparison. The Plan 's expenses are low .
The earnings are reported net of fees and do not include some of the funds revenue sharing that is provided through
Schwab. The revenue sharing is used to pay the cost of the Schwab custodial services .
Gabriel Roeder Smith and Company
Ms. Thompson said they have no matters to report to the Board.
Retirement Approvals and Notifications:
a. Notification of Mitchell Riley Withdrew DROP Application
b. Consideration of Retirement Benefit for Steven Sciba
c . Consideration of Retirement Benefit for Gregory Fink
d. Notification of DROP Application for Jewel Traudt
e . Consideration of Retirement Benefit for Lance Smith
f. Notification of Death of Charles Auner , Retiree (August 19, 20 I 6) and approval of benefit for Georgine
Aun er
g. Notification of Death of Roberta Skrivan, Retiree
MR. PHELPS MOVED TO APPROVE THE ITEMS LISTED ON THE RETIREMENT APPROVALS AND
NOTIFICATIONS. MR. HENDERSON SECONDED.
Ayes :
Nays:
Absent:
The motion carried.
Henderson , Moore , Patel, Phelps, Rinkel, Woodward
None
Yates
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NonEmergenc y Employe es Retirem ent Board Meetin g
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Members' Choice
No items were discussed .
The next regular Board meeting will be February 14, 2017, with a start time to be determined .
The Board adjourned at 4: 15 p.m.
Carol Wescoat
Recording Secretary
No nEmergency Emp lo yees Retirement Board Meeting
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