HomeMy WebLinkAbout2012-05-08 NEERB MINUTES..
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NONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
May 8, 2012
Chairperson Hagan called the regular meeting of the Englewood NonEmergency Employees Retirement Plan Board
to order at 2:35 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
Frank Gryglewicz, Director of Finance and Administrative Services
Bradley Hagan , Chairperson , Employee Representative
James Jordon, Council Appointee (arrived at 2:40 p.m.)
Bobbi Oxford , Council Appointee
Mahendra Patel , Secretary, Employee Representative
Jim Woodward , Council Member (left at 4 :55)
John Moore , Council Appointee (with notice)
Wendy Dominguez, Innovest Portfolio Solutions
Jerry Huggins, Innovest Portfolio Solutions
Diane Hunt, Gabriel Roeder Smith and Company
Mary Brauer, Reinhart Boener Van Deuren Norris & Reiselbach, PC (arrived
at 3 :10 p.m.)
Daniel Brotzman, City Attorney (arrived at 3 :30 p .m. and left at 4:55 p.m.)
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MR . GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE FEBRUARY 14 , 2012 REGULAR
MEETING AND FEBRUARY 23 , 2012 AND APRIL 4, 2012 SPECIAL MEETINGS. MR. PATEL SECONDED .
Ayes :
Nays :
Absent:
Abstain:
The motion carried.
Gryglewicz, Hagan , Jordan, Oxford , Patel , Woodward
None
Moore
Abstained from February 23, 2012 meeting only -Woodward
Innovest Portfolio Solutions, LLC
Ms. Dominguez reviewed Innovest's Capital Market Process and Long Term Outlook for The Economy and Capital
Markets .
Ms. Dominguez presented the Asset Allocation Study. The results of the study provide three alternate mixes that
could optimize the investments. Innovest has recommended mix number two.
Discussion ensued regarding the expected seven percent investment return compared to the actuarial assumption of
seven and one-half percent.
Ms. Dominguez indicated that the investment allocation change should be within the Investment Policy 's acceptable
range, however ifthere is a need for a minor policy change the revised policy will be presented for approval at the
next meeting.
MR GRYGLEWIZ MOVED TO APPROVE MIX TWO OF THE ASSET ALLOCATION STUDY. MS .
OXFORD SECONDED.
Ayes: Gryglewicz, Hagan, Jordan, Oxford, Patel, Woodward
Nays :
Absent:
The motion carried .
None
Moore
Ms. Brauer arrived at 3: 10 p.m.
Mr. Huggins covered the 2012 first quarter portfolio review and analysis of each fund in the Plan . The report
reflected a good first quarter. He indicated that a couple of the funds are of minor concern and will be monitored.
Allianz is a concern because there has been a change in management staff. One person was expected to depart,
however the other person's departure was not anticipated. lnnovest will provide possible fund candidates to replace
Allianz RCM at the next Board meeting .
Gabriel Roeder Smith & Company -January I, 2012 Actuarial Report
Ms . Hunt reviewed the results of the January 1, 2012 actuarial report. The 2013 contribution will be a total of 16.3
percent of pay. The employee contribution rate of three percent will begin in 2013 and the City to contribute 13.3
percent.
The actuarial report does not reflect the liability created by the necessity to refund accumulated contributions for
non-vested terminated employees. There will be an additional liability to insure the Member's benefit payments are
greater than the accumulated contributions at the point benefit payments commence . These liabilities will be
reflected in the 2013 actuarial report.
Ms . Hunt commented that it appears that the mortality tables may need to be changed to a more current table for
2014. The current tables are appropriate for the 2012 actuarial report.
MR. GRYGLEWICZ MOVED TO APPROVE THE JANUARY 1, 2012 ACTUARIAL REPORT. MS. OXFORD
SECONDED .
Ayes :
Nays:
Gryglewicz, Hagan, Jordan , Oxford, Patel , Woodward
None
Absent: Moore
The motion carried .
Retirement Approvals and Notifications:
a . Consideration of Retirement Benefit for Aladino Archuleta
b. Notification ofthe Death of Edith Romans
c . Consideration of DROP Benefit for Cecil Payne
d . Consideration of DROP Benefit for Manuel Atencio (Note : there was a typo requiring a name correction
for Atencio on the packet spreadsheet)
e . Notification of DROP Benefit Request for Linda Shea
f. Notification of DROP Benefit Request for James Veryser
g . Consideration of Retirement Benefit for Christopher Heelis
h. Notification of DROP Benefit Request for Charles Auner
1. Notification of the Death of David Butler
MR . GRYGLEWICZ MOVED TO APPROVE THE ITEMS LISTED ON THE BENEFIT APPROVALS AND
NOTIFICATIONS. MS. OXFORD SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Gryglewicz, Hagan , Jordan , Oxford , Patel , Woodward
None
Moore
No n Eme rge ncy Employees Retire me nt Board Meetin g
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Colorado Public Plan Coalition Annual Conference September 12-14, 2012
The Colorado Public Plan Coalition Annual Conference will be in Colorado Springs, September 12-14, 2012. The
Board discussed the benefits of the conference .
MR. GRYGLEWICZ MOVED TO APPROVE THE USUAL EXPENSES FOR ANY BOARD MEMBER THAT
WISHES TO ATTEND THE COLORADO PUBLIC PLAN COALITION CONFERENCE AND NOTIFIES MS.
WESCOAT PRIOR TO AUGUST 1, 2012. MS . OXFORD SECONDED.
Ayes:
Nays:
Gryglewicz, Hagan , Jordan , Oxford, Patel, Woodward
None
Absent: Moore
The motion carried.
The Board took a brief recess from 3 :50 -3 :55 p.m .
Discussion of Proposed Plan Document Amendments :
Ms. Brauer reviewed the amendments to the Plan document that were not finalized at the prior meetings. The Board
discussed the amendments as necessary. Most of the amendments are corrections or clarifications.
The Board discussed the suggested guidelines for reemployment of retirees. The Board agreed not to discontinue
benefit payments for rehired Members whose benefit commenced after age 62 or for those Members who it was
reasonably anticipated that the Employee would not provide services to the City in the future . A Member cannot be
reemployed as an Employee of the City sooner than 120 days after the date the former Member's employment with
the City terminated .
Mr. Woodward and Mr. Brotzman left at 4 :55 p.m.
MR . GRYGLEWICZ MOVED TO APPROVE ALL AMENDMENTS WITH THE CHANGES DISCUSSED
DURING THE MEETING. MR. PATEL SECONDED.
Ayes : Gryglewicz, Hagan , Jordan, Oxford, Patel
Nays : None
Absent: Moore, Woodward
The motion carried.
Member Choice
No items were discussed.
The next regular Board meeting is scheduled for August 14, 2012 .
The Board adjourned at 4:58 p.m .
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Carol Wescoat
Recording Secretary
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Non Eme rgency Employees Retirement Bo a rd Meeting