HomeMy WebLinkAbout1997-04-08 NEERB MINUTES•
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NON-EMERGENCY PENSION BOARD MEETING
April 8, 1997
A regular meeting of the Englewood Non-Emergency Pension Board was called to order
by Chairperson Richard Kahm, at 4 :03 p.m. in Conference Room A of the Englewood
City Hall , 3400 South Elati Street, Englewood, Colorado .
Members Present:
Members Absent:
Others Present:
Richard Kahm , Chairperson
Roberta Skrivan, Employee Representative (arrived 4:05 p.m.)
Jill Mees, Council Appointee
Frank Gryglewicz, Director of Financial Services
Gary Bowman, Council Appointee
LeRoy DaVault, Council Appointee (arrived 4 :05 p.m .)
Alfred F . Vormittag, Jr., Council Member
None
Dan Brotzman, City Attorney
Don Mazanec, William M . Mercer, Inc .
Patrick Landry, William M . Mercer, Inc .
Carol Wescoat , Recording Secretary
A quorum was present .
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Approval ofMinutes
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE REGULAR
MEETING OF JANUARY 14 , 1997, THE JOINT BOARD MEETING OF FEBRUARY
18 , 1997 . MS . SKRIVAN SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
OLD BUSINESS
Kahm, Gryglewicz, Mees, Skrivan, Bowman, Da Vault, Vormittag
None
None
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No old business was discussed.
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• NEW BUSINESS
Discontinuance of benefit for John Butts.
The retirement plan payout option for John Butts provided benefits to be payable for his
lifetime or a minimum of 10 years certain . The payments began during 1976 . The 120
payments were completed during 1986 . No further benefits are due .
Discussion of possible benefit changes
Chairperson Kahm presented a letter from Wayne Oakley, requesting benefit changes.
Discussion ensued relating to the approximate expense involved with an annual cost of living
increase or other possible benefit changes . Suggestions of various cost ofliving (COLA)
options were discussed including a "capped" COLA, which would limit the maximum annual
increase. Further discussion included consideration of an accrued benefit increase equal to
1. 6% or 1. 7% per year of credited service .
Mr. Landry suggested an annual one percent increase with Board discretion to increase the
COLA based on the plan 's financial status . He stated the one percent increase would
guarantee an increase and allow the Board the opportunity to consider supplemental increases
on an adhoc basis .
Mr. Mazanec reviewed the possibility of a "Rule of 80" instead of the current "Rule of 88 ".
He also commented that an employee contribution is mandatory in other entities . An
employee contribution might be considered to help fund a COLA.
MR. VORMITT AG MOVED TO APPROVE INCURRING FEES (NOT TO EXCEED
$3 ,000) FOR WILLIAM M. MERCER, INC . TO CONDUCT AN ACTUARIAL
STUDY OF A BENEFIT FORMULA INCREASE, A CHANGE TO RULE OF 80 , AND
A COST OF LIVING INCREASES OF EITHER ONE PERCENT, THREE PERCENT,
GUARANTEED OR ADHOC . MR. DA VAULT SECONDED .
Ayes :
Nays :
Kahm , Gryglewicz, Mees, Skrivan, Bowman, Da Vault, Vormittag
None
Absent : None
The motion carried .
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MEMBERS CHOICE
Nothing was discussed.
The meeting adjourned at 4 :32 p .m .
c::u~w~
Carol Wescoat
Recording Secretary
Non-Emergency Pension Board Meeting
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