HomeMy WebLinkAbout1995-07-19 NEERB MINUTES• r
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NON-EMERGENCY PENSION BOARD MEETING
July 19, 1995
A regular meeting of the Englewood Non-Emergency Pension Board was called to order
by Chairperson Richard Kahm, at 4 :05 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
Gary Bowman, Council Appointee
LeRoy Da Vault , Council Appointee
Betty Goosman, Employee Representative
Jill Mees, Council Appointee
Frank Gryglewicz, Director of Financial Services
Alfred F . Vormittag, Jr ., Council Member
Don Mazanec, William M . Mercer, Inc.
Carol Wescoat, Recording Secretary
A quorum was present.
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Approval ofMinutes
MR GR YGLEWICZ MOVED TO APPROVE THE MINUTES OF THE REGULAR
MEETING OF APRIL 18 , 19 9 5; TELEPHONE POLL OF APRIL 25 , 1995 ; JOINT
PENSION BOARD INFORMATIONAL MEETING AND TELEPHONE POLL; AND
JUNE 21 , 1995 JOINT PENSION BOARD MEETING. MS . MEES SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
OLD BUSINESS
Kahm , Bowman, Goosman, Mees, Gryglewicz , DaVault
None
Vormittag
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Discussion of Investment Managers Selection
Discuss ion related to the presentations given by the four investment managers . Ms . Mees
referred to an article in the December 1994 , issue of "Money" listing Dodge and Cox as
one of the top mutual fund managers .
MR. GRYGLEWICZ MOVED TO APPOINT DODGE AND COX AS INVESTMENT
MANAGERS . MS . MEES SECONDED .
Discussion followed indicating very few differences in the qualifications of the
investment managers .
Ayes :
Nays :
Abstention :
Absent:
The motion carried .
Bowman, Goosman, Mees, Gryglewicz, Da Vault
None
Kahm
Vorrnittag
Review of attendance policy draft
The Board Members reviewed the draft of the attendance policy .
MS . MEES MOVED TO ADOPT THE ATTENDANCE POLICY AS FOLLOWS :
All absences shall be recorded in the minutes of the meeting . The Board Members
will determine if absences are "excused" or "unexcused" at the next meeting and
record their determination in the minutes .
Board members will be given notice after two unexcused absences or three
absences , excused or not , within a twelve month period . Board members will be
provided an opportunity to present their arguments before the board takes any
action .
MS. GODSMAN SECONDED .
Ayes:
Nays :
Absent:
The motion carried .
NEW BUSINESS
Kahm , Bowman, Goosman , Mees, Gryglewicz, DaVault
None
Vormittag
Consideration of pension request for G. Thomas Rusk
Chairperson Kahm reviewed G . Thomas Rusk's request for an early retirement benefit at
the age of 5 7 . Mr. Rusk has elected the 100% Joint and Survivor Retirement Benefit.
MR. GRYGLEWICZ MOVED TO APPROVE THE 100% JOINT AND SURVIVOR
BENEFIT IN THE AMOUNT OF $277 .88 FOR G . THOMAS RUSK TO BE
EFFECTIVE MAY 1, 1995 . MS . MEES SECONDED .
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Ayes :
Nays :
Absent:
The motion carried .
Kahm , Bowman, Goosman, Mees, Gryglewicz, Da Vault
None
Vonnittag
Notification ofrequest for pension benefits for Lelle Holmes
Lelle Holmes has requested pension benefits begin after he r termination date of July 21,
1995 . Ms. Holmes ' request will be calculated and brought before the Board during the
next regularly scheduled meeting .
Colorado Public Pension Conference
The Board discussed the benefits of attending the conference .
MR . GR YGLEWICZ MOVED TO APPROVE PAYMENT OF EXPENSES FOR A
MAXIMUM OF THREE PERSONS TO ATTEND THE COLORADO PUBLIC
PENSION CONFERENCE . MR. DAVAULT SECONDED .
Ayes:
Nays :
Absent:
The motion carried .
Kahm , Bowman, Goosman, Mees, Gryglewicz, DaVault
None
Vormittag
Report of refund of fees from EFI
Ms . Wescoat reported a refund of $100 was credited against the Nonemergency Pension
Fund's share of ex penses to the Public Retirees Conference . A total of $200 was received
after Ms . Wescoat had contacted EFI regarding her disappointment with a workshop that
was available for an extra fee .
Actuarial Valuation Presentation by William M. Mercer. Inc.
Mr. Mazanec reviewed the January 1, 1995 , actuarial valuation . The actuarially calculated
contribution for the current valuation is 5 .683%. Mr. Mazanec referred to page 13 of the
valuation which recommends a contribution of 6 . 0% to compensate for a short fall in 1995
contributions budgeted amount of 5 . 07% of payroll during 1995 .
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Discussion of possible benefit increase for retirees.
Mr. Mazanec presented a report of costs related to providing a benefit increase of three
percent to retirees .
MS . MEES MOVED TO RECOMMEND TO CITY COUNCIL A THREE PERCENT
INCREASE OF RETIREE BENEFITS EFFECTIVE AS OF JANUARY 1, 1996 FOR
PERSONS RETIRED PRIOR TO JULY 1, 1995 . MS . GOOSMAN SECONDED.
Ayes :
Nays :
Absent:
The motion carried .
Kahm, Bowman, Goosman, Mees, Gryglewicz, Da Vault
None
Vormittag
MR. GRYGLEWICZ MOVED TO ACCEPT WILLIAM M . MERCER, INC .,
ACTUARIAL VALUATION AS OF JANUARY 1, 1995 . MR. BOWMAN
SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
MEMBERS CHOICE
Kahm , Bowman, Goosman, Mees , Gryglewicz, DaVault
None
Vormittag
MS MEES MOVED TO ADJOURN THE MEETING . MR. BOWMAN SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Kahm , Bowman, Goosman, Gryglewicz , Da Vault , Mees
None
Vormittag
Mr. Kahm adjourned the meeting at 5 : 10 p .m .
Caro l Wescoat
Recording Secretary
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