HomeMy WebLinkAbout1996-01-09 NEERB MINUTES'·
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NON-EMERGENCY PENSION BOARD MEETING
January 9, 1996
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 (arrive 4 :08)
Jill Mees , Council Appointee
Frank Gryglewicz, Director of Financial Services
Alfred F. Vormittag, Jr., Council Member
None
Dan Brotzman, City Attorney
Don Mazanec, William M . Mercer, Inc .
Carol Wescoat, Recording Secretary
A quorum was present.
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Approval of Minutes
MR GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE REGULAR
MEETING OF October 10 , 1995 . MR. VORMITTAG SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
OLD BUSINESS
Kahm , Bowman, Mees, Gryglewicz, Da Vault , Vormittag
None
Goosman
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Ms . Goosman arrived at 4 :08 .
Review of Dodge & Cox transactions
Mr. Gryglewicz reviewed the Dodge and Cox transactions . Discussion followed related to
the reporting of transactions . Ms . Wescoat explained the confusion regarding the
management services provided by Dodge & Cox .
MR. VORMITT AG MOVED TO APPROVE THE DODGE & COX INVESTMENT
MANAGEMENT AGREEMENT WITH THE AMENDMENTS RECOMMENDED BY •
THE CITY ATTORNEY. MR. GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Kahm, Bowman, Goosman, Mees, Gryglewicz, Da Vault , Vormittag
None
None
Custodial Bank Services
The Board evaluated the need for a custodial bank .
MS . MEES MOVED TO APPROVE THE NORWEST BANK AS CUSTODIAL BANK
FOR PENSION FUNDS . MR. GRYGLEWICZ SECONDED .
Discussion followed regarding the course of action necessary if the Police or
Firefighter Pension Boards do not concur with the selection .
Ayes :
Nays :
Absent:
The motion carried .
In vestment Policy
Kahm, Bowman, Goosman, Mees, Gryglewicz, Da Vault, Vormittag
None
None
The Board discussed the proposed changes to the investment policy .
MS . MEES MOVED TO APPROVE THE INVESTMENT POLICY AS REVISED BY
WILLIAM M . MERCER COMPANY, INC . MR. GRYGLEWICZ SECONDED.
Ayes :
Nays :
Absent : -
The motion carried .
Kahm , Bowman, Goosman, Mees, Gryglewicz, Da Vault , Vormittag
None
None
Investment Consulting Services
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Mr. Gryglewicz reviewed the 1996 investment consulting fee proposal letter from William •
Mercer Co ., Inc . The letter projects fees of $16 ,500 total.
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Review of benefit increase as of January I. 1996
Mr. Gryglewicz reported the increase has been processed and list of recipients was
provided for board members .
NEW BUSINESS
Consideration of pension request for Jack Stewart
Chairperson Kahm reviewed Jack Stewart 's request for the delayed retirement benefit at
the age of72. Mr. Stewart has elected the Ten Year Certain Retirement Benefit.
"MR . GRYGLEWICZ MOVED TO APPROVE THE TEN YEAR CERTAIN BENEFIT
IN THE AMOUNT OF $358 .51 FOR JACK STEW ART TO BE EFFECTIVE
OCTOBER 1, 1995 . MS . GOOSMAN SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Kahm , Bowman, Goosman, Mees, Gryglewicz, Da Vault , Vormittag
None
None
Consideration of pension request for Dale Clawson
Chairperson Kahm reviewed Dale Clawson ' s request for early retirement benefit at the age
of 59 . Mr. Clawson has elected the Ten Year Certain Retirement Benefit.
"MR . GRYGLEWICZ MOVED TO APPROVE THE TEN YEAR CERTAIN BENEFIT
IN THE AMOUNT OF $199 .53 FOR DALE CLAWSON TO BE EFFECTIVE
NOVEMBER 1, 1995 . "MR . VORMITTAG SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Kahm, Bowman, Goosman, Mees, Gryglewicz, Da Vault , Vormittag
None
None
Consideration of pension request for James Haselgren
Chairperson Kahm reviewed James Haselgren 's request for "Rule of 88 " retirement
benefit at the age of 58 . Mr. Haselgren has elected the 100% Joint and Survivor
Retirement Benefit.
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MR. GRYGLEWICZ MOVED TO APPROVE THE 100% JOINT AND SURVIVOR
BENEFIT IN THE AMOUNT OF $1,146.28 FOR JAMES HASELGREN TO BE
EFFECTIVE NOVEMBER 1, 1995 . MR. VORMITTAG SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Kahm, Bowman, Goosman, Mees, Gryglewicz, Davault, Vormittag
None
None
Consideration of pension request for Deward Richardson
Chairperson Kahm reviewed Deward Richardson's request for "Rule of 88" retirement
benefit at the age of 61 . Mr. Richardson has elected the 100% Joint and Survivor
Retirement Benefit.
MR. GRYGLEWICZ MOVED TO APPROVE THE 100% JOINT AND SURVIVOR
BENEFIT IN THE AMOUNT OF $1 ,213 .87 FOR DEWARD RICHARDSON TO BE
EFFECTIVE JANUARY 1, 1996 . MS. GOOSMAN SECONDED .
Ayes :
Nays:
Absent:
The motion carried .
Kahm, Bowman, Goosman, Mees, Gryglewicz, Da Vault, Vormittag
None
None
Consideration of request for pension death benefits from the Estate of Lawrence C . Burkett
Mr. Brotzman reviewed the Englewood Municipal Code Section 3-6-9-1, regarding
payment of benefit for a deceased vested member who has not attained age 55 . He also
explained that although Mr. Burkett had provided a change of beneficiary to the Financial
Services Division , he had not completed the trust arrangements with Bank One. Mr.
Brotzman indicated the payment of benefit should be processed in the manner provided in
Code for no named beneficiary . The executor of Mr. Burkett's estate has requested a
lump sum payment of the benefit.
Mr. Mazanec presented a replacement letter with a revised payment amount for Mr.
Burkett ' s lump sum benefit. The original letter had incorrect calculations .
MR. GRYGLEWICZ MOVED TO APPROVE THE LUMP SUM PAYMENT
BENEFIT IN THE AMOUNT OF $47,939.65 TO THE ESTATE OF LAWRENCE C .
BURKETT. MR. VORMITT AG SECONDED .
Ayes :
Nays :
Absent:
Kahm , Bowman, Goosman , Mees, Gryglewicz, Da Vault, Vormittag
None
None
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The motion carried .
MEMBERS CHOICE
The Board discussed the expiring terms of Gary Bowman, LeRoy Davault, and Betty
Goosman . An employee election will be held for Ms. Goosman's position. The City
Council will have applicant interviews for the appointed positions on January 22, 1996.
Mr. Kahm adjourned the meeting at 5 : 10 p .m .
Carol Wescoat
Recording Secretary
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