HomeMy WebLinkAbout2009-08-11 NEERB MINUTESNONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
August l 1, 2009
Board Member Gryglewicz called the regular meetin g of the E nglewood NonEmergency Employees Retirement Plan
Board to order at 4: I 0 p.m. in the Public Works Conference Room of the Civic Center, 1000 Englewood Parkway,
Englew ood, Colorado .
Members Present:
Members Absent:
Others Present:
A quorum was present.
Frank Gryglewicz, Director of Finance and Administrative Services
Gary Bowman, Council Appointee
Mahendra Patel, Employee Representative
Bradley Hagan, Secretary, Employee Representative
John Moore, Council Member
Brandon Williams, Chairperson, Council Appointee (with notice)
Co lin Weim, Buck Consultants
Douglas Fiddler, Buck Consultants
Wendy Dominguez, lnnovest Portfolio Solutions
* * * * *
There is no recording of the minutes because of equipment problems .
Approval of Minutes
MR. BOWMAN MOVED TO APPROVE THE MINUTES OF THE MAY 12 , 2009 REGULAR MEETING. MR.
MOORE SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Bowman, Gryglewicz, Hagan, Patel, Moore
None
Williams
Innovest Portfolio Solutions, LLC
Ms. Dominguez presented a report of the customer service survey done by lnnovest and thanked the Board for the
continued support and confidence in Innovest.
The second qua1ter fund performance repott reflected improved performance . Ms . Dominguez said there are some
concerns with Marsico and they have not been forthcoming with the information requested by Innovest. They have not
been successful with some of their investment choices and did not perform as well as their peers .
The Board agreed to consider other large capital growth funds. Innovest will research the funds available and provide a
recommendation at the November Board meeting.
Ms. Dominguez reminded the Board that a Jetter of intent to withdraw was sent to the Principal providing the Board the
option of withdrawing funds . Discussion ensued relating to the need to maintain a diversified portfolio.
Buck Consultants January I, 2009 Actuarial Report
Mr. Fiddler reviewed the final January I, 2009 Actuarial Report. The report provides the required contribution of 9.8% of
pay beginning 20 I 0. This required contribution reflects changes to the actuarial assumptions as agreed by the Board. Mr.
Fiddler reminded the Board the co ntributions for 2011 will potentially increase by 2 .5% if the 7 .5% earnings assumption
is met for the January I, 2010 report because of the changes to the actuarial assumptions .
MR. MOORE MOVED TO APPROVE THE JANUARY 1, 2009 ACTUARIAL REPORT. MR. PATEL SECONDED .
Ayes:
Nays :
Absent:
The m otion carried .
Bowman, Gryglewicz, Hagan, Patel, Moore
None
Williams
Consideration of Retirement Benefit for Mary Ryan
Mary Ryan was employed by the City from April 2, 1984 to April 1, 1989. Ms. Ryan requested a Regular Early
Retirement at age 62. The payout option elected will provided for a reduced survivor's benefit since Ms . Ryan 's named
beneficiary is 26 years younger that she is. The survivor benefit will be 75% of Ms . Ryan 's benefit because the Minimum
Distribution Incidental Benefit Rule .
MR. HAGAN MOVED TO APPROVE THE 100 % JOINT AND SURVIVOR MONTHLY BENEFIT OF $107 .97 FOR
MARY RYAN BEGINNING MAY 1, 2009 . MR. PATEL SECONDED .
Ayes:
Nays :
Absent:
The motion carried .
Member Choice
Bowman, Gryglewicz, Hagan , Patel, Moore, Williams
None
None
The next regular Board meeting is scheduled for November 10, 2009 .
The Board adjourned at 4 :55 p .m.
Carol Wescoat
Recording Secretary
2 of2
No nEmerge ncy Employee Re tirement Board Meeti ng