HomeMy WebLinkAbout2010-08-10 NEERB MINUTESI
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NONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
August IO , 2010
Chairperson Bowman called the regular meeting of the Englewood NonEmergency Employees Retirement Plan
Board to order at 4 :00 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
Gary Bowman , Chairperson, Council Appointee
Frank Gryglewicz, Director of Finance and Administrative Services
Bradley Hagan , Secretary, Employee Representative
John Moore, Council Appointee
Mahendra Patel, Employee Representative (arrived 4:12 p.m.)
Brandon Williams, Council Appointee
Jim Woodward , Council Member
None
Douglas Fiddler, Buck Consultants
Wendy Dominguez, Innovest Portfolio Solutions
Gordon Tewell, lnnovest Portfolio Solutions
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MR . GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE MAY 11, 20 10 REGULAR MEETING .
MR. WILLIAMS SECONDED .
Ayes:
Nays:
Absent:
The motion carried .
Bowman , Gryglewicz, Hagan, Moore, Williams, Woodward
None
Patel
Innovest Portfolio Solutions, LLC
Ms . Dominguez presented the performance evaluation for the second quarter. She commented that the first quarter
was good, the second quarter was bad and the August performance is good so the year to date is good.
Mr. Patel arrived 4: 12 p.m.
Mr. Tewell reviewed the individual funds and the decline of assets as of the quarter end . Innovest 's evaluation does
not reflect concerns for any one fund .
Ms. Dominguez an d Mr. Tewell left at 4:30 p .m.
Revised Beneficiary Form
The Board discussed the revised beneficiary form. Mr. Brotzman has reviewed and approved the form. Mr. Moore
stated he is not comfortable with the form allowing the election of a death benefit that allows the spouse to waive a
benefit that could be far more valuable in the future . Discussion followed about the Plan language and how the
benefit was calculated for the Charlson family and the differences because although Mr. Timothy Carlson had
completed a beneficiary form, Mrs. Charlson had not signed the waiver until after his death so the benefit was
shared based on Mrs. Charlson's spousal benefit and not as defined in the Plan.
The revised form allows the spouse to waive rights to the benefit per the Plan. Mr. Moore suggested deferring
approval of the form until the next meeting and reviewing the Plan documents that were presented at the May
meeting with consideration of the revised form. The Board agreed .
Notification of Death of Susie Schneider
Susie Schneider retired in 1982 with a Lifetime and 10 year certain benefit. Ms. Schneider died on May 30 , 2010 .
No further benefits are due after May.
Notification of Death of Maria Del Carmen Illescas
Maria Del Carmen Illescas retired in 2008 with a Lifetime only benefit. Ms . Illescas died on June 13 , 2010. No
further benefits are due after June.
Notification of Death of Albert Van Demark
Albert Van Demark retired in 1983 with a Lifetime and I 0 year certain benefit. Mr. Van Demark died on June 16 ,
2010 . No further benefits are due after June.
Article from John Moore
Mr. Moore provided an article for the Board 's information regarding defined benefit plans actuarial earnings
assumptions.
Consideration of benefit for Fred Dunham
Fred Dunham was employed from July 3, 1989 to January 2 , 200 I. Mr. Dunham is requesting an Early Retirement at
age 55 .
MR. GRYGLEWICZ MOVED TO APPROVE A FIVE YEAR CERTAIN AND LIFETIME MONTHLY BENEFIT IN
THE AMOUNT OF $415.68 BEGINNING OCTOBER 1, 2010 . MR. WILLIAMS SECONDED.
Ayes :
Nays:
Bowman, Gryglewicz, Hagan , Moore , Patel, Williams , Woodward
None
Absent: None
The motion carried.
Notification of DROP application for Patricia Gonzales
Patricia Gonzales submitted a DROP application. Ms. Gonzales is schedule to complete the paperwork to enter the
DROP beginning October 1, 2010. Board approval will be reviewed at the next regular Board meeting.
Consideration of Request for Proposal for Actuarial Services
Mr. Fiddler left the room during this discussion from 4 :47 to 4 :50 .
Non Emerge ncy Employees Retire ment Board Mee tin g
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Mr. Gryglewicz said the last Request for Proposal (RFP) for actuarial services was done in 1998. The information
should be available to the Board at the next Board meeting . It may be necessary for the firms to present to the Board to
• allow a better decision process. The Board agreed to proceed with the RFP for actuarial services.
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IRS Notification oflnitial Review
The Board reviewed the letter received from the IRS indicatin g the application for Letter of Determination was received
and is in the process now of being evaluation . The application for the letter was sent to the IRS January 2009. No action
is necessary at thi s time .
Members Choice
The next Board meeting is scheduled for November 9 , 2010. The meeting will be longer than normal and will likely
begin at 3 :00 p.m.
MR. PATEL MOVED TO ADJOURN. MR. GRYGLEWICZ SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Bowman, Gryglewicz, Hagan , Moore , Patel , Williams, Woodward
None
None
The Board adjourned at 4:51 p.m .
Carol Wescoat
Recording Secretary
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NonEmergency Employees Retirement Board Meeting