HomeMy WebLinkAbout2010-11-29 NEERB MINUTES•
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NONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
November 29, 2010
Chairperson Bowman called the special meeting of the Englewood NonEmergency Employees Retirement Plan
Board to order at 10:00 a .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.
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
Jim Woodward , Council Member (arrived I 0: 10 a.m.)
None
Douglas Fiddler, Buck Consultants
Diane Messamore, Buck Consultants
Diane Hunt, Gabriel Roeder Smith and Company
Joe Hem1, Gabriel Roeder Smith and Company
Mark Randall , Gabriel Roeder Smith and Company
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Chairperson Bowman reviewed the process of determining the two finalists for actuarial services. The Board discus sed
the procedures that will be followed for each of the presentations and questioning of the two finalists .
The Board asked each firm a series of questions at the end of their presentation . The questions related to each firm 's
methodology and approach to keeping the Board informed of state of federal issues ; the firm's consulting approaches
during tough economic times; the value of a fresh perspective when engaging a new firm; the impact to the Plan when
employee furlough days are imposed and the biggest threat to defined benefit plans. Both Buck and GRS responded to
the questions from the Board.
Buck Consultants' (Buck) Presentation and Questions
Mr. Fiddler introduced Diane Messamore, Managing Principal with the Denver office of Buck Consultants. He told the
Board that David Slishinsky is on medical leave .
Mr. Fiddler and Ms. Messamore reviewed the scope of services provided by Buck and the staff supporting the
NonEmergency Employees Retirement Plan (NERP).
Mr. Fiddler and Ms. Messamore left at 10:45 a.m.
Gabriel Roeder Smith and Company (GRS) Presentation and Questions
Ms. Hunt, Consulting Actuary with GRS introduced Mark Randall, Executive Vice-President and Southwest Regional
Director and Joe Henn, Project Manager. Ms. Hunt told the Board that Leslie Thompson and she will be the consulting
actuaries on the account. Ms. Thompson was not able to be at the presentation because of another commitment.
Ms . Hunt, Mr. Randall and Mr. Herm reviewed the scope of services provided by GRS and the staff suppo1ting the
NonEmergency Employees Retirement Plan (NERP).
Mr. Randall, Mr. Herm and Ms. Hunt left at 11 :30 a.m.
The Board discussed the two actuarial firms, the information presented by each and the responses to the Board 's
questions.
The Board agreed that each firm was very competent. The Board stressed that it is their fiduciary responsibility to
evaluate all proposed actuarial assumptions changes presented and make decisions that are in the best interest of the
participants and keeping the Plan financially sound.
MR. GRYGLEWICZ MOVED TO APPROVE CONTRACTING WITH GABRCEL, ROEDER, SMITH AND
COMPANY. MR. PATEL SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Bowman, Gryglewicz, Hagan , Moore, Patel , Williams , Woodward
None
None
The next Board meeting is scheduled for February 8 , 20 I I.
MR. MOORE 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 I I :55 a.m .
Carol Wescoat
Recording Secretary
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NonEme rgc ncy Emplo yees Retir ement Board Mee tin g
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