HomeMy WebLinkAbout2008-11-12 NEERB MINUTESNONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
November 12, 2008
Chairperson Williams called the regular meeting of the Englewood NonEmergency Employees Retirement Plan
Board to order at 4:08 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.
Brandon Williams , Chairperson, Council Appointee
Frank Gryglewicz, Director of Finance and Administrative Services
Gary Bowman, Council Appointee
Bradley Hagan, Secretary, Employee Representative
John Moore , Council Member
LeRoy Davault, Council Appointee (No notice)
Mahendra Patel, Employee Representative (No notice)
David Slishinsky, Buck Consultants
Wendy Dominguez, Innovest Portfolio Solutions
Steve Karsh, lnnovest Portfolio Solutions
* * * * *
Approval of Minutes ofthe August 12, 2008 Meeting
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE AUGUST 12, 2008 REGULAR
MEETING. MR. BOWMAN SECONDED.
Ayes :
Nays :
Absent:
The motion canied.
Bowman, Gryglewicz, Hagan, Moore, Williams
None
Davault, Patel
lnnovest Portfolio Solutions, LLC
Ms. Dominguez reviewed changes made to the fund balances in response to the market volatility. Innovest will bring
the proposed 2009 asset allocation recommendation to the February meeting. She presented the Plan's investment
performance for the third quaiier. She indicated that the market was basically down 30% across the board.
Mr . Karsh presented information on hedge funds as well as recommended funds . lnnovest suggested splitting the
investment equally between the two recommended funds. The funds are Common Sense Investment Management
and Private Advisors . lnnovest potentially is looking at a I 0% allocation to the hedge funds and the withdrawal of
assets would be from fixed income rather than equities. The Board will consider the hedge funds at the next board
meeting with the complete 2009 asset allocation review.
Consideration of benefit for Nancy Fritz .
Nancy Fritz was eligible for the NonEmergency Employees Retirement Plan from June 22, 1992 to September 11, 2006 .
Ms. Fritz attained age 65 on March 4 , 2008. Ms. Fritz requested her Nonna! Retirement benefit begin April I, 2008 .
MR. GRYGLEWICZ MOVED TO APPROVE A TEN YEAR CERTAIN AND LIFETIME MONTHLY BENEFIT
FOR NANCY FRITZ EFFECTIVE APRIL I, 2008 IN THE AMOUNT OF $187 .84. MR. HAGAN SECONDED .
Ayes :
Nays:
Absent:
The motion can-ied.
Bowman, Gryglewicz, Hagan , Moore , Williams
None
Davault, Patel
Notification of Death of Barbara Young.
Barbara Young, retiree , died on September 12, 2008. Ms. Young elected a Ten Year Certain and Lifetime benefit at the
time of her retirement in 1981 . No further benefits are due.
Gary Bowman and LeRoy Davault Report on Colorado Public Plan Coa lition Conference
Mr. Davault was unavailable. Mr. Bowman reviewed the many topics presented at the Co lorado Public Plan Coalition
Conference. He presented a copy of"Trustee Do's and Don 'ts" for the Board's review.
Member Choice
The next regular board meeting is scheduled for February I 0, 2009 at 4:00 p .m.
The Board adjourned at 5:25 p .m.
Carol Wescoat
Recording Secretary
NonEmer ge nc y Employee Retir ement Board Meetin g
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