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Home My WebLink About2008-05-13 NEERB MINUTES! NONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING May 13, 2008 Board Member Gryglewicz called the regular meeting of the Englewood NonEmergency Employees Retirement Plan Board to order at 3 :30 p.m. in the Public Works Conference Room of the Civic Center, 1000 Eng lewood Parkway, Englewood , Co lorado. Members Present: Members Absent: Others Present: A quorum was present. Frank Gryglewicz, Director of Finance and Administrative Services Gary Bowman, Council Appointee LeRoy DaVault, Counci l Appointee Mahendra Patel , Employee Representative (arrived 3:31 p.m .) Bradley Hagan , Secretary, Employee Representative John Moore, Council Member Brandon Williams, Chairp erson , Counci l Appointee (no notice) David Shishinsky, Buck Consultants Douglas Fiddler, Buck Consultants Mark Overton, Buck Consultants Wendy Dominguez, lnnovest Portfolio Solutions Dan Brotzman , City Attorney * * * * * Approval of Minutes of the February 12, 2008 Meeting, Telephone Polls of April 10, 2008 and April 23, 2008 MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE FEBRUARY 12 , 2008 REGULAR MEETING , AND THE TELEPHONE POLLS OF APRIL 10 AND APRIL 23, 2008. MR. PATEL SECONDED. Ayes: Nays : Absent: The motion carried. Bowman, Davault, Gryglewicz, Hagan, Patel, Moore None Williams Innovest Portfolio Solutions, LLC Ms. Dominguez presented the Capital Market Preview and the Asset Allocation Study. The Board discussed considering adding a fund of funds hedge fund to the investments. lnnovest wi II present funds to be considered at the next board meeting. Ms. Dominguez reviewed the Plan 's investment performance for the first quarter. Buck Consultants January l, 2008 Actuarial Report David Slishinsky and Douglas Fiddler reviewed the January 1, 2008 actuarial report. The report indicated the contribution beginning January I , 2009 will be reduced from 8 .9% to 7 .8%. Mr. Moore suggested that City Council may consider keeping the contribution for 2009 at 8 .9% to help reduce the unfunded liability. MR. GRYGLEWICZ MOVED TO ACCEPT THE JANUARY 1, 2008 ACTUARIAL REPORT. MR. MOORE SECONDED . Ayes: Nays: Absent: The motion carried. Bowman, Davault, Gryglewicz, Hagan, Patel, Moore None Williams Discussion of Plan Document clarification of benefit payments commencing at age 65 . Mr. Gryglewicz explained that the Plan document does not permit current employees with a deferred vested benefit to commence benefit payment upon attaining age 65 unless the employee has terminated employment. The Plan does not provide any deferred payment accumulation of benefits for a current employee with a deferred vested benefit and delays retirement beyond age 65. Discussion ensued regarding amending the language and the process necessary for clarification. Mr. Gryglewicz will draft the language to be reviewed by the Plan's pension attorney for proper verbiage and to insure that no other Plan document updates need be completed. MR. GRYGLEWICZ MOVED TO CHANGE THE LANGUAGE AS NECESSARY TO ALLOW PAYMENT TO ALL DEFERRED VESTED PARTICIPANTS AT AGE 65 AND AMEND ANY ADDITIONAL LANGUAGE REQUIRED BY FEDERAL LAW COMPLIANCE AND SUBMIT THE CHANGES TO CITY COUNCIL. MR. MOORE SECONDED. Ayes: Nays: Absent: The motion carried. Bowman, DaVault, Gryglewicz, Hagan, Patel , Moore None Williams Notification of death ofNickoline Noffsinger . Nickoline Noffsinger received a benefit as the surviving spouse of Elmer Noffsinger. Mrs . Noffsinger passed away on March 12, 2008. No further benefits are due. Consideration of benefit for beneficiary of Deward Richardson. Deward Richardson retired from the City December 31, 1995 and began receiving a 100% Joint and Survivor benefit naming his spouse, Judy Richardson, as beneficiary. Mr. Richardson passed away on February 12, 2008. MR. GRYGLEWICZ MOVED TO APPROVE A SURVIVOR'S MONTHLY BENEFIT OF $1,287.79 FOR JUDY RICHARDSON BEGINNING MARCH 1, 2008. MR. HAGAN SECONDED . Ayes: Nays : Absent: The motion caiTied. Bowman, Davault, Gryglewicz, Hagan, Patel, Moore None Williams Consideration of benefit for Judith Wever. JudithWeverwasemployedbytheCityfromMay22 , 1989toMarch 1, 1995. Ms. Weverattainsage65onJune 7 , 2008. Ms. Wever is requesting benefit to begin effective July 1, 2008. MR . GRYGLEWICZ MOVED TO APPROVE A LIFETIME ONLY MONTHLY BENEFIT FOR JUDITH WEVER EFFECTIVE JULY 1, 2008 IN THE AMOUNT OF $184.13. MR. BOWMAN SECONDED. Non Emerge ncy Employee Retiremen t Boa rd Meetin g 2 o f3 \ Ayes : Nays : Bowman , Davault, Gryglewicz, Hagan, Patel , Moore None Absent: Williams The motion carried . Notification of benefit request for Maria Cannen Del Illascas Maria Carmen Del lllascas retired March I 0 , 2008 but has not finalized the paperwork necessary to begin retirement benefits. Brandon Williams Report on CML Trustee Training Mr. Williams was not available to present his report . Mahendra Patel Report on Mountain Public Employee Retirement Systems Forum (Mountain PERS) Mr. Patel attended the April meeting of Mountain Public Employee Retirement Systems Forum (Mountain PERS). He reported that many of the sessions' topics included investment options and trustee responsibilities. Member Choice Ms. Wescoat distributed invitations to the Board for the June 5, 2008 NERP participant lunch and presentation. The presentation will focus on reviewing the participants annual statements and benefits of the Plan. Mr. DaVault inquired about the dates of the Colorado Public Plan Coalition Annual Conference. The dates are September I 0-12 , 2008 in Breckenridge. The Board will consider approving expenses for members wishing to attend at the August meeting . The next meeting is scheduled for August 12, 2008. Ms . Wescoat reminded the Board the regular date of the November meeting will fall on Veteran's Day . The Board will consider another date during the August meeting . The Board adjourned at 4:55 p.m. ~d!Wl&k-~ Carol Wescoat Recording Secretary NonEmergency Emplo yee Retirement Board Meeting 3 of3