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HomeMy WebLinkAbout2009-02-10 NEERB MINUTES' NONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING February I 0, 2009 Frank Gryglewicz called the regular meeting of the Englewood NonEmergency Employees Retirement Plan Board to order at 3:56 p.m. in the Pub lic Works Conference Room of the Civic Center, 1000 Englewood Parkway, Englewood, 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 Repres entative Brandon Williams , Chairperson, Council Appointee John Moore, Council Member LeRoy Davault, Council Appointee (no notice) David Slishinsky, Buck Consu ltants Douglas Fiddler, Buck Consultants Wendy Dominguez, Innovest Portfolio Solutions Gordon Tewell, Innovest Portfolio Solutions * * * * * Election of President/Chairperson and Secretary MR. MOORE NOMINATED BRANDON WILLIAMS AS PRESIDENT/C HAIRPERSON . MR. GRYGLEWICZ SECONDED. Ayes: Nays : Absent: Abstention: The motion can·ied. Bowman, Gryglewicz, Hagan , Patel, Moore None Davault Williams MR. GRYGLEWICZ NOMINATED BRADLEY HAGAN AS SECRETARY. MR. BOWMAN SECONDED. Ayes : Nays: Absent: Abstention : The motion carried. Approval of Minutes Bowman , Gryglewicz, Williams, Patel, Moore None Davault Ha ga n MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE NOVEMBER 12 , 2008 REGULAR MEETING . MR. BOWMAN SECONDED. Ayes: Nays : Absent: Bowman, Gryglewicz, Hagan , Patel, Moore, Williams None DaVault The motion carried. lnnovest Portfolio Solutions. LLC Mr. Tewell and Ms . Dominguez presented the Capital Markets Preview and the Asset Allocation Study. MR. BOWMAN MOVED TO REMOVE HEDGE FUNDS AS A POTENTIAL INVESTMENT OPTION. MR. GRYLGEWICZ SECONDED. Ayes: Nays: Absent: The motion carried . Bowman, Gryglewicz, Patel, Williams Hagan, Moore, Davault MR. MOORE MOVED TO APPROVE FURTHER RESEARCH ON MIX 2 AS PRESENTED IN THE CAPTIAL MARKETS REVIEW. MR. GRYLGEWICZ SECONDED. Ayes: Nays : Absent: The motion carried. Bowman, Gryglewicz, Hagan , Moore, ,Patel, Williams None Davault Ms. Dominguez stated the infonnation on proposed providers will be presented at a special meeting to be scheduled . She will provide possible dates to Ms . Wescoat for scheduling. Ms. Dominguez presented the fourth quaiter portfolio review. Ms. Dominguez and Mr. Tewell left at 4 :55 p.m. Discussion of optional calculations or studies to be included with the 2009 actuarial repo1t The Board agreed that no optional studies will be included with the January 2009 actuarial report. Mr. S lishinsky announced to the Board that his position at Buck Consultants is changing and Mr. Fiddler will be the lead actuary for the Plan . Mr. Slishinsky and Mr. Fiddler left at 5:05 p.m. Consideration of benefit for Survivor of Joan Federlick Joan Federlick elected 50% Joint and Survivor Benefit payment option at retirement. Mrs. Federlick passed away on November 26, 2008. MR. GRYGLEWICZ MOVED TO APPROVE THE MONTHLY SURVIVOR BENEFIT OF $256.04 FOR ROBERT FEDERLICK BEGINNING DECEMBER 1, 2008. MR. HAGAN SECONDE D . Ayes: Nays : Absent: Bowman, Gryglewicz, Hagan, Patel , Moore, Williams None Davau lt Non Ern erge ncy Employee Reti re men t Bo ard M ee tin g 2 of 4 ' , The motion carried. Notification of Retirement application for Alfred Quintana, Sr . Alfred Quintana, Sr. was employed by the City from January 7, 2008 until January 7, 2009. Mr. Quintana was over the age of 65 at the termination of hi s employment. MR. GRYGLEWICZ MOVED TO APPROVE THE LUMP SUM DISTRJBUTJON TO B E PAID AS SOON AS ADMINISTRATIVELY POSSIBLE TO ALFRED QUINTANA, SR. MR. MOORE SECONDED. Ayes: Nays: Absent: The motion carried. Bowman, Gryglewicz, Hagan, Patel, Moore, William s None Davault Notification of Consideration of benefit for Survivor of Hope Jozsa Hope Jozsa elected 50% Joint and Survivor Benefit payment option at retirement. Mrs . Jozsa passed away on January 7, 2009. MR. GRYGLEWICZ MOVED TO APPROVE THE MONTHLY SURVIVOR BENEFIT OF $296.80 FOR ISTVAN JOZSA BEGINNING FEBRUARY 1, 2009. MR. PATEL SECONDED. Ayes: Nays: Bowman, Gryglewicz, Hagan , Patel, Moore , Williams None Absent: Davault The motion caiTied . Notification of DROP application for William McCormick William McCormick has applied for the Deferred Retirement Option Plan (DROP). If Mr. McCormick completes the necessary paperwork the benefit will be approved at the next meeting. Notification of Death of Lelle Holmes Lelle Holmes elected a Lifetime and Five Year Certain benefit at the time of her retirement during 1995. Ms. Holme s died on December 3 1, 2008 . No further benefit is due . Review of Actuarial Services Fees and Consideration ofRFP The Board reviewed the actuarial fees and discussed preparing an RFP. The Board agreed to postpone the RFP to another year. Review of2008 attendance The Board reviewed the 2008 attendance report. The Board attendance policy provides for removal ifthe membe r ha s two unexcused absences. Mr. Patel had two unexcused absences. The Board determined that if Mr. Patel has an additional absence immediate action will be taken to declare his position on the Board vacant. NonEmergen cy Employee Retirement Bo ard Meeting 3 of 4 LeRoy Davault Report on Colorado Public Plan Coalition Conference Mr. Davault was unavailable to provide his report. CPPC Fiduciary Education Workshop The Board agreed to notify Ms. Wescoat prior to February 20, 2009 if they would like to attend the CPPC Education. MR. GRYGLEWICZ MOVED TO APPROVE EXPENSES RELATED TO THE BOARD MEMBERS ATTENDING CPPC FIDUCIARY EDUCATION WORKSHOP. MR . MOORE SECONDED. Ayes: Nays: Absent: The motion carried. Bowman, Gryglewicz, Hagan , Patel, Moore, Williams None Davault Mountain Public Employee Retirement Systems Forum (Mountain PERS) -Date to be determined . MR. GRYGLEWICZ MOVED TO APPROVE EXPENSES RELATED TO THE BOARD MEMBERS ATTENDING MOUNTAIN PUBLIC EMPLOYEE RETIREMENT SYSTEMS FORUM. MR. BOWMAN SECONDED. Ayes: Nays: Absent: The motion can-ied. Member Choice Bowman, Gryglewicz, Hagan, Patel, Moore, Williams None Davault The next regular Board meeting is sched uled for May 12 , 2009. The Board adjourned at 5 :20 p.m. Carol Wescoat Recording Secretary NonEmergency Emp lo yee Retirement Board Meeting 4 of 4 '