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HomeMy WebLinkAbout1999-04-13 NEERB MINUTES,, • • • NON-EMERGENCY PENSION BOARD MEETING April 13 , 1999 The regular meeting of the Englewood Non-Emergency Pension Board was called to order by Chairperson Richard Kahm , at 4:05 p.m. in the Perrin Room of the Englewood City Library, 3400 South Elati Street, Englewood, Colorado . Members Present : Members Absent: Others Present: Richard Kahm , Chairperson Gary Bowman, Council Appointee Bill Belt, Council Appointee Frank Gryglewicz , Director of Financial Services Roberta Skrivan , Employee Representative Beverly Bradshaw, Council Member (notice) Diane Hunt, Buck Consultants Joe Herm, Buck Consultants Dale Connors, Watershed Investment Consultants Kevin Yoshida, Watershed Investment Consultants A quorum was present. * * * * * Approval of Minutes MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE JANUARY 12, 1999 , REGULAR MEETING, AND THE FEBRUARY 2, 1999 , SPECIAL MEETING. MR. BELT SECONDED . Ayes : Nays : Absent : The motion carried . OLD BUSINESS Kahm, Belt, Bowman, DaVault, Gryglewicz , Skrivan None Bradshaw Discussion of Deferred Retirement Option Plan (DROP) and Plan amendments Ms . Wescoat reviewed the draft Plan document amendments . The Board agreed to the amendments , and to finalize the Plan . MR. BELT MOVED TO RETAIN ICMA-RC AS ADMINISTRATOR OF THE PARTICIPANT DROP ACCOUNTS . MS . SKRIVAN SECONDED . Ayes : Nays : Absent : The motion carried . Kahm, Belt, Bowman, Davault, Gryglewicz, Skrivan None Bradshaw The Board discussed the possibility ofICMA-RC filing for a Private Letter Ruling on the DROP. MR. GRYGLEWICZ MOVED TO PERMIT ICMA-RC TO FILE FOR A PRIVATE LETTER RULING ON THE PLAN. MS . SKRIV AN SECONDED . Ayes : Nays : Absent : The motion carried . NEW BUSINESS Kahm , Belt, Bowman, DaVault, Gryglewicz, Skrivan None Bradshaw Consideration of William M . Mercer, Inc . fees The Plan received a $500 invoice to prepare the data for Buck Consultants. The Board agreed that since the William M . Mercer, Inc ., had elected to discontinue providing actuarial services , any expense to prepare the data should be borne by Mercer. Ms. Wescoat commented that the data had not been provided to Buck Consultants on the date Mercer promised . MR. BELT MOVED TO REFUSE PAYMENT OF WILLLIAM M . MERCER, INC ., FEES IN THE AMOUNT OF $500 . MS . SKRIV AN SECONDED . Ayes : Nays : Absent : The motion carried . Kahm, Belt, Bowman, DaVault, Gryglewicz, Skri van None Bradshaw Consideration of benefit request for Burton Vance Mr. Burton Vance requested a 100% Joint and Survivor retirement benefit. Mr. Vance 's last date of employment was January 29 , 1999 . Non-Emergency Pension Board Meeting 2 .. • • • • • MR. GRYGLEWICZ MOVED TO APPROVE THE 100% JOINT AND SURVIVOR BENEFIT FOR BURTON VANCE IN THE AMOUNT OF $430.65 PER MONTH, AS OF FEBRUARY 1, 1999 . MS. SKRIVAN SECONDED . Ayes : Nays : Absent: The motion carried . Kahm, Belt, Bowman, DaVault, Gryglewicz, Skrivan None Bradshaw Consideration of benefit request fo r Vernon Elder Mr. Vernon Elder requested a 100% Joint and Survivor early retirement benefit. Mr. Eider's last date of employment was February 28, 1999. MR. GRYGLEWICZ MOVED TO APPROVE THE 100% JOINT AND SURVIVOR BENEFIT FOR VERNON ELDER IN THE AMOUNT OF $798 .07 PER MONTH, AS OF MARCH 1, 1999 . MS . SKRIVAN SECONDED. Ayes : Nays : Absent: The motion carried . Kahm, Belt, Bowman, DaVault, Gryglewicz, Skrivan None Bradshaw Consideration of benefit request fo r William Young Mr. William Young requested a 100% Joint and Survivor early retirement benefit. Mr. Young's last date of employment was February 28, 1999 . MR. GRYGLEWICZ MOVED TO APPROVE THE 100% JOINT AND SURVIVOR BENEFIT FOR WILLIAM YOUNG IN THE AMOUNT OF $1,334.49 PER MONTH, AS OF MARCH 1, 1999 . MR. DA VAULT SECONDED . Ayes : Nays : Absent : The motion carried . Kahm, Belt, Bowman, DaVault, Gryglewicz, Skrivan None Bradshaw Consideration of benefit request for Thomas Williams • Ms . Wescoat informed the Board of the circumstances related to Mr. Thomas Williams ' request. Mr. Williams was approved for a long-term disability benefit by the City of Non-Emergency Pension Board Meeting 3 Englewood's insurance carrier on November 8, 1998 . Mr. Williams' disability benefit is offset by his Social Security Disability benefit. The insurance carrier is contractually obligated to provide a benefit to Mr. Williams until age 65 . He will continue to accrue additional credited service will disabled . Mr. Williams will be eligible for Special Early Retirement, Rule of 88 , as of May 1, 1999 . Mr. Williams is requesting retirement benefits as of that date . Mr. Williams requested termination of the long-term disability insurance benefit as of April 30 , 1999 , and Special Early Retirement benefit from the Plan . MR. GRYGLEWICZ MOVED TO APPROVE THE 100% JOINT AND SURVIVOR BENEFIT FOR THOMAS WILLIAMS IN THE AMOUNT OF $1 ,042 .73 PER MONTH, AS OF MAY 1, 1999 . MR. BELT SECONDED . Ayes : Nays : Absent : The motion carried . Kahm, Belt, Bowman, DaVault, Gryglewicz, Skrivan None Bradshaw Notification of benefit termination for beneficiary of Clarence Long Mr. Clarence Long died in October, 1997 . Mr. Long retired in June of 1989 and had selected the Ten Years Certain payout option . The final payment was made May 31 , 1999 . Notification of benefit request for Tina McCormick Tina McCormick submitted her request for retirement benefits as of May 1, 1999 . Ms. McCormick 's last day will be April 16 , 1999. The Board will review her request at the next regular meeting . Review of January l, 1999 Actuarial Report by Buck Consultants Ms. Diane Hunt presented the January 1, 1999 Actuarial Report . Buck Consultants reconciled to the previous actuarial report . She outlined the changes made to the report to be consistent with Buck Consultants' guidelines . The report indicates the plan is fully funded and the 1999 normal cost contribution is 4.4 percent. Ms. Hunt reviewed the special studies requested with the actuarial report . One study was to change the vesting to 25% after two years and 25% for each year thereafter until attaining Non-Emergency Pension Board Meeting 4 • • • .. • • • 100% at five years . Other studies conducted included the cost to provide an ad hoc increase or a cost of living increase for the retirees . MR. GRYGLEWICZ MOVED TO ACCEPT THE BUCK CONSULTANTS JANUARY 1, 1999 ACTUARIAL REPORT. MS . SKRIVAN SECONDED . Ayes : Nays : Absent : The motion carried . Kahm, Belt, Bowman, Da Vault, Gryglewicz , Skrivan None Bradshaw Review of Performance Evaluation by Watershed Investments. Dale Connors reported on Dodge and Cox performance through the first quarter of 1999 . He stated that Dodge and Cox 's asset management style has been out of favor . The "value style " of asset management has not performed as well as other management styles . Mr. Connors suggested an annual review of the investment policy . This re view would include the asset allocation of the Fund 's investments . Mr. Connors will provide study information to the Board at the July meeting . MEMBER CHOICE Roberta Skrivan presented her resignation as of May 31 , 1999 . Ms . Skrivan is retiring . MR. GRYGLEWICZ MOVED TO ACCEPT WITH REGRET ROBERTA SKRIV AN 'S RESIGNATION. MR. BELT SECONDED . Ayes : Nays : Absent : Abstain : Kahm, Belt, Bowman, Da Vault , Gryglewicz None Bradshaw Skrivan The meeting adjourned at 5:45 p.m. Carol Wescoat Recording Secretary 5 Non-Emergency Pension Board Meeting