HomeMy WebLinkAbout1999-10-12 NEERB MINUTESNON-EMERGENCY PENSION BOARD MEETING
October 12 , 1999
The regular meeting of the Englewood Non-Emergency Pension Board was called to
order by Board Member Frank Gryglewicz , at 3 :00 p .m . in the Perrin Room of the
Englewood City Library, 3400 South Elati Street, Englewood, Colorado.
Members Present :
Members Absent:
Others Present:
Gary Bowman, Council Appointee
Bill Belt, Council Appointee
Beverly Bradshaw, Council Member
Ernestine Campbell , Employee Representative
LeRoy Da Vault, Council Appointee( arrived 4 : 00)
Frank Gryglewicz, Director of Financial Services
Richard Kahm , Chairperson (notice)
Dale Connors, Watershed Investment Consultants
Kevin Yoshida, Watershed Investment Consultants
Diane Hunt, Buck Consultants
Carol Wescoat , Recording Secretary
A quorum was present.
* * * * *
Approval of Minutes
MS . BRADSHAW MOVED TO APPROVE THE MINUTES OF THE JULY 13, 1999
REGULAR MEETING, THE AUGUST 16 , 1999 SPECIAL MEETING AND THE
SEPTEMBER 20 , 1999 TELEPHONE POLL. MR. BOWMAN SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
OLD BUSINESS
Belt, Bradshaw, Bowman, Campbell , Gryglewicz
None
Kahm , Da Vault
Discussion of retiree benefit increase .
Ms. Hunt reviewed the April 13 , 1999 letter that outlined the cost associated with
providing a benefit increase for the retirees .
Discussion ensued regarding the inflation rates of the past few years and market
projections .
MS . CAMPBELL MOVED TO REQUEST THAT CITY COUNCIL APROVE A
THREE PERCENT (3%) INCREASE EFFECT AS OF JANUARY 1, 2000 FOR ALL
RETIREES RETIRED AS OF JANUARY 1, 1999 . MR. BELT SECONDED .
Ayes :
Nays :
Absent:
The motion carried.
Belt, Bradshaw, Bowman, Campbell, Gryglewicz
None
Kahm, Da Vault
Watershed Investment Consultants
Mr. Connors reviewed the firms recommended for providing small capital stock
investment services .
Mr. Davault arrived at 4:00 p .m .
Mr. Yoshida reviewed the firms recommended for providing international stock
investment services .
The Board discussed the alternative investment allocations and the firms presented by
Watershed Investment Consultants .
MS. BRADSHAW MOVED TO APPROVE AN INVESTMENT ALLOCATION THAT
PROVIDES TEN PERCENT (10%) LARGE CAPITAL STOCK WITH DODGE AND
COX, TWENTY-FIVE PERCENT (25%) LARGE CAPITAL INDEX FUND, FIVE
PERCENT (5%) SMALL CAPITAL STOCK, TEN PERCENT (10%)
INTERNATIONAL STOCK, AND FIFTY PERCENT (50%) BOND WITH DODGE
AND COX.
Ayes :
Nays :
Absent :
The motion carried .
Belt, Bradshaw, Bowman, Campbell , DaVault, Gryglewicz
None
Kahm
MS . BRADSHAW MOVED TO APPROVE SELECTING EUROPACIFIC GROWTH
FUND AS THE INTERNATIONAL STOCK INVESTMENT. MR. BELT
SECONDED .
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Ayes:
Nays :
Absent:
The motion carried.
Belt, Bradshaw, Bowman, Campbell , DaVault, Gryglewicz
None
Kahm
MS . BRADSHAW MOVED TO APPROVE SELECTING ONE FUND AS THE
SMALL CAPITAL STOCK INVESTMENT. MR. BOWMAN SECONDED .
Ayes :
Nays :
Absent :
The motion carried.
Belt, Bradshaw, Bowman, Campbell , DaVault, Gryglewicz
None
Kahm
MR. BELT MOVED TO APPROVE SELECTING STANDISH SMALL CAP EQUITY
II FUND AS THE SMALL CAPITAL STOCK INVESTMENT. MS . CAMPBELL
SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Belt, Bradshaw, Bowman , Campbell , Davault, Gryglewicz
None
Kahm
The Board discussed the process of revising the investment policy , liquidating some of the
Dodge and Cox holdings and the possibility of terminating the investment advisor contract
with Dodge and Cox .
The Board discussed the funds available for the large capital stock fund . Mr. Connors
recommended the Wells Fargo S & P Collective Index Fund . He stated the index funds
are very similar and since Wells Fargo is the custodian for the pension fund , they should
waive a portion of their fees .
MS . BRADSHAW MOVED TO APPROVE SELECTING WELLS FARGO
COLLECTIVE INDEX FUND AS THE LARGE CAPITAL INDEX FUND STOCK
INVESTMENT. MR. BELT SECONDED .
Ayes :
Nays :
Absent :
The motion carried .
Belt, Bradshaw, Bowman, Campbell , DaVault , Gryglewicz
None
Kahm
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Update on Plan document amendment process .
The Board is waiting on the IRS Letter of Determination.
Ms. Wescoat presented the Enrollment Application for the Deferred Retirement Option
Plan (DROP), and the Irrevocable Election to Participate in the Deferred Retirement
Option Plan (DROP) and Resignation from Employment forms .
MS . BRADSHAW MOVED TO APPROVE THE ENROLLMENT APPLICATION
FOR DEFERRED RETIREMENT OPTION PLAN (DROP), AND THE
IRREVOCABLE ELECTION TO PARTICIPATE IN THE DEFERRED RETIREMENT
OPTION PLAN (DROP) AND RESIGNATION FROM EMPLOYMENT FORMS . MR .
BELT SECONDED .
Ayes :
Nays:
Absent:
The motion carried .
NEW BUSINESS
Belt, Bradshaw, Bowman, Campbell, DaVault, Gryglewicz
None
Kahm
Notification of DROP retirement request for Wayne Oakley
Mr. Oakley has submitted the Enrollment Application for Deferred Retirement Option Plan
(DROP) with the effective date of January 1, 1999 . Mr. Oakley must sign the Irrevocable
Election to Participate in the Deferred Retirement Option Plan (DROP), the retirement
options election form and complete the ICMA-RC 401 enrollment between October 15 , 1999
and the October 25 , 1999 to be eligible for the retroactive DROP benefit.
Notification of DROP retirement request for Betty Goosman
Ms. Goosman has submitted the Enrollment Application for Deferred Retirement Option Plan
(DROP) with the effective date ofJanuary 1, 1999. Ms . Goosman must sign the Irrevocable
Election to Participate in the Deferred Retirement Option Plan (DROP), the retirement
options election form and complete the ICMA-RC 401 enrollment October 15 , 1999 and the
October 25, 1999 to be eligible for the retroactive DROP benefit.
MEMBER CHOICE
Nothing was discussed
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The meeting adjourned at 4 :55 p .m.
Carol Wescoat
Recording Secretary
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