HomeMy WebLinkAbout1998-07-14 NEERB MINUTESNON-El'vffiRGENCY PENSION BOARD l'vffiETING ·
July 14 , 1998
A regular meeting of the Englewood Non-Emergency Pension Board was called to order
by Chairperson Richard Kahm , at 4 :03 p .m . in Anderson Room of the Englewood Library,
3400 South Elati Street, Englewood , Colorado .
Members Present:
Members Absent:
Others Present:
Richard Kahm , Chairperson (left 5: 15)
Bill Belt, Council Appointee
Gary Bowman, Council Appointee
Frank Gryglewicz, Director of Financial Services (arrive 4 :05)
Roberta Skrivan, Employee Representative
Beverly Bradshaw, Council Member
LeRoy DaVault, Council Appointee (no notice)
Carol Wescoat , Recording Secretary
Dan Brotzman, City Attorney
Patrick Landry, William M . Mercer, Inc .
Cindy Birley, William M . Mercer, Inc .
A quorum was present.
* * * * *
APPROVAL OF MINUTES
MS . BRADSHAW MOVED TO APPROVE THE MINUTES OF THE REGULAR
l'vffiETING OF APRIL 14, 1998 , TELEPHONE POLL OF APRIL 22, 1998 , AND THE
JOINT BOARD l'vffiETING OF MAY 13 , 1998 . MS . SKRIV AN SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Kahm , Belt, Bowman, Bradshaw, Skrivan
None
Da Vault , Gryglewicz
Mr. Gryglewicz arrived at 4 :05 p .m.
* * * * *
OLD BUSINESS
Deferred Retirement Option Plan (DROP)
Mr. Landry reviewed the January 1, 1998 actuarial valuation. He reviewed the plan
statistics, provisions and the assumptions used to prepare the report.
Mr. Landry explained the additional expenses incurred by including the DROP. The
Board discussed TABOR issues and the possibility of reserving funds from the City's
General Fund . There is a $1.4 million increase in the present value of benefits if a DROP
is added .
The Board agreed to meet on August 6, 1998, at 4 :00 p .m. to discuss the costs involved
by adding the DROP .
Ms. Birley outlined the fees related to updating the plan document and adding the DROP.
The proposed fee to update the plan document to comply with changes in federal regulations
and draft the DROP amendment is $15,500 . The proposed fee to submit the amendments to
the IRS for a Letter of Determination is $6,500 . The fees will be reduced by ten percent if all
three defined benefit plans are changed and submitted to the IRS at the same time.
Mr. Kahm left 5 :15 p .m .
Mr. Landry requested the Board approve payment of $2, 175 for services related to calculating
the costs of adding the DROP .
* * * * *
NEW BUSINESS
Consideration of benefit request for Marlene Stewart
Marlene Stewart has requested a lifetime only retirement benefit. Ms . Stewart's last date of
employment was May 15 , 1998 .
MR. GR YGLEWICZ MOVED TO APPROVE THE LIFETIME ONLY MONTHLY
BENEFIT OF $1,123 .67 , FOR MARLENE STEWART EFFECTIVE JUNE 1, 1998 . MS .
SKRIV AN SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Gryglewicz, Belt, Bowman, Bradshaw, Skrivan
None
Davault, Kahm
Termination of benefit for William F . Swoveland .
William F . Swoveland died on June 10, 1998 . The retirement plan payout for Mr.
Swoveland provided a survivor benefit for a period of ten years . Mr. Swoveland's benefit
began in July 1980. The ten year period has been completed . A certified copy of the
death certificate has been received . No further benefits are due .
Mr. Landry and Ms. Birley left 5 :25 p .m.
Non-Emergency Pension Board Meeting
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Discussion of Request For Proposal
The Board discussed the Request for Proposal for actuarial services and performance
evaluation .
MR . GRYGLEWICZ MOVED TO APPROVE PROCEEDING WITH THE REQUEST
FOR PROPOSALS FOR ACTUARIAL SERVICES AND PERFORMANCE
EVALUATION . MR. BELT SECONDED.
Ayes :
Nays :
Absent:
The motion carried .
MEMBERS CHOICE
Gryglewicz, Belt, Bowman, Bradshaw, Skrivan
None
Da Vault, Kahm
* * * * *
MS . BRADSHAW MOVED TO APPROVE PAYMENT OF $2 , 175 TO WILLIAM M.
MERCER, INC., FOR DROP CALCULATIONS . MR. GRYGLEWICZ SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
Gryglewicz, Belt, Bowman, Bradshaw, Skrivan
None
Da Vault, Kahm
MR. GRYGLEWICZ MOVED TO ADJOURN . MS. SKRIV AN SECONDED .
The meeting adjourned at 5 :35 p.m .
Carol Wescoat
Recording Secretary
Non-Emergency Pension Board Meeting
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