HomeMy WebLinkAbout1998-08-06 NEERB MINUTESNON-EMERGENCY PENSION BOARD MEETING
August 6, 1998
A regular meeting of the Englewood Non-Emergency Pension Board was called to order
by Chairperson Richard Kahm, at 4 :02 p .m . in Conference Room A of the Englewood
City Hall, 3400 South Elati Street, Englewood, Colorado .
Members Present:
Members Absent:
Others Present :
A quorum was present.
Richard Kahm, Chairperson
Gary Bowman, Council Appointee
Frank Gryglewicz, Director of Financial Services
Roberta Skrivan, Employee Representative
LeRoy DaVault, Council Appointee
Bill Belt, Council Appointee (notice)
Beverly Bradshaw, Council Member (no notice)
Carol Wescoat, Recording Secretary
Patrick Landry, William M. Mercer, Inc.
* * * * *
Discussion of Deferred Retirement Option Plan (DROP)
Mr. Landry presented his letter outlining the assumptions and costs of adding a DROP.
The Board discussed various aspects of adding the DROP including the cost and proposing
alternatives to reduce the cost to implement the DROP .
Mr. Gryglewicz expressed concerns about the DROP creating TABOR issues and the
potential inability to provide ad hoc increases for retirees .
Mr. Kahm commented that the contribution level originally negotiated for the
NonEmergency Plan was about eight percent and that because of good earnings the
contribution is now down to 4 .2%. His contention is that if the contribution level had
been kept at eight percent, the funds would be available to provide the benefit.
Mr. Gryglewicz requested that Mr. Kahm provide documentation regarding the negotiated
funding for the plan .
Mr. Landry, Mr. Kahm and Mr. Gryglewicz will meet with Mr. Brotzman to discuss
TABOR issues and presentation to City Council.
The meeting adjourned at 4 :50 p.m .
i24o£~~
Carol Wescoat
Recording Secretary