HomeMy WebLinkAbout1998-09-24 NEERB MINUTESNON-EMERGENCY PENSION BOARD MEETING
September 24, 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 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
Bill Belt, Council Appointee
Gary Bowman, Council Appointee
Beverly Bradshaw, Council Member
LeRoy Da Vault, Council Appointee
Frank Gryglewicz, Director of Financial Services
Roberta Skrivan, Employee Representative
None
Carol Wescoat, Recording Secretary
Patrick Landry, William M. Mercer, Inc .
* * * * *
Mr. DaVault inquired about the market fluctuation's affect on the pension fund . Mr.
Landry explained the diversification of the funds and the smoothing technique used to
reduce risk and recognize gains and losses.
Discussion of Deferred Retirement Option Plan (DROP)
Discussion ensued related to the City Council study session, the cost to the fund of adding
DROP, and the employees desire to add the DROP to the plan .
Mr. Gryglewicz expressed his concerns related to adding the DROP . His concerns are that
the expense involved with adding the DROP will eliminate any ad hoc benefit increases for
current and future retirees and that not all members will benefit from a DROP.
Mr. Landry reviewed the information presented at the City Council study session . The Board
discussed alternative combinations of plan changes .
The Board discussed a survey and meetings to obtain the membership's opinion prior to
proceeding with plan changes .
MR. GRYGLEWICZ MOVED TO HA VE WILLIAM M . MERCER, INC . PREPARE THE
COSTS TO THE PLAN OF PROVIDING EITHER A TWO AND THREE YEAR DROP.
MR. BELT SECONDED .
Mr. Landry commented the fees should be less than the $2,000. The expense should
be less than those related to costs for the five year DROP, since the preliminary work
has been completed.
Ayes :
Nays :
Absent :
The motion carried .
Kahm, Belt, Bowman, Da Vault, Gryglewicz, Bradshaw, Skrivan
None
None
The meeting adjourned at 5 :10 p.m .
Carol W escoat
Recording Secretary
Non-Emergency Pension Board Meeting
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