Loading...
HomeMy WebLinkAbout2006-02-14 NEERB MINUTESNONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING February 14, 2006 Chairperson Brandon Williams called the re gular meeting of the Englewood NonEmergency Employees Retirement Plan Board to order at 3:40 p.m . in the Public Works Conference Room of the Civic Center, 1000 E ng lew ood Parkway, Englewood, Colorado. Members Present: Members Absent: Others Present: A quorum was present. Seating of Board Member Brandon Williams, C hairperson, Council Appointee Gary Bowman, Cou ncil Appointee LeRoy DaVault, Council Appointee (arrived at 3:55 p.m.) Frank Gryglewicz, Director of Finance and Administrative Services Bradley Hagan, Secretary, Employee Representative John Moore, Council Member (by phone) Mahendra Patel, Employee Representative None Wendy Dominguez, Innovest Portfolio Solutions LLC Richard Todd, Innovest Portfolio Solutions LLC Elena Black, Buck Consultants * * * * * The Board welcomed re-elected member, Bradley Hagan, and congratulated Mr. Williams on his re-appointment to the Board. Election of President/Chairperson and Secretary MR. GRYGLEWICZ NOMINATED BRANDON WILLIAMS AS PRESIDENT/CHAIRPERSON. MR. HAGAN SECONDED. Ayes: Nays: Absent: Abstention: Bowman, Patel, Gryglewicz, Hagan, Moore None DaYault Williams MR. GRYGLEWICZ NOMINATED BRADLEY HAGAN AS SECRETARY. MR. BOWMAN SECONDED. Ayes: Nays: Absent: Abstention: Approval of Minutes Williams, Patel, Gryglewicz, Bowman, Moore None Davault Hagan MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE NOVEMBER 8, 2005 REGULAR MEETING. MR. PATEL SECONDED . Ayes: Nays: Absent: Williams, Bowman, Hagan, Patel None Davault Abstention: Gryglewicz, Moore The motion carried. OLD BUSINESS Innovest Portfolio Solutions presentation of alternative investments. Ms. Dominguez reviewed the Asset Allocation Analysis for the Board. The proposed allocation included adding bank loan, commodities a nd non-US fixed funds. Innovest will provide information on potential investment candidates at the May meeting. Discus sion ensued regarding other investment choices and the fund s that were omitted from the lineup at the November meeting. Mr. DaVault arrived at 3:55 p.m. Discussion ensued regarding about these additions being a more aggressive portfolio than the investments allocation. MR. GRYGLEWICZ MOVED TO ADMEND THE ASSET ALLOCTION TO REFLECT INNOVEST'S RECOMMENDATION. MR. BOWMAN SECONDED. Ayes: Nays: Absent: The motion carried. Williams, Bowman, DaVault, Gryg lewicz, Hagan, Moore, Patel, None None Innovest will bring investment products and the revised Investment P olicy for approva l at the May meeting. NEW BUSINESS Innovest Portfolio Solutions, LLC Ms . Dominquez and Mr. Todd reviewed the 2005 fourth quarter performance evalu ation. The Board noted an error in the reporting of the Wells Fargo S&P 500 Index fund management fees. The fees for the fund a re 15 basis points. Innovest will make the correction. Ms. Dominquez commented that the current commission recapture program has been wo rking well and they are working with Wells Fargo to improve the recapture program for the other fu nds. Review of Buck Consultants proposed ag reement. Ms. Black reviewed the revi sed letter of agreement for fees with the Board. Buck Consultants requested an updated letter of agreement with the purchase of the company by ACS . Discussion ensued related to the an nu a l increase based on the Consumer Price Index rather than the previous National Average Wage Increase. MR. GRYGLEWICZ MOVED TO ACCEPT THE BUCK CONSULT ANT'S FEES LETTER OF AGREEMENT. MR. PATEL SECONDED Ayes: Nay s : Ab sent: Williams, Bowman, DaVault, Gryglewicz , Hagan, Moore, Patel, None None Non -Em erge ncy Employee Retirement Board Meetin g ' I , . -f The motion carried. Discussion of optional calculations to be included with the 2006 actuarial report. The Board agreed that no additional studies will be requested for the 2006 actuari al report. Consideration of su rvivor's benefit for the spouse of William Young. William Young, retiree, passed away on December 19 , 2005. Mr. Young elected a one hundred percent joint and survivor benefit at the time of his retirement. He named his spo use Linda L. Young as beneficiary. MR. GRYGLEWICZ MOVED TO APPROVE THE LIFETIME SURVIVOR'S MONTHLY BENEFIT OF $1,374 .52 FOR LINDA L. YOUNG THE BENEFICIARY OF WILLIAM YOUNG BEGINNING JANUARY 2006. MR . HAGAN SEC ONDED. Ayes: Nays: Absent: The motion carried . Williams, Bowman, Davault, Grygl ewicz, Hagan, Moore, Patel None None Consideration of DROP application from Dell Montgomery. Dell Montgomery, applied for the Deferred Retirement Option Plan (DROP) effective of January 2006. Mr. Montgomery's final date in the DROP is December 31, 2008. MR. GRYGLEWICZ MOVED TO APPROVE THE TEN YEAR CERTAIN AND LIFETIME DROP MONTHLY BENEFIT OF $4,970.4 1 FOR DELL MONTGOMERY BEGINNING JANUARY 2006 . MR. HAGAN SECONDED . Ayes: Nay s : Williams, Bowman, DaVault, Gryglewicz, Hagan, Moore, Patel None Abse nt: None The motion carried. Notification of death of Dorothy Smith. Dorothy Smith, retiree, passed away on October 27, 2005. Ms. Smith elected a ten year certain and lifetime benefit at the time of her retirement in 1991. The final payment was paid on October 31, 2005. MEMBER CHOICE No items were discussed. The next meeting is sc hedule for May 9, 2006 at 3:00 p.m . to allow add iti onal time for presentation s . Chairperson Williams adjourned the meeting at 4:50 p.m . ~~~~ Carol Wescoa t Recording Secretary 3 of 3 Non-Emergency Empl oyee Retirement Board Me etin g