HomeMy WebLinkAbout2006-05-09 NEERB MINUTES, '
NONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
May 9, 2006
Secretary Bradley Hagan called the regular meetin g of the Englewo od NonEmergency Employees Retirement Plan Board
to order at 3 :06 p.m . in the Public Works Conference Room of the Civic Center, 1000 Englewood Parkway, En glewood ,
Colorado.
Members Present:
Members Absent:
Others Present:
A quorum was present.
Approval of Minutes
Brandon Williams , Chairperson , Council Appointee (arrived 3:25 p.m .)
Gary Bowman , Council Appointe e
LeRoy Davault, Council Appointee
Frank Grygl ewicz, Director of Finance and Administrative Services
Bradley Hagan, Secretary, Employee Representative
John Moore, Council Member
Mahendra Patel, Employee Representative (no notice)
Wendy Domin guez , Innovest Portfolio Solutions LLC
Richard Todd, Innovest Portfolio Solutions LLC
Elena Black, Buck Consultants
Deborah Chomiuk, Buck Consultants
* * * * *
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE FEBRUARY 14 , 2006 REGULAR MEETING AND
MARCH 29 , 2006 SPECIAL MEETING. MR. BOWMAN SECONDED .
Ayes :
Nays :
Absent:
The motion carried .
OLD BUSINESS
No items were discussed.
NEW BUSINESS
Bowman , DaVault, Hagan, Gryglewicz, Moore
None
Patel, Williams
The Board agreed to change the order of agenda items .
Buck Consultants January 1, 2006 Actuarial Report.
Ms . Black reviewed the processes involved in preparing the actuarial report. She summarized the results presented in the
January 1, 2006 Actuarial Report. The report indicates that the plan contribution will be 9 .0 % of pay for 2007.
MR. GRYGLEWICZ MOVED TO ACCEPT THE JANUARY 1, 2006 ACTUARIAL REPORT. MR. BOWMAN
SECONDED .
Ayes:
Nays:
Absent:
The motion carried.
Bowman, DaVault, Hagan, Gryglewicz, Moore
None
Patel , Williams
Innovest Portfolio Solutions, LLC
Ms. Dominguez reviewed investment results for the first quarter of 2006.
Mr. Williams arrived at 3:25 p.m.
Ms . Dominguez and Mr. Todd reviewed in detail the funds to be considered by the Board. Funds to be considered
included :
Large Capital Growth Mutual Funds
Marisico Growth Fund
Chase Growth Fund
Cheasapeake Core Growth Fund
Mid-Capital Growth Mutual Funds
Janu s Mid Capital Value Fund
W ells Fargo Cooke and Bieler Mid Capital Value Fund
Commodity Mutual Fund
Pimco Commodity Real Return Fund , In stitutional
Global Fixed Income Mutual Funds
Templeton Global Bond Fund
Julius Baer Total Return Fund
Bank Loan Mutual Funds
Highland Floating Rate A Fund
Eaton Vance Floating Rate Fund (EIBLX -dail y liquid and EIFRX -quarterly tendered)
Ms. Dominguez estimated the dollar allocation based upon the revi sed asset allocation that was approved at the last board
meeting.
MR. GRYGLEWICZ MOVED TO INVEST IN THE FOLLOWING FUNDS. MR . MOORE SECONDED.
MARISICO GROWTif FUND
JANUS MID CAPITAL VALUE FUND
PIMCO COMMODITY REAL RETURN FUND, INSTITUTIONAL
JULIUS BAER TOT AL RETURN FUND
EATON VANCE FLOATING RATE FUND (EIFRX -QUARTERLY TENDERED)
Ayes:
Nays:
Bowman, DaVault, Hagan, Gryglewicz, Moore, Williams
None
Absent: Patel
The motion carried.
The Board agreed to finali ze the revised investment policy with th e approved asset allocation at the next meetin g .
Ms. Dominguez clarified that the purchase of the commodities fund will be a three-part transaction with one-third immediately
and the remaining two-thirds over the next 12 months.
Ms . Dominguez left at 4 :45 p .m .
Consideration of benefit for Jovce Pars o ns-Herrick.
Joyce Parsons-Herrick terminated employment on March 31, 2006 and requested retirement benefits to commence April 1,
2006.
Non-Emergency Employee Retirement Board Mee ting
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MR. GRYGLEWICZ MOVED TO APPROVE A REGULAR RETIREMENT FIVE-YEAR CERTAIN AND LIFETJME
BENEFIT OF $1,264 .73 PER MONTH FOR JOYCE PARSONS-HERRICK BEGINNING APRIL 1, 2006. MR. HAGAN
SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Bowman, DaVault, Hagan, Gryglewicz, Moore, William s
None
Patel
Consideration of benefit for Karen Leadens.
Karen Leadens terminated employment on March 31 , 2006 and requested retirement benefits to commence April 1, 2006.
MR. GRYGLEWICZ MOVED TO APPROVE A REGULAR RETIREMENT FIVE-YEAR CERTAIN AND LIFETJME
BENEFlT OF $3,235.70 PER MONTH FOR KAREN LEADENS BEGINNING APRIL 1, 2006. MR. HAGAN SECONDED .
Ayes:
Nays:
Absent:
The motion carried.
Bowman, DaVault, Hagan , Gryglewicz, Moore, Williams
None
Patel
Notification of benefit requests from Daniel Martinez. Vicky Younkin and Richard Petrash .
The Board was notified of the pending retirement requests for Daniel Martinez, Vicky Younkin and Richard Petrash. The
approvals will be finalized at the next Board meeting.
Colorado Public Pension Conference
The Board discussed the Colorado Public Pension Conference (August 29-31, 2006) and the benefits to members
attending.
MR. GRYGLEWICZ MOVED TO APPROVE COLORADO PUBLIC PENISON CONFERENCE EXPENSES FOR
LEROY DAV AULT. MR. MOORE SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
MEMBER CHOICE
No items were discussed.
Bowman , DaVault, Hagan, Gryglewicz, Moore, Williams
None
Patel
Chairperson Williams adjourned the meeting at 4:50 p.m .
Carol Wescoat
Recording Secretary
Non-Emergency Employee Retirement Board Meeting
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