HomeMy WebLinkAbout2007-02-13 NEERB MINUTESNONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
February 13, 2007
Chairperson Williams called the regular meeting of the Englewood NonEmergency Employees Retirement Plan Board to
order at 4:03 p.m. in the Public Works Conference Room of the Civic Center, 1000 Englewood Parkway, Englewood ,
Colorado.
Members Present:
Members Absent:
Others Present:
A quorum was present.
Seating of Board Member
Brandon Williams, Chairperson, Council Appointee
Gary Bowman, Council Appointee
LeRoy DaVault, Council Appointee
Mahendra Patel, Employee Representative
John Moore, Council Member (by phone)
Frank Gryglewicz, Director of Finance and Administrative Services (notice)
Bradley Hagan, Secretary, Employee Representative (no notice)
Wendy Dominguez, Innovest Portfolio Solutions
Richard Todd, lnnovest Portfolio Solutions LLC
David Slishinsky, Buck Consultants
* * * * *
The Board congratulated Mr. Da Vault on his re-appointment to the Board.
Election of President/Chairperson and Secretary
MR. MOORE NOMINATED BRANDON WILLIAMS AS PRESIDENT/CHAIRPERSON. MR. BOWMAN
SECONDED.
Ayes:
Nays:
Absent:
Abstention:
The motion carried.
Bowman, Patel, DaVault, Moore
None
Gryglewicz, Hagan
Williams
MR. MOORE NOMINATED BRADLEY HAGAN AS SECRETARY. MR. PATEL SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Approval of Minutes
Williams, Patel, DaVault, Bowman, Moore
None
Gryglewicz, Hagan
MR. BOWMAN MOVED TO APPROVE THE MINUTES OF THE NOVEMBER 14, 2006 REGULAR MEETING. MR .
PATEL SECONDED.
Ayes:
Nays :
Absent:
The motion caJTied.
Bowman, DaVault, Moore, Patel, Williams
None
Gryglewicz, Hagan
OLD BUSINESS
Discussion of Board Governances .
The Board reviewed the draft of the Statement of Governance Principles for Non Emergency Employees Retirement Board
members and Staff and the Leadership Agreement.
MR . BOWMAN MOVED TO ACCEPT THE STATEMENT OF GOVERNANCE PRINIClPLES FOR NONEMERGENCY
EMPLOYEES RETIREMENT BOARD MEMBERS AND STAFF. MR . DAVAULT SECONDED .
Ayes:
Nays:
Absent:
The motion catTied.
Bowman, DaVault, Moore, Patel, Williams
None
Gryglewicz, Hagan
MR . BOWMAN MOVED TO ACCEPT THE LEADERSHIP AGREEMENT. MR. PATEL SECONDED
Ayes:
Nays:
Absent:
The motion caiTied.
NEW BUSINESS
Bowman, DaVault, Moore, Patel, Williams
None
Gryglewicz, Hagan
Innovest Portfolio Solutions, LLC
Ms. Dominguez and Mr. Todd reviewed investment results for the fou1ih quaiier of 2006. The return was I 0.54% for 2006.
Mr. Todd expressed some concern with the American Funds EuroPacific Growth Fund and may address the concerns when
lnnovest reviews the Plan's asset allocation.
Discussion of optional calculations to be included with the 2007 actuarial rep01i.
The Board discussed various possible studies that might be included with the 2007 actuarial rep01i. Mr. Slishinsky said that
the cost of a study could run from $1,000-$3,000. Mr. Moore commented that City Council will not likely approve any
increase in retiree benefits and there had been no pressure from the retirees to get an increase. Discussion indicated the last
retiree benefit increase was approved in 1999 or 2000.
Ms. Dominguez left at 5:00 p .m.
Mr. Slishinsky estimated a three percent increase for retirees would cost approximately .3 %.
The Board agreed to not have any studies included with the 2007 actuarial rep01i.
Consideration of DROP benefit for Rodney Coon.
Rodney Coon, applied for the Deferred Retirement Option Plan (DROP) effective December 2006. Mr. Coon's final date
in the DROP is November 30, 2009.
MR. PATEL MOVED TO APPROVE THE LIFETIME ONLY DROP MONTHLY BENEFIT OF $1,611.55 FOR
RODNEY COON BEGINNING DECEMBER 2006. MR. BOWMAN SECONDED.
Ayes:
Nays:
Bowman, DaVault, Moore, Patel , Williams
None
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Non-Emergency Employee Retirement Board Meeting
:
Absent: Gryglewicz , Hagan
The motion carried.
At 5: 10 p.m. Mr. Moore requested that he be excused from the meeting since there were no additional voting items.
Notification of Fairy Meineke's death .
Fairy Meineke, retiree, passed away on December 15, 2006. Mrs. Meineke elected a ten year certain and lifetime bene fit
at the time of her retirement in 1986. The final payment was paid on December 31, 2006. No further payment is due .
Discussion of Trustee Training .
The Board discussed the benefits of the trustee training provided by Innovest P01ifolio Solutions and requested a list of
potential training to review at the next meeting.
MEMBER CHOICE
The next board meeting will be May 8, 2007.
Chairperson Williams adjourned the meeting at 5 :15 p.m .
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Carol Wescoat
Recording Secretary
Non -Em erg enc y Empl oye e Retirement Bo ard Mee tin g
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