HomeMy WebLinkAbout2007-05-15 NEERB MINUTES\
f
'
NONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
May 15, 2007
Board Member Gryglewicz called the regular meeting of the Englewood NonEmergency Employees Retirement Plan
Board to order at 3:34 p.m. in the Public Works Conference Room of the Civic Center, I 000 Englewood Parkway,
Englewood, Colorado.
Members Present:
Members Absent:
Others Present:
A quorum was present.
Approval of Minutes
Brandon Williams, Chairperson, Council Appointee (anived 3 :48 p.m.)
Gary Bowman, Council Appointee
LeRoy Davault, Council Appointee
Frank Gryglewicz , Director of Finance and Administrative Services
Mahendra Patel, Emp loye e Representative
Bradley Hagan, Secretary, Employee Representative
John Moore, Counci l Member (notice)
Wendy Dominguez, Innovest Portfolio Solutions
David Slishinsky, Buck Consultants
Douglas Fiddler, Buck Consu ltants
* * * * *
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE FEBRUARY 13, 2007 REGULAR MEETING AND
MARCH 13, 2007 SPECIAL MEETING. MR. BOWMAN SECONDED.
Ayes:
Nays:
Absent:
The motion canied.
OLD BUSINESS
Bowman, Davault, Gryglewicz, Hagan, Patel
None
Moore, Williams
No old business was discussed.
NEW BUSINESS
lnnovest Portfolio Solutions, LLC
Ms. Dominguez presented the 2007 Capital Markets Preview.
Chairperson Williams anived 3:48 p.m.
Ms. Dominguez said they are not recommending any changes to the portfolio.
Ms. Dominguez reviewed investment results for the first quarter of 2007. She said the Board might consider adding an
international value fund to the po11folio to compliment the American Euro Pacific fund.
Buck Consultants January 2007 Actuarial Rep011.
David Slishinsky reviewed the January I, 2007 actuarial repo11. The cuJTent contribution is 9.0% of pay for each pa11icipant.
The 2008 required contribution is 8.9%. Mr. Slishinsky presented the results of the additional study to provide a one-tim e
payment of $250 to each retiree. T he cost of the one-time benefit payment would increase the contribution to 8.94%.
MR. GRYGLEWICZ MOVED TO ACCEPT THE JANUARY l, 2007 ACTUARIAL REPORT. MR. BOWMAN
SECONDED.
Ayes:
Nays:
Bowman , DaVault, Gryglewicz, Hagan, Patel, Williams
None
Absent: Moore
The motion caiTied .
MR. GRYGLEWICZ MOVED TO RECOMMEND A ONE-TIME BENEFIT PAYMENT OF $250 TO EACH RETIREE
RECEIVING BENEFITS ON DECEMBER 31, 2007 AND RETIRED AS OF JANUARY 1, 2007. MR . PA TEL SECONDED
Discussion ensued related to the cost and the process of providing the one-time payment.
Ayes: Bowman, Davault, Gryglewicz, Hagan, Patel, Williams
Nays: None ·
Absent: Moore
The motion canied.
Mr. Slishinsky left at 4:35 p.m.
Notification of Gertrude Welty's death .
Gerh·ude Welty, retiree, passed away on February 12, 2007. Ms. Welty elected lifetime benefit at the time of her
retirement in 2003. The final payment was paid on February 28, 2007. No further payment is due .
Notification of Betty Lou Angel's death.
Betty Lou Angel, beneficia1y of William Angel, passed away on March 18, 2007 . Ms. Angel benefit was paid during her
lifetime only. The final payment was paid on March 31, 2007. No further payment is due.
Consideration of benefit for survivor of Robert Hitchcock.
Robert Hitchcock, retiree, passed away on March 10, 2007. Mr. Hitchcock elected a 100% joint and survivor benefit
at the time of his retirement.
MR. GRYGLEWICZ MOVED TO APPROVE A MONTHLY BENEFIT OF $1,758 .87 FOR MARY HITCHCOCK
PAY ABLE DURING HER LIFETIME. MR. BOWMAN SECONDED.
Ayes :
Nays:
Absent:
The motion canied.
Bowman, DaVault, Gryglewicz, Hagan, Patel, Williams
None
Moore
Di sc ussion of actuarial fee sched ule.
The Board considered a request for proposal (RFP) of actuarial fees . The Board agreed to postpone doing an actuaria l
RFP until 2008 .
MEMBER CHOICE
Mr. Gryglewicz asked Ms. Dominguez ifthe plan had funds that would be impacted if the Board were to decide to voluntarily
comply with Co lorado HB 07-1184.
Non-Emergency Emplo yee Retirement Board Meeting
2 of 3
t
'
' I
Ms. Dominguez will review the funds and provide a report at the next meeting.
Mr. Bowman reviewed some of the highlights of the COPERS conference. Some of the topics that were covered were the
impact of unfunded 1 iability of healthcare on retirement plans, concern of recovering settlement funds in the cases of corporate
fraud; evaluating the fees charged plans by service providers and vendors; communications with participants; and c hoosin g the
right benchmark index for a plan asset fund .
The next board meeting will be August 14 , 2007.
The Colorado Public Plan Coalition conference is September 12-14, 2007. The board members will consider if they wish to
attend.
Chairperson Williams adjourned the meeting at 4:55 p.m.
Carol Wescoat
Recording Secretary
Non-Emergency Empl oyee Ret ir ement Board Meeting
3 of 3