HomeMy WebLinkAbout2007-08-14 NEERB MINUTES•
(
NONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
August 14 , 2007
Board Secretary Hagan called the regular meeting of the Engl ewood NonEmergency Employees Retirement Plan
Board to order at 4 :05 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.
Approval of Minutes
Brandon Williams, Chairperson, Council Appo intee (anived 4:30 p.m.)
Gary Bowman, Council Appointee
LeRoy DaVault, Council Appointee
John Moore, Council Member
Mahendra Patel, Employee Representative
Bradley Hagan, Secretary, Employee Representative
Frank Gryglewicz, Director of Finance and Adminish·ative Services (notice)
Richard Todd, Innovest Portfolio Solutions
Scott Middleton, Innovest Portfolio Solutions
David Slishinsky, Buck Consultants
* * * * *
MR. BOWMAN MOVED TO APPROVE THE MINUTES OF THE MAY 15, 2007 REGULAR MEETING. MR.
PATEL SECONDED .
Ayes :
Nays :
Absent:
Abstention:
The motion carried.
OLD BUSINESS
Bowman, DaVault, Hagan , Patel
None
Gryglewicz, Williams
Moore
Update of possible one-time supplemental payment for retirees.
The Board reviewed the memo provided by Mr. Gryglewicz stating that City Council has received additional information
and has not responded .
Discussion regarding Sudan Divestment.
The Board reviewed the inforn1ation provided listing the cmTent holdings of funds with Sudanese investments . Mr. Todd
stated should the Board decide to divest from funds with Sudanese holdings , the fee to monitor the funds would be
$7,000 per year . The Board discussed the minimal amount held by the plan.
MR. BOWMAN MOVED TO TAKE NO FURTHER ACTION REGARDING THE SUDAN DIVESTMENT. MR.
MOORE SECONDED.
Ayes:
Nays:
Bowman, DaVault, Moore, Hagan, Patel
None
Absent: Gryglewicz, Williams
The motion carried .
NEW BUSINESS
Innovest Portfolio Solutions, LLC
Mr. Middleton and Mr. Todd presented the second quarter portfolio review .
Chairperson Williams arrived 4:30 p.m.
Mr. Todd presented the product analysis search for an international core equity mutual fund . The Board discussed the
candidate funds. The current fund is American Funds EuroPacific and the two funds for consideration Dodge and Cox
International and Thornburg International Value .
MR. HAGAN MOVED TO ALLOCATE ONE-HALF OF THE AMERICAN FUNDS EUROP ACIFIC ASSETS TO
THORNBURG INTERNATIONAL VALUE . MR. MOORE SECONDED .
Ayes:
Nays:
Bowman, DaVault, Moore, Hagan, Patel, Williams
None
Absent: Gryglewicz
The motion canied.
Mr. Moore left at 5 :03 p.m.
Consideration of benefit for Toby Lujan.
Toby Lujan, temii.nated employment on May 31, 2007 and requested retirement benefits to commence June 1, 2006.
MR. BOWMAN MOVED TO APPROVE AN EARLY RETIREMENT 100 PERCENT JOINT AND SUR VIV OR
BENEFIT OF $985.60 PER MONTH FOR TOBY LUAN BEGINNING JUNE 1, 2007. MR. PATEL SECONDED .
Ayes:
Nays:
Absent:
The motion carried .
Bowman, DaVault, Moore, Hagan, Patel
None
Gryglewicz, Williams
Consideration of DROP application for David Baresel.
David Baresel, applied for the Deferred Retirement Option Plan (DROP) effective July 1, 2007 . Mr. Baresel's final date
in the DROP is June 30, 2010 .
MR. BOWMAN MOVED TO APPROVE THE 100 PERCENT JOINT AND SURVIVOR DROP MONTHLY
BENEFIT OF $2 ,366.50 FOR DAVID BARESEL BEGINNING JULY 1, 2007. MR. HAGAN SECONDED.
Ayes :
Nays:
Absent:
The motion carried.
Bowman, Davault, Moore, Hagan, Patel
None
Gryglewic z, Williams
2 of3
No n-Emergenc y Emp loyee Retirement Board Meeting
.. \
Consideration of DROP application for Rosemary Buckley .
Rosemary Buckley, applied for the DefeITed Retirement Option Plan (DROP) effective July 1, 2007. Mrs . Buckley 's
final date in the DROP is June 30, 2010.
MR. BOWMAN MOVED TO APPROVE THE 100 PERCENT JOINT AND SURVIVOR DROP MONTHLY
BENEFIT OF $1,508 .22 FOR ROSEMARY BUCKLEY BEGINNING JULY I, 2007. MR. HAGAN SECONDED.
Ayes:
Nays:
Absent:
The motion caITied.
Bowman, DaVault, Moore , Hagan, Patel
None
Gryglewicz, Williams
Discussion of CPPC Conference.
The Co lorado Public Plan Coalition conference is September 12-14 , 2007 in Winter Park.
MR. BOWMAN MOVED TO APPROVE THE EXPENSES FOR MAHENDRA PATEL AND LEROY DAV AULT TO
ATTEND THE COLORADO PUBLIC PLAN COALITION CONFERENCE. MR. HAGAN SECONDED.
Ayes:
Nays :
Absent:
The motion calTied.
Bowman, DaVault, Moore , Hagan, Patel
None
G1yglewicz, Williams
Board Notification of Board, Commission and Authority Appreciation Night, Saturday, August 25, 2007 at Pirate's Cove.
The City of Englewood will honor the Board, Conunission and Authority members on Saturday, August 25, 2007.
Board members need to provide the names of those attending to gain admission to the park.
MEMBER CHOICE
No items were discussed.
Chairperson Williams adjourned the meeting at 5:25 p.m.
&L~uJMc~
Carol Wescoat
Recording Secretaiy
3 of 3
Non-Emergency Emplo yee Retirement Board Meeting