HomeMy WebLinkAbout2005-11-08 NEERB MINUTESNONEMERGENCY EMPLOYEES RETIREMENT BOARD MEETING
November 8, 2005
Chairperson Brandon Williams called the regular meeting of the Englewood NonEmergency Employees Retirement
Plan Board to order at 3:55 p.m. in the Public Works Conference Ro o m of the C ivic Center, 1000 Englewood
Parkway, Englewood, Colorado.
Members Present:
Members Absent:
Others Present:
A quorum was present.
Approval of Minutes
Brandon William s, Chairperson, Council Appointee
Gary Bowman, Council Appointee
LeRoy Davault, Council Appointee
Bradley Hagan, Secretary, Employee Representative
Mahendra Patel , Employee Representative
John Moore, Council Member (notice)
Frank Gryglewicz, Director of Finance and Administrative Services (notice )
Wendy Dominguez, Innovest Portfolio Solutions LLC
Richard Todd, Innovest Portfolio Solutions LLC
Elena Black, Buck Consultants
* * * * *
MR. BOWMAN MOVED TO APPROVE THE MINUTES OF THE AUGUST 9, 2005 REGULAR MEETING AND
AUGUST 30, 2005 SPECIAL MEETING. MR. PATEL SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
OLD BUSINESS
Bowman , Davault, Hagan , Patel, Williams
None
Gryglewicz, Moore
Update of Real Estate Investment.
Ms. Dominguez informed the Board that the transaction is scheduled for November 15, 2005. They will verify the
current assets and ten percent of the assets will be transferred to the Principal US Property Separate Account.
NEW BUSINESS
Innovest Portfolio Solutions. LLC
Ms. Dominguez presented the Board with copies of the book, Prudent Investment Practices. She reviewed page 12
and explained the fiduciary responsibilities of the Board and the investment management process.
Ms. Dominguez di sc ussed the asset allocation study that will be brought to the Board 's next meetin g. She indicated
that the current modeling of assets provides a 7 .1 % projected earning with a standard deviation of ten percent. Thi s
does not provide the 7.5% plan assumption.
Mr. Todd reviewed the various alternative investments the Board may consider including in the asset allocation
study. The Board agreed to include Index Commodities Futures, and Fixed Income Bank Loans in the study. The
Board declined to include Fixed Income Global Bonds, Hedge Funds and Private Equity for this study.
The asset allocation study will be presented at the next regular meeting.
Mr. Todd presented the fund performance reports for the third quarter.
Update of repayment of overpayment of benefits for Esther Mvers
Esther Myer's daughter has been making periodic payments to repay the 3 monthly payments that she received after
Ms . Myer 's passed away.
Notification of death of Dorothy Romans.
Dorothy Romans, retiree, passed away on September 1, 2005. Ms. Romans elected a five year certain and lifetime
benefit at the time of her retirement in 1991. The final payment was paid on September 30, 2005.
Notification of death of Dallas Stephens .
Dallas Stephens, retiree, passed away on August 27 , 2005. Mr. Stephens elected a ten year certain and lifetime benefit at
the time of his retirement in 1986. The final payment was paid on August 31, 2005.
Notification of death of William Hood.
William Hood, retiree, passed away on August 31, 2005. Mr. Hood elected a ten year certain and lifetime benefit at the
time of his retirement in 1981. The final payment was paid on August 31, 2005 .
Notification of request for benefits from Caryl Bright.
Caryl Bright submitted her application for retirement benefit. The paperwork will be finalized for approval at the next
regular meeting.
Notification of DROP application from Dell Montgomery.
Dell Montgomery submitted his application for Deferred Retirement Option Plan (DROP). If Mr. Montgomery
completes the DROP process; the paperwork will be finalized for approval at the next regular meeting .
Leroy De Vault's report on the Colorado Public Pension Conference.
Mr. De Vault reviewed the Colorado Public Pension Conference for the Board .
MEMBER CHOICE
No items were discussed .
Chairperson Williams adjourned the meeting at 5:30 p.m.
Carol Wescoat
Recording Secretary
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Non-Emergency Empl oyee Retir eme nt Board Meetin g