HomeMy WebLinkAbout2005-02-09 NEERB MINUTESNONEMERGENCY RETIREMENT BOARD MEETING
February 9, 2005
Chairperson Brandon Williams called the regular meeting of the Englewood NonEmergency Retirement Board to
order at 4:00 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.
Brandon Williams, Chairperson
Gary Bowman, Council Appointee
LeRoy DaVault, Council Appointee (arrived 4:10)
Frank Gryglewicz, Director of Finance and Administrative Services
Bradley Hagan, Employee Representative
John Moore, Council Member
Mahendra Patel, Employee Representative
None
Dale Connors, Watershed Investment Consultants
Diane Hunt, Mellon Consultants
* * * * *
Election of President/Chairperson and Secretary
MR. BOWMAN NOMINATED BRANDON WILLIAMS AS PRESIDENT/CHAIRPERSON. MR.
GRYGLEWICZ SECONDED.
Ayes:
Nays:
Absent:
Abstention:
Bowman, Patel, Gryglewicz , Hagan , Moore
None
Davault
Williams
MR. WILLIAMS NOMINATED BRAD HAGAN AS SECRETARY. MR. MOORE SECONDED.
Ayes:
Nays:
Absent:
Abstention:
Approval of Minutes
Williams, Patel, Gryglewicz, Bowman , Moore
None
Davault
Hagan
MR . GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE NOVEMBER 9, 2004 REGULAR MEETING.
MR . BOWMAN SECONDED .
Ayes:
Nays:
Absent:
The motion carried.
Bowman, Gryglewicz, Hagan, Moore, Patel, Williams
None
DaVault
OLD BUSINESS
Update of Real Estate Investment.
Mr. Connors said the paperwork has been completed and the funds designated for real estate are in the queue and the
investment will likely happen during May.
NEW BUSINESS
Watershed Investment Consultants
Mr. Connors reviewed the fund performance reports for the fourth quarter and the year ending 2004. The fourth
quarter was very good and provided an overall return of 9.3 % for the year.
Mr. Davault arrived 4:10 p.m.
Mr. Connor stated that the fund management of Harbor Small Cap Growth fund has had additional changes, and they
will continue to closely monitor performance .
Discussion of Possible Actuarial Studies for the 2005 Report.
The Board requested that Mellon Consultants provide a three to five year forecast of estimated funding requirements
similar to the information provided in 2004.
Notification of benefit request from Gilbert Kessler.
Mr. Gilbert Kessler, former employee, has submitted a request for retirement benefits. Ms . Wescoat stated there are
some issues pending and the approval of benefits will be brought back to the Board at the next meeting.
Notification of the death of Ario Livergood.
Ario Livergood passed away during January 2005 . Mr. Livergood retired during 1988 with a lifetime and ten year
certain benefit. No further benefits are due.
MEMBER CHOICE
Mr. Gryglewicz reminded the Board the request for proposal (RFP) for firms that do performance evaluation will be
brought to the May meeting. The Board had agreed to do a RFP when the fee increase for Watershed Investment
Consultants was approved in 2004.
Mr. Connors commented about problems with Wells Fargo, the custodial trustee. He plans to provide other trustee
information for consideration at the next meeting. He said the choices of banks that provide this service is limited.
The Board's next the meeting will be on Tuesday, May 10, 2005 at 4:00 p.m.
Chairperson Williams adjourned the meeting at 4:38 p.m.
Carol Wescoat
Recording Secretary
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Non-Emergen c y Pen sion Board Meetin g