HomeMy WebLinkAbout2005-05-10 NEERB MINUTES,.,.. 'I
NONEMERGENCY RETIREMENT BOARD MEETING
May 10, 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.
Approval of Minutes
Brandon Williams , Chairperson , Council Appointee
Gary Bowman, Council Appointee
LeRoy DaVault, Council Appointee
Frank Gryglewicz, Director of Finance and Administrative Services
Bradley Hagan, Secretary, Employee Representative (arrived 4:25)
John Moore, Council Member (by phone)
Mahendra Patel, Employee Representative (with notice)
Dale Connors, Watershed Investment Consultants
Diane Hunt, Mellon Consultants
Elena Black , Mellon Consultants
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MR . GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE FEBRUARY 9, 2005 REGULAR MEETING .
MR. BOWMAN SECONDED .
Ayes:
Nays:
Absent:
The motion carried.
OLD BUSINESS
Bowman, DaVault, Gryglewicz, Moore, Williams
None
Hagan, Patel
Update of Real Estate Investment.
Mr. Connors informed the Board that the transaction will most likely be postponed until mid-June .
NEW BUSINESS
Watershed Investment Consultants
Mr. Connors presented the custodial bank fee proposals. Wells Fargo currently has a lower fee than the other banks
providing custodial service. He indicated that clearer directions for Wells Fargo may address the problems that have
occurred. He suggested providing detailed directions for Wells Fargo in a letter. He and Ms. Wescoat will work on
the letter.
Brad Hagan arrived at 4:25 p.m.
Mr. Connors reviewed the fund performance reports for the first quarter.
Review of January 1. 2005 Actuarial Report.
Diane Hunt announced her retirement from Mellon Consultants. She stated that she will be providing services on a
contract basis with Mellon. Ms . Hunt introduced Elena Black. Ms. Black will be Ms. Hunt's replacement. All other
contacts will Mellon will be the same. Ms. Black presented a brief outline of her credentials.
Ms. Hunt informed the board that Mellon Consultants is in the process of being sold to Affiliated Computer Services ,
Inc . (ACS). The transaction should be concluded by June 2005. The business name will revert back to Buck
Consultants after the sale closes.
Ms. Hunt reviewed the 2005 Actuarial Report. The contribution will increase to 9 .2 % for 2006 .
Consideration of benefit request from Gary Klepper.
Mr. Gary Klepper , former employee , has submitted a request for retirement benefits . Mr. Klepper attained age 55 on
January 16, 2005 .
MR . GRYGLEWICZ MOVED TO APPROVE A FIFI'Y-PERCENT JOINT AND SURVIVOR BENEFIT OF $133.44
PER MONTH FOR GARY KLEPPER BEGINNING FEBRUARY 1, 2005 . MR . BOWMAN SECONDED.
Ayes:
Nays:
Absent:
The motion carried .
Bowman, DaVault, Gryglewicz , Hagan, Moore , Williams
None
Patel
Consideration of benefit request from Shirley Caouette .
Shirley Caouette terminated employment on February 25 , 2005 and requested retirement benefits to commence April 1,
2005 .
MR. GRYGLEWICZ MOVED TO APPROVE A REGULAR EARLY RETIREMENT TEN-YEAR CERTAIN AND
LIFETIME BENEFIT OF $177.73 PER MONTH FOR SHIRLEY CAOUETTE BEGINNING APRIL 1, 2005. MR.
BOWMAN SECONDED .
Ayes:
Nays :
Absent:
The motion carried.
Bowman , Davault, Gryglewicz , Hagan, Moore , Williams
None
Patel
Consideration of benefit for the beneficiaries of Betty Jean Montgomery .
Betty Jean Montgomery , retiree , passed away on March 5, 2005 . Ms . Montgomery elected a five year certain and
lifetime benefit at the time of her retirement in July 2000. The beneficiaries are due the remaining payments through
June 30, 2005.
MR . GRYGLEWICZ MOVED TO APPROVE THE PAYMENT TO THE BENEFICIARIES OF BETTY JEAN
MONTGOMERY. GEORGE L. MONTGOMERY AND LORRIE D . PETERSON EACH WILL RECEIVE FIFTY
PERCENT OF BETTY'S MONTHLY PAYMENT OF $979 .62 FOR FOUR MONTHS WITH THE FINAL
PAYMENT MADE ON JUNE 30, 2005. MR. HAGAN SECONDED .
Ayes : Bowman, Davault, Gryglewicz, Hagan, Moore , Williams
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Nays: None
Absent: Patel
The motion
Notification of death of Esther Myers and overpayment of benefits.
Esther Myers, retiree, passed away October 6, 2004. At the time of her retirement in 1979 she elected a benefit payable
for her lifetime and ten years certain. No benefits were due after the October 2004 payment. The family did not notify
the City until February 2005. Monthly payments were deposited as usual to Ms. Myers account for November,
December and January.
Ms . Wescoat has requested a reimbursement of $667 .17 ($222.39 X 3) from Nancy Anderson, Ms. Myers' daughter. No
funds have been received .
MR. GRYGLEWICZ MOVED TO PURSUE COLLECTION OF $667.17 FROM NANCY ANDERSON . MR.
HAGAN SECONDED .
Ayes :
Nays:
Absent:
The motion
Bowman , DaVault, Gryglewicz, Hagan, Moore , Williams
None
Patel
Notification of the death of Joy Gautier .
Joy Gautier passed away during April 2005. Ms. Gautier retired with a lifetime only benefit. No further benefits are due .
Consideration of benefit for beneficiary of Elmer Noffsinger.
Elmer Noffsinger, retiree, passed away on March 20, 2005 . Mr. Noffsinger elected a fifty percent joint and survivor
benefit at the time of his retirement. He named his spouse Nickoline A. Noffisnger as beneficiary .
MR. GRYGLEWICZ MOVED TO APPROVE THE LIFETIME SURVIVOR'S MONTHLY BENEFIT OF $318 .28
FOR NICKOLINE A. NOFFSINGER THE BENEFICIARY OF ELMER NOFFSINGER. MR. HAGAN SECONDED .
Ayes :
Nays :
Absent:
The motion
Bowman , Davault, Gryglewicz , Hagan , Moore , Williams
None
Patel
Dale Connor, Diane Hunt and Elena Black left at 4:45 p .m .
Review of Performance Evaluation Request for Proposal.
The Board discussed the draft of the Performance Evaluation Request for Proposal. The Board made no chan ges to the
draft. Mr. Gryglewicz said the notifications will be sent with the intention that the Board will make a determination by
September 30, 2005.
MEMBER CHOICE
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Mr. Gryglewicz notified the Board of the Colorado Public Pension Conference (CPPC). The dates of CPPC are
September 14 -16 , 2005. The registration information has not been received , but since the next regular meeting is not
until August, this will provide time for the Board members to consider CPPC attendance . If any Board members would
like to attend CPPC they should contact Ms . Wescoat to permit timely Board approval of expenses and registration .
Mr. Da Vault indicated he is interested in attending and will notify Ms . Wescoat of his decision .
The Board's next regular meeting will be on Tuesday , August 9 , 2005 at 4:00 p .m.
Chairperson Williams adjourned the meeting at 4:55 p.m.
Carol Wescoat
Recording Secretary
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