HomeMy WebLinkAbout2005-08-30 NEERB MINUTESNONEMERGENCY RETIREMENT BOARD MEETING
August 30, 2005
Board Member Frank Gryglewicz called the special meeting of the Englewood NonEmergency Retirement Board to
order at 3:30 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, and Council Appointee (arrived 3:53 p.m.)
Gary Bowman , Council Appointee
LeRoy DaVault, Council Appointee
Frank Gryglewicz, Director of Finance and Administrative Services
Bradley Hagan, Secretary, Employee Representative
Mahendra Patel , Employee Representative
John M oore, Council Member (no notice)
Presenting Firms
* * * * *
3:30 -3:55 p.m. Watershed Investment Consultants
Dale Connors and Kevin Yoshida, Managing Directors of Watershed Investment Consultants discussed their firm
and their work with the NonEmergency Employees Retirement Plan Board.
Chairperson Williams arrived at 3 :53 p.m .
Mr. Bowman asked Watershed if they considered their firm a fiduciary. Mr. Connors said yes .
4 :00 -4:25 p.m. Innovest Portfolio Solutions, Inc .
Richard Todd and Wendy Dominguez , Principals of Innovest Portfolio Solutions represented the firm and discussed
the goals of the NonEmergency Employees Retirement Plan Board . Mr. Todd commented that the current allocation
mix is not adequate for attaining the actuarial assumed rate of return .
The Board questioned Mr. Todd and Ms. Dominguez regarding their fiduciary responsibilities and other possible
investment options that may change the allocation mix.
4:30 -4:55 p.m . Strategic Capital Advisers
Jim Hutchinson and Jonathan Ahalt of Strategic Capital Advisers represented the firm for the NonEmergency
Employees Retirement Plan Board . Mr. Hutchison outlined the services provided that they feel are unique to their
firm .
Chairperson Williams left the room from 4:46 p.m . to 4:56 p.m.
The Board questioned Mr. Hutchinson and Mr. Ahalt regarding some of the responses provided in their proposal.
At the conclusion of all the presentations , the Board the discussed the pros and cons of each of the three firms.
MR. GRYGLEWICZ MOVED TO APRROVE INNOVEST PORTFOLIO SOLUTIONS, INC. AS THE
PERFORMANCE EVALUATION CONSULTANTS AND PROCEED WTH NEGOTIATING THE FEE. MR. PATEL
SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Bowman, DaVault, Gryglewicz , Hagan, Patel , Williams
None
Moore
Chairperson Williams adjourned the meeting at 5:20 p.m.
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Carol Wescoat
Recording Secretary
2 of 2
Non-Emergency Pensi on Board Meetin g