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HomeMy WebLinkAbout2001-08-14 NEERB MINUTES• r NO EMERGENCY RETIREMENT BOARD MEETING August 14, 2001 The regular meeting of the Englewood NonEmergency Retirement Board was called to order by Chairperson Rick Kahm, at 4:02 p.m. in the Community Development Conference Room of the Civic Center, 1000 Englewood Parkway, Englewood, Colorado. Members Present: Members Absent: Others Present: A quorum was present. Approval of Minutes Richard Kahrn , Chairperson Gary Bowman, Council Appointee Bill Belt, Council Appointee Beverly Bradshaw, Council Member Ernestine Campbell, Employee Representative LeRoy DaVault, Council Appointee(arrived 4:06 p.m.) Frank Gryglewicz, Director of Finance and Administrative Services None Dale Connors, Watershed Investment Consultants Kevin Yoshida, Watershed Investment Consultants Diane Hunt, Buck Consultants Susan Eaton, Director of Human Resources * * * * * MR. BELT MOVED TO APPROVE THE MINUTES OF THE MAY 8, 2001 REGULAR MEETING. MS . BRADSHAW SECONDED Ayes: Nays: Absent: The motion carried. Kahm, Belt, Bowman, Campbell, Bradshaw, Gryglewicz None DaVault MS. BRAD SHAW MOVED TO APPROVE THE MINUTES OF THE JUNE 18, 2001 TELEPHONE POLL. MR. BELT SECONDED. Ayes: Nays: Absent: The motion carried. Kahrn, Belt, Bowman, Can1pbell, Bradshaw, Gryglewicz None DaVault Mr. DaVault arrived 4:06 p.m. OLD BUSINESS Discussion of plan conversion and fund transfer amount. Ms. Wescoat reviewed the transfer amounts and number of participants who e lected the NonEmergency Employees Money Purchase Plan . ICMA-RC will receive $499,804.51 for the 66 active participants who opted out and $773,514.53 for the 46 deferred vested participants. Another 21 deferred vested participants will transfer $212,391.04 to either IRA Rollover accounts or other pension plans with their current employers. A total of $1,485.710.08 will be transferred from the Plan on August 31, 2001. Ms. Hunt said the 66 active employees have an average of a little over five years service. She indicated that the transfers should have little impact on Plan funding, but that the investment performance over past few years is a greater concern to the funding status of the Plan. NEW BUSINESS Watershed Investment Consultants Mr. Gryglewicz asked the representatives from Watershed Investment Consultants how the transfer should be allocated between the investments. Mr. Connor distributed a worksheet detailing current balances for the Fund. He said the Board could either split the withdrawal proportionately with the funds or because the fund will be rebalanced at the end of August the Board may prefer to withdraw the $1.485 million from the Dodge and Cox Income Fund. The performance of the investments has put the Dodge and Cox Income Fund in a position that a portion will need to be sold to realign the fund with the investment policy guidelines. MS. BRADSHAW MOVED TO APPROVE WITHDRAWING THE $1,485,710.08 FROM THE DODGE AND COX INCOME FUND. MRS. BOWMAN SECONDED. Ayes: Nays: Absent: The motion carried. Kahm, Belt, Bradshaw, Bowman, Campbell, DaVault, Gryglewicz None None Mr. Connors reviewed the fund performance for the first quarter 2001. Consideration of retirement benefits for Ronald Walkup . Ronald Walkup requested his retirement benefit to begin on July 1, 2001. His last day of employment was June 30 , 2001. Mr. Walkup joined the Plan on January 16, 1976. He was given credited service for his prior employment from December 20, 1962 to January 15 , 1976. Since Mr. Walkup had not made required contributions to the Plan, his benefit calculation included an actuarial reduction of $73. 81 per month . MR. BOWMAN MOVED TO APPROVE MONTHLY BENEFITS FOR TEN YEARS CERTAIN AND LIFETIME IN THE AMOUNT OF $1,771.21 FOR RONALD WALKUP AS OF JULY 1, 2001. MS. CAMPBELL SECONDED . Ayes: Nays: Absent: The motion carried. Kahm, Belt, Bradshaw, Bowman , Campbell, Davault, Gryglewicz None None Non-Emergency Pension Board Meeting 2 • T 1 ;.-. r Colorado Public Pension Conference. The Colorado Public Pension Conference is scheduled for September 12-14, 2001. The Board discussed members interest in attending and approval of expenses. MR. GRYGLEWICZ MOVED TO APPROVE TRAVEL EXPENSES FOR GARY BOWMAN AND ERNESTINE CAMPBELL. MS.BRADSHAW SECONDED. Ayes: Nays: Absent: The motion carried. MEMBER CHOICE Kahm, Belt, Bradshaw, Bowman, Campbell, DaVault, Gryglewicz None None Ms. Bradshaw indicated that she may have a problem attending the next Board meeting. She has a conflict on Tuesday afternoons and will arrive as soon as possible. Mr. Gryglewicz and Ms. Wescoat requested that the November 13, 2001 Board meeting be moved to November 6, 2001. The Board agreed to the date change . Ms. Wescoat distributed inforn1ation regarding the death ofretiree, Patricia Livergood. Ms. Livergood elected a ten year certain and lifetime benefit at the time of her retirement. She received benefits since 1988. No further benefits are due upon her death. Ms . Wescoat distributed copies of City Council Resolution, 63 Series of 2001. The Resolution defines City Council's Board and Commission attendance policy. The NonEmergency Employees Retirement Plan Board's current attendance policy is more strict than City Council's. Mr. DaVault asked about a letter he received from the City Attorney's office regarding Searl Brier. Ms . Wescoat explained that Maxine Brier, former spouse of Searl Brier had contacted the City of Englewood regarding her qualified domestic relations order that indicated she was to receive a portion of Mr. Brier's retirement account as part of the divorce settlement. The City Attorney notified Ms. Brier that at the time of her divorce decree , government pension assets could not be included in the settlement and the City had no obligation to provide benefits to her. Mr. Connor requested the e-mail addresse s of the Board so he could send the Executive Summary Page of the quarterly report in advance of the meeting . Ms. Wescoat said if she received it prior to the time the packets are sent to the members she will include the sheet in the packet. The meeting adjourned at 4:45 p.m. Carol Wescoat Recording Secretary No n-Emergency Pens ion Board Meeting 3