HomeMy WebLinkAbout2002-08-13 NEERB MINUTES•
NONEMERGENCY RETIREMENT BOARD MEETING
August 13 , 2002
Board Member Frank Gryglewicz called the regular meeting of the Englewood NonEmergency Retirement
Board to order at 4:01 p .m. in the Public Works Conference Room of the Civic Center, 1000 Englewood
Parkway, Englewood, Colorado.
Members Present:
Members Absent:
Others Present:
A quomm was present.
Approval of Minutes
Gary Bowman, Council Appointee
Ernestine Campbell, Employee Representative
Frank Gryglewicz, Director of Finance and Administrative Services
Bradley Hagan, Employee Representative
John Moore, Council Member
LeRoy Da Vault, Council Appointee (with notice)
Brandon Williams , Chairperson (no notice)
Dale C01mors, Watershed Investment Consu ltants
Diane Hunt, Buck Consultants
* * * * *
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE MAY 14, 2002 REGULAR
MEETING. MR. BOWMAN SECONDED
A yes:
Nays:
Absent:
The motion carried.
OLD BUSINESS
Bowman, Campbell, Hagan, Gryg lewicz, Moore
None
Williams, DaVault
No old b u siness was discussed.
NEW BUSINESS
Watershed Investment Consultants
Mr. Connors reviewed the fund perfomrnnce for the second quarter of 2002. He also presented a
reconm1endation to rebalance the assets. Recent market fluctuations have caused the balances to fall outside
their targe ted ranges.
MR. GRYGLEWICZ MOVED TO REBALANCE THE ASSETS AS PRESENTED BY WATERSHED
INVESTMENT CONSULT ANTS. MR. MOORE SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Bowman, Campbell , Hagan, Gryglewic z , Moore
None
Williams , DaVault
Mr. Co1mors reviewed the reasons to search for a new small capital fund . He presented infonnation on three
recommended funds . The Board discussed the fund's philosophies , investment choices, and management.
MR. GRYGLEWICZ MOVED TO TRANSFER THE SMALL CAP ASSETS FROM COLU MBIA
MANAGEMENT COMPANY (CMC) TO HARBOR SMALL CAP GROWTH FUND. MS. CAMPBELL
SECO DED .
Ayes:
Nays :
Absent:
The motion carried.
Bowman, Campbell, Hagan, Gryglewicz, Moore
None
Williams, DaVault
The Board took a briefbreak from 5:15p.m. to 5:18 p.rn.
Notification of death of Clara Lorraine Dickenson
Clara Lorraine Dickenson, retiree, passed away on May 28, 2002. Ms. Dickenson elected a five year and
lifetime certain benefit at retirement. She began collecting benefits in 1993 , so no further benefits are payable.
Letter of Determination
The Board was notified that the Internal Revenue Service issued an updated Letter of Determination.
Colorado Public Pension Conference
The Board discussed sending members to the Colorado P u blic Pension Conference. No members will attend
the 2002 conference.
Discussion of November 12, 2002 time and meeting location
The Board discussed changing the next regularly scheduled meeting. The next meeting will be November 13,
2002.
MEMBER CHOICE
Mr. Moore inquired about the advantages of rebalancing the assets in multiple transactions rather than one lump
sum. The Board discussed the pros and cons of each type of transaction and detennined that the rebalancing would
be completed as one transaction.
Ms . Wescoat reminded the members of the Boards and Conm1issions Appreciation Night on August 26, 2002
at 5 :30 p.m. in the Conm1Lmity Room.
Non-Emergenc y Pen s ion Board Meetin g
2 or3
•
MR. HAGAN MOVED TO ADJOURN. MR. BOWMAN SECONDED.
Ayes:
Nays:
Absent:
The motion carried .
Bowman, Campbell, Hagan, Gryglewicz, Moore
None
Williams, DaVault
The meeting adjourned at 5:25 p.m.
Carol Wescoat
Recording Secretary
3 of3
Non-Emergency Pension Board Meeting