HomeMy WebLinkAbout2003-05-13 NEERB MINUTESr
NONEMERGENCY RETIREMENT BOARD MEETING
May 13, 2003
Chairperson Brandon \Nilliams called the regular meeting of the Englewood Non Emergency Retirement Board
to order at 4:00 p.m . in the George Penin Conference Room of the Civic Center, 1000 Englewood Parkway,
Engle\\'ood, Colorado.
Members Present:
Members Absent:
Others Present:
A quorum was present.
Approval of Minutes
Brandon Williams, Chairperson
Gary Bowman, Council Appointee
Ernestine Campbel I, Employee Representative
LeRoy DaVault, Counci l Appointee (arrived 4:06 p.m.)
Frank Gryglewicz, Director of Finance and Administrative Services
John Moore, Council Member
Bradley Hagan, Employee Representative (with notice)
Dale Con n ors, Watershed In vestm ent Consu ltan ts
Diane Hunt, Buck Consultants
* * * * *
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE FEBRUARY 11, 2003 REGULAR
MEETING AND THE MARCH 5, 2003 AND APR IL 10, 2003 TELEPHONE POLLS. MR. BOWMAN
SECONDED.
Ayes:
Nays:
Absent:
The motion canied.
OLD BUSINESS
Williams, Bowman, Campbe ll , Gryglewicz, Moore
None
Davault, Hagan
No old business was discussed .
NEW BUSINESS
Watershed Investment Consultants
Mr. Connors reviewed the fund perfom1ance for the first quarter and April of 2003. He said that April had
reported better earnings.
LeRoy Da Vault arrived at 4:06 p.rn .
Mr. Connors conm1ented on an unsolicited proposal of trust custodial services from UYIB. Discussion ensued
regarding the proposal.
Mr. Connors h as approached Wells Fargo r egardin g a fee re ducti o n and was to ld that Wells Fargo does not
ha ve the same agreement with Dodge a nd Cox that UMB appears to ha ve. He also was told th at the offe r that
UM B proposed was n o t in ac cord a nc e wi th Dodge and Cox's fee reimbursement pro g ram.
Mr. Connors will pursue ob tainin g fee reimburs e ment u s in g a broker to recove r a po11ion of th e fees. This
sho uld provide a sav ing of approximately $4,500.
MR. BOWMAN MOVED TO AUTHORIZE WATERSHED CO SULTANTS, INC., TO P U RS UE U SING
A BROKER TO RECOVER A PORTIO OF THE FEES THROUGH FE E REIMB U RS EME T. MR.
GRYGLEWICZ SECONDED.
Ayes:
Nays :
Absent:
The m o tion carri ed.
Williams, Bowman, Campbe ll , DaVa ult, Gryglewicz, Moore
No n e
Haga n
Buck Consultants discu ss io n of 2003 act uarial report
M s. Hunt reviewed the amortization method used for determining the required annual contribution . The Plan
is currentl y usin g an aggregate metho d. She explained th e three e ntry age amortization methods presente d in
th e illustration a nd five yea r projection of contribution rates.
Di s cuss ion ensued regarding the consequences of each method and the possib ility of continuing with the
current m e thod.
Ms . Hunt left the m ee tin g bri e fly to research methods used by the C it y's other defin ed benefit pl a n.
The Board proceeded with th e re st of the agenda.
Consideration of benefit for beneficia1y of Richard Kapaun
Richard Kapaun , retiree , pa ssed away o n February 1 I , 2003. Mr. Kapaun re tired as of M ay 1, 2002 and
elected a ten yea r certain a nd lifetime benefit. H e named Eugene Kapaun as hi s bene fici a r y .
MR. GRYGLEWJCZ MOVED TO APPROVE THE PAYMENT OF $754.55 PER MON TH TO EUGENE
KAPA UN, BENEFICIA RY OF RI C HARD KAPAUN. THE FINAL PAYM ENT IS TO B E PAID IN APRIL
2012. MS. CAMPBELL SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Williams, Bowman, Campbell, Davault, Gryglewicz, Moore
None
Hagan
Discontinuance of be nefit fo r Ne ll ie Payne
~el li e Payne, retiree, passed away o n March 27, 2003. \ifs. Payne h ad elected a ten year certain and li fetime
benefit when s h e retired in 1974. >Io fu11her benefit is due .
Non-Emergenc y Pension Board l\.leetin g
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Death notification of Timothy Charlson. defe1i-ed vested pai1icipant
Ms. Wescoat infom1ed the Board of Timothy Charlson 's passing. Mr. Charlson was 48 years old at the time of
his death and named his wife and three children as beneficiaries. The beneficiaries indicated they would
contact Ms. Wes coat if they decide to request an earl y lump-s um distribution. She will conduct a telephon e
poll if necessary .
MEMBER CHOICE
No items were discussed .
The Board recessed from 4:50 p.rn. to 4:53 p .m.
M s . Hunt returned to the meeting and said the City 's other defined benefit plans u s e the entry age method of
amorti zation.
MR. MOORE MOVED TO APPROVE USfNG AN AMORTIZATION SCHEDULE OF 20 YEARS FOR THE
2003 ACTUARIAL REPORT. MR. GRYGLEWICZ SECONDED.
Ayes:
1 ays:
Absent:
The motion carried.
Williams, Bowman, Campbell, Davault, Gryglewicz, Moore
None
Hagan
Chairperson Williams reminded the Board of the next scheduled meeting on August 12, 2003 at 4:00p.m.
Chairperson Williams adjourned the meeting at 4:55 p .m.
Carol Wescoat
Recording Secretary
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No n-Eme rgenc y Pens io n Bo ard Mee ting