HomeMy WebLinkAbout2004-11-09 NEERB MINUTESNONEMERGENCY RETIREMENT BOARD MEETING
November 9, 2004
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
Gary Bowman, Council Appointee
LeRoy DaVault, Council Appointee
Frank Gryglewicz, Director of Finance and Administrative Services
Bradley Hagan, Employee Representative
John Moore, Council Member (by phone at 4 :08 p.m.)
Mahendra Patel, Employee Representative
None
Dale Connors, Watershed Investment Consultants
Diane Hunt, Mellon Consultants
* * * * *
'MR . GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE AUGUST 10, 2004 REGULAR l\1EETING
AND THE AUGUST 30, 2004 TELEPHONE POLL. MR. HAGAN SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
OLD BUSINESS
Williams, Bowman, DaVault, Gryglewicz, Hagan, Patel
None
Moore
Discussion of possible Real Estate Investment
Mr. Connors reviewed the three real estate investment managers for the Board's consideration. The three firms are,
Principal US Property Account, SSR Tower Fund and UBS Real Estate Separate Account (RESA). He explained the
reasoning for considering each firm. His suggests considering replacing a portion of the conservative bond investments
with real estate.
The Board discussed the possibility of requesting a presentation from two of the candidates and the process necessary to
transfer the assets . The Board further discussed the philosophies of each firm and concluded that The Principal appears
to be somewhat more conservative with a more liberal liquidity policy.
The Board determined there is a general consensus to further diversify the assets of the fund to include real estate .
MR. MOORE MOVED TO PROCEED WITH A REAL ESTATE INVESTMENT . MR. BOWMAN SECONDED.
Ayes:
Nays:
Williams, Bowman, DaVault, Gryglewicz, Hagan, Moore, Patel
None
Absent: None
The motion carried.
MR. GRYGLEWICZ MOVE TO APPROVE THE SELECTION OF THE PRINCIPAL U.S. PROPERTY ACCOUNT
AS AN INVESTMENT. MR PATEL SECONDED .
Ayes:
Nays:
Absent:
The motion carried .
NEW BUSINESS
Williams, Bowman, DaVault, Gryglewicz, Hagan, Moore, Patel
None
None
Watershed Investment Consultants
Mr. Connors reviewed the fund performance reports for the past quarter.
Consideration of Investment Policy Amendments
The Board reviewed the proposed changes to the investment policy including the Principal Global Advisors and
Principal U.S. Property names added to Amendment A.
MR. GRYGLEWICZ MOVED TO ACCEPT THE AMENDMENTS TO THE INVESTMENT POLICY DATED
NOVEMBER 2004 . MR . PATEL SECONDED.
Ayes:
Nays :
Absent:
The motion carried .
Williams, Bowman, DaVault, Gryglewicz, Hagan, Moore, Patel
None
None
Notification of the death of Leonard Siler
Leonard Siler, retiree, died on September 1, 2004. Mr. Siler retired in 1986 with a ten year certain and lifetime
benefit. No further benefits are due.
Consideration of benefit request from Brenda Castle.
Brenda Castle, a former employee, requested a regular early retirement benefit.
MR. GRYGLEWICZ MOVED TO APPROVE BRENDA CASTLE'S REGULAR EARLY RETIREMENT
LIFETIME MONTHLY BENEFIT OF $738.82 BEGINNING OCTOBER 1, 2004. MR . DAVAULT SECONDED .
Ayes:
Nays:
Absent:
The motion carried.
Williams, Bowman, DaVault, Gryglewicz, Hagan, Moore, Patel
None
None
Non-Emergency Pens ion Board Meeting
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Consideration of benefit request from Darlene Termaat.
Darlene Termaat, requested regular early retirement benefit.
MR. GRYGLEWICZ MOVED TO APPROVE DARLENE TERMAAT ' S REGULAR EARLY RETIREMENT
TEN YEAR CERTAIN AND LIFETIME MONTHLY BENEFIT OF $890 .98 BEGINNING SEPTEMBER 1, 2004 .
MR .DAVAULT SECONDED .
Ayes:
Nays:
Williams, Bowman, DaVault, Gryglewicz, Hagan, Moore, Patel
None
Absent: None
The motion carried.
Consideration of benefit request from Stephen R. Jackson .
Stephen R. Jackson, a former employee , requested a regular early retirement benefits.
MR . GRYGLEWICZ MOVED TO APPROVE STEPHEN R. JACKSON'S REGULAR EARLY RETIREMENT
100 % JOINT AND SURVIVOR MONTHLY BENEFIT OF $291.29 BEGINNING JANUARY 1, 2005 . MR.
BOWMAN SECONDED.
Ayes:
Nays:
Williams , Bowman , DaVault, Gryglewicz, Hagan, Moore, Patel
None
Absent: None
The motion carried .
Chairperson Williams' report on the Colorado Public Pension Conference.
Chairperson William said he enjoyed the sessions on due diligence , the Security and Exchange Commission, and the
IRS . He commented about the growing concern of healthcare for retirees . He found the conference very educational
and he enjoyed networking with people with the same interests , but he didn 't like the altitude.
MEMBER CHOICE
The Board's next meeting will be Tuesday, February 8, 2005 at 4 :00 p.m.
Chairperson Williams inquired about the frequency of meeting with the pension attorney . Ms . Wescoat commented that
Mary Brauer meets with the Board when plan document changes are necessary .
Chairperson Williams adjourned the meeting at 5:00 p.m.
Caw£ u.k~
Carol Wescoat
Recording Secretary
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Non-Emergency Pension Board Meetin g