HomeMy WebLinkAbout2004-02-10 NEERB MINUTESI
NONEMERGENCY RETIREMENT BOARD MEETING
February 10, 2004
Chairperson Brandon Williams called the regular meeting of the Englewood NonEmergency Retirement Board to
order at 4:05 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.
Seating of Board Member
Brandon Williams, Chairperson
Gary Bowman, Council Appointee
Frank Gryglewicz, Director of Finance and Administrative Services
Bradley Hagan, Employee Representative
John Moore, Council Member
Mahendra Patel, Employee Representative
LeRoy Davault, Council Appointee (no notice)
Dale Connors, Watershed Investment Consultants
Gene Guevara, Watershed Investment Consultants
Joe Herm, Mellon Consultants
* * * * *
The Board welcomed newly elected member, Mahendra Patel, and congratulated Mr. Bowman and Mr. Da Vault on
their re-appointment to the Board.
MR. MOORE NOMINATED BRANDON WILLIAMS AS PRESIDENT/CHAIRPERSON. MR. GRYGLEWICZ
SECONDED.
Ayes:
Nays:
Absent:
Absention:
Bowman, Patel, Gryglewicz, Hagan, Moore
None
DaVault
Williams
MR. GRYGLEWICZ NOMINATED GARY BOWMAN AS SECRETARY. MR. MOORE SECONDED.
Ayes:
Nays:
Absent:
Absention:
Approval of Minutes
Williams, Patel, Gryglewicz, Hagan, Moore
None
DaVault
Bowman
MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE NOVEMBER 12, 2003 REGULAR MEETING.
MR. MOORE SECONDED.
Ayes:
Nays:
Absent:
Absention:
Williams, Gryglewicz, Hagan, Bowman
None
Davault
Patel, Moore
The motion carried.
OLD BUSINESS
No old business was discus sed.
NEW BUSINESS
Watershed Investment Consultants
Mr. Connors reviewed the fund performance rep o rts for the fourth quarter and the year ending 2003 .
Mr. Connor explained that Wells Fargo will not continue to rebalance the portfolio without direction from the City of
Englewood. City staff will provide a letter of instruction based upon the spreadsheet provided by Wells Fargo prior
to fund transfer date.
Mr. Connor stated that the fund man a gement of Harbor Small Cap Growth fund has changed, however, the
performance has no t been affected . He also informed the Board that the Dodge and Cox Stock Fund is now closed to
new accounts.
Di scus s ion of option a l calculations to be included with the 2004 actuarial report.
The Board requested that Mellon Consultants provide a three to five year forecast of estimated funding requirements
similar to the information provided in 2003.
Discu ssion ensued related to cons idering reducing the actuarial assumption to seven percent. The Board agreed to
have Mellon include the lower assumption rate in the 2004 actuarial study.
Consideration of survivor's benefit for the spouse of Thomas Williams.
Thomas Williams, retiree, passed away on November 22, 2003 . At the time of his retirement Mr. Williams elected 100 %
joint and survivor benefits.
MR. GRYGLEWICZ MOVED TO APPROVE MONTHLY SURVIVOR BENEFITS FOR LOT ALIA T . WILLIAMS
OF $1,074.01 BEGINNING DECEMBER 2003. MR. BOWMAN SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
Williams, Bowman, Gryglewicz, Hagan, Patel, Moore
None
Davault
Consideration of benefit request from John P. Hudson.
John P . Hudson has requested retirement benefits.
MR. GRYGLEWICZ MOVED TO APPROVE THE LIFETIME MONTHLY BENEFIT OF $148.91 BEGINNING
JANUARY 1, 2004 . MR. BOWMAN SECONDED.
Ayes:
Nays:
Absent:
Willi a ms, Bowman, Gry g lewicz, Hagan, Patel , Moore
None
Davault
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No n-Emergency Pens ion Board Meetin g
'
The motion carried.
Consideration of benefit request from Mary L. Tatum.
Mary L. Tatum has requested retirement benefits.
MR. GRYGLEWICZ MOVED TO APPROVE THE FIVE-YEAR CERTAIN AND LIFETIME MONTHLY
BENEFIT OF $721.05 BEGINNING JANUARY 1, 2004. MR. BOWMAN SECONDED.
Ayes:
Nays:
Absent:
The motion carried .
Williams, Bowman, Gryglewicz, Hagan, Pate l, Moore
None
Davault
Consideration of benefit request from Gilbert Ke s ler, Jr.
Gilbert Kesler, Jr., has requested retirement benefits .
MR. GRYGLEWICZ MOVED TO APPROVE THE 100 % JOINT AND SURVIVOR MONTHLY BENEFIT OF
$219.58 BEGINNING JANUARY 1, 2004. MR . BOWMAN SECONDED.
Ayes:
Nays:
Absent :
The motion carried.
Williams, Bowman, Gryglewicz, Hagan, Patel, Moore
None
Davault
Notification of Wesley Whigham's Death
The Board was notified that Wesley Whigham died on November 29, 2003. Mr. Whigham retired in 1991, electing
a benefit payable for his lifetime and ten years certain. No further benefits are due.
MEMBER CHOICE
No items were discussed.
The Board 's next the meeting will be on Tuesday , May 11, 2004 at 4:00 p.m.
Chairperson Williams adjourned the meeting at 4:50 p.m.
Carol Wescoat
Recording Secretary
Non-Emergency Pen s ion Board Meeting
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