Loading...
HomeMy WebLinkAbout2000-08-08 NEERB MINUTES• • • NO -EMERGE CY PENSION BOARD MEETING August 8, 20000 The regular meeting of the Englewood Non-Emergency Pension Board was called to order by Chairperson Rick Kahm, at 4: 10 p.m. in the Administrative Services Conference Room of the Englewood Civic Center, 1000 Englewood Parkway, Englewood, Colorado. Members Present: Members Absent: Others Present: Richard Kahm, Chairperson Gary Bowman, Council Appointee Beverly Bradshaw, Council Member Ernestine Campbell, Employee Representative Frank Gryglewicz, Director of Finance and Administrative Services Bill Belt, Council Appointee (Notice) LeRoy Davault, Council Appointee (Notice) Dale Connors, Watershed Investment Consultants Kevin Yoshida, Watershed Investment Consultants Diane Hunt, Buck Consultants Katherine Herrick Drake, Dodge and Cox A quorum was present. * * * * * Approval of Minutes MR. GRYGLEWICZ MOVED TO APPROVE THE MINUTES OF THE MAY 9, 2000 REGULAR MEETING AND MAY 9, 2000 TELEPHONE POLL. MR. BOWMAN SECONDED. Ayes: Nays: Absent: The motion carried . OLD BUSINESS Kahm, Bradshaw, Bowman, Campbell, Gryglewicz None Belt, Da Vault City Council approval of a 3% benefit increase for retirees effective January l, 2001 for participants retired as of January 1, 2000 . The Board was notified that City Council approved the 3% benefit increase for retirees effective on January 1, 2001 for participants retired as of January 1, 2000. NEW BUSINESS Dodge and Cox Presentation. Ms. Drake reviewed the current market conditions and the performance of the Dodge and Cox funds. She outlined their projection ofretums for the next few years. Watershed Investment Consultants Dale Connors, Watershed Investment Consultants, reviewed the June 30, 2000 Investment Performance Evaluation Report . Buck Consultant Notification of Fee Change. Ms . Hunt reviewed the fee proposal. The Board requested the flat fee include three benefit calculations that were listed as additional charges on the proposal. MS . BRADSHAW MOVED TO APPROVE THE BUCK CONSULTANTS FEE PROPOSAL WITH THE AMENDMENT. MR. BOWMAN SECONDED. Ayes: Nays : Absent: The motion carried. Kahm, Bradshaw, Bowman, Campbell, Gryglewicz None Belt, Davault Consideration of retirement request from Betty Jean Montgomery. Betty Jean Montgomery was employed on June 21, 1973. Ms. Montgomery has been on Long Term Disability since August 10, 1995. She has requested that the disability be discontinued as of June 30, 2000 and in doing so, would make her eligible for retirement benefits as of July 1, 2000. MR. GRYGLEWICZ MOVED TO APPROVE A LIFETIME AND FIVE YEAR CERTAIN RETIREMENT BENEFIT FOR BETTY JEAN MONTGOMERY IN THE AMOUNT OF $979.62 PER MONTH EFFECTIVE JULY 1, 2000 .. MS. BRADSHAW SECONDED. Ayes: Nays : Absent: Kahm, Bradshaw, Bowman, Campbell, Gryglewicz None Belt, Da Vault N on-Emerge nc y Pen sion Board Meeting 2 • • • • The motion carried . Notification of George Mattrass' death. The Board was notified of the death George Matrass on July 1, 2000. Mr. Mattrass had elected a 100% Joint and Survivor benefit. He is survived by his spouse Carolyn. MS. BRADSHAW MOVED TO APPROVE THE LIFETIME SURVIVOR BENEFIT FOR CAROLYN MATTRASS SPOUSE OF GEORGE MATTRASS IN THE AMOUNT OF $151.03 EFFECTIVE AUGUST 1, 2000. MR. BOWMAN SECONDED. Ayes: Nays: Absent: The motion carried. Kahm, Bradshaw, Bowman, Campbell, Gryglewicz None Belt, Da Vault Notification of DROP Application received from Charles Kauffmann. Ms. Wescoat notified that a DROP application was received from Charles Kauffman. She also indicated that another DROP application was received from Paul Kapaun. No • action is necessary until the irrevocable agreements are completed. • Colorado Public Pension Conference Ms. Campbell has requested funding to attend the Colorado Public Pension Conference in Breckenridge on September 13 through September 15. MS. BRADSHAW MOVED TO APPROVE $500 TRAVEL EXPENSE FOR ERNESTINE CAMPBELL TO ATTEND THE COLORADO PUBLIC PENSION CONFERENCE. MR. BOWMAN SECONDED. Ayes: Nays: Absent: The motion carried. Kahm, Bradshaw, Bowman, Campbell, Gryglewicz None Belt, Da Vault Dale Connor commented that the Colorado Statutes have been changed to permit broader pension plan investments. The investment choices are now based on "Prudent Investor" guidelines . Non-Emergency Pension Board Meeting 3 MEMBER CHOICE Mr. Gryglewicz stated that it is management's intent to proceed with changing the general services staffs plan(NonEmergency Retirement Plan) to a 40la Money Purchase Plan. ICMA-RC will provide preliminary numbers that will assist the active and deferred vested participants with making the decision of opting out of the NonEmergency Retirement Plan. The final format of the Plan change has not been determined. The preliminary Plan guideline is to allow all currently eligible participants , either active or deferred vested interest, the option of remaining in the NonEmergency Retirement Plan or transferring their accrued asset values to the 40la. Retirees and beneficiaries receiving benefits will not have an option to change. Mr. Gryglewicz explained that the current trend in pension plans is to provide a defined contribution plan. The 40la plan will provide employees more portability which is more appealing to applicants . The change would not affect current employees unless they choose to convert to the 40la. The meeting adjourned at 5:40 p.m. Carol Wescoat Recording Secretary Non-Emergency Pension Board Meeting 4 • • •