HomeMy WebLinkAbout2000-09-07 NEERB MINUTESNON-EMERGE CY PENSIO BOARD MEETING
September 7, 2000
The regular meeting of the Englewood Non-Emergency Pension Board was called to
order by Chairperson Rick Kahm, at 3 :55 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. E mployee Representative
LeRoy Da Vault Council Appointee
Frank Gryglewicz, Director of Finance and Administrative Services
Bill Belt, Council Appointee (Notice)
Dale Co 1mors, Watershed Investment Consultants
Kevin Yoshida, Watershed Investment Consultants
Diane Hunt, Buck Consultants
Dan Brotzman, City Attorney
Carol Wescoat. Recording Secretary
A quorum was present.
* * * * *
Approval of Minutes
MS.BRADSHAW MOVED TO APPROVE THE MINUTES OF THE AUGUST 8,
2000 REGULAR MEETING. MS. CAMPBELL SECONDED.
Ayes:
Nays:
Absent:
The motion carried.
OLD BUSINESS
Kahm, Bradshaw, Bowman, Campbell, DaVault, Gryglewicz
None
Belt
Consideratio n of changes to Plan Document.
The Board reviewed the proposed changes to the Plan. Ms. Wescoat explained the
process and presented a draft of the fo rms neces sary to opt out of the defined benefit plan.
MS. BRADSHAW MOVED TO RECOMMEND THAT CITY COUNCIL APPROVE
THE CHANGES TO THE PLAN AS PRESENTED WITH AMENDMENTS AND
TECHNICAL CHANGES. MR. BOWivIAN SECO DED.
Chairperson Kahm stated that he is opposing the changes . He reviewed his
employment history vvith the City and feels the employees should have the option,
but the changes do not give employees a choice. He believes that the demise of
this Plan i s not in the best interest of the employees. He said without new
employees coming into the Plan, it will affect annual increases ... without the new
money coming in, the Plan will probably not be able to fund these things.
Chairperson Kahm sa id that he supports the employees having an option of either
plan.
Ayes:
Nays:
Absent:
Bowman, Gryglewicz
Campbell, DaVault. Kahm, Bradshaw
Belt
The motion was defeated.
Chairperson Kahm suggested looking into something that provides an option.
NEW BUSINESS
Watershed Investment Consultants
Dale Connors, Watershed Investment Consultants (Watershed), explained that the
Standish, Ayer & Wood's (Standish) investment team has resigned. Watershed suggested
that the Board consider transferring the small capital assets to another investment firm.
He stated the firms considered with the prior search, were now closed to new
investments.
Watershed prepared a short list of firms the Board could consider to replace Standish for
the small capital investment portion of the pension fund. The firms are Columbia Small
Cap fund; Hancock Small Cap Value fund, Y Share Class; Meridian Value fund; Royce
Opportunity fund ; and RS MicroCap Growth fund. Mr. Connors presented information on
the firms. He said the funds on the list would fit well with the other funds in the Plan.
Discussion ensued related to transferring assets and the past performance of the funds.
Mr. Connors said that repre se ntati ves from Columbia Small Cap fund will be in Denver on
September 14, 2000. Mr. Gryglewicz will meet the representatives at the Watershed office.
Non -Eme rgency Pension Board Me et in g
The Board agreed to consider the firms and meet on October 2, 2000 at 3 :45 p.m. to further
re v iew their options.
MEMBER CHOICE
No items were discussed.
The meeting adjourned at 5 :05 p.m.
Caro l Wescoat
Recording Secretary
Non -Emerge nc y Pension Board Meeting
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