02/13/1995 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
February 13, 1995
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Monday, February 13, 1995 at 1:31 P.M., with the following members
present:
Rita Garvey Chairperson
Richard Fitzgerald Trustee
Sue Berfield Trustee
Arthur X. Deegan, II Trustee
Absent:
Fred Thomas Trustee
Also Present were:
Elizabeth M. Deptula City Manager
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
ITEM #2 - Minutes:
Trustee Deegan moved to approve the minutes of the January 30, 1995, meeting. The motion was duly seconded and carried unanimously.
ITEM #3 - Request for Acceptance into Membership:
The City Manager presented the recommendation of the Pension Advisory Committee to approve membership for the employee(s) listed below:
a) Stephen C. Colbert
b) Darrin H. Maser
c) Brian Schonborn
d) Arlo Vandersalm
e) David Humphrey
Trustee Fitzgerald moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #4 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Cecil E. Stinson be granted a regular pension under Section 2.396 of the Employees' Pension Plan.
Cecil E. Stinson was employed on April 3, 1969, and began participating in the Pension
Plan on that date. His retirement will be effective on April 4, 1995, at the beginning of the day.
Mr. Stinson's pension was approved by the PAC at its meeting of January 18, 1995.
Based on an average salary of approximately $37,142 over the past five years and the formula for computing regular pensions, this pension will approximate $24,143 annually. Charts from
Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension will be approximately $316,259. The estimated pension cost (cash
payout over the life of the pensioner and his spouse) is $784,648.
Trustee Berfield moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Transfer/Assignment of Investment Management Agreement from Denver Investment Advisors, Inc. to Denver Investment Advisors LLC
On July 1, 1982 the Trustees of the Employees Pension Plan entered into an agreement with First National Bank of Denver to manage a portion of the equity investments of the Employees
Pension Plan. Subsequently this organization changed its name to First Interstate Bank of Denver. On February 28, 1994 the Trustees approved an addendum to the contract that recognized
the creation of Denver Investment Advisors, Inc. as a wholly-owned subsidiary of First Interstate Bank of Denver.
Currently Denver Investment Advisors, Inc. is in the process of being purchased by its employees and has created Denver Investment Advisors LLC to accomplish this transaction. Denver
Investment Advisors, Inc. has requested the Trustees approve a Consent To Assignment which transfers the account with Denver Investment Advisors, Inc. to Denver Investment Advisors LLC.
The new company will have the same investment staff as the old company and the City will deal with the same individuals. In addition, the investment disciplines and investment philosophy
that are currently in use are to remain the same. Staff has been satisfied with the services provided by this company which had an annualized rate of return of 19.26% since its inception
in 1982. For the same period the Standard & Poor's 500 rate of return was 16.59%.
Steve Moskun, Cash & Investment Manager, stated this is a name change for the company. Trustee Deegan questioned if the account managers would be the same. Mr. Moskun indicated they
would.
Trustee Berfield moved to approve the transfer/assignment of the Investment Management Agreement from Denver Investment Advisors, Inc. to Denver Investment Advisors LLC. The motion
was duly seconded and carried unanimously.
ITEM #6 - Other Business: - None.
ITEM #7 - Adjournment:
The meeting adjourned at 1:34 p.m.