01/14/2008
PENSION TRUSTEES AGENDA
Location: Council Chambers - City Hall
Date: 1/14/2008- 1 :30 PM
1. Call to Order
2. Approval of Minutes
2.1 Approve the minutes of the October 15, 2007, November 13,2007, December 17,2007 Pension Trustees
meetings; and the October 31,2007 Special Pension Trustees meeting as submitted in written summation
by the City Clerk.
~ Attachments
3. Pension Trustee Items
3.1 Accept the employees listed below into membership in the City of Clearwater's Employees' Pension Plan.
I@l Attachments
3.2 Thomas Downes, Solid Waste/General Services Department; Jon Russell, Parks & Recreation
Department; Kenneth McAteer, Solid Waste/General Services Department; Robert Cantrell, Solid
Waste/General Services Department; and Anthony Holloway, Police Department, be granted regular
pensions under Section(s) 2.393 and 2.397 of the Employees' Pension Plan as approved by the Pension
Advisory Committee.
~ Attachments
3.3 Donna Wright, widow of William Wright, Development & Neighborhood Services Department, be
granted a death benefit under Section 2.397 of the Employees' Pension Plan as approved by the Pension
Advisory Committee.
~ Attachments
3.4 James Zetty, Public Utilities Department, be allowed to vest his pension under Section(s) 2.397 and 2.398
of the Employees' Pension Plan as approved by the Pension Advisory Committee.
I@l Attachments
4. Other Business
5. Adjourn
Meeting Date: 1/14/2008
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve the minutes of the October 15, 2007 , November 13, 2007, December 17, 2007 Pension Trustees meetings; and the October 31,
2007 Special Pension Trustees meeting as submitted in written summation by the City Clerk.
SUMMARY:
Review Approval: 1) Clerk
Cover Memo
Item # 1
Attachment number 1
Page 1 of 4
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
November 13, 2007
Unapproved
Present:
Frank Hibbard
Carlen Petersen
John Doran
Paul Gibson
Chair
Trustee
Trustee
Trustee
Absent:
George N. Cretekos
Trustee
Also Present:
William B. Horne, II
Joe Roseto
Pamela K. Akin
Allen Del Prete
Cynthia E. Goudeau
Brenda Moses
City Manager
Interim Assistant
City Attorney
Interim Human
City Clerk
Board
The meeting was called to order at 1 :46 p.
To provide continuity for research, it
necessarily discussed in that order.
2.
8/6/07
9/4/07
9/4/07
8/20/07
9/10/07
9/4/07
9/4/07
9/17/07
9/17/07
9/17/07
9/17/07
9/17/07
Pension Elig.
Date
8/6/07
9/4/07
9/4/07
8/20/07
9/10/07
9/4/07
9/4/07
9/17/07
9/17/07
9/17/07
9/17/07
9/17/07
Trustee Petersen moved to accept the listed employees into membership in the City of
Clearwater's Employees' Pension Plan. The motion was duly seconded and carried
unanimously.
Pension Trustees 2007-11-13
Item # 1
Attachment number 1
Page 2 of 4
2.2 Delores Nichelson, Library Department; Barbara Miller, Parks & Recreation Department;
and Greqory Bickel, Police Department, be qranted reqular pensions under Section(s) 2.393
and 2.397 of the Employees' Pension Plan as approved by the Pension Advisory Committee.
Delores Nichelson, Librarian I, Library Department, was employed by the City on July 1,
1991, and her pension service credit is effective on that date. Her pension will be ffective
February 1, 2008. Based on an average salary of approximately $39,910 er ye ver the past
five years, the formula for computing regular pensions, and Ms. Nichel sel f the ife
Annuity, this pension will approximate $19,669 annually.
Barbara Miller, Recreation Specialist, Parks & Recreation
the City on March 14, 1977, and her pension service credit is effect
pension will be effective July 1, 2008. Based on an average salary 0
per year over the past five years, the formula for computing regular p
selection of the 1 O-year Certain & Life Annuity, this pension will ap
Gregory Bickel, Police Officer, Police Department, w
19, 1985, and his pension service credit is effective 0
November 1, 2007. Based on an average salary of
past five years, the formula for computing regular:;
2/3 Joint & Survivor Annuity, this pension will a
n October
has reached
of cred ited
ction 2.393 also
twenty years of
ted service in a type of
as a Police Officer as
ichelson quali I r the age 65 and ten years of
thirty years of service criteria; and Mr. Bickel
on, Barbara Miller, and Gregory Bickel be
and 2.397 of the Employees' Pension Plan as
The motion was duly seconded and carried
hart, Container Maintenance Worker, Solid Waste Department, was
employed e City on May 13, 1996, and his pension service credit was effective on that
date. Mr. Gearhart passed away on September 22,2007. Marianne Gearhart, widow of James
Gearhart, applied for death benefits on September 25, 2007. Mr. and Mrs. Gearhart were
legally married on October 26, 1979, thereby entitling her to death benefits under provisions of
the Employees' Pension Plan.
Pension Trustees 2007-11-13
2
Item # 1
Attachment number 1
Page 3 of 4
Mrs. Gearhart's request for death benefits was approved by the Pension Advisory
Committee on October 11,2007. The amount of Mrs. Gearhart's pension will be computed by
the Finance Department at a later date. This pension will be effective October 1, 2007. Based
on an average salary of approximately $29,126 per year over the past five years, this pension
will approximate $9,098 annually.
Member Gibson moved to grant Marianne Gearhart a death be
of the Employees' Pension Plan as approved by the Pension Advis
was duly seconded and carried unanimously.
2.4
2.397 and 2.398 of the Em
Committee.
John Laird, Public Utilities Technician III, Public Utilities Depa en
the City on January 14,1991, and began participating in th sion Plan 0
Laird terminated from City employment on October 12
The Employees' Pension Plan provides t
employee of the City of Clearwater after compl
(pension participation), such employee shall a
Vested pension payments commen he fi
employee normally would have be e fo
Pension Trustees 2007-11-13
r ant has
leted 30 years of
ited service. Mr. Laird
on January 14, 2011.
pproved by the Pension
3
Item # 1
Attachment number 1
Page 4 of 4
Member Petersen moved to allow John Laird to vest his pension under Section(s) 2.397
and 2.398 of the Employees' Pension Plan as approved by the Pension Advisory Committee.
The motion was duly seconded and carried unanimously.
3. Other Business - None.
4. Adjourn
The meeting adjourned at 1 :48 p.m.
Chair
Employee's Pen
Attest:
City Clerk
Pension Trustees 2007-11-13
4
Item # 1
Attachment number 2
Page 1 of 3
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
October 15, 2007
Unapproved
Present:
Frank Hibbard
Carlen Petersen
John Doran
George N. Cretekos
Paul Gibson
Also Present:
William B. Horne, II
Joe Roseto
Pamela K. Akin
Allen Del Prete
Cynthia E. Goudeau
Brenda Moses
Chair
Trustee
Trustee
Trustee
Trustee
City Manager
Interim Assista
City Attorney
Interim Human R
City Clerk
Board Reporter
The meeting was called to order at 1 :55 p.m. R
To provide continuity for research, ite
necessarily discussed in that order.
2. Approval of Minutes
as submitted
r 17, 2007, Pension
the City Clerk to each
of Clearwater's Em 10 ees' Pension Plan
Pension Elig.
Hire Date Date
C ainer/Pub. Util. 8/6/07 8/6/07
Bry er/Solid Waste 5/1/07 8/6/07
Marc Op. Trainee/Pub. Util. 8/6/07 8/6/07
Jon Dio ning Technician/General Services 8/6/07 8/6/07
Theodor olid Waste Worker/Solid Waste 6/18/07 8/20/07
Kristin Mat s, Police Com. Op. Trainee/Police 8/20/07 8/20/07
Melissa Santomenno, Police Com. Op. Trainee/Police 8/20/07 8/20/07
Bryclyn Lawrence was originally hired as temporary on May 1, 2007; status changed to
permanent and pension eligible as of August 6, 2007.
Pension Trustees 2007-10-15
Item # 1
Attachment number 2
Page 2 of 3
Theodore Dallas was originally hired as temporary on June 18, 2007; status changed to
permanent and pension eligible as of August 20,2007.
Trustee Gibson moved to accept the listed employees into membership in the City of
Clearwater's Employees' Pension Plan. The motion was duly seconded and car .ed
unanimously.
3.2 Pensions to be Approved
Vicki Niemiller, Housing Inspector, Development & Neighb
was employed by the City on September 6, 1983, and her pension
that date. Her pension will be effective December 1, 2007.
Based on an average salary of approximately $45,877 per y
the formula for computing regular pensions, and Ms. Niemiller's sele
Annuity, this pension will approximate $30,573 annually.
David Malick, Gas Specialist, Gas Departm
15, 1976, and his pension service credit is effecti
effective November 1,2007.
Based on an average salary
the formula for computing regular
Survivor Annuity, this pension 'II
ployed by the City on
His pension will be
imately $100,583 per year over the past five
ns, and Mr. Loveday's selection of the Life
nnually.
p
cre
empl
Lieute
twenty y
Mr. Loved
roved by th ension Advisory Committee on September 13,
normal retirement eligibility when a participant has reached
rs of credited service, has completed thirty years of credited
nd completed ten years of credited service. Section 2.393 also
eligibility when a participant has completed twenty years of
ed age 55 and completed ten years of credited service in a type of
'hazardous duty" and further defines service as a Fire Medic
he hazardous duty criteria. Ms. Niemiller qualifies under the age 55 and
ice criteria; Mr. Malick qualifies under the thirty years of service criteria, and
alifies under the hazardous duty criteria.
Trustee Petersen moved that Vicki Niemiller, Housing Inspector, Development &
Neighborhood Services Department, David Malick, Gas Specialist, Gas Department, and
Stanley Loveday, Fire Medic Lieutenant, Fire Department, be granted regular pensions under
Pension Trustees 2007-10-15
2
Item # 1
Attachment number 2
Page 3 of 3
Section(s) 2.393 and 2.397 of the Employees' Pension Plan as approved by the Pension
Advisory Committee. The motion was duly seconded and carried unanimously.
4. Other Business
Interim Human Resources Director Allen DelPrete said pension workshop
scheduled for October 22 and October 31,2007 at 1 :00 p.m. in Council Chambe
5. Adjourn
The meeting adjourned at 1 :57 p.m.
Chair
Employee's Pe
Attest:
City Clerk
Pension Trustees 2007-10-15
3
Item # 1
Attachment number 3
Page 1 of 4
TRUSTEES OF THE EMPLOYEES' PENSION FUND/PENSION ADVISORY COMMITTEE
SPECIAL MEETING MINUTES
CITY OF CLEARWATER
October 31, 2007
Awaiting approval
Present:
Frank Hibbard
Carlen Petersen
John Doran
George N. Cretekos
Paul Gibson
J. Nathan Hightower
Tom Jensen
John Schmalzbauer
Stephen Sarnoff
Also Present:
William B. Horne, II
Joe Roseto
Pamela K. Akin
Stuart A. Kaufman
Patricia O. Sullivan
The Chair called the meeting to order a
To provide continuity for
necessarily discussed in th
Pension Fund Trustee Chair
Pension Fund Trustee PAC
Pension Fund Tru AC
Pension Fund T
Pension Fund
Pension Advis
Pension Adviso
Pension Adviso
Pension Advisory
op will cover three
eferred Retirement
ocess requires
I Prete provided a PowerPoint presentation
n Plan Attorney Stuart Kaufman was tasked with rewriting the
and to eliminate problem language.
eviewed a summary of proposed changes outlined in his October 23,
m to Mr. Roseto: 1) Added that Plan cannot preclude participation based on
pre-emplo t physical examination; 2) Added Trustees and PAC (Pension Advisory
Committee) fiduciary duties and responsibilities; 3) Added reemployment provisions; 4)
Separated benefit types into sections; 5) New provision requires participants to file disability
claim while still employed and Plan participant; 6) New provisions add disability benefit setoffs;
7) Clarifies mental health disabilities; 7) References Florida forfeiture Statute rather than
Pension Trustees Pension Advisory Special Meeting 2007-10-31
Item # 1
Attachment number 3
Page 2 of 4
duplicates it; and 8) New provision allows participant to select death benefit payment option at
anytime while a Plan participant and entitles beneficiary to select payment option after death if
selection not made.
In response to questions, Mr. Kaufman said plan participants always qualify for a return
of their contribution plus 5% simple interest. He recommended that the plan's pe ion forfeiture
requirements replicate Florida statute. He said the plan could conduct its own pll ployment
physical examinations or continue to rely on City examinations. He sa' e pia
underwrite comprehensive pre-employment physical examinations ten
rays to identify preexisting conditions. It was stated that all emplo~ ould bene
did not pay for preexisting conditions.
ge allows indiv
ants can chan
guage in the
and provides h
fore his retirement.
efit when they
while working, but
the situation regarding
nefit she would have
The rewrite also benefits those
In response to a suggestion to strike a reference to the previo
multiplier, Finance Director Margie Simmons said retaining the refere
multiplier would avoid staff's need to retain copies of outdated plan
does not reference other changes.
In reference to the new provision requiring part'
employed, Mr. Kaufman suggested that the deadlin
termination. It was stated that this change confli
may be unfair and considered mistreatment sh
itself at a later date. It was stated that non-job
ability to convert to a job-connected ity if
becomes available. It was stated t Ian
Kaufman said further discussi 0 e issues is nec
reduce the time to vest from 10 to seven
pro
grow
sector
It often i
of each pia
ided a PowerPoint presentation of his actuarial review of the
etirement Option Plan). While DROP programs have been
g public sector Pension Plans, they are not common in the private
t differences in the legal environment for pension plans, and other things.
that a DROP is cost-neutral, but this depends on the unique circumstances
a complex analysis assumptions.
Mr. Metz reviewed a typical DROP plan. As far as the pension plan is concerned, once
employees DROP, in many respects it is same as if they had retired. The proposed DROP is
different from most in one respect - normally once employees reach retirement eligibility, the 5-
Pension Trustees Pension Advisory Special Meeting 2007-10-31
2
Item # 1
Attachment number 3
Page 3 of 4
year DROP period begins to run, with the maximum DROP period reduced each month
afterwards. In addition to the potential for added cost to the pension plan, other issues must be
considered: 1) administrative costs; 2) communication requirements; 3) legal risks; 4) age
discrimination concerns; 5) workforce planning; and 6) public perception problems.
When employees DROP, they trade increases in their monthly pension be
lump-sum payment. If this trade-off is not precisely even, the DROP adds or re
costs. Variations to the DROP include Back DROPs or PLOPs that ar ite
design, except for the risk of adverse selection.
Estimating impact of proposed DROP: 1) 2007 actuarial as
adjusted for DROP-eligible employees; 2) impact on employees' Iia
service combinations reviewed; 3) valuation results for Police, Fire, a
employees separated; and 4) valuation results for each group adjuste
based on assumptions: 1) 50% of eligible employees would particip
enter DROP three years after eligible; 3) employees would work thre ea
DROP; and 4) employees would receive 4% annual salary i ses once 0
potential cost varied greatly depending on factors, pri oyee's ag
years of service at DROP; 3) rate of salary increas d 4) year
Mr Metz provided his analysis of the DR
Police Hazardous Duty employees would incre
payroll and 1.04% of group payroll; 'cipa
increase 2007 costs by $108,955, of t payr
participating Non-Hazardous 0 y yees would in
of total payroll and 1.27% of roll; and 4) all
200 389, or 1. otal payroll and
participates in a DROP,
ufman said 0 idates would be provided an
ipants would be required to sign a waiver on claims
tatement that participation in the DROP is
five years. Mr. Kaufman said while unknown,
e covered by a fee.
g the FOP (Fraternal Order of Police, Lodge 10) and IAFF
Fighters) spoke in support of initiating a DROP. It was
II records as a firefighter's widow has a problem similar to
Pension Trustees Pension Advisory Special Meeting 2007-10-31
3
Item # 1
Attachment number 3
Page 4 of 4
In response to a question, Mr. Metz estimated the analysis of additional matrices would
cost between $5,000 and $10,000. It was stated that additional information on a DROP is
needed. Mr. Roseto said this is a starting point for discussion.
Adjourn
The meeting adjourned at 2:43 p.m.
Chair
Employee's Pe
Attest:
City Clerk
Pension Trustees Pension Advisory Special Meeting 2007-10-31
4
Item # 1
Attachment number 4
Page 1 of 3
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
December 17, 2007
Unapproved
Present:
Frank Hibbard
Carlen Petersen
John Doran
George N. Cretekos
Paul Gibson
Also Present:
William B. Horne, II
Jill Silverboard
Rod Irwin
Pam Akin
Cynthia E. Goudeau
The Chair called the meeting to order at 1 :41
To provide continuity for research, it
necessarily discussed in that order.
/Division
.lPks. & Rec.
Mic Anal./lnfo. Tech.
Davi . Tr.lPublic Utilities
Joseph per. Tr.lPublic Utilities
Diane De om. Oper. Tr.lPolice
Vicki Fletc , ield Ser. Rep.lCustomer Service
Russell Canavan, WWTP Oper. Tr.lPub. Util.
Marianne Paz, Recreation Leader/Pks. & Rec.
Judith Kolmer, Dev. Rev. Tech. I/Dev. & Neigh. Ser.
Tammy Vrana, Com. Dev. Coord.lEcon. Dev. & Hsg.
Christopher Miller, Police CadeUPolice
Herman Winthrop, Pks. Ser. Tech. I/Pks. & Rec.
Pension Trustees 2007-12-17
Chair
Trustee
Trustee
Trustee
Trustee
City Manager
Assistant City Ma
Assistant City M
City Attorney
City Clerk
Hire Date
9/17/07
9/17/07
10/1/07
10/1/07
10/1/07
10/1/07
10/1/07
10/15/07
10/15/07
10/15/07
7/23/07
10/1/07
Pension
Pension Elig.
Date
9/17/07
9/17/07
10/1/07
10/1/07
10/1/07
10/1/07
10/1/07
10/15/07
10/15/07
10/15/07
7/23/07
10/1/07
Hem # 1
Attachment number 4
Page 2 of 3
Noemi Senf, Police Information Technician/Police
Kristopher Kindt, Licensed Electrician/Gen. Ser.
10/15/07
10/1/07
10/15/07
10/1/07
Trustee Cretekos moved to accept the listed employees into membership in the City of
Clearwater's Employees' Pension Plan. The motion was duly seconded and carried
unanimously.
Michael Willis, Marine Operations Supervisor, Marine & Avia
employed by the City on March 2, 1987, and his pension service credi
date. His pension will be effective February 1, 2008.
Based on an average salary of approximately $50,369
the formula for computing regular pensions, and Mr. W' ,
Survivor Annuity, this pension will approximate $28
Gloria Nims, Librarian I, Library Depart
1991, and her pension service credit is effectiv
November 1,2007.
st five years,
& Survivor
ittee on November 8,
tirement eligibill a participant has reached
d service, has completed thirty years of credited
ten years of credited service. Mr. Willis qualifies
and Ms. Nims qualifies under the age 65 and
hat Michael Willis, Marine & Aviation Department, and Gloria
nted regular pensions under Section(s) 2.393 and 2.397 of the
roved by the Pension Advisory Committee. The motion was
animously.
ormation Technolo De artment and Fred Mills Public Utilities
allowed to vest their ensions under Section s 2.397 and 2.398 of the
ens ion Plan as approved bv the Pension Advisory Committee.
Kelly Legg, Telecommunications Analyst, Information Technology Department, was
employed by the City on November 27, 1995, and began participating in the Pension Plan on
that date. Ms. Legg transferred to part-time with the City on September 28, 2007.
Pension Trustees 2007-12-17
ltem # 1
Attachment number 4
Page 3 of 3
Fred Mills, Industrial Pretreatment Technician, Public Utilities Department, was
employed by the City on May 19, 1986, and began participating in the Pension Plan on that
date. Mr. Mills terminated from City employment on October 26,2007.
The Employees' Pension Plan provides that should an employee cease to be an
employee of the City of Clearwater after completing ten or more years of creditable service
(pension participation), such employee shall acquire a vested interest in the retir ent
benefits. Vested pension payments commence on the first of the month fo owin month in
which the employee normally would have been eligible for retirement.
Section 2.393 (p) provides for normal retirement eligibility
reached age 55 and completed twenty years of credited service, h
credited service, or has reached age 65 and completed ten years 0
would have completed at least 20 years of service and reached age
pension will be effective September 1, 2022. Mr. Mills would have co
of service and reached age 55 on December 29,2011. His pension
2012. These pensions were approved by the Pension Advisory Com
2007.
Trustee Petersen moved that Kelly Legg, I
Mills, Public Utilities Department, be allowed to
2.398 of the Employees' Pension Plan as appr
motion was duly seconded and carrie ani
4 - Other Business - None.
Chair
Employee's Pension Plan Trustees
Pension Trustees 2007-12-17
3tem # 1
Meeting Date: 1/14/2008
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Accept the employees listed below into membership in the City of Clearwater's Employees' Pension Plan.
SUMMARY:
Name, Job Class, & Department/Division
Ray Alequin, Sr. Accountant/Budget
Dennis Coley, A/C Technician/General Services
Richard Auskalnis, Recreation Prog/Parks & Rec.
Kervin St. Aimie, Electronics Tech./Public Util.
Chris Livernois, Police Officer/Police
Jeremiah Mills, Firefighter/Fire
Angela Aldrich, Human Res. Tech./Human Res.
Doniela Prifti, Utilities ChemistlPublic Utilities
Javan Thomas, Custodial WorkerlParks & Rec.
John Margnelli, Police OfficerIPolice
Brian Dort, Licensed Electrician/General Services
Kattrina Dowd, Recycling Specialist/Solid Waste
Mathew Dombrowski, Solid Waste Wkr./Solid Waste
Alonzo Cherry, Custodial W orker/Library
Jorge Illich-Gejo, Graphics Designer/Pub. Com.
Derelle Houser, Network Sup. Tech. I/IT
Reinier Airado, Police OfficerIPolice
Michael Claypool, Police OfficerIPolice
Michele Litts, Police Officer/Police
Jeff Williams, Police OfficerIPolice
Edwin Merrill, Tradesworker/General Services
Joel Gerdt, Recreation LeaderIParks & Recreation
Christopher Errington, Rec. ProgIParks & Rec.
Allison McKinney, Sr. Professional Engineer/Eng.
Steven DeVore, Cust. Ser. Rep./Customer Service
Hire Date
10/29/07
10/29/07
10/29/07
10/29/07
10/29/07
10/29/07
5/28/91
10/15/07
11/13/07
10/29/07
11/13/07
8/20/07
11/12/07
11/5/07
11/13/07
10/29/07
10/29/07
10/29/07
10/29/07
10/29/07
10/29/07
11/26/07
11/8/07
11/26/07
11/26/07
Pension Elig.
Date
10/29/07
10/29/07
10/29/07
10/29/07
10/29/07
10/29/07
10/29/07 *
10/15/07
11/12/07
10/29/07
11/13/07
11/12/07 **
11/12/07
11/5/07
11/13/07
10/29/07
10/29/07
10/29/07
10/29/07
10/29/07
10/29/07
11/26/07
11/8/07
11/26/07
11/26/07
* originally hired as full-time on 5/28/91; transferred to part-time on 9/24/01; transferring from part-time to full-time and pension
eligible as of October 29,2007
** originally hired as part -time on 8/20/07; status changed to full-time and pension eligible as of 11/12/07
Review Approval: 1) Office of Management and Budget 2) Legal 3) Clerk 4) Clerk
Cover Memo
Item # 2
Meeting Date: 1/14/2008
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Thomas Downes, Solid Waste/General Services Department; Jon Russell, Parks & Recreation Department; Kenneth McAteer, Solid
Waste/General Services Department; Robert Cantrell, Solid Waste/General Services Department; and Anthony Holloway, Police
Department, be granted regular pensions under Section(s) 2.393 and 2.397 of the Employees' Pension Plan as approved by the Pension
Advisory Committee.
SUMMARY:
Thomas Downes, Solid Waste/General Services Director, Solid Waste/General Services Department, was employed by the City on
September 6, 1977, and his pension service credit is effective on that date. His pension will be effective February 1, 2008.
Based on an average salary of approximately $82,421 per year over the past five years, the formula for computing regular pensions, and
Mr. Downes' selection of the 100% Joint & Survivor Annuity, this pension will approximate $67,350 annually.
Jon Russell, Administrative Support Manager, Parks & Recreation Department, was employed by the City on August 31, 1981,
and his pension service credit is effective on that date. His pension will be effective February 1, 2008.
Based on an average salary of approximately $63,102 per year over the past five years, the formula for computing regular pensions, and
Mr. Russell's selection of the 75% Joint & Survivor Annuity, this pension will approximate $46,431 annually.
Kenneth McAteer, Fleet Mechanics Supervisor, Solid Waste/General Services Department, was employed by the City on October
18, 1982, and his pension service credit is effective on that date. His pension will be effective February 1,2008.
Based on an average salary of approximately $63,000 per year over the past five years, the formula for computing regular pensions, and
Mr. McAteer's selection of the 100% Joint & Survivor Annuity, this pension will approximate $42,802 annually.
Robert Cantrell, Solid Waste Supervisor II, Solid Waste/General Services Department, was employed by the City on March 21,
1977, and his pension service credit is effective on that date. His pension will be effective February 1,2008.
Based on an average salary of approximately $56,540 per year over the past five years, the formula for computing regular pensions, and
Mr. Cantrell's selection of the Life Annuity, this pension will approximate $51,296 annually.
Anthony Holloway, Police Captain, Police Department, was employed by the City on August 12, 1985, and his pension service credit
is effective on that date. His pension will be effective December 1,2007.
Based on an average salary of approximately $88,329 per year over the past five years, the formula for computing regular pensions, and
Mr. Holloway's selection of the 100% Joint & Survivor Annuity, this pension will approximate $53,766 annually.
These pensions were approved by the Pension Advisory Committee on December 13, 2007. Section 2.393 provides for normal
retirement eligibility when a participant has reached age 55 and completed twenty years of credited service, has completed thirty years
of credited service, or has reached age 65 and completed ten years of credited service. Section 2.393 also provides for normal retirement
eligibility when a participant has completed twenty years of credited service or has reached age 55 and completed ten years of credited
service in a type of employment described as "hazardous duty" and further defines service as a Police Captain as meeting the hazardous
duty criteria. Mr. Downes qualifies under the age 55 and 20 years of service and 30 years of service criteria, Mr. Russell qualifies under
the age 55 and 20 years of service criteria, Mr. McAteer qualifies under the age 55 and 20 years of service criteria, Mr. Cantrell
qualifies under the 30 years of service criteria, and Mr. Holloway qualifies under the hazardous criteria.
Review Approval: 1) Office of Management and Budget 2) Legal 3) Clerk 4) Clerk
Item # 3
Meeting Date: 1/14/2008
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Donna Wright, widow of William Wright, Development & Neighborhood Services Department, be granted a death benefit under
Section 2.397 of the Employees' Pension Plan as approved by the Pension Advisory Committee.
SUMMARY:
William Wright, Building Construction Inspector, Development & Neighborhood Services Department, was employed by the
City on October 31, 1994, and his pension service credit was effective on that date. Mr. Wright passed away on October 9, 2007. Donna
Wright, widow of William Wright, applied for death benefits on October 22,2007. Mr. and Mrs. Wright were legally married on
January 4, 1975, thereby entitling her to death benefits under provisions of the Employees' Pension Plan.
Mrs. Wright's request for death benefits was approved by the Pension Advisory Committee on November 8,2007. The amount of Mrs.
Wright's pension will be computed by the Finance Department at a later date. This pension will be effective November 1, 2007.
Based on an average salary of approximately $45,350 per year over the past five years, this pension will approximate $16,140 annually.
Review Approval: 1) Office of Management and Budget 2) Legal 3) Clerk 4) Clerk
Cover Memo
Item # 4
Meeting Date: 1/14/2008
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
James Zetty, Public Utilities Department, be allowed to vest his pension under Section(s) 2.397 and 2.398 of the Employees' Pension
Plan as approved by the Pension Advisory Committee.
SUMMARY:
James Zetty, Wastewater Treatment Plant Operator A, Public Utilities Department, was employed by the City on June 4, 1990,
and began participating in the Pension Plan on that date. Mr. Zetty terminated from City employment on November 27,2007.
The Employees' Pension Plan provides that should an employee cease to be an employee of the City of Clearwater after completing ten
or more years of creditable service (pension participation), such employee shall acquire a vested interest in the retirement
benefits. Vested pension payments commence on the first of the month following the month in which the employee normally would
have been eligible for retirement.
Section 2.393 (p) provides for normal retirement eligibility when a participant has reached age 55 and completed twenty years of
credited service, has completed 30 years of credited service, or has reached age 65 and completed ten years of credited service. Mr.
Zetty would have completed at least 10 years of service and reached age 65 on May 4, 2008. His pension will be effective June 1,
2008. This pension was approved by the Pension Advisory Committee on December 13,2007.
Review Approval: 1) Office of Management and Budget 2) Legal 3) Clerk 4) Clerk
Cover Memo
Item # 5