ANNUAL REPORT 2001 - GENERAL EMPLOYEES PENSION FUND
I
ANNUAL REPORT FOR YEAR
,
2001
Clearwater, Florida
(CITY)
General Employees' Pension Fund
(NAME OF FUND)
Finance Department, P.O. Box 4748, Clearwater, Florida
(ADDRESS OF FUND)
STATE OF
Florida
COUNTY OF
Pinellas
We declare that the information given in this Annual Report and any
attachments thereto is true and complete to the best of our information,
knowledge and belief.
. (k4rf;(L~ r - CHAIRMAN*
Slgnature
Brian J. Aungst Sr., Mayor
Please Type: Name of Chairman
P.O. Box 4748, Clearwater, Florida
Mailing Address
*Must be member of
the Board of Trustees
727
Area Code
562-4049
Telephone/Suncom Number
SECRETARY*
Signature
NONE
Please Type: Name of Secretary
Mailing Address
Area Code
Telephone/Suncom Number
The municipal Police Officers' and
Firefighters' Retirement Trust Funds
Office is hereby authorized to
contact the person listed above
for additional information and/or
corrections regarding the annual report.
Karen Miles
Name: Please Type
Accounting Manager
Title
P.O. Box 4748, Clearwater, Florida
Mailing Address 33758-4748
727 562-4517
Area Code Telephone/Suncom
CONTACT PERSON FOR ANNUAL REPORT:
Subscribed and sworn to before me this
Personally known ~ or
~I.o.:t day of ~
~l~_ ';t. ~
,2002
Produced identification C
Type of Identification Produced
MOTNtV PUBliC -IITATE OF FLORIDA
CAROlYN L BRINK
cOfo8II88ICN' CCI34678
EXPIRES 512212003
80NDED THRU ABA 1-88ll-NOTARY1
Revised 09/2001
(1)
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1. BOARD OF TRUSTEES
Makeup of Board specified in:
Ordinance No. 5890-9 ,Section
Brian J. Aunqst Jr.
Charles E. Hart
Hoyt P. Hamilton
Whitney Gray
William C. Jonson
2.394 , Dated 9/7/1995
Trustees Elected/Appointed By*
Desiqnated in Ordinance
Desiqnated in Ordinance
Desiqnated in Ordinance
Desiqnated in Ordinance
Desiqnated in Ordinance
Names of Trustees
For each Trustee Specify:
or Designated in Ordinance
City Clerk or Treasurer) .
city Appointee, Elected Member,
(example: Finance Director,
Attach separate page, if necessary.
2. Required Quarterly Board Meetings. List the date (month, day, year) of
one Board Meeting in each quarter:
3rd
4th
02/12/01
09/04/01
1st
10/16/00
05/14/01
2nd
3. List all ordinances passed during this reporting period that affect your
pension fund. An impact statement must be performed for each new
ordinance. Any ordinance having no actuarial impact upon the plan must
have a letter from your actuary attesting to this fact.
Ordinance Number
Date Passed
Ordinance Number
Date Passed
Ordinance Number
Date Passed
Ordinance Number
Date Passed
4. CHAPTER FUNDS ONLY
List any benefit improvements implemented during this reporting
period and the date effective:
N/A
Revised 09/2001
(2)
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1\. ACTUARIAL VALUATION
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Contributions (Page 5, Line 3) for this reportinq period were made in
accordance with the valuation performed by:
PricewaterhouseCoopers LLP (Tampa)
Name of Actuarial Firm
stephen Metz
Contact Person
813
Area Code
Date of Valuation
1/1/2000
2. CERTIFIED PUBLIC ACCOUNTANT
Grant Thornton LLP
Name of Firm
Dick L. Swofford
Contact Person
(404)
Area Code
3. MONEY MANAGER
City of Clearwater
Name of Firm
Steve Moskun
Contact Person
727
Area Code
4. PERFORMANCE EVALUATION
Callan Associates Inc.
Name of Firm
Bill Badger
Contact Person
800
Area Code
9/30/2001
Date of Evaluation
5. LEGAL ADVISOR
Christiansen & Dehner, P. A.
Name of Firm
Lee Dehner
Attorney
Area Code
Revised 09/2001
101 East Kennedy Blvd.
Suite 1500, Tampa Fl.
229-0221
Telephone Number
Period Covered 1/1/00-12/31/00
2300 North Tower
235 Peachtree St.N.E.
Atlanta, GA. 30303
Mailing Address
330-2000
Telephone Number
P. O. Box 4748
Clearwater, Fl. 33758
562-4532
Telephone Number
Six Concourse Parkway
Suite 2900
Atlanta, Ga. 30328
522-9782
Telephone Number
10/1/00 - 9/30/01
Period Covered
Reports are Prepared Quarterly
63 Sarasota Center Blvd.
Suite 107, Sarasota, Fl. 34240
(941) 377-2200
Telephone/Suncom Number
(3)
city of Clearwater General fmployeeS' Pension Fund I
Supplement Page (3)A
Additional Money Managers
3 Money Manager
Money. Manager
Money Manager
(Custodian)
Money Manager
Money Manager
Money Manager
Money Manaoer
Money Manager
Aeltus Investment Manaqement, Inc.
Douq Benedetto 242 Trumbull st. Alt. 7
860 275-4602 Hartford, ct. 06103-1205
Denver Investment Advisors, Inc.
Christianna Wood 1225 17th Street, 26th Fl.
303 312-5014 Denver, Co. 80202
Sun Trust Bankinq Group
Robin O'Connor
P. O. Box 3631
Orlando, Fl. 32802-3631
407
237-5057
3 Bridqe Capital LLC
David Post
650 California St., 30th Fl.
San Francisco, Ca. 94108
415
229-8733
Sirach Capital Manaqement, Inc.
Barry Fetterman 520 Pike Street
206 624-3800 Suite 2800
Seattle, Washington 98101-1389
EPW, Inc.
John Willouqhby
800 276-9558
111 Madison St., Suite 1550
Tampa, Fl. 33602
Ark Asset Manaqement Co. Inc.
Linda Lislie 125 Broad Street
212 487-5022 New York, N.Y. 10004
Vanderbilt Capital Advisors, Inc
Scott Harrinqton 200 Park Avenue
212 973-2209 New York, N.Y. 10166
(3A)
City o~ Clearwater General Employees' Pension Fund I
Supplement Page (3)B
Additional Money Managers
Money Manaoer
Money Manaoer
Money Manaoer
Money Manaoer
Money Manaoer
Money Manaoer
Money Manaoer
Money Manaoer
Putnam Investments
Jim Fette
1 Post Office Square
Boston, MA 02109
800
225-2465
Artisan Partners
Andrew Stephens
770 804-5441
Five Concourse Parkway,NE
Suite 2120 Atlanta, GA 30328
Invesco Global Asset Management
Lori McDermott 1360 Peechtree Street NE
404 439-3310 Suite 100 Atlanta, GA 30309
Capital Guardian Trust Company
David Trejo 120 South State College Blvd.
714 671-7027 Brea, CA 92821
(38)
19. UNPAID EXPENSES 448,314
20. DROP PLAN PAYABLE (From pg. 15A)
21. DUE TO OTHER FUNDS (cash deficit)
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Clearwater, Florida
CITY NAME
General Employees' Pension Fund
NAME OF PENSION FUND
STATEMENT OF ASSETS AND LIABILITIES
AS OF 9/30/2001
Month/Day/Year
ASSETS - MARKET VALUE
1. CASH, CHECKING AND SAVINGS (From pg. 7)
2. CERTIFICATES OF DEPOSIT (From pg. 7)
3. SHORT TERM INVESTMENTS (From pg. 7)
4. OTHER CASH AND EQUIVALENTS (From pg.8)
5. U. S. BONDS AND BILLS (From pg. 8)
6. FEDERAL AGENCY GUARANTEED SECURITIES (From pg.8)
7. CORPORATE BONDS (From pg. 8)
8. STOCKS (From pg. 9)
9. OTHER SECURITIES (From pg.9)
10. REAL ESTATE (From pg.9)
11. INVESTMENTS HELD BY INSURANCE COMPANY (From pg.9)
12. Bank of America,N.A.-pooled Cash
(From pg. 10)
(From pg. 10)
13.
14. ACCOUNTS RECEIVABLE (from pg. 10)
15. ACCRUED INTEREST
16. TOTAL ASSETS (sum of lines 1-15)
LIABILITIES
17. REFUNDS PAYABLE
18. PENSIONS PAYABLE
22. TOTAL LIABILITIES (sum of lines 17-21)
23. FUND BALANCE (subtract line 22 from line 16)
<must agree with page 5, line 25>
Revised 09/2001
(4)
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6,020,501
41,282,359
108,934,658
39,379,066
190,609,676
21,624,182
2,635,350
2,187,446
412,673,238
448,314
412,224,924
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Clearwater, Florida
CITY NAME
General Employees' Pension Fund
NAME OF PENSION FUND
STATEMENT OF REVENUES, EXPENDITURES & CHANGES IN FUND BALANCE
FOR THE PERIOD ENDING 9/30/2001
Month/Day/Year
REVENUES - MARKET
1. CONTRIBUTIONS FROM EMPLOYEES (From pg 14)
2. CONTRIBUTIONS FROM STATE OF FLORIDA (From pg.6)
3. CONTRIBUTIONS FROM CITY (From pg.6)
4. CONTRIBUTIONS FROM CITY - FOR EMPLOYEES
4,855,064
12,000
4,255,484
5. BUYBACKS/REPAYMENT OF CONTRIBUTIONS
6.
7. UNREALIZED GAINS/LOSSES
8. INTEREST AND DIVIDENDS
(66,962,079)
13,282,705
9. GAIN FROM SALE OF INVESTMENTS
(31,687,007)
10. TOTAL REVENUE (sum of lines 1-9)
(76,243,833)
EXPENDITURES
11. RETIREMENT PENSION PAYMENTS (From pg. 12)
12. DISABILITY PENSION PAYMENTS (From pg. 12)
13. BENEFICIARY PENSION PAYMENTS (From pg. 12)
14. TOTAL PENSION PAYMENTS (sum of lines 11-13)
15. TERMINATION PAYMENTS (From pg. 13)
16. DROP PLAN PAYMENTS (From pg. 15A)
17. INSURANCE PREMIUM PAYMENTS
18. EXPENSES (From pg. 6)
19. ADMINISTRATION
7,626,799
2,424,944
891,646
10,943,389
551,943
(82)
1,742,646
118,200
20.
21. LOSS FROM SALE OF INVESTMENTS
22. TOTAL EXPENDITURES (sum of lines 14-21)
23. NET INCREASE /DECREASE (subtract line 22 from line 10)
13,356,096
(89,599,929)
24. FUND BALANCE -- BEGINNING OF YEAR: 10/1 ,1999
<Must agree with prior year report paqe 5, line 25>
501,824,853
25. FUND BALANCE -- END OF YEAR: 9/30
(line 23 plus line 24)
<must agree with page 4, line 23>
,2000
412,224,924
Revised 09/2001
(5)
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1. TOTAL CALENDAR YEAR POLICE DEPARTMENT PAYROLL; $
TOTAL CALENDAR YEAR FIRE DEPARTMENT PAYROLL: $
** IMPORTANT **
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N/A
N/A
This figure must be on a calendar year basis. Police & Fire Department
Payroll - includes all employees of the Police & Fire Departments
(secretaries, dispatchers, police officers, etc.). if lower than
last year. olease exolainl
2. STATE OF FLORIDA PREMIUM TAX MONEY
List each deposit separately:
FIRE
POLICE
Date of De'Dosit
08/31/2001
Amount
$5,000.00
Date of De'Dosit
07/16/2001
Amount
$7,000.00
Total Fire $5,000.00 Total Police $7,000.00
TOTAL (Page 5, Line 2) $12,000.00
3. CITY CONTRIBUTION
Date of De'Dosit Amount Date of De'Dosit Amount
10/13/00 318,528.74 01/19/01 337,371. 49
10/27/00 315,715.48 02/02/01 333,956.42
11/10/00 319,754.61 02/16/01 316,964.79
11/22/00 331,718.49 03/02/01 326,723.57
12/08/00 343,102.99 03/16/01 321,092.07
12/22/00 332,457.32 03/30/01 320,477.76
01/05/01 337,594.18 04/13/01 25.39
08/17/01 0.30
TOTAL CITY CONTRIBUTION
(Page 5, Line 3) 4,255,483.60
4. DETAIL OF EXPENSES
ADMINISTRATIVE EXPENSES
Item
Printing & Postage
Travel
Document Reproduction
Amount
77.95
1,921.08
96.00
~
Actuarial Fee
Medical
Attorney Services
Amount
27,400.00
275.00
37,051.55
Sub-Total
Admin. Expenses
66,821.58
INVESTMENT EXPENSES
Item
Money Management
Amount
1,675,824.24
~
Amount
Sub-Total
Invest. Expenses
1,675,824.24
Revised 09/2001
TOTAL EXPENSES
(Page 5, Line 18)
1,742,645.82
(6)
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FEB-25-02 16.28 FROM.PWC LLP CHRS
10.8132288805
PACE
ACrtJARIAL CONF~ION 01' 'l'BE OS!: 01' STAD MOlGlJS
(LOCAL LAN PLANS ONLY)
TO BE FORWARDED TO THE PLAN ACTUARY FOR COMPLETION AND RETURNED TO THE MONICIPALITY AS
SOON AS POSSIBLE, SO THAT IT MAY BE: SUBMITED TOGETIIER WITH THE }I.NNOA:~ UPORT DUE ON
MARCil 15, 2002.
The Plan's actuary must provide the following information in order for
the MPF office to determine that State premium tax revenLes are being
used in accordance with the provisions of sections 175.35: and 185.35,
Florida Statutes, as amended by Chapter 99-1, Laws of Florida.
A. Name of actuarial firm
PrlcewsterhouseCoopers LLP
B. Date of most recent actuarial valuation 01-01-2001
C. Use of State money -- Please provide the folloWing ir.fornation:
(1) Annual cost of qualifYinq benefit improvements h .,:,equired
minimum benefit improvements or "extra benefitN impI'ovenents
enacted during the fiscal year.
Ordinance NwN)Qr(s)
1998 $
1999 $ 12,000
2000 $ 12,000
2001 $ 12,000
(2) For the Fiscal Year 2001, please indicate the am:lunt of
State premium tax moneys that are available to be Ilsed by the
plan sponsor toward the minimum required contribution5:. (NOTE:
If there have been no qualifying benefit improvements since the
enactment of Chapter 99-1, Laws of Florida, this amount can be
no more than the 1997 base year amount.)
Police
Fire
Fire Supplemental
$ 7,000
$ 5.000
$
(3) Are there any remaining minimum benefit imprcvements
required to be made subject to the provisions of Chapter 99-1,
Laws of Florida? If yes, please identify. Attach adc i tional
page, if necessary. YES NO
~'t believe so, but are not in the practice of law.
(4) As of Fiscal Year End 2001, please provide the bahnce of
additional premium tax revenues that are remaining to :>e used
to provide future minimum or "extra benefit" improveme1ts. If
the amount of the qualifying benefit improvements enacted since
Chapter 99-1 exceeds the amount of additional premium tax
revenues received to date, this will be a negative balance.
Fiscal Year End 2001
$~-
D. Actuary representing the Plan:
Name: Stephen M. Metz
~ print)
(Siqnatur~ }hl1l~
Telephone: (813) 218-4L29
Z...L'S.,o2-
(Dat' )
llav:i..8d g/2001
( 6a )
2/2
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INVESTMENTS
City of Clearwater General Employees' Pension Fund
NAME OF PENSION FUND
1. Ordinance describing the Fund's investment guidelines:
Ordinance No.
6217-97
section
2.399
Date
12/4/1997
2. SCHEDULE OF INVESTMENTS AT MARKET VALUE
Institution Holding Deposit
Amount
(1) CASH, Checking & Savings
Aeltus
Ark
Artisans
Denver Investment Advisors, Inc.
Sirach
Vanderbil t
15,533,557
(41,272)
(316,766)
224,772
(602,254)
(8,777,536)
Total
$
6,020,501
(Page 4, Line 1)
(2) CERTIFICATES OF DEPOSIT
$
Total
(Page 4, Line 2)
(3) SHORT-TERM INVESTMENTS
Aeltus
Total
2,187,230
1,210,943
1,444,605
2,566,568
6,347,420
17,797,124
5,423,612
4,304,857
$ 41,282,359
Ark
Artisans
Denver Investment Advisors, Inc.
Eickhoff, Pieper & Willoughby, Inc.
3 Bridge Capital
Sirach
Vanderbilt
(Page 4, Line 3)
Revised 09/2001
(7)
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2. 'SCHEDULE OF INVESTMENTS - continued
Institution Holdinq Deposit
Amount
(4) OTHER CASH & EQUIVALENTS
Total
NONE
(Page 4, Line 4)
(5) U. S. BONDS & BILLS
Eickhoff, Pieper & Willouqhby, Inc.
Sirach
53,299,706
19,934,293
35,700,659
Vanderbilt
Total
$
108,934,658
(Page 4, Line 5)
(6) FEDERAL AGENCY GUARANTEED SECURITIES
Total
$
(Page 4, Line 6)
(7) CORPORATE BONDS
Sirach
22,134,223
17,244,843
Vanderbilt
Total
$
39,379,066
(Page 4, Line 7)
Revised 09/2001
(8)
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2. SCHEDULE OF INVESTMENTS - continued
Institution Holding Deposit
Amount
(8) STOCKS
Aeltus
44,085,760
Ark
33,663,836
3 Bridge Capital
23,183,071
34,518,092
16,620,198
17,033,910
21,504,809
Artisans
Denver Investment Advisors, Inc.
Invesco
Putnam
Total
$ 190,609,676
(Page 4, Line 8)
(9) OTHER SECURITIES
Sirach (Asset-Backed Securities)
4,323,980
Sirach (Mortgage-Backed Securities)
4,940,210
Vanderbilt(Asset Backed Securities)
5,926,352
Vanderbilt(Mortgage Backed)
6,433,640
Total
$ 21,624,182
(Page 4, Line 9)
(10) REAL ESTATE
Revised 09/2001
(9)
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