04/10/2008
PENSION ADVISORY COMMITTEE MEETING MINUTES
CITY OF CLEARWATER
April 10, 2008
Present: John Schmalzbauer Acting Chair/Committee Member
John Doran Committee Member/Councilmember
Stephen Sarnoff Committee Member
Paul Gibson Committee Member/Councilmember
Absent: Nathan Hightower Chair
Tom Jensen Vice-Chair
Carlen Petersen Committee Member/Councilmember
Also Present: Joe Roseto Human Resources Director
Brenda Moses Board Reporter
The Chair called the meeting to order at 9:12 a.m. at City Hall.
To provide continuity for research, items are in agenda order although not
necessarily discussed in that order.
2. Selection of Chairman
Member Doran moved to continue the selection of a Chair to the May 8, 2008 meeting.
The motion was duly seconded and carried unanimously.
3. Approval of Minutes of March 13, 2008
Member Sarnoff moved to approve the minutes of the regular Pension Advisory
Committee meeting of March 13, 2008, as submitted in written summation to each board
member. The motion was duly seconded and carried unanimously.
4. Employees to be Heard – None.
5. Action Items:
a. Review and Action on Employee Requests for Regular Pensions:
1. James McGee, Solid Waste
2. Kathy Faye Chetoka, Gas
3. Mary Stuart, Police
Member Doran moved to approve the requests for regular pensions for James McGee,
Kathy Faye Chetoka, and Mary Stuart. The motion was duly seconded and carried
unanimously.
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b. Review and Action on Employee Requests to Vest Pensions:
1. Arthur Sprague, Gas
Arthur Sprague, Gas Department, has resigned his position after being employed with
the City for more than 11 years. He will qualify for his pension beginning December 2, 2026.
Member Sarnoff moved to recommend approval of the request by Arthur Sprague to vest
his pension. The motion was duly seconded and carried unanimously.
c. Approval of New Hires as Plan Members:
Member Gibson moved to accept the following employees into membership in the
Pension Plan:
Pension
Elig.
Name, Job. Class, & Dept./Div. Hire Date Date
Salvatore Accomando, Police Officer/Police 3/3/08 3/3/08
Patrick Pongon, Field Service Rep. I/Customer Svc. 2/19/08 2/19/08
Joseph Doiron, Electronics Tech./Engineering 3/3/08 3/3/08
Penny Johnston, Senior Payroll Tech./Finance 3/17/08 3/17/08
Michael Billian, Fleet Mechanic/Solid Waste-Gen. Svcs. 3/17/08 3/17/08
The motion was duly seconded and carried unanimously.
6. Pending/New Business:
1. Appointment of Election Committee
Human Resources Director Joe Roseto requested that the Pension Advisory Committee
appoint the Election Committee members.
Member Sarnoff moved to recommend that last year’s Committee members be
contacted and if they are still willing to serve, that they be reappointed to the Election
Committee. The motion was duly seconded and carried unanimously.
Mr. Roseto said staff would contact last year’s members.
7. Director’s Reports – None.
8. Committee Members to be Heard
Committee Member Sarnoff requested information regarding the affect of the stock
market on the City’s pension investments.
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Assistant Finance Director Jay Ravins said staff monitors the financial market closely.
He reported there are no major issues regarding the Employees' Pension Plan at this time.
However, everyone in the inv~stment field is watching Ginnie Mae and Fannie Mae, while
continuing to support the belief that they have federal government guarantees. Mr. Ravins said
five-year averaging minimizes the volatility of the market.
9. Adiournment
The meeting adjourned at 9:19 a.m.
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Pension Advisory 2008-04-10
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