06/16/2008
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
June 16, 2008
Present: Frank Hibbard Chair
Carlen Petersen Trustee
John Doran Trustee
George N. Cretekos Trustee
Paul Gibson Trustee
Also Present: William B. Horne, II City Manager
Jill S. Silverboard Assistant City Manager
Rod Irwin Assistant City Manager
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
Brenda Moses Board Reporter
The Chair called the meeting to order at 1:45 p.m. at City Hall.
To provide continuity for research, items are in agenda order although not
necessarily discussed in that order.
2 - Approval of Minutes
2.1 - Approve the minutes of the May 13, 2008 Pension Trustees meeting as submitted in
written summation by the City Clerk.
Trustee Gibson moved to approve the minutes of the Pension Trustees meeting of May
13, 2008, as recorded and submitted in written summation by the City Clerk to each Trustee.
The motion was duly seconded and carried unanimously.
3 - Pension Trustees Items
3.1 Employees listed below be accepted into membership in the City of Clearwater’s
Employees’ Pension Plan as approved by the Pension Advisory Committee.
Pension
Elig.
Name, Job Class, and Department/Division Hire Date Date
Catherine Lee, Planner I/Planning 3/19/08 3/19/08
Cameron Moeller, Sr. Marine Lifeguard/Mar. & Aviation 3/30/08 3/30/08
Scott Starkey, Fleet Mechanic/Solid Waste/General Ser. 3/31/08 3/31/08
Shane O'Neill, Planner I/Planning 4/14/08 4/14/08
Trustee Petersen moved to accept the listed employees into membership in the City of
Clearwater's Employees' Pension Plan. The motionwas duly seconded and carried
unanimously.
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3.2 Approve the recommended administrative expenditures totaling $330,500 for fiscal year
2008-09.
The Employees’ Pension Plan does not have a legal requirement to have a budget.
The Trustees must approve all expenditures. The following are routine expenditures that staff
is requesting approval for the sake of efficiency. These expenditures involve routine business
matters and are mostly small dollar amounts.
Printing and binding is for the statutorily required annual information distribution to the
members of the pension plan. Postage is for certified mailings required under a new rule
passed by the Pension Trustees and other pension related materials. Membership dues are
for the annual dues for the Florida Public Pension Trust Association. Training and travel are
for the estimated cost of training required by state statute.
The total paid for training and travel for FY07 was $0 and for FY08 YTD is $2,162.01.
Klausner & Kaufman is the pension attorney firm. Annual attorney’s fees also include medical
bills that are for the medical services authorized by the Pension Advisory Committee. Total
paid in FY07 was $59,818.16 and FY08 YTD is $30,069.27
Reimbursement to the General Fund and the Self Insurance Fund is for the cost of the
oversight of the Plan and is recognized as revenue to the general and insurance funds. This
reimbursement covers the services provided by Human Resources, Payroll, and Finance.
At this time staff is not budgeting for a Referendum for the next year. If a referendum is
needed, approval will be sought at that time. Money manager, safekeeping, actuary, and
pension administration fees are all set by contracts approved by the Trustees and are not
included in this request.
In response to a question, Finance Director Margie Simmons said a referendum is
required for changes to the pension plan. She said the trend in costs has remained steady.
Trustee Doran moved to approve the recommended administrative expenditures
totaling $330,500 for fiscal year 2008-09. The motion was duly seconded and carried
unanimously.
3.3 Martha Pages, Engineering Department; Varghese Jolly, Public Utilities Department;
and Gregory Smith, Gas Department, be granted regular pensions under Sections(s) 2.393
and 2.397 of the Employees’ Pension Plan as approved by the Pension Advisory Committee.
Martha Pages, Customer Service Representative, Engineering Department, was
employed by the City on May 2, 1994, and her pension service credit is effective on that date.
Her pension will be effective June 1, 2008. Based on an average salary of approximately
$40,504 per year over the past five years, the formula for computing regular pensions, and Ms.
Pages’ selection of the 10-Year Certain & Life Annuity, this pension will approximate $14,858
annually.
Varghese Jolly, Water Plant Operator A, Public Utilities Department, was employed by
the City on October 19, 1987, and his pension service credit is effective on that date. His
pension will be effective June 1, 2008. Based on an average salary of approximately $56,688
per year over the past five years, the formula for computing regular pensions, and Mr. Jolly’s
selection of the 100% Joint & Survivor Annuity, this pension will approximate $36,046 annually.
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Gregory Smith, Gas Specialist, Gas Department, was employed by the City on
December 4, 1976, and his pension service credit is effective on that date. His pension will be
effective July 1, 2008. Based on an average salary of approximately $48,085 per year over the
past five years, the formula for computing regular pensions, and Mr. Smith's selection of the
Joint & Survivor Annuity, this pension will approximate $41,713 annually.
These pensions were approved by the Pension Advisory Committee on May 8, 2008.
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. Ms. Pages qualifies under
the 10 years of service and age 65 criteria. Mr. Jolly qualifies under the age 55 and 20 years of
service criteria. Mr. Smith qualifies under the age 55 and 20 years of service and the 30 years
of service criteria.
Trustee Cretekos moved that Martha Pages, Varghese Jolly, and Gregory Smith be
granted regular pensions under Sections(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 - None.
5 - Adjourn
The meeting adjourned at 1 :49 p.m.
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