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07-12-1999Agenda/Pension 7-12-99 0032 ACTION AGENDA Board of Trustees of the Employees' Pension Fund July 12, 1999 1. Call to Order - 1:24 p.m. 2. Approval of Minutes: Regular Meeting 6/14/99 & Special Meetings 6/7/99 & 6/17/99 - Approved as submitted. 3. Request for acceptance into membership: Jarred Stiff, Steve Ussery, Shoba Sridaran, Florence Reichert & Randy Higgins - Approved. 4. Regular Pension(s) to be granted: William Weller - Approved. 5. Death Benefit to be granted: Jacqueline Pedley, widow of James Pedley - Approved. 6. Approve recommended mid-year adjusted administrative expenditure budget for fiscal year 1998-99, totaling $78,865 for the City's Employees' Pension Plan - Approved. 7. Other Business - None. 8. Adjourn - 1:27 p.m. Meeting Date: r7- , cl • I -1 TO: Pension Trustees Approved by Trustees CITY OF CLEARWATER EMPLOYEES' PENSION PLAN PENSION ADVISORY COMMITTEE FROM: Pension Advisory Committee SUBJECT: Recommendation for Acceptance into Pension Plan DATE: June 17, 1999 As Trustees of the City of Clearwater Employees' Pension Fund, you are hereby notified that the employee(s) listed below have been duly examined by a local physician and each has been designated as a "first class risk". The employment of these individuals brings the number of FTE's as of this date to 1645.4 out of 1750.0 budgeted positions (including the City Commission). These employees are eligible for pension membership as noted in the Pension Eligibility Date column below, and it is the recommendation of the Pension Advisory Committee that they be accepted into membership. Name,Job. Class, & Dept./Div. Pension Elig. Hire Date Date Jarred Stiff, Police Aide/Police 3/1 /99 4/24/99 Steve Ussery, Tree Trimmer/Public Works 5/22/99 5/22/99 Shoba Sridaran, System Analyst Prog./Gen. Support Services 5/24/99 5/24/99 Florence Reichert, Accounting Clerk/Planning & Dev. Services 6/1 /99 6/1 /99 Randy Higgins, Solid Waste Equip. Operator/ 5/24/99 5/24/99 nw?- b I Trustees of the Agenda Item # T Employees' Pension Plan Meeting Date. 7/12/99 Agenda Cover Memorandum SUBJECT/RECOMMENDATION: William Weller, Police Department, be granted regular pension under Section(s) 2.393 and 2.397 of the Employees' Pension Plan as approved by the Pension Advisory Committee. 0 and that the appropriate officials be authorized to execute same. SUMMARY: William Weller, Police Officer, Police Department, was employed by the City on May 10, 1976, and his pension service credit is effective on November 6, 1976. His pension will be effective August 1, 1999. This pension was approved by the Pension Advisory Committee on June 17, 1999. Based on an average salary of approximately $43,099 per year over the past five years, the formula for computing regular pensions, and Mr. Weller's selection of the joint & Survivor Annuity, this pension will approximate $26,925 annually. Section 2.393 (p) provides for normal retirement eligibility when a participant has completed twenty years of credited service in a type of employment described as "hazardous duty" and further specifically defines service as a Police Officer as meeting the hazardous duty criteria. Mr. Weller qualifies under the hazardous duty criteria. Reviewed by: Originating Dept: Costs Legal NA Info Tech NA Human Resources Total Budget NA Public Works NA User Dept. Funding Source: Purchasing NA DCM/ACM Captial Improvement Current Fiscal Year Risk Mgmt NA Other NA Attachments Operating Other Appropriation Code: Submitted by: O None City Manager Printed on recvcled oaner Rev. 2/98 Trustees of the Agenda Item # Employees' Pension Plan 7/12/99 Agenda Cover Memoraandm Meeting Date: SUBJECT/RECOMMENDATION: Jacqueline Pedley, widow of James Pedley, General Support Services Department, be granted a death benefit under Section 2.397 of the Employees' Pension Plan as approved by the Pension Advisory Committee. ? and that the appropriate officials be authorized to execute same. SUMMARY: James Pedley, General Support Services Department, was employed by the City on January 16, 1989, and his pension service credit is effective on that date. Mr. Pedley passed away on May 19, 1999. Jacqueline Pedley, widow of James Pedley, applied for death benefits on June 1, 1999. Mr. and Mrs. Pedley were legally married on April 16, 1983, thereby entitling her to death benefits under provisions of the Employees' Pension Plan. Mrs. Pedley's request for death benefits was approved by the Pension Advisory Committee on June 17, 1999. The amount of Mrs. Pedley's pension will be computed by the Finance Department at a later date. This pension will be effective June 1, 1999. Based on an average salary of approximately $35,557 per year over the past five years, this pension will approximate $10,115 annually. Reviewed by: Originating Dept: Costs Legal NA Info Tech NA Human Resources Total Budget NA Public Works NA User Dept. Funding Source: Purchasing NA DCM/ACM captial Improvement Current Fiscal Year Risk Mgmt NA Other NA Attachments Operating Other Appropriation Code: Submitted by: p None City Mana er i'rinted on recycled paper Rev. 2198 Employees' Pension Trustee Agenda Cover Memorandum Agenda Item # _ C7 Meeting Date: 1 • I SUBJECT/RECOMMENDATION: Approve the recommended mid-year adjusted administrative expenditure budget for fiscal year 1998-99 totaling $78,865 for the City of Clearwater Employees' Pension Plan, 0 and that the appropriate officials be authorized to execute same. SUMMARY: • Attached is the proposed mid-year adjusted budget for fiscal year 1998 - 1999 including historical numbers. • Medical Bills is for the medical services that the Pension Advisory Committee authorizes. • Travel and training is for members of the Pension Investment Committee to attend the Callan training seminar, visit Callan, the pension plan's performance measurement firm, and a due diligence visit to one of the money managers. • Printing and Binding is for the statutorily required annual information distribution to the members of the pension plan. • Money Manager, Safekeeping Service, Pension Administrator and Actuary fees are all set by contracts approved by the trustees and are not included in this administrative budget. • Reimbursement to the General Fund is for the cost of oversight of the plan and cost of issuing pension checks. • All expenditures are expected to fall within the approved original budget with two exceptions. • Human Resources is providing significantly more services to the Pension Plan than was originally anticipated. This increases the General Fund reimbursement by $16,615. This will bring the General Fund reimbursements to $42,615. Of this number $3,100 is Legal, $18,100 is Finance and $21,415 is Human Resources. • Second is the cost associated with the Employee's pension fund having its own attorney. These costs are estimated at $25,000 for this remainder of this fiscal year. • Reimbursement to the General Fund is recognized as revenue to the General Fund. Originating Dept: Costs Reviewed by: Legal N/A Info Srvc N/A Finance Total $78,865 Budget Public Works N/A - 2 User Dept. Funding Source: Purchasing A DCM/ACM Finance Current FY $78,865 CIP I Risk Mgmt N/A Other Attachments OP Expenditure Worksheet Other Pension Submitted b City Manager / ? None Appropriation Code: 646-07410-5xxx00-58x-000 Printed o yc 0 P 'Per Rev. 2/98 N O o N .r- C) 0 r ? 0 cn p O D CO Q 0 W W rn U) C? 00 W Q 0 W U m ch L.L 0) W N ._ z Q I W Cl) 0) W V O) 0 LL O c W m o Ur-) CD cm, co J < (? 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