10-16-2000•
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ACTION AGENDA
Board o# Trustees of the Employees' Pension Fund
October 16, 2000
1. Call to Order - 9;45 a.rr�.
2. Approva! of Minutes: 3/5/00 - Approved as submitted.
3. Request for acceptance into membership; Mary Repp, Michae! Demps, Thomas
Shaffer, Arden Dittmer, Robert Renk, Anthony Hadiey, Stefan Czerwinski, Judith
Crawford, Daniel Carter, & Teresa Jeffries - Approved.
4. Regular Pension(s) to be granted: Brian Baldwin - I�pRroved.
5. PensROn(s) to be vested: Nanette F�arbison - Approved.
6, Agre�ments with Putnam investments and Invesco Globai Rsset Management (N.A.),
Inc., to serve as non-US equity managers for Employees Pension Plan -�4pproved.
7. Other Business - Nons.
8. Adjo�rn - 9�:49 a.m.
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Meeting Date:
TO:
FROM:
SUBJECT:
DATE:
Approved by Trustees:
CITY OF CLEARWATER
EMPl.OYEES' PENSION PLAN/
PENSION ADVtSORY COMMITTEE
Pension Trustees
Pension Advisory Committee
Recommendation for Acceptance into Pension Plan
September 14, 2000
NSkeeS �
T
As Trustees of the City of Ciearwater Employees' Pension Fund, you are hereby notified that the
employee(s) listed below have been duly examined by a local physician and pach has been designated
as a"first class risk". The empioyment of these individuals brings the number of F7E's as of this
date to 1684.4 of 1776.4 budgeted positions (including the City Commission.
These employees are etigible for pension membership as noted in the Pension Eiigibility Date column
below, and it is the recommendation of the Pension Advisory Committee that they be acc�pted into
mernbership.
Narne, Job. Class, & Deqt./Div. Hire Date
Mary Repp, Recreation Leader/Parks & Recreation 2/18/97
Michael Demps, Parks Service Technician/Parks & Recreation 7/31 /00
Thomas Shaffer, Systems Analyst/lnformation Technology 8/7/00
Arden Dittmer, Developrnent F3eview Tech. I/Ping. & Dev. Ser. 7/31 /00
Robert Renk, Utilities CheTnistlPublicWorks 4/24/00
Anthony Hadley, Solid Waste Worker/Solid Waste 8/14/00
Stefan Czerwinski, Sr.r Systems Analyst/information Technology 8I21 /00
Judith Crawford, Senior Accountant/Pubiic Works 8/28/00
Daniel Carter, Field Service Representative/Custorner Service 8/28/00
Teresa Jeffries, Accounting Clerk/Econornic Development 8/28/00
Pension Elig.
Date
7/17/00 *
7/31 /00
8/7/00
7/31 /00
7/29/00 * *
8/14/00
8/21 /00
8/28/00
8/2$/00
8/28/00
* originally hired as part-time; status changed to full-time and pension eligible as of 7/17/00
** originally hireci as temporary; status changed to permanent and pension eiigible as of 7/29/00
.
Pension dvisor mmitt e Chai
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Trustees of the
Final Agenda Item #
�� �mployees' Pension P�an . 10/16/00
Agenda Cover Me�ora�nduna Meeting Date.
SUBJECT/RECOMMENDATION:
Brian Baldwin, Fire Department; be granted a regular pension under• Section(s) 2.393 and 2.397 of the
Empioyees' Pension Plan as approved by the Pension Advisory Committee.
� and that the appropriate officials be authorized to execut� same.
SUM1i�lA�tY:
Brian Baldwin, Deputy Chief �f Operations, Fire Department, was employed by the City on
August 6, 1979, and his pension service credit is effective on that date. His pension will be effective
March 1, 2000.
Based on an average salary of approximately $53,629 per year over the past five years, the formuia for computing
regular pensions, and Mr. Baldwin's seiection of the 100% )oint & Survivor A,i�nuiry, this pension will
approximate $31,396 annually.
This pension �vas approved by the Pension Advisory Committee on September 14, 2000. Section 2.393 (p)
provides for normaf retirement eligibility when a participant has completed twenty years of credited service in a
type of ernployment described as "hazardous dury" and further specifically defines service as a Deputy Chief of
Operations as meeting the hazardous duty criteria.
Reviewe�d by:
Legal NA
Budget NA
Purchasing NA
Risk Mgmt NA
Submitted by:
City Mana�er
Info Tech NA
Public Works NA
DCM/ACM
Originating Dept:
Human Resources
User Dept.
Other NA Attachments
P�inted an recycled paper
C� None
Costs
Funding Source:
Captial Impro�•ement
Operating
o�ne�
Appropriation Code:
Total
Current Fiscal Year
Rev. 2/98
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�rustees of the
Final Agenda Item #
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� � ��� Employees' Pen�ion Plan 10116/00
Meeti ng Date:
A�enda Coder Meanorandum
SUBjECTi /R�CC)MMENDAiIOhi:
Nanette Harbison, Fire Department, be alfowed to vest her pension under Section(s} 2.397 and 2.398 of the
Employees' Pension Plan as approved by the Pension Advisory Committee.
� and that the appropriate officials be authorized to execute same.
SUMIV4ARY:
fNanetfie Harbison, Fire �istrict Chief, Fire Department, was employed by the City on �anuary 11, 1982, and her
pension service credit is effective on that date. She resigned from City employment on September 5, 2000.
The Empioyees' Pension Plan provides that should an en�piayee cease to be an ernployee of the Ciry of Clearwater
after c�mpleting ten or more years of ereditable service (pension participation), then such employee shall acquire a
vested interest in the retirement benefits. Vested pension payments cornrnence on the first of the month following
the month in which the employee normally would have been eligible for retirernent.
Section 2.393 provides for normal retirement eligibility when a participant has com�leted twenry years of credited
service in a position described as "hazardous duty" and further defines the position of Fire District Chief as
meeting the hazardous duty requirement.
Ms. Harbison would have com�leted twenry years of service on )anuary 11, 2002. Her pension will be effectivP
on February 1, 2002. This request was approved by the Pension Advisory Committee on
September 14, 200a.
fteviewed by:
Legal NA
Budget NA
Purchasing NA
Risk Mgmt NA
Submitted by:
Citv Manaker
Info Tech NA
Public Works NA
UCM/ACM
Other NA
Printed on recycled paper
C�riginating Dept:
Human Resources
User Dept.
Attachments
O None
Costs
Funding Source:
Caplial Improvement
Operating
Other
Appropriation Code:
Total
Current Fiscal Year
Rev. 2/98
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Emp�oyee's �ension Plan
Tr�ustee's
Agenda Cover Memorandurn
Worksession Item #:
Final Agenda Item #
Meeting Date:
I
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S U� j ECTIR�CONIMI E N DATI O N:
Approve the contracts with Putnam Investrnents and Invesco Global Asset Management (N.A.), Inc. as
international "non-US" equity managers for the Employee`s Pension Plan,
� and tl�at the appropriate afficiais be authorized to execute same.
SUMAa�RY:
s The Trustees previously authorized Ca(lan t� conduct a search for an international "non-US" equity
manager.
• The follo�ving is the list of international "non-US" equity managers that Callan recommended to the
Investment Cornrnittee:
Capita) Guardian Trust Company
Invesco Globa) Asset Management (N.A.), Inc.
Putnam Investments
SidKim International Irivestment associates, Inc.
Dresdner RCM Global Investors, LLC
Lazard Asset rnana�ement
e AftPr revi�wing information provided on the above managers, the Investment Committee ranked the
managers and conducted interviews with the top four•.
s The lnvestment Committee recornm�nds ta the Trustees that they add two internationa) "non-US" equity
managers. Invesco, a value oriented internationa! "non-US" equity manager, and Putrnan, a growth
oriented in��ernational "non-US" equity manager. By adding international "non-US" equities to the
portfolio, the trustees are reducing the level of risk in the portfolio. By further disversifing betwePn growth
and value international "non-US" equities, the risk leve( is further reduced.
m The Inv�strnent Committee r�commends that each manger be funded with up to $25 rniltion for a total
internationa) "non-US" equity funding of up to $5U million which represent slightly I�ss than 10% of the
current partfolio. The ordinance and investment policy allows for a 10% funding (at cost) in international
"non-US" investrnents. Th� funds will b� takeri frorn growth style domestic equity rnanagers as fc�llows:
Denver$20 million, Aeltus $15 million and 3 Bridge $15 millior�.
• Invesco's rnanagement fee is .b0 of 1% or $150,000 on �25 rnillion per year. Putnarn's rnanagement fee
is .8 of 1°/o or $20�,000 on $ 25 mi I lion per year.
• Con�racts with Invesco and Putman are available for review in the City Clerk's O�ice.
Reviewed by:
Le��al �/A
Budget �
Purchasing p
Risk Mgmt ��q
Submitted by:j �
City Mana$er 1���
Prinied on recycied pap�r
Info Srvc N/A
Publ ic Works N/A
DCI�URCM N/A
Other
Oraginating Dept:
Finance�'�ll� S. Moskun
Us�r Dept.
Finance
Attachments
� None
Costs
Total $350,OU0
Current $350,000
FY
Funding Source:
CI
OP _
Other X
riation Code: 646-07410-530100-585-OOa
Rev. 2/9U