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'.r•:' � �..' �.� �.�� .:f' S..; .y� ;F:' , . . , . . . � � . . , . °F��Y ,�;it�.•' y` ,ps.:'Y`idr. .,;�y.','�,'�' .�'u" ', t� . .. � . , . ! . , , , . �� ..�. •.2''...f.. .. �rr . ' _'.,: .. ,� 'i� • . 1���. � � F, � . � . 6f5Y ..1 ./. ( ..'t.. , wli. �.7:. � . f� :] ' .. . . � ' e .. Y . . �•4 ��,» ;� � .. . 1 i' ;':� : � r' e ' �t.f ::t"4r�., - !if"VS• t' - ' . � ,. ' . .. . . 'i ,+;', . :j' .-f.. ,ti'��,3.'i� .rf. ,..'f ' ': _^ ;,r, �. . �,r" ' , _ ' . . f�.., , ' ' . . ' �a; 'ii' � r r `� ' � " . . . . . . ... , �. , . .1' 'P',�„ .���:,'. . �f.� � . �" :�.v t' •. •: " . .. . , , e . '. . . • . . , '>�..,.,:n::'... �,:x:.«»rii:c;r+�s.S.n,��5��'�«�".��':�.�"'..�Si7��r4�r�.rya%.+s.�!fA:�iei�'`§�lsy:�- L1`�!"�Ya.:«,.,.� � � r. ' t, . - � , , , . . - . . �: y;-�,.�. rts .��.�,: .;�x„�..�,.,.,,v.:..,�,.:..��4.,.� .. r ».a..... ,r�......,:,,,.���,..;,,. . .,_. . .. � �, , ' ' .� . . , ' , ; , : � � ,'' t'� .� �,� . � .� ., . . � ' �. . ,. , .� . , , , " � � , ' , • ' . ' . . _ , . , , , . . . . , . , . . , . �� . , � `�� ,'t� " , ' . . . . ' . � . . •_ ' . . . . . ' , �; � � . � : � r, . ' AG�r�DA � . � � . , ,, . . , . . . ,. _ . `'; .� � �, . � �aard of 7rustees of �he Emplay�es' Pensian Fund , �5, _ ! ., . .. . ` , h .2, 1992 . � ' . . . .. . Marc ., . , , . . . . . , . ' . . .. . � 9:40 A.M.. . . � �. s . . . . . . . . . � .. . , � �: ..`' �. Call to� ordpr . � , , , . . . . � . - . . '� ; . - � 2,� 'Appr..aval� nf� Mi�utes . . , , ' � . _ . : � . � � , . . �' � � of.2/3/92 . � � ' . , ; . . : '` �� ' , 3. Re,ir�statem�n� ;af� ,pension Cred�t: � : , : � . ,. , • 1 . � .. . . . . • �� � Lois Maraan � . _ � � . , . . .3. . . . • . . , , . . . . � ; ' . � . 4. �ther Business• � � � � . . '� � � � �. . , ` .. ... . � �' . ` , ► f - � ., . 5. , Ac� journment: . . . • ,. . �, . � , � � , , F . . . . . . . . . . . . . . . � , . I I . . , , � . � � s �I ' . . . , � . . � � ' . . ;, . � . . y ; . I � ' : � _ � ' � . � - . � ` . � . . ' . ' . - . ' . ' . ' . � � I • , • � ' . . . . . , . ' '. .� . . ' . � � ' ' ' f . • .. �. '.. , ` , ° ' i ' ,• � • ' . ' ' ' ' � .'' " ' � • , . � . � i ' ' ' � . � . � ' , . ' . • � � i '. i , , 3 , il ' . i < � , ' , ., .. � � . � • • + � • • . • � . • . 1 • „ � . ' i . . • . 5 ' li� . . , . . .. . ' . ' .,..• 1 .. . .. ' . �..Lyl�.: . . . .�� � , ' ' � , � � �. , . , � ,� , �,�,.,:.. :. . ,. . . • .�. . . , � , �,. � . . , iR1�STEES OF TH� ��1PL41�EE5' PEN510N �UND MEETING March 2, 1992 The City Cor���ss�on, mee�iny as the Soard of Trustees of the Employees Fension Funci� r�et in regular session at City Hall, Monday, March 2, 1992 at 9:10 A,M., with the foilowing'members presen�: Rita Garvey Lee R�gu�ski Wi � 1 i ar� Nunamaker Richard F'itzgerald 5u�' Berf i��d Also Present wer�: Michael J. Wright Milton A. Ga�t�raitt�, Cynthia �. Goudeau IT�M #2 - Minutes: Chairperson Trustee � Trus�tee Trustee , Trustee City Manag�r Jr. City Attorney City Clerlc Trustee �itzgerald moved to approve the min�.:es o�f the February 3, 1992� meeting. 7he mo��on was duly secandEd and carried unanimously. I1'EM �3 - Reinstatement af �ension Credifi.: �ais Maroart was emp�oyed by �he City an S�p�ember 21, 1978 and resigned an January�4, 1985. Upon res�gning she rece�ved a retu�rn of her pension contr�butions. �1s. Maroon subsequently withdrew her resignation and was r�- emp�oyed ir� her forr�er position an �uly 15, 1985. D�r�ng fih� 191 days betwee� her resignat�on a�d re-emplaym�nt, Ms. Maraon turned 45 years of age. On August 13, �985, she appeared �e�ore t�he �AC io request to rejoin t�e �er�sion P�an by returning her pensian co�tributians so she cau�d receive pension service credit for the tir�e ot her ariginal employmer�t per�od. ihis request was denied due to th� ag� �rovisians af the pensian ordinance. Faur years later when �he age-q5 �3miiation was remaved from �he Pension Plan and er�playees were given an apt�on to join the Plan, she �id sa (11/89). On January 8, 1992, Ms. Nfaroon ad�ressed trie PAC and renewed her �'@{�U@5� �0 buy back hPr past p�nsion servic� credit. Additionally, she regues�ed the Plan grant her credit for the fa�r years between the �ime of her return to work and t�er re�entry �n�a t�� Plan. �'he �AC PO�1C1�5 and procedures Manual provides that an employee shall be al�owed to return ta the �lan provided the em�loyee �mmediately not�fies the PAC o�' intent ta rejain the P1an witt� past pensSon service credit, the employee takes and passes the physica�, arid the emplayee repays the Aen>>on �und t�e monies withdrawn pl+�s interest. Ms. Maroon passed the City`s pre�employment physical �xam on 7/9/85 and is prepared to repay to the P�an the monies withdrawn �y i�er plus interest. The PAC passed a niation tha� Ms. Maraan be permi�ted ta b�y back her original pension service credit time by returning �he pensian con�ribu�ion amount PFM � 1 3/2/92 6 � . . . 1. . . . . , . ' . a�r:�' , � u.� . . , .. � ., . , ����. .... . ., ...�e.�..�... .. . . . . ' .. � .. . . i � fram her firs� period of emplayment,�plus interest, and additianal�y, the Plan grant her (witt�o�t a pension contr.ib�tian} fo�r years and four m�nths af �ensaon � service credit for the �eriod when she was not irt the P1ar�. If the Tr�s��es do not grant her the.four years and four months of credit for t�e period ,]uly, 1985, to November, 1989, the PAC recommends she be permi�ted to 6uy back her originai pensior� service credii by re�urning the pension co�tribu�ion amaunt plus intei,est. � The Finance Department has determin�d the pension monies wit�drawn by Ms.� � Maroon a� �he time a� her resignation in 1985 were �].0,090.12 and the int�r�s� on that amount would be �2,320.04. The Fi�ance D�rector advises there wou]d b� considerable differenc� be�w�en �he cQSt �o the P�an and the.amount of pensiort "contribut�on5" that would have b�en ri�ade to tne �lan for the four years and four months Ms. Mar�on�served �efare being readmit�ted to the Plan. The pension "con�r�bution" would have bee� rougf�Ty 20p of her saiary for that period o� time (an 8% contribution by �f�e empiayea ar�d a�proxirnately I2% by the Ci1:y}. 71�is contr�bu�ion am��n� approximates �27,717.a8. Th� Fir��nce Director has advisad. that th� acfivaria] cos� to �he P]an far�granting the four years and fo�r nzanths of service time would �e considerable ar�d could on�y be detern�ined by an ac�uarial study. ' Two ap�ians were proposed by the PAC for �he �rustees' cons7deratio�: 1} Lais Maraon be permitted to b�y back her previous pension service t�me that wa5 accrued between her emplayment on 9/27/18 artd her res�gnation on l/�1a5 by paying uack the amount of pension con�ributions she wit}�drew, pl�s �nterest as def�ned in the pAC Policies and Procedures Manual and, additional�y, she be given }�en5ion service credit fur the period from �er reinstatement on 7/15/85, ��til she re- entered the Pensian Plan in 1989; or 2} Lois Maraon be permitted to buy back her previous pension service time that was accr�ed be�w��n her employ�ient on 9/27/78 and her resignat�an on �/4/85 by �ay�ng bacic the amaunt af pension con�ributions she withdrew plus interest as de�ined in tf�e FAC Policies and Procedur�s I�ar�uaZ. Milce Laursen, Human Resourc�s Direcior, stat�d when Mis. Maroon returned to City Empioymen# there were na provisions t� buy back time. Ir� response �to a gues���n, he indicated during the four years w?�en t�l�. Maraon was not in ihe plan, both she and ti�� City were c�ntributing �o Social Security. Discussion ensued regarding the impact of granting her the four years of serv�ce cred�t. It was ind�cated the cas� would be at least �27,�40 and could be much more wt��n an actuarial study is done. Concerns were alsa expressed that grantirtg this credit would s�t a precedent�. � Trustee Nunamaker maved �o permit Lais Maroon to buy bacfc t�er �revious service fiime'tnat was accrued between her employm�nt on Sep�ember 27, 1978 and her resignation on January 4, 1985 by paying back the amount af pension - contributions st�e withdrew pl�s int�rest as defined ir� �he �AC Policies and Procedures Manual. The motiar� was duly seconded and carr�ed unaniri�ously. Ms. Maroan stated when she was reemployed, all oti�er senority was reinstated. She �elt her case was different �rom others t�at might make this reqUest. 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' ' . � � �tAl*. � � .;,, �� CL�ARWATER CITY COMNIl�S�ON � �- � Agenda Cover Memorandum itam �, rn -f; i.t � �'�y.�r����.a� Meetln� Daie: 3/2/92 Trustees af the �m �a ees' Pensior� Fu� Subjeci: Reinst�tement of Pension Credit Racommendat�or�lMotion: tals Maroon be permittad to buy back her prevlous pensian senrEce time lhat was Hccrued between her employment on 9/27178 and her reaig�ation nn 1/4/85 by paying back the amount af pension contribufions she withdrew, plus inlersst as daffRed fn the PAC Fo1lcEes and Procedures Manual and, addlllonally, she be glven penslon servEce credH tar ihe poriad irom her reinstatemeni an Ju�y 15, � 985, until sha re-ontered th� Pflnslon Plan in 1989. ❑ and tMal the appropriale s�fiicials be autho�ized tn execute same. sACKGROU�vo: Lois Maroon was employed by the City of Clearwaier on S�ptember 27, # 978r and resi�ned on Janunry �, i 985. Upon resigning s�e received a retum of her penslan r,antributions. Ms. Maraon subsequenlly wIii�drew har resfgnation and was re-empioyed ir� her former positfon on J�iy 15, Z985. During the 19i days beiween her resignatton and her re-amplayment, Ms. Maroon turned forty-tive (45j years of age. Qn August 13, 1985, shs appeare�t before the Pensian Advisory Cammittee (PAC} to request to rejo�n the Pensfan Plan by rvturning �ter pension cantributions so she cou�d receive pension service credit ior the tfine of her arigfinal empioyment poriod. This request was c�enied due ia the age provislons oi t�te penslon ordinanco. �our years later wher� the age-45 Ifrnitatio� was romaved from the PensEon Plan and emplayess were given an optior� to join the Plan, she did so �11/89). 4n January e, 1992, Ms. !�$roon addressed the PAC and renewed her request ta bUy back her past pension sorvice credit {for her orfginai emplaymant oi 9/27/i8 ta 1/4185). AddEtionally, st�e r�quested that the Perision Plan grant her credit tar the four years between 1he time af her reiurn to wark and her re-eniry lnio the Pensi�n Plan. The PAG Po[tcies and Pracedures Manua[ prov€des und�r tf�e sectian "Reirrstateci Pension Service Credit" (page 11 } t�at an employee shall b� a�lowed to return to 1he Pensior� Pian provided the empioyee immediately notiiies the PAC ot ir�tei�t tc� rejain the �Ean wilh �ast pensian sarvice credit, the em�loyee takes and passes tt�e p�ysical, artd tfie emp�oyee repays the PensEon Fund t�e monies withdrawn plus inierest. Ms Maroon passed ihe City's pre-employment physical exam an 7/9/a5 and is prepared to repay to ihe Pension Plan the monies withdrawn by her plus interest. The PAC passed a matlon t�tat Ms. Maroon �e }aermiited to buy bacEc �er originai pensEon service credit time by returning thF3 �enslon contributiar� amount trom her tirst perfod of emplaymer�t, plus interest� anci additionally, lhak the Pensio� Pian grant her (without a pensfoh cantributlon} four years and io�r mor�ths of pension servica credit for the period whe� she was not fn the Pla� (Ju�y, 1985, to November, 1989). if t�e Trcrstaes do r�ot grant her the four years ar�d foc�r mar�ths of psnslon ssrvlce cr�dit for the per�od July, � 985, to Navember, 1989, if�a PAC recommends that she be permitied ta buy back her original pensian service credii by returning the pensian cantributian amo�nt plus Interest. The Ffnance Department has determined that fhe penstan monies wfthdrawn by Ms. Maraan at the time af her fesignation �n 1985 were �10,090.12 and ti�e interesl pn that �maunt would be $2,320.04. He�lewed t�y: Lega1 N� 8udget N!� Purchasi�g � Risk Mgmt. N� Df5 � � ACM �� ti.� Other� � �/ � - Submittec! by: City M�nagor Originating D�pt. HUman Res� us�r oe�t.; Advertised; I�ale: Pa�er. ❑ I�ot raqulrod Affecled pariies �7 Nnt�fiea L� Nat required Costs: Total �Current FY Funding Source; L�; Capt. Imp. �J Oporating �7 O�het Appropriation Gode: Commtssfon Actlon: L7 Approved rl Approved wlcondilions 1.._� AAnied f � Gantinued ta; Altachmants: L7 iVone :. . ���� , � . �. , . . , . . � . , �, , , � . .. . � � �f . . . � � . ., . . , ' , . ' , . , . . . . ' Le ' ' ',� .. ' � ' .. ' . � � . . . , � ' ' . . , .. . . . ' � . .� ' . �,�ti . . � . . .� . . . . , � . � , ' . r ' " , . �' . ' .3 . 'i . , • ' � • , . . , t � . . . ��� - .. . , . � . , . . . � � � ' . ' ' . � �, � ' � �I ' . . , ' ' ' ' . . . ' . . . , - ' � � � `i'. , � . � � . � •,' .', , . V 7 ' . . , . . . i. � . • ' ' ' . . ' • ' . ' �.� , f.t•,,u���ti � E , . . , . . , � • . . :r^ :i'��t�.: : ri'i "'.sji, I , n flr=} "-�= �`d[:al •i.r • ' ` , i , ' , . .:�� • .. . . . , . �. . .., � . . • � .. . � ... .. , .�,i�'... 'ai, ' ` . .� � . , . . . . ' + ' ' . • , � . . . . . .3�,. .. . _ . .. . . . . .. , , . • , ,r . � ' � r . , , ' . 1 . . . .. . . . i. , ' � i � , � .. . . , ,,, The .Finance pirectar advises that there wouid be conside�abf� d�fference between the cost ta ti�A Pertsion Plan � gnd the,amaunE af pensian "contributions" ti�at would have been made to the Plan ior the four years and iour ; months Ms. Maroor� seNed before being readmined to the Pensian Plan. The pensinn "contribution". would hnve �� been roughxy iwenty percent (20%) of her salary (or that perlod of time (an 8% cantribuii�rs by the amployee ` arid approxlmate�y � 2% by the C1tyy. This . contribution amou�t approximatas $27,7'� 7.48, The Finance �. Director has advised that the actuariaS cost to the Pensitrn Pian for grant�ng the four years and four montMs of � servtca tlme wou�d be co�siderable �nd, cauld aniy be determined by an actuar�af sttady. . Two aptians were propased by the PAC for ttra Trustees' oortsfder�#for�: � 1. Lois Maro�n be permitted to �vy back her �orevious pension service time that was accru�d between ' her emplayme�t on 9127/78 'and her. resignation an 114/85 by paying back 1he amaur�t of pe�sion canlributions she withdrew plus interest as defined in tF�e PAC Pal��ies and Procedures Manual ar�d� � additianally, she be �iven peRSion service credit for the parfod from her reinstatement an .Suly 1�� � 1985� ,until she re-entered :the Pensian Plan ir� �989; ar � 2. Lois PNaroon be permitted to buy back her previous pensian sarvice time that was accrued �etween � her employment an 9127/78 and her resignation an 114186 by payfng back the amaunt af pensian contributians she witi�drew ��us tnterest as defir�ed in the pAC pnlicies and Pracedures Manual. ,, � , ' � , � . � �.. . ,.. . . , � � .. ,, ��