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06-14-1993; ;"t �.; ,,: . . . . • � . � . , . . ;�� :s:- �" 's• . , �;'�-�'r' i'r `S: ;{ � e;i. . , ' . . .. '' . . . . � . ' ' - ; . ' . � , . ' . , 5 " :' a 1 , . , + �t,' � . . ` . � �� � �.,: .. � � � . . � ' . : z' : ,� �{ + � .. . ' � . . ` � . . �� � . � .. . ; �.t . , ,. � � . .. ' • . ... � , , , ' . ,' . • , ' . , '� ' ' • ' � .� � , . . . • ;�°�'s:� a. , .' ,� Ii� s .' . ` '� ' ., � ' , ' . " ' . ` . ' '. . . , �. � � ,� � . .� �1 ' ' . . .i > ' �'i; , - ' , . , e..i' . . . - � . � . - . . . . t? �-;' : s } , 1� ':q, 'j1� � ' � , �� ; , , . . • � °: . ' f . . � ' iL if� � . .. . � j�.. �'rs ., • .,�' 't .�� Ii. ; '. �,�' .. � , �. , ' .. ' I � , .. � ' ' . ,' - �. . , ' � 'ii.�i `':Fi�y3.�. . ,. ,j� I, �,i� � , . . , .r' . ',st+. . f +i . . �t . . . �.' � .. . .' . . . . � � , i. r' . .,�. ..��` .� . �.�', . . . � , � . . . , , . . , • ' ; ' , . 4I�f� �iP� ... /�t j'(� . f' ,,j�!� �''' ... ' ,.�� ' .'.. . .ir , � ' . . .I� . 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" .��.. � � ' . � . . , . . � ' . . � � ' .... '' � i'F��'S'. , r 1rF� . �,r..�. . . � . � � � � . �. . , , ' . .. � , r' � . � . � � , , � f i .'!� .. .i. l' i• . :i: :y. �?.1 te6,`r. ai.. �.�i�Ft�Y',; �d�} � �b�kNq1�..v,,. .. , . ' .a3v.al�n��6'F"�s''`?'r.°'<�"r�ii'��+fl�'�s��"r'� r<f,.•:rt}'r';�?��'. :'::��'!�° ... f' . ,. „ , +;r^:',,,i>.. .. , , . . � .. . .. � .. , . . ,. ,': ���7., ' i ' • ' , , . • ` , � , • . . . . . , . � . � �f ' ' `f � ' �, '� ' . . ' ' . . ' } , . . . . - ' '. ` . ` • , ' ' • � ' ' - ' � , ' . .• ' . . . � . ' - ' , . , , ', 1,'. , , :, . , , .,. ; ACTI�N AGENDA • " ', � ., . , • . ,., , . -. ,.� . . � � , �, � , Baard of TrusfeQS of the �mployees' Pension FUnd � . � , , :. , . . . . � `June 14. �993 � . � � . � . . ` � � E , � . ` . � � � �� 8:00 A.M. � . ,.. . . . . ' , ' . .. � -. . �. � � . ; . . ., . • : . � �. . . 1. � Call. to order , � � � � ,1. ' 9:�4 �.m. . , . , .. - . �. .. � , � �. . , . . � � 2; Approval of Minutes � 2, .� , Approved as submitted,f ' � ' � : •, � � ' af 611 !93 , ' � ' . � � ' . �, � , � � -' � : 3;� Request far,acceptance - � 3. .� �' Approved, � , � ,. � ' `' . � � ,� � ir�to membership: � .. , � , ,. • , ;. � � • a) Rick �. ' Guilliame . . � . . �- � ' ' � � - b) Martyn Baker , �� • ' �. . , ' � • , � , . ` � 4. . - Pension{s} tb t�e granted: � � 4.. Granted. ', ' � . Ftegu�ar � " � . �,. � , � . �.� , : Fiabert A: Maute • � . ,' � . ' ; . � � , . , . . • • . � • . 5. , Autharization of reduction a# • 5. . , APproved. � -1 � � , • �. . . , emp�oyee's cantrihution � � . � ' �ercentage from 8°� ta 6%, , . , . ' . � . � , � . effective pay period ending � , � � . � . . 6127/93 and designate a City � �.. . „ � � cantributi�n for�fiscal � 994 which �, � � � � ' is exact�y equal ta t�e e�ployee , , �. � � ' � - contributians for 1993 � � � � B. Other Busir�ess: � 6. Cons�nsus to set date (after 6/30) , � , ' . Thursday night for special clased ��.._ . . , 7. Adjournrnent: � ,z • ' �, � , ' 7. meet�ng re. Sna�r lawsuit. 9:30 a.m. . � , . � � , � .. .-}i� i'� ,�, . .� 1�•r. I 't ' " - I}, , : . ' . ' . . _ ; � ; . �• , _ ��}?.� , ., ,'r� ' • � . .., '. � �� , , ... . � �,.' ,.,, ' .� � ' t'':1' � • ''- _i . � . . .. . ,. . . �' .� �.• � ' . � , . ' • v � . .. ` • ' . .. ' � , ; , ' � >r' .. "t „1i . � ii��1' � ' . ' . . . . ' ' . . � . ' . . � . .' ' .. . ' ' ' . � . �y� � �`1�' � .,. �'��.� ` � iiJ��, ` ' ' �.� .• ,.'�: , ' ' , . ' �•� , ' . � ' ,. , ' . ' . , .. • . : . f, . . .� •tiY 1� . . . � °E � ` ' . . . . . .. � . . � .. . . . ' ' ' ' ��}I� .!!'1 I ' , •.�i .f.�.:s• i F '! � �4` , ' ' . ,/�1 � , . . ' . ' � ' .. . �. , , . � :k:,.�S. �.1.� . . 1'� �1 � � ��' "'t; . . ' . . . .. . � . . , . , . _ • . � _ �. , •. 'r' .�J � . � ,i� '`: . . . , . , .. . . . , . � . .. ' �� . . . �� � � , �''� . w�l:i�� , .1 .' . �. . � r .. . � ' , . . , . •4' _�' 'IF� ��l • ,�f �ii1 0 � ' ' .. , � . . . ' 1 . .� 1 .i . � .).����i�{' F. �r . _ . {. - . .. . • . i,iy�� � ����'d� '� � 'f' '�� •, 1''� ' �tr � .. . 1 .. ' . � .. .' ' ;!_ � , rj ' , . . . � . ��,�� .�. ' ,f ,e �f• a t. ,1 � :/�'�3 tii: �.f`'1 '�.%���i y,`f. �S-� .5 '. y_ .,j:"t�� A�p�.�r�,(•i �,��%;ij: �;ir�tilc:c' `;�".i.. ;�;� - ♦� 'c ..� i�.'�i`1t':I" '.4tr(,:-; �y' i.' . �t }w '1'�,�.. _ �" ''�: r 'S i:�. S's 1" ft'�d�.}Y �1 � _. ' ���:•�l Y.: t � :i,��':•�?r ri l�,r f.�}�s��.'I�lj� • � �.� .`1 1 r;. � ' " �.:..',."�'.S : t•; � : E.� x .. g . '' : ,' >,7�:;t�o. t f,f.� ,t. �r f. r.cl�.. . . •,,,��•�: ��.: ' ��i "+ ;1. �t'Srr,i:'��lt�k'�'�7:,,�Fs::�n,�,�L,��r,�[f�ja: ,�• ,.r`r`ti� .�-�' . . �: .. ,, .. . �-1�' .�it• . � . .,. . . �t'i', , � , ' f�.'�.�{ , � , 'a' ., � : �- ,ft' �'a. F�� ' . •' `'' . � •r� . , , . . .. A :.' � , - � , � � � , . • y: . . . . x � ,.: . . . . ' F �, � � , � . , ' ' . r � . . ` � , � . . � � � • � . , ' . . , . d� . . . . .� � ' . i , .. , 1' � ' r' � 1 . . . . ' � , , i . , � ' • • � � . . i . . , . . . ' . . � . • .� , ��' • ' ' � ' ' ' , ' 1 ' . . . ' ' , 1 ' � . ' . � ' , ' ' , � ' . � �. � . • � : � � . , . , '' . <', ' AC3�NDA ' . . . . : . ' : ; . ' ' . . �. fioard nf Trust�es of the �mplayess'� Pensiorti �und . . . , � . ' .' . ., � ; � J�ne 14, � ? 993 . , � � � . . . � � � , � . . � 9:00 A,M: � � � � � � . �, . � . . . � . . . , . � � 1. CaII to arder � � � . �. . • ' . : ' � , . r; .: . � . � . .: � ; , , , �` �' • , - 2• � Approval .of Minutes �. � � . . . : � . ' , � ' � � . af 611/93 � . ` . � .. , , . . . � , , , . '.. . , � 3.' ' .Request�#ar acceptance � ' , ... . . ' . � :;� , . ,� into� membership: . , � � . : . : � . '� , , •. � E� . ' a1 Rick fi. Guillisme � , , � � , : . .. ° . ' . � : .. � ' �bf 1111artyn Baker ' ' , ` .' ' , 4. � Pension(s1 to be granteci: . . � , � � ` . ' ; � � . Regular , � � . � ; � ' Rot�ert A. Maute ' ' � ' � ' '. . ; � � � . � ' � , v. Aut�torizatior� af reduckion of � � , .' ,� . . •' ' ' � . " , � � , � employee's contribution • . � �� � . � � ' • • • � ' percentago from 8°% to 8%, �' " . . � . � � . . " effective pay period ending . � . ' � � � 6127193 �and designate a City • . � . ' � . � . �� , . cantribution far fiscal "� 994 wt�ich ' - ' . � � � is exactly equal to the employae . • � . . . cantributians for � 993 ' � � � � � � ' , � � 6. Ot�er Business: ' � . , ' . ; . _ �7. Adjaurnmen#: . � , � • � . . . . - � . . , ., , . � , • _ . . ' � . � ,,. 1�;. � � w .. . . , . : . � ; . , , . .. . . , . � �.. � . . , � .. . . ' , ; , i. , . : . . .,•,. .,, . : , , � ' � �, . . , . , „ �;:; �'%�' `�-`'' . .. � � •�,�'� ", . . . � � . ' � ' � . � 'a . . . , .. �4. "'r� . , . � , . . , . . , . . , �,� .' � ��� �* , . CLEARWATEF� CITY Ct��IAIIAI�SIAN � � . � - �. ' � , � Y.r� � , A�ende Cover Mamorandum fiem w , . ��'�rE�t��4 ' Trvstccs af thc Em�lo yecs' F cn si o n F t� t a t� , Meeting Date: ��'� SUb�BCt: ' , , � � MC1rit}C[S�l1p in Ent�layccs' Pensiats Pj�n r RacommendatiaNMo�ion: . � Etnplayee{s) listcd bclaw be :iCCC�IC(� into the Employecs' . Pcnsion Plan as recomnicndcd by tltic Pension Advisory Comr��ittcc. ' ' �. Q nnd that the �pproprlatv ofifciala ho authorized So execute sam�. ' - C3ACKGRC?UND: . . . , � � Dnic � Scniorily � P�nsian �• �m �, and ]ob �� D��t.1D�v. � p�,.� .Effcctivc Rick F. Guiliiamc, Trce Trimmcr PariCS & Kcc. S/f 7193 5/17/93 M�rtyn Baker, Mechanic ti �� Gcn. � Scr./Flcct MAint. 5/ 17/93 5/ 17/�33 . �is�[�wed by: Originating D�pt.� Costs: _..� Legal �`�' �-Iuman Rcsau es �otal Budget Purchasing NA User Dept.: Hfsk Mgmt. NA Curreni FY bIS � NA Funding Source: ACM . :�r,�'Z- Adveriised: C] Capt. Imp. Qther �eto. , ❑ pperating Subrrtilttdd by: Paper: ❑ Other � Nat required Atfocted parties � Appropriallon Cade: ❑ Nntilied Ciiy Managet � Not required ��. Commisalon Action: Q Approved ❑ Approved wlconditions ❑ Denfed � Continueci to: Att�chmente: Cl None Lcttcr ,I � Y� t�,�. ' . ". , �. ' � , . .� � ,� : � .., . ., . ; . . , _ . , .� �`� � , . �� � . ' �. .. , , , , . , . . , . ` � ' ' ' , ': .. , ' � . • ' � . , ' , . . > . . � • . . ` . . .. . . , . , . . , , , . � � � � ' .�. � , , , , � . � .. • . . �. �'. . . ' , �i .i, ' ' . • . , . . . . •. , • ' ; • � � ,, .. . . ' ; . , '' '', " ., � . 1 � � ` � , ' ' . � . , , ' ' . 1 . ' . ! . � . 'I .,1. 4, ,, ..� ... . ' ' , ' ` • ' , , ' ' . , . � � . . � ' � � . 1��.�� � ' §, ' ' � . �� � � � � .. . , � � .� . ' , ' , ' . 1' � , ' � ' ,` , , � � . �. -,t�. ' ;Y . .�I.. , j•.. • ' � � ��� ` . . )' �,. , . e • � � . . . • ' ', { , . 1 � ' . ' ' z ' t . . '� i t;. , .. ,, � .� ', � ;b...+ . , ,I'.!' r tP . � ` �: . .�' � � }�. i, .. ' : k • 1 . tt- " • � �i3�' .5�1�:� ...R.'ih��;.,.:.ii 1 e ��t•� F .� . ,��;.i.,.b"F ,Fe �II .'�;:•. . i �1 :'1�1..Z� . , ' .<. �4f�.� { JS} i� . �:y���,^�..��:.' rY. . �li(i. '�' I :�1i}` 7: {:: i�{_� � 1A11�1.:�E'� . �Y}i�w'� 3 S � ' ' � .. . �i�j . . ' . . � . .. . . . . . � � . .. . : , � .a . � • �. ' . . �I . i. . ' ' . ' ' . � ♦ . . „ . • . � CITY Ok' CI.EhRWATER � , � , � .. � � • • EASPLOYEES' i'EN51UN PLAN � � � � : ' , � , , . � � , i'EiYSIQN �AIiV�S�RY COI1�iMITTE� , � � � ' , 'nJt ` . . Pension Trustces , ' � . . • .. i . . � ' . , �'t�'� . . . . ' , � . FR4M: f'ens#en, Aclvisory Cnmmittee I ,'{�� � � ; ; � , � SUBIEG'T; . Recommendation for Acceptu ` �nto Pensi�tt Alan , - � ' � DA'IE: ' �Iuy � 4, 1993 � � , ' ' � As Trustecs t�f the City af Clcnrwater Employces' �Pensian Fund, � you arc hcrcby notified that , lhc � cmploycc(s). listed bclow havc �ce�� du�y ex�minec� by �a lncal physician �nd 'cnch has bcen . � dcsignated 'as a' "iirst class risk". � � � " , , : � � Thcsc . emplayees arc cligibie Far pensinn mcmbcrship tts 'noted in th� PCILSfUiI Eligibilily D�te ealun�n he3otiv. nnd it is ifie recommendation uf the Pension Acivisory Contmittee that thcy be � �tcccpted intn membcrship. � , � � . - � . . , � �cnsion � Elig. ' , . �ir� � D�te � NiC� Aiitc pit1� Rick F. Gu�tliame, Tree Trimmer, 3/11/b3 5/171�3 5�17/93 � .. P�rks & RecrreAtion DepartmentlParks . . ' , . . ' M�►rtyn BAk�er, Mechnnic II, ' Generul 1 l/1S/S6 51171�3 S/17/93 , Serviees DepurtrnentlFlect , � : � Miaintenur�ce � ' � . , . . � ' . . ; �.:,...,� „ ... - . . , t � � , , , � � . , • •_. :__ • , . , . . . . ,_ , �. � ' � � , . �; CL�ARWATEp CITY CC?MMISSIGIN � �4genda �aver Memorar�durr� � Trustccs af the �mpl�yccs' Pcnsion Func� � . . ' �. : . . � i __..�.. _. . . .. , . . � n�m .a Meeting D�te: subject: � � � � Pcnsian(s} TQ Bc Grantcd , unn ni�i�r�mu ^ wwi�r�� i i���w•�N�� i��n in���i�u�i�rww�r�wrr� RecommendatinnlMot�an: Employcc(s) [islnd f�clow he gr�ntcd a rcgular pcnsion undcr Section(s) 2,396 of thc Empldycc�' - F'c�sion P1�n As rccammcndcd by ihc Pcnsian Advisary Committcc. ❑ and that the appro�rfate o4ticials be autharized lo execute same. £iACKGROUND: Ro�ert A►. Niaute, Parks �upervisor, P�rks & RecreatIon Dep�riment, wAS empiayed by t€�c City an Janiiary 24, 1972, and begs�n participating in the Pension PIan on 7�nuaty 24, 1972. His rctiremcnt wili bc cffectivc on Fcbruary 7, I994, at thc end of tnc c��y. Mr. Maule's pcnsion w�s .�pproved by the Pension Advisory Cpmn�ittee at its mccting oi' M�ty 19, 1993. Based vn an �vcrage s�lary of appraximateIy $32,438 �ver thc past fivc ycars and thc formula fpr com�nting regular pensia�s, Mr. MAUtc's peasion wi11 approximate �17,841 annua�ly. Charts from Fint►ncc tivhich take i�to consicleration martality rates and agc rcficcl thc "presen� vAlue cast Of f t�anci»g" titis pension wil! be a�proximatciy $1 �# 3,131. Re�iewed by: Origi�r��ting Dept.: Legal NA Human Reso E�udgei — -- — Purchasing NA User Dept.: Risk Mgmt. NA DIS ACM ' �— Adwe�'tlgedt Other Date: Submltted by: Paper: , � Not required • Aifocted parties ❑ Notlfied City ManAger Lx1 Not roqulrad n�.-r Costs: "143.13�.. Coenmission Action: Tolal [� Approved ❑ Appraved wlcor�ditians Current FY �� Denisd (.� ConElnuad ia: Funding 5ource: �� Capt. Imp. l� Operaling . L�f pther Pens�.�n _ Apptopriatian Cnda: ��F�--Q74�.0-53p100--5& Attachmenta: ❑ None LCttcr(s} RG[}UCSI Form =r � .. . . . ,. . � . , � . � . . . ' � } � . . 1, . • �. • ' . • i • ' ,' � r 1. . I .. . ' • . ' . . ' .. . � ' � ' . � • . ' ' r' ' ' . � ' ! � . � � , i • . . . � � � . . . . ' � ? . . , , I , . ; • , . . . ` � . . . 1 ' , ' , � . . .1 , ' ; . , ' , . ' . •. •� . ..� 3, ., � �IJ ' t" � ,. ..,i. ' ` . .. .' i � • • �� ' . .. �e' � ` � , .. � � , li .. ' . � ' . ' . . � . . • , � ' ' . . ' . ' ' ' . .. • ' .. . <��. . ' ' '1. � .t� . .,, . , v!" •II . ' '. , .�. � � .�.-. .i��t` �rs.4", �s':::ir' "! , , � � ..�te<•nt.t'< R� �iz „i�. .�.� �'r'-1.4 ';ti. :�� ��;;' � l.e"�� . ,;'� ' ' ' . � � � .. ' ' � . , , . . � - ' ... ::. .. . t ,.. �3r . v. :k,.:r�. . �, . , , r ..,....'.r':.`�. 4� . . . ,. , . . . , . . � . . . . . � . . , . ,frrrrirr,�f s ' � � +��lr��G ��Cl►.�r�� � . . ,5�'' �' ��`� C I T� O F C- L E.4► R W A T� I�. ��+ ih � { �JG: �` ' +�..� ..: f � . ;.� a �;%;� • , , - `� • . ��""�`' � • �OS7 OxF1C� ElOX 47AB ' e� ���}r�}, y� .����, CL�ARWATER, FLpRIDA 34818-a7b8 ' . � r � f l.l� �fE�'S , � �iii/� . Haman R�eourcee Danarim�nt , ' . � , . ' 462�8670 � � • � � 'ID: Hanorable Mayar and Membcrs of thc. City Corttmissio�� as Trustees of' thc , Empl�yees' Pension Ylan � . � � � � . � FRO�+I: Pcr�sion Advisory Cammiitce , ,� C�PIES: D�an Dcignln. Assistant Dircclor of ' Administr�tive Serviccs/Finance Dircetor; Employec's Filc , � SUBJECT: Rcgu�ar Pc�sion—Rabcrt A. Mautc � . DATE: � M�ry ]9, 1993 � Thc PC!]51DI1 Advisory Cvtnmi�tce rcccivcd an application for rcgtilar pcnsion from Rohert A'. Mautc on May 1 i, 1993. ' Mr. Mautc was cmploycd by t�ie City o�i Janulry 24, i972, and ttias bccii � participant in tlic Pensian Plan sir�cc 3aRUary 24, t972. The amaunt of Ivlr. Mat�ic's per�si�22 wil! be coii�{��te� by the Finance Dcpartmcnl a� such tinte as his last t'ive years of servicc �nd salary can bc 4alculated. By �nvlian macie and ciu[y carricd al its meeting of May I9, 1993, the Pcnsivn Advisory Cnmmit�ec ap�sroved/recammendcd a rc�ular pcnsion bnscd nn ycars al' scrvicc for Rab�rt A. Ma�tc in accardancc �vilh Scction 2.3)6 of thc City Codc. This pcnsion will �e cfi'cctive on February 7, 19N4, at the er�d Qf thc d�►y. I hereby certify that the P�nsion Advisary Committcc has apprflvcci thc gra�ting of a rcgular retircmcnt �ension far Robcrt A. Mautc �tnd i�c aUavc datcs arc corrcct. � � . �r� �Ir.,.� � � , iairman, Pcnsion Advisdry CommitEcc � i . . ��� , "Equal �mploymont and Attirmative Aclion Emplayar" ��_�'.. .., . . . ., � . . . , , . � . . , • � � -��• . , � � . . , • � , • � , . ' • ' , ' ` ' . '� , . � . . ' i. � . � .. , , ,.. , . � '. , � , .� , � . , , . .. , , y , . , . , , , . , , . �' . • , . . • • . , , � , ,. �. ; � ," . , . � . , , ! . � ' � E � � . . . f � ' � � � . 1`S'�1, ` >. a �.. . '3 �. , .. � .s • . . , n . , . ....f y y .s . - . .. � . .a � , . . , t ;S!, .� . � , � d .,. � . � ,-� � 'l. . . . ,� . . � , ' .. , . , t . ' � . � PENSI4N REQUEST FORM �` Robert A. Maute do hcreby apply for recircmerit fr�m the Ciry �i Clcarwatcr Ge�Gral Employccs' S'ension Plan. � My bel7�itts date is �a�uary 24, 1972 (Eutry date inld� pensivn p1�n) My �BEe of hire is �anvazy 2q. 1972 ' My birthdaq is �'�bx-uary 8, 1.932 � My job , classificativn �s � P�z�S Supervis°z � and I woric ia the �arks &� Recreat,ioiDepartment, Parks D i v is i o�. � M y i'�5ig11�ti4R date iS F�bruazy 7� 1994 . � � The type of peusian for which I am applying is (check, only onc): � � Regular i'ension bascd nii ye�a.rs of acrvicc • ,Iob-connecied Disahility Pension Noa-�ab-cannected Disability Pensian . . My spouse'� name is; Juanne Dependeat childrea uader the age of 18 aud residiag 3n my household are: (Frint Cbiid's Full N3me) (C�il�'a Date of S{rth) I bereby cer�ify � all of the above io be tnje and o ect: (5ignature) � May Ix, I993 (Datc} � � � � �f.t, � (Notary Public) ��iARY MiSI.iC 5TATE OF FLORIDA (3Y CflMt�Si55I0H Ei(P SEPf.24, i934 , • :.����CEO iHRU GENER.AL TNS. UND: • r"' � ; }� ' , , i ' ' . . . . . . . . . . , � . ' , . • , ' ' t,.. .i . ' 1 . , � . � . ., . . . , , , . . .. . . , ' .. _ ' . � . . � ` � . . � � ' � � ' � . � ' •fr . � . . .� . . ,l. . . , , 1 , . , , . . ' • . , , ' !, . .. . . � ' " � . � . . . . � . . . � ' . ' . � � � � , ' � . ' 1 � � � � ' ' , �' , ° ' � . - , .. . " f . . • � , , ' ' , ' : , ' � � :' � ,� � . � ' . � � ' . . � � • � ' , . �,f 'I. ' . . � . ' � ' � . . �i�l �i ' � ' I , . . . . . .. , • - � ' ' , �. . r . � ,' . ,.. . ' � � t � � , � • ' . . . . `' , : ) . . � ' � • . , . r.'t��'Y.� .a. . � , � . . ' , � . . ' . . � ' � � ' ' ' , . . .. . . .. ... �a r.,. � �. . i.. .i. � � 1 .. . � .��. . . .j'�. , .. a , •.• . .. � . .. � .. . , i � S .. � � i ' � . ' . . . - . . � . � � . , ' _ . . .. w. , . . ' � ' . ' . � � , � .. �ITY OF CLEA.R�i�ATER ,� � , � �� , � � G�NERAL EMPL4YEES' PENSION PLA�N � � � 'a �.'. ° . . , . _ . . ° , • � � . � . OPTIONS - GEN�RA�. EMPLQYEES � ' � OPTION .�1: . Empl�+yees can rcceive a iump sum payment for � . . vacatian aud hoiiday pay and 1/2 of accrucd sick leavc � � , � at, the time af scparation from the City. There will be no , '. � $%a deducunn for pcnsian from this lump sum payment � � '' , nor will this amauA[ , count as carnings in thc � ' ' calculation �of the pension. Thc last day of work wi11 be � , , thc tcrminatio� date and� pcasion bencfits � wili ' bcgin � • � tt�c �� following day. � � � , � QPTION �2: Employec can cxtend � cerminatian datc hy the time due � (Oaiy 3v�ilab[e tp ' for vacatiori, hoiiday pay; and l/2 qf accrucd, sick �eave. � - employees hired �'crmination date will be thc �na! day of e�tended timc. :� prior so I41119fl) 1'ension 6encfits will bcgin the following day. � � �*w«�**rka�«��*w*�ww��*a��r . .. � I� Robert A. rtau�� , an employee c�F �he Ci�y. of ��, � � Cl�acwa[er, hcre�y apply for pension benefits undcr thc Gencraf Empioyees' � - Pcnsian Plan. , I hercby certi.fy chat I fully underst�nd thc two options offcred �o me. [ Choosc � to rctire usin� Qpcion � � and �'ish my bene#its to be calculatcd �ndcr this optian. . y I undcrstand that once t�is forru is signed, my deci on 's irr ca e. „ , � I � ��LO��'S SIGNATURE: � . '� soclAL sECViuTY �: _ 3�e-zs--�oas - --- - . � .SSFS: � ADDRESS: _ 1556 Yaung Avenue i � ' � � Clearw��er, FL 3961� . � i.' DATE' _ May 11 � i993 ' — r� � . �� . . . . . • � , � � � � . , . � M� � �`t • � �_ 4� �� � `� P�;NSION PLAN mRUSTE�S ' 1lgencla Covcr Memor-utdum l�eet te: b/1G193 BU�JECT: Reductian o� emp�.oyee pension contr.�k,utian percentage from'B� tra f� REC�MM�NDATInN/M�TION: Authorize a reduction o� the employee��s contribution p�rcentac�e �rom 8� to 6$ e�fe�ti.ve with the pay per�.ad enciing June 27, 1993, and d�signate a City contribution �or f�.sca�. ls9ti whiah as �xactly equal to the employe� con�ribu�ians �or calendar year 1.993 . ��rx! thot tha appraprlr�te af�icf�ls bc nuLhorixrd to execute snmc. BACKGROUND: The Emplayees Pehsivn P].an Ordinance pravid�s �or a min.�mum G� contxibution by the �mploy�es, and �urth�Y• g�ants the Tatustees th� authori.ty to a.ncrease the cvntribution up ta an addi�i.onal 2�, prov�dxnq the City � contribut�s a like amount. Due to phenomenal asset growth in 1991, a 9.2� to�al contri.laut�.on would have been suffici�nt ta m�et thc s�ate required �znimurn contri.buti.on �'nr cal�ndar ye�r 1992. At our sugges�ion however, an Ju�,y �3, 1992, the Truste�s authorizcd � continua�.ion of the Sg �mp3oye� contribu��.on far calendar year 3.992, and designated a like dvllar amount to be con�ributed by the City during the �a.rst six months of fa.scal 1993 (s�e attached memo for explanation o£ the timing o� Ca.ty cantzibutions). This action resui.ted �n a tatal �iscal year �93 City cantribu�ta,on aE $3,372�5G6, wh�.ch was $2,874,676 greater than the actuaz�.ally determined minimum contribu�ivn. Thi.s excess contributian, wh�n added to an exi�ti.ng "cr�dit" balance result�.ng fz�m a preva.ous excess contributi.on in 1991, gives us a combined credz� balance o£ �pp�oximate�y $3.8 ma.11ion. This amount can be �pp�.�ed, at the discr�tian oE �he Trustees, to reduce th� C�.�y � s cor��ra.b�a�zon to equal �he �mp�.oye�s' contra.b�atS.on a.n any year i,�1 wha.ch the Ci�y � s con�ribution would otherwa.se have exceeded the �niploye�s' contribu�a.ar�. �n D�c�mher 3.3, I992, th� Tru�tees �uthora.z�d z cantir�ua�zan o� the �3% employe�'s contribu�ion.ra�e through 1993, with a like da].l�r amount cvntributed by the Ca.ty for fiscal. 199�t. Th�.s zecomm�ndation was jus�ified bas�c� on th� unaertainty surrounding asset p�rPormance, and also based on continuing discussions with the uni.ons relativ� to addzng "annual b�np£.�t ad�ustm�nts" ta the p�nsion p�.an. Rev'sewed try: Oric�iru�tinQ Ocpt: Cnsts: S_N/A Coomission l4Gtian: iepn! NA DOhS/Ffnnncc Tptn! f3 Approvcd ��g�= �� C1 h�provcd u/corxJiti�nn Purchasing � N� s E7 p�nfed Risk Hgmt. � N[A Uscr Dcpt• Current Ff�cnl Yr. CIS N!A ' ❑ Continued to: ACH iurxlins� Source; Othcr - --- --- 0 Cnpital In�. Advcrt�sed: � Opernting /�ttnchments: Date: � Other Memo explaining tfmir�g of Pnper: • City Contributions � Nat Required f� Affected horkies ���o�rintion Cocir: ❑�o�� � Hotiffad 0 Not Required C ( t M ►na er ;y�a:.; :, �. a.'.,r . � , . .� � . . . � . • , 1:;. . > _.� -- � �. . �'�" . . . : s. , - . . ' ' . • � � 'f . ' � ,r ' . . • • ' • . � ' �. . , . •• �. sF' . ' . . � � ', ' . ' � . � ' - , ' � � � , . , . ' . - ' '. • .�. � . , . . , . � . , � ' : � � . r� � �•,�. , ' ' ' � � � � ' • .' . � .• � . . ' f � ' . ' �' ,• , ` �, ,. i, . . . � �i . i .. , ' ' , . ' , . . ' . , ' , , " � . . .r ' ' '. �! �,��' � ' ' . . . . . .. . ' . • ' , . . . . . . . , ` ' �' �' , � . . . . . . ' _. � . . ' ' . . .. , � ' : i . . � � , ' , . � . . � ' ' . . . . . . `. . r ' � i ' ' � S • ' o ', ,.E,.' ~ . ' . .' •e .. ' . F . � . ' , . . ' ' . . ' I ' . . , ' ' ' , . . e Y', i. . o � ' . ' . 3 . � ' i . . , . , f, � � . � . il � � � . . ' 1• ��' . './� • , � . '.'i• ' i.. � � , � � .'' � . 1 . ' . . . � ' � , , � . . . ;V1i' ' � ''� i; . �" i I �', � ' � � , i r '}.� � . i''I . . i. . . .� . i � ' ' . . ' , . e • . � r' � . . . ' . . : ' , . , e ' .f . . . . . . 'y,'' . - � . . '.�. . . . . . L�.e. .f-. . . . . . �n:$ra n'.Y�4x,. � . , . • . ,.b...l...Ewr1�d°..,M'111a�..s'/�r.Y:� •�I?��.. .'b;. :t'i � . i'� . . � � . �4 ' • . ' .� ...� i,' ' . . . , � .. � , , �.i�. , . . ,. � � � • . . . . • • • ' ' ' . � ' . . . � , . . . . . , . ' ' � . . . ' r .i . ' ' Y .'� . . I ' • . ' . . � � I . Better than antici:pated.1992 ass�t returns, tdgether with lack nf,Eirm�progress �� on annua�. benef�.t� adju�tments and budgetary cansiderations ior f�.sca�. �.994 have � �aaueed us to reeva�.uate this earl.3er re�ommendatf.on. By reducing the ,� empZoyeets�contribut�,on to 5g,�emp}.oyee's take hom� pay can be increased by ,•approximately�$42o�,000 �or tk�e remainder oE 1993t and a like amount can be saved from the City�s 1999 contr�.bution (approximatelx 6fl� of which is General Fund } . � � ' . � . � Your approva�' of this recammendatian wi�.l. provi.de a current henefit to the employees and to the�City withou�� impacta.ng the fiscai stability oi the �;.ex�.sting pension'plan. rn the unlikely event that the upcoming actuarial � � report indicatps a required C3ty contribut�.an �.n,excess of the employe�s,' total �993 contribution� this�would be an appropriate t�.me to use a portion o� the . available credit balance. � A�though this recomm�ndation wi�1, impact our ab3.l�.ty � �'to negotiate additional pension benefits without cant��.bution�increases, it ' will not impac� the continuing effort to s�IRS quali�y" the pensa.on p�.an, so. '.that employee contributions can be made on a pre-tax bas�.s. , , .. � � � .� �, . • � . . ! ' � ' , ` . ' � . . � ' . , '4 � � .. . , ' . . � , ' . , , , � ` . � ' ' , , - ' , ' j . � • ' . ' .. . . . , ' , ` ' ' , .. • , i . ' . . . � .� �. . � � ' � ' • . . ' . � � ' t ' . ' • � '.}� � � . � , ...-.e..• . �'V�r .. � �.!`5. .� � i ., ' . � e . �I . ' e . ' , t ' .. '' .. , . ' . ., � . j,• .� ' � , CITX O�' CS.,EARWATER � � , �NTERDEPARTMENT C�RRESPONDENC� , TO: Ka�hy Rice, Deputy City Manager ' � FROM: Dan Deignan, Fi.nance Directo �� � COPIES: Michael Wright, City Manager . � �, ' Hetty Deptu�a, Ass�,s�ant ���y Manager , ° Je�'f Harper, Di�ector of Administrata.ve 5ervices SUBJECT:..Explanation of Pensian Funding and Discussion of • Contribution Rates � � . ' � � DATE: December 3, 1992 You requested a clari�icat�.on o� the tim�ng di��erences between � the �mp�.oyee's and the City's annual pension co�tribut�.o�s. The key poi.nt to �em�mber is that the pension p].an operat�s on a � calendar y�ar, and the annual actuazi.al study �.s done as of �he end af each calendar year. Thi.s report, wha.ch is usualiy campleted in May, d�termines the requ�.red,mi.nimum contribution for�the subsequent calendar yearr which �s already Fi.ve months old when the report is released. This�report determines the required City contributa.on, (assuma.ng a constant emp�.oyee , contributi.on) which is then budgeted and paid dur�.ng the �irst � six months of the C�ty's upcoming �'�.sca�. year, wh�.ch begins in � �ct�ber. The chart k�elow �.s an att�mpt to i�.lu�tr.ate this . � graphically, using a circl� to represent the ca�.�ndar year. You wi11 notice that the City's contribution do�s not begin unti.l. the ninth month o� the ca�endar year� and conti.nues through th� th�.rd month o�' the subsequeni: calendar year. This "delay" is tak�n into account by the actuary, and an appropriate �.nterest ' adaustm�nt i5 inc�.uded in their contributzon calculata,on. �Azo �- ' -� . � � �C JR N \\ � .^ p ; o � ��,/'"J � �, � � C� � � �GaNTR r�U� �� � . [� 4 �O a ' u ti • '�' y 7d . . p � u' 7d H , v � � � � � � w � b , � �., +3 � � � . � O � � � ' . �� � �� G' ��� � / � � , . . . � � R � � � � � � , �•.,� `��-.•�.. �,--� . � ACTUARY REPORT RECCZVED '' , � .�� . ',. .' .. . . ,. ' .. . � i , . 4� ' • S . .. � , t .. 1! ; , .. . ' • ' � .• ' . . . ,. . . � . i �, , • , � , . • � , • � ' , , , . . . , , , . , . " i . . 3 ' . i ' . . ' . � f . � � .� I= , � t � , . , f . .. . . . . ''' 1 � � ' ' „ ' ' . . . 1 ' � ' � � � � ` �� '�;I ; �V'' .. . .. . , ' . ` . • , . i � ' . � �4 � • ' . . . t' ' .• •` .. ' 4i • , • , t' , . , ., 1 . IS • ,. � ,1� � . . .1 , ,. i .I' .. .'i�e� �` . •' � � .. � . f � 1 '. . . Z �. ' � ' ' , ,� � 1 ' �. I� ' ` . � . � •+j . .F ' � s . � .. . . . � � , , . ' ' .. 1 . 1 � �i . . . . . .. . �1� . . . � ' � . ' ' . � � . . •�li, • , ; �[t ' 1�'' ' �'�1 ,. , •• f� � i . � � • . ; f � , . � .. . ..' !! , . ' • .. . {}�.;K�c.»r�i:.urii-..�.-.�,e i�' 1��. I �.i•dw,''ssvc w.<r ��l�r� ;p, }.` . j , �i� .' ' , � . . � ' ! � ' ' I .. .`• S1 . 4 ' � . ,. ...:. � ti. . .� Iss :Sti .1� .., f•�. . . � ���',� . '!•.•.• i�`... . • . . �1. � � . , 's . " . . �'i . t' f ' �' , " ., . , . , , • �� . � , � � � , . �' � , :,, � ; , Based�on the actu�rial rep�rt received��.ast May,. the required contributian Eor calendar yea� 1992 was.$3,377,977 wiziail�the� actuary estimated to b� 9.2� o� tota�. 7.992 payrol3.. Th� � orda.nance prov�.des for a mzniz�um 6� con�ribut.ion by � the employees, and iurther. provides that the City shail. oontri.buta a "like" amount. The ordinance turth�r a].1ow� the Trustees �o �. increase�the`contribution by.up to an addi.tionas 2�, "should it be,found necessary,zn th� discretion af the Truste�s." Based on staff recommendat�on in July o£ 1992,.the Trustees authorized a cantinuat�.on of the 8� rate through �.992� with the Ci.ty aontza.buting a�.a�ke amount i.n the f�.rs� si.x months of �iscal �93. , Tk�is produced an "exc�ss" contr�,huta.on o� $2, �82, 21.7, which when aggregated wa.th excess contributions .�rom prior y�ars, gives a "creaa:t�� bal.ance �.n the �,ensi�n plan o� $3 � 408,102 . 'rhis credit , , balance is reserved �'or-use in any future ye�r when the City's , can�ribution would otherwise �xceed the emp�.vyees� contribution. Recen��.discussions with thE actuary hav� indicated that th� � stagnant �performancQ o� p�an � assets thus fa� in �.992 may we�.]. . � require�a tota3. contribut�an �or 1993 in excess of 1.2�. A� a result,.I beli�ve i� would be premature �o reduce the� � contribution rate for 1993 back ta 6g at this tim�. � am, ther�Fore,,recommending a continuation o�' the 8� �a��, at.��ast � unt�1 the 1992 actuarial study i�s r�c�iv�d in May. T£ it appears� based on .that study, �hat a reducta.an is stizl . warrarited, . one cou�.d stil]. be imp�.emented for the .second ha�f o� th� year. � � I � � 3 , �... .,. � . ' ' j . . ' ' . . . . . . , . S '