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11-29-1993IL.'J ?i?•t '.l Y, .l a i?. 1?' r. . y 1. .. .r 1 1 .., .. 1- . ?>" i., .:`r'=? .•6: ??" 1'i'. `i?_':7.'?,1,+:'-.'j':?. :i'(': 'CIF "•.r.'•i y. .a ?:f° ;p. ..ii'-, .,.'#,i'+S ?.? '?.};°??`'':1,; ,.i s?'-::?'i t? T.},: r. 1Jji??; i•+b,7? 3. ;, k:, ;: 1=,'r ,f•.7` ':,r' `(;; •'??Yir,??<<°?h, _ ''?l'?;ti r,t.;. :.+ tr.. rt: .:'fir' ,.t „f '$.,;. ?:+}.'r' s'f}A r. ?.;.:. ,,.,,.7`, :.z.ar .'F? f i.."i E itr ''..?. wi,"dY a 1?, r n .i ?,,, ? q?.'r °I.: Sr.: :i k,',?fl'' . .a = <.7.. y(?r . ? 1'.,• iF3; '?1 !- ?y "?, r `> ';? y+, ,, ?`?rt 'F' 'ti `"t?c?7` ? ? `E3 ?a.. .a r.? t' E, .Nsi?,t•>° ??.',?k'`c t,:'" •g' `" (f, ,,:.i.., ,?' Li f ?..r?° °.t",,.3, `}. .r :r r''t2?`,•t ? ts,.x :t 'r ? ?-••r ,se,:`?'?.?<,,,:.,?, pt;,'r !. ;.l, ii ;.n ,?. d':'r^ .. s:+ . ,i, 9. CF i I , . 13., i , .41c=. r..g?, "•;, a;..`te! '§,: ? '• (? `,- !' F ; 3 :.i'` , e . ; ??? r ?i . •y( , s f g,l'' }, as pr •?I; t?I#• f'- ({F dr•'r "F'l.:$ .1'1 .x, =ly`, ,?x' .'s.6 :'> J ` i:" .; I,•., ?.,i?;.,' .1-I ?3 .1, ',i a'`oF ?'°J':':f }L $.'+ ,. ...a" ^I^:. .. ... °ii<7,r n:??'y''- 1 •.-,.. :i:.. ^j?' ... 'Ir .fL. i'. ?,.'S.; ?••l',': -1x~1 gen erasion 2 9 9"31 •F' ? + ? A i j .i . ? . ' - .. • . •A ,, j ' 1 :; t .. .1 e , ' t, a . r ' . II`• ??? «.:t •. rew'.. .. a.Hx r?? r .. ., ., .,wi r.. ... ?> '• ? ` ., ? sa?}!f S?•t,i<uT"i."1.+f?+'? i''' ..},{ !J: ti':e?.. ,•f'Y:3 ?t1'x5 - .. a ?!'!'!.}rte .i.-.. .. ..... ........ .. 3- .. .. .r .r :J s,•., ? :{ ? t?..?;'? "k r .S' •r'1': ?"; .?I, f.... .?la., S'• .. .A. ACTION AGENDA Board of Trustees of•the,Employe'es' knsion'Fund ` , . November 29, 1993 . ' 9:00 A'M. . 1. Cail jo order 1. 9:00 a:m. Approval of Minutes 2. Approved as submitted. of 11'/1 /93. ,• 3: Request far-acceptance 3.' Approved. into membership: a) Nancy Scott ; ' .. ' b1 John F. Brown W Thomas R. Tait ' d1. Frank :1. 'Calabrese -.. : 4. Pension (s) -to 'be granted: 4.. Granted. . ' job-connected disability Michael McGowan 5. Extension of agreement with 5. Approved. Coopers & Lybrand, to perform ' .. actuarial valuations for the General Employees Pension Plan as of 1 /1 /94 & 1/1/95 for a fee not to exceed $13,000 each year 6,' Other Business: 6. None. ' 7. Adjournment:. 7. 9:06 a. m. ' CLEARWATER CITY COMMISSION Hosting Date: ?.• - ;a q, Agenda Cover. Memorandum Trustees of the Employees' Pension Fund Subject: Membership in Employees' Pension Plan Recommendation/Motion: Employee(s) listed below be accepted into the Employees' Pension Plan as recommended by the Pension Advisory Committee. and that the appropriate officials be authorized to execute same. BACKGROUND: NaMg and Jab ass Nancy Scott, Staff Assistant II John F. Brown, Police Recruit I Thomas R. Tait, . Librarian I Frank J. Calabrese, Custodial Worker Page Reviewed by: Originating Dept: Casts: Commission Action: Human Resources Total Legal NA El Approved Budget NA ? Approved w/conditions Purchasing NA User Dept.: Current FY ? Denied Risk Mgmt. _-NA ? Continued to: CIS _NA Funding Source: ACM AS-P- Advertised: : ? Capt. Imp. Other -NA Date: ? Operating r?, Paper: ? Othcr Attachments: 0 Not required Submitted by: Affected parties ? Notified 91 Not required Citv M Seniority Pension Dept./Dim, I);tte Effective D_at? Gas 4/4/81 10/13/93 Police 1()118/93 , 10/ 18/93 Library 10/16/90 10/18193 Parks & Rec. 10/ 18/93 10/ 1 8/93 Appropriation Code: Letter(s) ? None elf ry.e.ha)'Y1:?1'titP.M;''?s1/?yJ ?•f '. s. ?'?.\.'.n\t"°'?"?'?["f .. r e , r ?•i .,f. • .. t:ji ,':1.. .. ... CITY OF ' CL.EARWATEIt " EMPLOYEES,. PENSION PLAN ' PENSION ADVISORY COMMITTEE ' TO:- Pension Trustees ? IROI'vf: Pension Advisory Committee SUBJECT: Recommendation for Acceptance into Persian Plan DATE: October' 20, 1993 ' As Trustees of the City' of Clearwater Employees' Pension Fund, you are hereby notified that t h e employee(s) '. listed below have been duly examined by a local physician and each has been designated as a "first class risk". ' • ' 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,.' Pension Elig, Mlirle.- JOb, Class, c?G ?V. B Hire De Date Thomas R. Tait, Librarian 1, 11/27/50 10/16/90 10/18/93* Library *Employee hired from permanent part-time to full-time permanent status. Hire date reflects 'date hired.- as permanent part-time. Frank J. .Calabrese, Custodial Worker, i ' Parks & Recreation 'Department 6/25/65 1,0/18/93 10/ 1 8/93 . S,i ,. r irl :?`L',. ex ?r 4' 'rf li??w 4{r: re: L•:! .? k)i f 5 Zf =,r? ''L'f L,f ?,• r`i'.is';',`?"; - "='Y?t r f y?'. .•!. ?If,`?`, . 3.,', ;?5:?' ,,,?t' -t'.",.'?r4: , .... ;3'. . ?i."r i" j :.lT is 1'a , . rR!? r?= ,,i G. ' ! : t ' - f.7 .. -;r: <?f, t` ' . ,y ? - .. ? ., .. ..y; ' ; i . ; '.: r!•l: ; . I , CITY OF CLEARWATER EMPLOYEES' PENSION PLAN' PENSION ADVISORY COMMITTEE TO: Pension Trustees FROM: Pension Advisory Committee SUBJECT: Recommendation for Acceptance into Pension Plan DATE: October 20, 1993 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". These, employees ure 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. ' Pension Elig. Birth Dnte Hire Date Date Nancy Scott, , Staff Assistant II, 9/9152. 4/4/81 10/13/93* Gas Systen ' *Employee resigned then withdrew her resignation. ' Employee's pension date reflects re-employment date. Hire. date . adjusted ' accordingly. i John F,' Brown, Police Recruit I, I Police Department 10/15/69 10/18/93 10/18/93 ' CLEARWATER CITY COMMISSION lte _ Me©lfng Date: 3 Agenda Cover Memorandum Trustees of the Emplavees' Pension Fund . Subject: Pension to be Granted Recommendation/Motion: Michael McGowan, Police Officer, Police Department, be granted a job-connected disability pension under Section(s) 2.397 and/or 2.399 of the Employees' Pension Plan as recommended by the Pension Advisory Committee. and that the a officials be authorized to execute same. Michael McGowan, Police Officer, Police Department, was employed by the City o n April 16, 1973, and began participating in the Pension Plan on that. date. Can March 16, 1993, he injured his right knee while at work which is the basis for his request for this job-connected disability pension. Mr. McGowan has submitted letters from Dr. Howard L. Schuele, dated September 20, 1993, and August 3, 1993, and Dr. W. Allen Hughes, dated September 10, 1993, and August 11, 1993, in support of his request for a disability pension. This pension will be effective an March 10, 1994, 'at 2.6 hours into the day. The letter from Dr. Schuele states that "the patient has sustained a permanent partial impairment... This disability did occur on the job...It is also my opinion that this man may have difficulties with this knee in an emergency type situation where he has to be on his extremity for long periods of time, kneeling or crawling or doing heavy lifting." The letter from Dr. Hughes states "Mr. McGowan's original knee injury was while he was working 3116/93 and he twisted h i s knee... He has... difficulty in obtaining full function in the knee and...is having difficulty functioning on stairs ...I think lie is capable of a light work activity but I recommend no stairs and no squatting. I do not believe he will be able to perform all of his duties required of police work. I do believe he has a permanent injury...." Based on an average salary of approximately $37,721 over the past five years and the formula f o r computing job-connected disability pensions, Mr. McGowan's pension will approximate $28,291 annually. Charts from Finance which take into consideration mortality rates and age reflect t h e "present value cost of financing" this pension will be approximately $325,659. Page Reviewed by: Legal _ NA Budget _ NA Purchasing NA? Risk Mgmt. _ NA CIS -_ _ w NA ACM Other NA_ __ Submitted by: Originating Dept Costs: $325.659. Human Resources Total User Dept.: Current FY Advertised: Date: Paper: ? Not required Affected parties Notified ? Not required Funding Source: ? Capt. Insp. ? Operating ? Other 646- 07410-5,1,0100-58,5 Appropriation Code: Commission Action: ? Approved ? Approved w/conditions ? Denied ? Continued to: Attachments: Letter(s) ? None Citv Manacer w i? J?''? = C IT Y a F C L E A RWA T E R ,tip y `% t `' `?? ?^; POST OFFICE BOX 4748 CLEARWATER, FLORIDA 34618-4748 Human Resources Department 402.6870 'I1? Honorable Mayor and Meinbers of the City Commission as Trustees of the Employees' Pension Plan FROM: Pension Advisory Committee' COPIES: Michael McGowan; Risk Management; Debbie Bailey, Payroll Services Manager SUBJECT: Pension for Michael McGowan-•---Jab-Connected Disability Pension DATE: November 3, 1993 The Pension Advisory 'Committee (PAC) received, an application for disability pension from. Michael McGowan on August 16, 1993. Mr, -McGowan has been determined by the Pension Advisory Committee to meet the requirements of the Pension Plan for a job-connected disability pension. Yle wits employed by the City on April 16, 1973, and began participating in the Pension Plan ott April 16. 1973. Further, he has submitted medical docuinentation, copies of which tire attached, relative to his disability which has been reviewed and approved by the PAC. By motion made and duly carried at its meeting of November 3, 1993, the Pension Advisory Committee approved/recommended the granting of a job-connected disability pension to Mr. McGowan in accordance with provisions of Section 2.397 of the City Code. This pension is to be effective on a date to be determined. The amount of Mr. McGowan's pension will be calculated by the Finance Departmenl according to the formula in the Pension Plan for job-connnected disability pension tit Such time as his last five years of service and salary can be computed. I hereby certify that the Pension Advisory Committee has approved the granting; of it job- connected disability pension for Michael McGowan and the above dates are correct. 01' t1C4,-1)_e CWrman, Pcilsfon Advisory Committee 'Equal Employment and Al firm ative Action E"mployer" L..." AMENDED PENSION REQUEST FORM I? ._. Michael McGowan do hereby apply for retirement from the City of Clearwater General Employees' Pension Plan., My benefits date is April •16, 1973 (Entry date into pension plan) My date of hire is April 16, 1973 My birthday is December 30, 1948 My job classification is Police Officer and I work is the Police Depar#mQnt, Office of Chief Division. M y resignation date is_ to be determined The type of perision for which I am applying is (check only one): Regular Pension based on years of service .x Job-connected Disability Pension Non-job-connected Disability Pension Elizabeth McGowan My spouse's name W. Dependent children under the age of 18 and residing in my household are: (Print, Child's Full Name) (Child's Dale of Birth) I hereby certify all of the above to be true and correct: z (Signs ugust 16, 1993 (Date) (Notary blic) NOTARY P(J©LiC. STATE OF FLORIDA. MY COMMISSION EXPINtS:.JULY 11. 1004, bON6RO THRU NOTAAV PU11WC UMMKWHITL'116. L: ut' NERAL EMPLOYEES' PENSION PLAN OPTIONS - POLICE OFFICERS OPTION #1t Employees can receive a lump sum payment for vacation and ' holiday pay and 1/2 of accrued sick leave at the time of separation from the City. There will be no 890 deduction for pension from this lump sum payment nor will this amount count as earnings in the calculation. of the pension. The last day of work will be the termination date and pension benefits will begin the following day. OPTION #2: Employee can extend termination date by the time due for (Only available to vacation, holiday pay, , and 1/2 of accrued sick leave. employees hired Termination elate will be the final day of extended time. prior -to . 10/1/90) Pension benefits will begin the following day.' OPTION #3: Employees can split their accumulated sick time at (Only available to one-quarter pay and one-quarter early retirement time. That employees aired portion 'received as one-quarter pay ' will not have 8% prior to 10/1/90) deducted for pension nor will it count as earnings in the calculation of the pension. The : portion applied toward early retirement time will be subject to the 8% pension deduction and will count as earnings for pension calculations. Termination date will be the final day of extended time; , pension benefits will begin the following day. *ww+*++*++ww+***+++?w+*** Micltnel Mc Gowan I, an' employee of the City of Clearwater, hereby, ap ply for pension benefits under the General Employees' Pension Plan. 1 hereby certify that l fully understand the three options offered to rile. I choose to retire using Option g_ 2 _ and wish my benefits to be calculated under this option. I understand that once this form is signed, my decision is i ble. ca o V EMPLOYE-1-I'S SIGNATURE:,, ` SOCIAL SECURITY #l: _ 202--36-6400 WITNESSES: ADDRESS:, 1705 Grove Drive - ?. Clearwater, rL 34629 ??,"G' Auqunt: 16, 1993 DATL•'•; „ 14 September 20, 1973 City of Clearwater Police Department Clearwater, Fla 34616 Re: Michael McGown - patient. I have seen Mr. McGown, on one occasion 8-3-93. Enclosed please find'a copy of my medical'records.. In answer to your questions the patient has sustained a permanent partial impairment and this was rated at:5% to the knee which converts to 3% whole man: This disability did occur on the job. 'It is also my opinion that this man may have difficulties with this knee in an emergency type situation where he has to be on his extremity for long peroids of time, kneeling or crawling or doing heavy lifting. With this in mind he might be impaired from performing his duties. Yours truly, Howard-L.' Schuele, M.D. HLS:ann i SEP 1:.,1g93. ' - A11len' Ft, Harrison Medical Cent.ez • 1305 S. Ft, Harrison Ave,.! Bldg. G • Clearwater, FL 34616 •'{813) 94,(3.0(300 • FAX (813) 442.8804 September 10, 1993 To Whom It May Concern: RE: .MICHAEL' McGOWAN Mr. McGbwan'.s original, knee 'inj.ury was while he was working .3/16493?.and'he twisted his knee. It locked on him and then popped back and has done this on 'a couple of occasions since that time. It..esp'ecially popped back on him once he had his original x-ray,performed. He has undergone'arthroscopic surgery fora torn medial men- iscus and he•,has-rehabilitated this,since that time. He has 'had patellofemoral symptoms and.difficulty.in obtaining full function in the knee-and at this point he.is having difficulty functioning on stairs. I think he is capable of a light work' activity but I-recommend no stairs and no squatting. I'do not believe he will be able to perform all of his duties required of,police work. I do believe he.has a permanent injury and his MMI date.is, 9/4/93 with a 5% permanent impairment rating according to the Minnesota guidelines. Sincerely, W.A. Hughes, M.D. WA len 1UGHES'M.D.-.:. Ft. Harrison Medical Center • 1305 5. Ft. Harrison Ave; • Bldg, G • Clearwater, FL 34616 • (813),446-0600 • FAX (813) 442.8804 ' t ` kr.. . August 11 , 1993 TO ;Whom It May: Concern': ; t NE: MICHAEL MCGOWAN ,. Mr. 'McGowan has been tr,eate'd for right' knee' meniscal injury with :: .,. arthroscopic partial medial menisce'etomy... He. has 'continued to have difficulty with patellar, function, and has' had problems with, squats 'and stair work. L'am projecti'ng.a maximum medical improvement of 9/4/93, at which 'time-he will carry a 5% permanent injury rating and my recommen- dations' would be for, him to work 'at a light duty level only without stairs'or squatting activities. Sincerely, W.A. Hughes, M.D. WAH/mr of o?thopaadfc Surgery 'of Orthopaedic Surgeons Fellow Amerleart College of Sufgeohs . 'MCGOWAN, Michael DOB: 12-30-48 1705 Groves Drive AGE: 44 Clearwater, Fla 34619 796-8423 INDEPENDENT MEDICAL EXAM 8"3-93 CHIEF COMPLAINT: Pain in the right knee for-the last five months. .HISTORY: This is a 44 year old Clearwater Police Officer. He.dtates that in March'of this year while sitting at a .desk he twisted his knee. This locked. on him. He was subsequently able to unlock this and then locked up again on him'. He saw Dr. Hughes, who diagnosed a medial meniscal tear. He was operated on 4--8-93, had an arthroscopy and a parital medial meniscetomy and a Laser Chondroplasty for the chondeontalacia of his.patella . The patient states that postop he has continued to have pain in the knee area. This will bother him when he goes up and down steps. This will bother him when he squats or pivots on this. He will have a burning type pain. He states that he has a popping, clicking feeling. There is no locking of the knee but.a feeling of giving out. The patient returne&'to a light duty type basis until June of 1993, then has been off of work since that time. EXAMINATION: Reveals a pleasant 44 year old male. RIGHT KNEE - there is no gross heat, swelling,redness or fluid present. He points:to;the anterior both medial and lateral aspects o'f the knee and posterior aspect of the knee-as painful. On flexion extension there is slight popping' Lzl. i „MCGOWAN, Michael. 8-3-93 EXAMINATION: can be heard and this is patellar in nature. There is no pain to palpation at the joint line. fie has pain.on Drawer and Lachman maneuvers. With the foot internally and externally rotated he complains of slight pain. There ,i.s no popping, clicking felt' or heard. There is no pain on stress of the ligamentous structures which are intact. XRAYS: AP OF BOTH KNEES STANDING DEMONSTRATES IN TIIE ' RIGHT KNEE MAINTENANCE OF? THE JOINT SPACES. THERE IS NORMAL BONY CONTOUR AND DENSITY. ON THE LEFT KNEE THERE IS NARROWING OF THE MEDIAL JOINT COMPARTMENT (PREVIOUS MEDIAL MENISECTOMY TWELVE-YEARS AGO). IMPRESSION: 1) Torn medial meniscus and chondromalacia status post surgery partial medial menisectomy and Laser Chondro- plasty patella 4-8-93 DISPOSITION: It is my feeling for practical purposes the patient has reached MMI. I'feel that he has sustained a impair- ment to the lower extremity at 5% which converts to 3% whole man. The patient may need an occasional cortisone injection, anti-inflammatory medication, Aspirin or Tylenol for pain. It is my ,opinion however, that his problem should continue to improve and that he will in the end have a near normal nee. Howard L. Schuele, M.D. D9rVMPCN MrCAOMm FLORIDA DEPARTMENT OF LABOR AND EMPLOYMENT SECURITY DIVISION OF WORKERS' COMPENSATION 1-800.342.1741 low) oonw your local office ter assistance NOTICE OF INJURY Report all deaths within 24 hours (904) 488.3044, ICIUIDI nVFF I1dCneuartrss,t FOR CARRIER'S DATE STAMP REC'D BY CARRIER SENT TO DIVISION NAM (First, Middle. Last) $me' beeunty Number Date and Time 01 Accident MZCRAEL Q. MCGOWAN 20 6-6___- ?9Q0 3-16-93 10:45 am H M ADD ESS (Include Zipl ? EMPLOYEE'S DESCRIPTION OF ACCIDENT 705 Grove Dr. CIW.FL. 34619 d- LEPH N "a Coo. DESCRIBE INJURY OR DISEASE AND I ICA E PART 0 B DY AF ECT D f r A ti f t t ht i d d i I t UPATI N ig e.g mpu a on o n ex inger a secon jo nt, rvoured ribs, lead poisoning, a1c.1 - 14 ee-9 * ?L_J n t _zig} h r knee ? Ex BAY Op '12-30-48 ! M DID YW RI OUEST MEDICAL CARE? K YES D NO F El F I YES, DID EMPLOYER PROVIDE MEDICAL ES ONO FMPI nVFR 1?JFnRMATInM FIRM'S NAME AND ADDRESS FEDERAL I.D. NUMBER DATE AND TIME FIRST REPORTED City of Clearwater 59-6000289 3-16--93 10:45 am Police Department w,C. COVERAGE BY POLICVIAEMBER NUMBER 644 Pierce 'St. 0INSUHANCE CO. SELF-tNSURED NAME, ADDRESS, TELEPHONE OF WIL CONTI T P TELEPHONE INSURANCE CO OR SERVICE COMPANY O AY L YOU NUE A"' co°' John Eastern Com any Inc SALARY? 3P YES ONO PUKE OF ACCIDENT (Stroet. Chy, County, State) p , Post Office Box 33 t a . LAST DAY PAID THROUGH Office of Internal Affairs Sarasota, FL 34230 ! ! 1-600-749.3044 Clearwater Police Dept . RATE OF W) [] HR WK 644 Pierce St. C1w. FL. 34 616 NAME, ADDRESS AND TELEPHONE A IT F P S.L-.S "PER D DAY O MO O HYSICI N OR HOSP AL Numtboi of bouts DID THE EMPLOYEE KNOWINGLY REFUSE TO USE A SAFETY Morton Plant Hospital per day Number of hours r o APPLIANCE PROVIDED BY YOU, THE EMPLOYER? 0 YES :?'NO 323 Jeffords St Pat week DATE EMPLOYED LAST DATE EMPLOYEE WORXE . Clearwater, FL. 3?i fJ16 Nupmtms of days 04 A ! 1 r . Dr . David Webb PAID FOR DATE OF INJURY RETURNED TO WORK D YES aNO AUTHORIZED BY EMPLOYER YES ONO YES'? NO IF YES, GIVE DATE 1 ! LOCATION ADDRESS WAS INJURY FATAL? 0 YES LrNO < IF YES, GIVE DATE OF DEATH ! - --- (LOCATION ? IF APPLICABLEI AGREE WITH DESCRIPTION OF ACCIDENT? I NATURE 0= 13VSINESS C?kwES L-. NO IP NO ATTACH EXPLANATION If Airy person vino, knowingly ana *an intent to injure, dehauc or comive any employer or omproyee, , Su ^e co prDgram, tiles any slalemeni a' dntm coniaihrng any false or misleading information is gurtty of a felony 01 the Iniro a I have pi nair Copy of inis notice. n For !7 ! 7 L J EMPLOYE SIGNATURE frt eveiuowe to svnl E EMpi t7YER $IG E CA7 CARRIER INFORMATION r.. Carrier Audit # Location # Service Co. # Carrier File # G 1. Controverting Care-DWC-12, NOTICE OF DENIAL ATTACHED O 2. Last Time Case•--Date of First Payment I ! AWW Comp Rate First day of disability ! 1 -Date of First Contact with Claimant ! ! 0 In Person ir.' Telephone _ Mail -Notice Filed Due to Multiple Periods of Disability. Dates Covered by First Payment L`t T.T,D. C TP.D. Date Form Rec'ci. ! ) _ Catastrophic _ P,T.D. D Death O 3. Medical Only which became a Lost Time Case, (Complete all information in item 2 above) REMARKS: ADJUSTER NAME: CARRIER NAME. ADDRESS d TELEPHONE: DATE, r r ADJUSTER SIGNATURE: i 1 ? rn DYrC•1 111911 DIVISION COF M ` PENSION FUND TRUSTEES Meeting poteItem # 11/29/93 Clearwater City Commission Agenda Cover Memorandum SUBJECT: APPOINTMENT OF ACTUARY FOR 1994 AND 1995 VALUATIONS RECOMMENDATION/MOTION: EXTEND THE AGREEMENT WITH COOPERS & LYBRAND TO PERFORM ACTUARIAL'VALUATIONS FOR THE GENERAL EMPLOYEES PENSION PLAN AS OF JANUARY 1, .1994 AND JANUARY 1, 1995 FORA FEE NOT TO EXCEED $13,000 EACH YEAR ® and that the appropriate officials be authorized to execute same. BACKGROUND: The attached,proposal letter from Coopers & Lybrand relates to actuarial services for the next two fiscal years. Coopers & Lybrand was first hired in 1988 in response to a request for proposals for actuarial services, and have successfully performed the last six actuarial studies: They have also assisted the City in several special, projects, and staff has always been pleased with the quality and timeliness of their work. The $13,000 annual fee represents no increase in the current two year agreement, and we recommend your approval of the proposed extension agreement. Funding was anticipated and will be provided from the assets of the pension plan. . Reviewed by: Originating Dept: Legal DDAS/Fin Budget PUrchosing Risk Mgmt. __NLA User Dept: CIS ACM Other Advertised: Date: Paper: C] Not Required 5 itteti by: / Affected Parties IT- CI Notified 13 Not Required city manager _ Costs: $26,000. Commission Action; .Total ? Approved S31,000, ? Approved w/conditions Current Fiscal Yr. ? Denied ? Continued to: Furling Source: ? Capital Imp, ? Operating Attachments: ? Other i Proposal letter Appropriation Coda: 646-07410.530100.585 ? , None Coo ??? cartlfied public accountants Suite 151x1 telephone (013) 228.0221 101 E. Kennedy Olvd. E rand human resource advinory group Tampa, Florida 33002.6104 Inoblmilo (013) 2280030 v July 8, 1993 Mr. Daniel J. Deignan, CPA Finance Director City'of Clearwater Post Office Box.4748 Clearwater, FL.33518-4748 Dear Dan: As you requested, this letter will serve as our proposal to continue to provide actuarial and consulting services to the City of Clearwater, We will perform the January- 1, 1994 and January 1, 1995 actuarial valuations for the City's pension plan for fees not to exceed $13,000 per year.. This fce quote includes providing a draft,copy of the valuation report for your review and attendance at a meeting to discuss the report, at your request. As stated in our original proposal, we guarantee a state-accepted valuation report. You indicated that, as a result of our numerous, discussions regarding the actuarial assumptions and the -City's interest in reducing the volatility , of the Plan's funding requirements, you would like to adopt an asset averaging method beginning with the 1994 valuation. The method that we have discussed that would seem to best suit the City's goal would be to spread any difference between the actual return on investments for a given year and the expected return over five years. Please confirm whether we should incorporate this change in the 1994 valuation at your convenience. We have enjoyed our relationship with the City of Clearwater and feel we have provided timely and accurate professional services, if you have any questions regarding our proposal to continue services, please give me a call. Very truly yours; Stephen M. Metz Senior Consultant SMM/lmd Coopers d Lybrand is o membnr firm of Coopmr A I yhrnnrl (intnrnnl+nnnq