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10-17-1994
.Jere '.! ,I?rJ, •4' ... ? .r • '.. ? , ' ?.. ;. ,?JI •.1 'I ? 5 - of ... ' ' ? •. ' ' ' , ! : 1. ' t • a- ?, tl 1' 1 1 r ,r,l', ! • ?r '. , t' I r 1' r ? '+: .r ? ., ''!•'r ,!'t tt :i°1 ?11r, :r' •1. .f? ? ?, ?. "r I s - ?, ? ;` , .' a,; r`e ,i ?'q f ''s-'o •'If,'s).r '; y': 'A7 'r'li'?, ft;i.!'^' •. r'I '?t`? ?e' PI •.I• :•E, `Pr+f' ,` .1 f,5' !•• ..A'!?: ?'. ?[; le?? ?.^ iJ. ,. it t.. sr!• t -;( q,. ! y,. ;'!' ,•?t fit? ( ks:- t. ;1,' `.1 ?k{,; z,P, ..?.,?, ,r. .Ai 4. t,..,J°'R .5', h,5• y ,;." ,a?',.I i'P ,R "I?' '7?•?t?, :'!. `?.?•J .. r• r.r' i)?: .!/ .l:` ? • ,k' ?,. .i•. :f? r f?? ?.fl3 ,a ,?., .f e??l• ,.ri.iJJnr '?,:? ? '•; f >:.' . !'?'_,?N,,,S{!', fti,. .J?,'I'1''•`il:., t_ ,.6 44 ?,, „,f,l,' ?.?;:''J-. .s . ',! •. . j . g, •t" ??'•. !Ak/?7k• ?h:' ,r.? •? '? •l . t.y t fA? .>Ul°. ?y • a°,'I?Ii' '.f. A h, d•??.. ..?II . ?. , :+f.:'il 11 t? i ;it .. t ., y r '?:,, . •i J, -; 'er:3 .t x A?r..r ?'•I F. y. R}. '•"s •?'i: rt:! :Z . w ?.° e. t . '.ry;f .. , .i . 1.'.' ?i.,(''?r':i k:l?l?.s, s 'rf':..,r':.=f.?. , ? ???. ? ??`i, ?<<?. ??y?.?, r??;ll ?, el. ,(. .S't .]s j `.4 T'rir ?'?3jn? 'J: ?JPr.?'l ?t,uft •,S? :t3.',},.. t.. 'i`• ,,,'i. ,f,.: '',l M1,x. :;3r:? `?.? !h?f??.tr?:.? ?°i?l. it .<.:+?'•?'n. -1 c15"#; t?d,.7Pp"?J . .{'!.? ?, kFi?. :?'. I.e . t? .f ^,! - :f.`:, ?-1y V;.',. ' 3, 3 `?.l ° ? J.'S. .rt '4 ?? ? S. : {,, , I SF,. r?E,+{. }'• d "?'• .s tfipl<• f4 - ,•'f'• :ef . ^'.If, N1 ?^,?'a .S' L?Irf-,fi ??i:l'.',!;-•/''c4: r ,T'.'? r `?i; ^ f°!;: ?'?'J' ,.! . ' ??,;?" ? "'3'.31 ? ? I ; r:',.,. 133,.1..5 r l., la.l. ` ,'f' A, E'?'.f yf.? r .6r}' :ftl1.,. f. 't•. ° Ir '!: ! £ J, *r , 1,. ./":. _' ? .'? ? • •kl` '? ' vi'?'t: 'ra'`F (; ?J :'?,' I.'a; -.;? -?'. :?i:• i. ?ri ,i- 1. 3? 1. ,f: • ension, 94 { t ! ' '. : ` ' ; ms ; „f1 ri t• t . . . • ' .. t ' ' , ,? ` ? rswl?F . )e 13" .'h. , .. } l:n AYrt'?•xY Ll"i{A ?'••!•'tj'-:t 3'?j?1 ,J :t:,wr1!'9Y ir. ''f; !.,°' l • /.t,j i3}. o {-S?h .: E. : - ! 4 c ,s.. t, ,. `. ?'tii, .1 7',E•.',i L, t 1 , • is ., , . • 1 ? ACTION AGENDA ` Board of Trustees of the Employees ' Pension Fund I. October 17 , 1994 ' 1. Call to order. 1. 10:03 a.m. 1 2. Approval of Minutes 2. Approved as submitted, of 1013194 3. Request for acceptance 3. Approved. into membership: a) Judith Horton b) Loren Pratt ; ` c) Joseph Hill ; .. d) Linda Ratcliffe e). Amy Crane f) Robert Furman g) Rodney Cornwell 4 h) Curtis Jenney i) Lana Bullian ' j) Kent A. Walker k) Michael Cieslak i) Dana Belson 4. Job-Connected Disability Pension Approved. to be granted: Edgar E. Padgett Approve changing the asset 5. Approved. valuation method used in the Employees Pension Plan from a market value approach to a five year moving 'average of assets ' valued at market value method 6, 'Other Business: 6., Linda Ratclifferequested she be allowed to re-enter the Pension Plan without paying interest on buy back of pension service as she was reinstated after termination. Motion to waive failed. 7.' Adjournment: -'7.• 11:02 a.m. f TRUSTEES OF THE EMPLOYEES' PENSION FUND Item Agenda Cover Memorandum Meeting Dalo: 101,17,194_ ' Subject: Membership in Employees' Pension Plan Recommendation/Motion: Employee(s) listed below be accepted into the Employees' Pension flan as recommended by the Pension Advisory Committee. El and that the appropriate officials be authorized to execute same. BACKGROUND: Seniority Pension tme and Job Class Zit D-g-p t,IDiv. Dj= Effective_ Date Judith-Horton, Library Asst. I Li brary 10/3/94 1013194 Loren Pratt, WWTP Oper. Trainee PW/WPC 9/ 19/94 9/ 19194 Joseph Hill, Container Maint. Worker PW/Solid Waste 9/ 19194 9/ 19194 Linda Ratcliffe, Library Asst. II Library 1219185 7125194 ' Amy Crane, Librarian I Library 10/3/94 1013194 -Robert Furman, Library Asst. I Library - 10/1190 1013/94 .Rodney Cornwell, Container Maint. Wkr. PW/Solid Waste 9/ 19/94 9/ 19/94 Curtis Jenney, Equipment Oper. I Parks & Rec. 9/ 19194 9119/94 Lana Bullian, Librarian I Library 10/3194 1013/94 Kent A. Walker, Librarian I Library 10/17/94 I0117/94 Michael Cieslak, Police Recruit II Police 10/17/94 10/17/94 Dana Belson, Police Recruit II Police 10/17/94 10/17/94 Reviewed by: Legal Budget NA Purchasing NA Risk Mgmt. NA .? CIS _NA ACM Other , NA T Submitted by: Originating Dept: Human Resources User Dept.: Advertised: Date: Paper: 0 Not required Affected parties ? Notified Not required Costs: I Commission Action: 1 Mal ? Approved ? Approved w/conditions Current FY ? Denied ? Continued to: Funding Source: ? Capt. Imp. ? Operating ? Other Appropriation Code: Attachments: Letter(s) ? None City Manager ?''t,{ . , _y. ,,'?}i,, `r'Y cif 1 `.a it>''•': , F 'Ee'?' ,.• ` , I- 1 . .` s r 1J I r 1 I1 CITY OF CLEARWATER 'EMPLOYEES' PENSION PLAN PENSION ADVISORY COMMITTEE' '. TO: Pension Trustees r FROM; Pension Advisory Committcc ? SUBJECT: Recommendation for Accept ei t o Pe nsion Plan DATE: September 21, 1994 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 'are eligible for pension membership as noted in the Pension Eligibility Date column below, 'and it is the recommendation of the Pension Advisory Committ ee that they be accepted into' membership, Pension L'•lig. J]irtb Dal- C Hire Date Judith Horton, SSN 231-52-6837 Library Asst. 1, Library 12/21/42 1013194 1013194 Loren Pratt, SSN 338-44•-4143 3/11/50 9/19/94 9119194 WWTP Op. Trainee, PW/WPC Joseph Hill, SSN 264-21-3932 Cont. Maint. Wkr.,P.W•/S.W. .814155 9119/94 9119194 Linda Ratcliffe, SSN 336-50-2883 Library Asst. 11, Library 11/16/69 1219185 7125194* *13tttployce terminated; withdrew pension contribution. Reinstated by CSB effective 7125/94. Amy Crane, SSN 177-38-7938 'Librarian 1, Library 4115160 10/3194 10/3194 Robert Furman, SSN 594-46-8847 8/19/73 1011190 10/3/94* Library Asst. 1, Library *Employee hired from permanent part-time to full-time permanent status. Hire date reflects date hired as permanent part-time. Rodney Cornwell, SSN266-37-7288 Cant. Maint. Wkr., P.W./S.W. 7/21/57 9/19194 9/1.9/94 Curtis Jenney, SSN#043-54-3308 Equipt. Op. 1, Parks & Rec. Dept. 3127157 9119194 9119194 Lana Bullian, SSN390-50-3693 Librarian` 1, Library 514147 1013194 1013194 Kent A. Walker, SSN#267-35-3556 Librarian I, Library 9129158 10/17/94 10/17/94 ,j-l. [• ? ?x - r. ? , r ?, ..lip ., .' , ?_r' .ta t1?.. ? .. .' .. .I' ? ? ? , ?.. ,• .. ' ' is ' •? x I. '14'x'. ??4•• ? ,. I 1? ? ? i y; t4 ' r /qqi?4?,? ((q7' if'' ,. ? i ?dr.??.?.fn?'x'r.1M,'' r. r. S+?T•.,?3 ^bY??3 ''S• rt. 'f ? :: ` : a' v ° " i ` ° ' , . ? 1 ? r r ? 'r .! ? ' '; `. ` t ` i - N `,., ;jil: ly, .i c . ? [I' .xl ` ?' y.. ! rl.? \• a ''j?.•;, t`.?" •.y 1 p 1• f;i '? '1 4 yt ,Y.{ e., .r. ., w•, -,y, ?, 1.: , t. la. t • r .1,: l: xr?a. r ?. . . . , tc _1 , Pngc . 2 Recomtnendation for Acceptance Anto Pension Plan , . Scptember'.21; 1994 It, s e „ Pension Elig. ,' at , lnb. Class,??,IDiv. Birth?Dnte Hire Date . jai= ' : - Michael Cieslak, 'SSN#370-90-7162 Police• Recruit, 11; Police bept.' 219171 1'0117194 10117194 Dann Belson, SSN ,147-60-1641 ., Police ltecrilIt II, Police' Dept. 11`/11.73 10/17/94 10117194' ..:, i f LyyiliiAl; , .Y,;, .'S'.. .. . . , lit TRUSTEES OF THE EMPLOYEES' PENSION FUND Agenda Cover Memorandum Item h Meeting Date: Z.0,J17/94„ Subject: Pension to be Granted Recommendation/Motion: Edgar E. Padgett, Firefighter, Fire 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. W and that the a propriate officials be authorized to execute same. BACKGROUND: Edgar E. Padgett, Firefighter, Fire Department, was employed by the City on April 29, 1975, and began participating in the Pension Plan on October 29, 1975. On May 6, 1994, he suffered a myocardial infarction while on duty which is the basis for his request for this job-connected disability pension. Mr. Padgett has submitted letters from Dr. Scott B. Baker, dated June 10, 1994, and Dr. Douglas J. Spriggs, dated July 7, 1994, and September 6, 1994. An independent medical evaluation (IME) was performed by Dr. Pankaj H. Gandhi who submitted a report dated September 9, 1994. The letter from Dr. Baker states, "It is my feeling that based on these objective tests that ...fie is permanently and totally disabled to perform as a combat Fire Fighter." The letter from Dr. Spriggs states, "Mr. Padgett suffered a myocardial infraction in early May or 1994 ... Based on his present medical status I believe the patient is permanently and totally disabled to perform as a combat Fire Tighter. The IME report states, "Mr. Edgar Padgett had sustained anterior wall infarction on May 6, 1994, in Clearwater, Florida, while he was working as a Firefighter. After closely reviewing his case history and-testing, I would classify him as a permanently and totally disabled to perform as a combat firefighter... Mr. Padgett can perform light duty work without any increased stress or heavy physical exertion firefighting demands. In the absence of light duty job classification he is considered medically disabled." Under the f=irefighter's "heart and lung" bill, there is a presumption that any heart or lung problem incurred by a Firefighter is job-connected. Reviewed by: Legal Budget Purchasing UA_ Risk Mgmt. NA CIS AGM Other NA Submitted by: C Originating Dept: Human Resources User Dept.: Advertised: Date: Paper: ® Not required Affected parties ? Notified ® Not required Costs: $27„9.654 00 Total Current FY Funding Source: ? Capt. Imp. ? Operating KI Other Pension Appropriation Code Commission Action: ? Approved ? Approved w/conditions ? Denied ? Continued to: Attachments: Letter(s) ? None ire ` • r ,.r• . •. ' f; • ! ' . n?.,ye. «7r`?}'??t iF:!'e!3-?j,'s?':QY ';1:•ii;jttY% '}y4.a,'•ir?..•,t. sass , .i ;:,. •i .; fi .f, ir, . ,'l. Agenda Item-Edgar' E. Padgett Pagc 2 October' 17, 1994 Mr, Padgett's request for a job-catinected disability pension was approved by the Pension "Advisory Committee at its meeting of September 21, 1994. This pension will be effective at the expiration of his vacation and sick leave accrual. Based on 'an average salary of approximately $33,400 over the past ' five years and the. formula ' for.. computing job-connected disability pensions, Mr. Padgett's pension will approximate $25,050 annually. Charts from Finance which take into consideration ' mortality rates and age reflect the "present value cost 'of financing" this pension will be approximately $279,654. Note: When Mr. Padgett was 'originally employed, pension deductions. were not taken for . the .first six months and 'employees .contributed to Social Security. When employees were given an 'option to buy` rack their first six months. of service, Mr. Padgett chose: not to ' exercise such option. Human Resources Departmont 8131482-6870 C I T Y O F C L E A R W A T E R POST OFF ICE BOX 4748 CLEARWATER. FLORIDA 34818-4748 TD Honorable Mayor and 'Members of the City. Commission as Trustees of the Employees' Pension Plan F- RUM: Pension Advisory. Committee COPIES: Edgar Padgett; Debbie Bailey, Payroll Services Manager; Risk Management SUBJECT: Pension for Edgar Padgett--Job-Connected Disability Pension DATE: September 21, 1994 The Pension Advisory Committee (PAC) received an application for disability pension from Edgar Padgett on August 4, 1994. Mr. Padgett has been determined by the Pension Advisory Committee to meet the requirements of the Pension Plan for a job-connected disability pension. He was employed by the City on April 29, 1975, and began participating in the Pension Plan on October 29, 1975. Further, he has submitted medical documentation, copies of which are attached, relative to his disability which has been reviewed and approved by the PAC. By motion made and duly carried at its meeting of September 21, 1991, the Pension Advisory Committee approved/recommended the granting of a job-connected disability pension to Mr. Padgett 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. .Pad ;ett's pension will be calculated by the Finance Department according to the formula in the Pension Plan for job-connnected disability pension at such time its his last five years of service and salary can be computed. I hereby certify that the Pension Advisory Committee has approved the granting of a job- connected disability pension for Edgar Padgett and' the above elates are correct. ---- -------------- C-1 it ^ n, Pension dvisory Committee -M-HC047- W "Equal Employment and AIIlrmat Iva Action Employer Year .. PENSION REQUEST FORM I, Edgar E. Padgett: .? do hereby apply for 'retirement from the City of Clearwater General Employees' Pen-,,ion Plan. My October 29, 1975 benefits date is (Entry date' Into pension plan) M y _ date of hire is April, 29, 1975 My., birthday is September 24 , 1948 My job classification is Firefighter- and I work in the Fire Department, Division. My resignation date, is to be determined The type of pension 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 ?YIy. I spouse's name is: Joyce Dependent children under the age of IS and residing in my household are: Ginger Y. Grubbs December 22, 1976 • (Print Child's Full Name) (Child's Date of Birth) I hereby : srtify all of the above to be true. and correct: Ian . (Si;na'ure) Augur-. 4, 1994 (Date) STATE OF FLORIDA - The foreg oing instrument was acknowledged before me this COUNTY OF PINELLAS personally -is by who known to me or who-/has produced ? as identifi cation and who did/did not take an oath. - ?f-/ ?22z l }-.._ ?fotary Public vc•:it;::;L:is?rA?::::ea?:. ' ? (Signature) -L ;•. C%T'rr11A %f CL; FsC A.Tt 7TISUC!3TXr? C= Commission No. Y,,?„ .,, :? •{ , L? i ? ZI I?Xle (Name of Notary Printed) L r CITY CF CLEARW TER GENERAL EMPLOYEES' PENSION PLAN OPTIONS - FIREFIGHTERS OPTION #1:. Employees can receive a lump sum payment for vacation and holiday pay and 112 of accrued sick leave at the time of separation, from the City, There will be no 6710 deduction for pension from this lump sum payment nor Will ? this amount c o u n t 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 02: Employee can extend termination date by the time due . for vacation, -holiday pay, , and 112 of accrued sick leave.. Termination 'date will be the final clay of extended time. Pension benefits will begin the following, day. (Only available to employees hired prior to 1011/38.) I, Edgar E. Padgett an employee of the, City of Clearwater, hereby. apply for pension benefits under the City'.s Employees' Pension Plan. I hereby certify that I fully, understand the two options offered to me. I choose to retire using Option # 2 and wish my benefits to be calculated under this option. I understand that once this form is signed, my decision is irrevocable. EMPLOYEE'S SIGNATURE: tc,,?4 /IC)- SOCIAL SECURITY #: 263Y-96-5672 WITNESSES: ADDRESS: 3557 Ed's Court '-7' 1 ! ' ? f?'6 11 Green cove springs, FL _ 32043 ?- DATE. August 4, 1994 ¦ 1'lil5 Itul"URI, si::trl' '.L: -U;i,: DMIa011M1CrfCFILMI CA1tRIEFt _ __ --- Dato FLORIDA DEPARTMENT OF LABOR AND EMPLOYMENT SECURITY DIVISION OF WORKERS' COMPENSATION 1•00.342.1741 (or) contact your Iocal office for assistance NOTICE OF INJURY Report all doaths within 24 hours (944) 488.3044, ' I~Nt171 nvt= Iu9:n12I IATInA1 FOR CARRIER'S DATE STAMP RECD 13Y CARRIER SENT TO DIVISION NAME (First, Mfdrtls, Lasif Social Securfry Numoer Data artd rime of Accident EUCA1c E. FADGLTr 2b3--96-5672 5/6/94 1106' l1rs. ROMIS AD RESS (Inc)ude Zip) EMPLOYEE'S OF.SCRIPTION OF ACCIDENT ... engaged in f ire I: igh till) Fraukl.in at., Cl,uarwatL:r Fl. J4616 acLivities; ", perieltced fatigue and dehydration. T 4EPHON tads U13 - 462-6311j, DESCRIBE INJURY OR DISEASE AND INDICATE ART 4 OD AFFECTED ( fi A f i ht i tl l d t d i d l i f OCCUPATION 7704 ? q Tpu on o r g a n ex ngef a secon jo nt, racture ribs, oad po soning, etc.) r?t.gue, nausea, chart pain DA O BIRTH sex . DID YOU REQUEST MEDICAL CARE? ' YES ONO 09/ Z/y/ 48 y f„1 OF IF YES. DID EMPLOY -A PROVIDE MEDICAL? [11YES ? NO FMPLnYFR INFORMATIrN FIRM'S NAME AND ADDRESS FEDERAL I.D. NUMBER DATE AND TIME FIRST REPORTED GiLy of Clearwater, Dept, 1220 ;6_6013002B9 516/94 1106 firs. P. U. Box 4744 N.C. COVERAGE BY POLICYIMEMBER NUMBER ClearWaLer, F.1 34618 0INSUHANCC CO. 0 SELF-INSURED NAME. ADDRESS. TELEPHONE OF WI YO N P TEL H NE 13 46 67 INSURANCE CO, OR SERVICE COMPANY LL U CO TINUE TO AY ,,,? rr,neM 2- 50 J t h E C I SALARY? (5 YES C NO PLACE OF ACCIDENT o ern ns as ompany, nc. (Street, City, County, Siata) Post Offito Box 331 a LAST DAY PAID THROUGH 1006 :3: Linturn Ave. Sarasota, FL 34230 Clearwater, FT, {Pine).l.an) t . 800 - 749,3044 RATE OF PAY 014R G'NK NAME, ADDRESS AND TELEPHONE S 13 22 • r?Et`R L DAY 0 MO DID THE EMPLOYEE KNOWINGLY REFUSE TO USE A SAFETY OF PHYSICIAN OR HOSPITAL Morton Plant Hospital Number or hours per dry b T '1LLX. APPLIANCE PROVIDED BY YOU, THE EMPLOYER? 0 YES ? NO Jef f Urd3 Street trees °+ Numer weeikhows T SG DATE EMPLOYED LAST DATE EMPLOYEE WORKED r:learwater, FL Numbarof days per week CIj1t1?/)lam ! 05/rJhJr9/t / P III FOR DATE OF INJURY RETURNED TO WORK C3 YES '4t0 AUTHORIZED BY EMPLOYER ($ YES ONO 'et$ IX NO ri IF YES, GIVE DATE / r LOCATION ADDRESS WAS INJURY FATAL? C) YES M NO IF YES, GIVE DATE OF DEATH! / (LOCATION N IF APPLICABLE) AGREE WITH DESCRIPTION OF ACCIDENT? NATURE OF BUSINESS aJ E-s ? NQ IF NO ATTACH EXPLA14ATION Any person who. knowingly and with Intent to injure, defraud or deceive nny emplpyor or employee. Insurance company ar sail•insured program, (itrs any statemant of claim containin false or misleadin nformation Is an u lt of a lelon of the third de re f thi noti I ha e ided the em l ir th g i g y i y y s g g v t)rov p oyee e. e copy o ce: Q in Person XXBy Marl NOT AVAIL!ajl,L FOR SIGNATURE EMPLOYEE SIGNATURE (l ma-lot le to sign) DATE EMPLOYER SIGNATURE - DATE CARRIER INFORMATION Carrier Audit 0 Location N Service Co. re Currier File V 4 71 9S ? t. Controverting Case--DWG12, NOTICE OF DENIAL'ATTAGNED © 2. Lost nmo Case-Date of First Payment AWW Comp Rate First day of disability --- -Onto of First Contact with Claimant + + 0 to Person © Telephone ? Mail -Notice Filed Due to Multiple Periods of Disabilily. Dates Covered by First Payment ? TTD. M T.P.D. Date Form Recd. I 1 © Catastrophic [I P.T.D. ? Death ? 3. Medical Cnly which became a Last Time Case. (Complete all Inlormation in Item 2 above) REMARISS: ADJUSTER NAMEt CARRIER NAME, ADDRESSS? A TELEPHONE: C: IV ADJUSTER SIGNATURE: , ott S LES Fpm D,YC•r 0191) EMPLOYEn copy EMPLOY'En copy i City Of Clearwater Woekmn sn"3 Compensation Atten: Brerda RE* Edgar Padgett Dear Ms. Leonard : I had seen Mr. Padgett on cardiac consultation on 3/25/94. Mr. Edgar Padgett had sustained'anterio'wail myocardial infarction on Llay o, 1994 . in.Clearwater Florida while he was working as a Firefighter. He had undergone a primary angioplasty at the time of his myocardial infarction. Subsequently he had undergone stress tha,lli= test on G/6/94 and it was reported as'abnorrnal thallic:.-n stress test showing reversible ischemia in the apex. Tnterestingly.he'also had undergone a stress test in Clearwater after his Rryocardial infarction at the time of hospitalization and also revealed -ibnorma?ilies. after closely reviewing his case history and, subsequent- diagnostic cardiac testing I would classify him as a permanently ind totally dis- abled to perform "as a combat firefighter. He may do well cn medical therapy however, he should be closely monitored for any sudden cardiac events in the future. Mr. Padgett can perform light duty work without any increased stress or heavy physical exertion firefighting demands. In the absence of light duty job classification.he is considered medically disabled. I understand that ;Xr. Padgett is being followed by Dr. Scott Baker for his continued medical care and future treatment options. If I can be of any further assistance please do not hesitate to -'Qntact Panicaj H. Gandhi, M.D., F.A.C.C. .. a .,, r'`n :.i'it•r?'?l°'il .. r. A. 3',{,?",. vr.... .. wv ..... .. .... .. ' '! .. .. .. i. • " ' , .. ,. Clearwater Cardiovascular Consultants 1100 Clearwater•Largo Road 30522 U.S. Hwy: 19 North . Largo, Florida 34640-4131 Suite 300 (813) 586.0021 Palm Harbor, Florida 34684 FAX (813)'581.0386 (813) 789.'0021 Donald R. Eubanks, M.D. Michael D. Williamson, M.D. Paul L. Phillips, M.D. Jose L. Gallastegui, M.Q... Douglas J. Spriggs, M.D. September 6, '1994 Dear Mr. Larson: Vanessa J.' Lucarelfa. M.D. Bernardo Stein, M.D. Jorge P. Navas. M.D. H. Andrew Hazlltt. M.D. I am writing to you 'in regards to Mr. Edgar Padgett. Mr. Padgett suffered a myocardial infarction in early May of 1994. This was treated successfully with primary angioplasty. Since this event he has-been fallowed'by Dr. Scott Baker in Jacksonville, Florida. The patient has remained fairly asymptomatic but has noted increased dyspnea on exertion. He recently underwent an exercise tolerance test with thallium scintigraphy which showed 'a good exercise tolerance with possible mild reversible ischemia in the apex of the heart. The clinical significance of this finding is unclear at this time. As you are aware, the patient has been employed as a fire fighter for the city of Clearwater. Based on his present medical status Y believe the patient is permanently and totally disabled to perform as a combat fire fighter.. I hope this information is useful to you. If you have any questions please feel free to contact me. Sincerely, Douglas J. Spriggs, M.D. DJS:kk v . w v r- sU..f :. E .ii° s.. ... ...a.. ,. .. i ,.. .. . .i i . .. . IIh6,4, !!l1lJXMI? :A([KIV.j lJllJll• a?U'j. fdAlM?ti ?Q•d??..110 ' ?.=.Wrrr,r ,.fs? a.l..? 6?t?• iw?aSolo?y Jcoa 2. 2alfev, .1.40., 9-tG'G ' ?y u". ?s"Jinnr?r..ll?..? 1.('.<' .? .?{!!ur•S.crlr..1??1., ,T,.:GPy.f? SPoulal+d..? J.4ei !!!. ll.?... COO June 10,' 1994 Johns Eastern Company Workman's compensation Attn: Brenda Leonard FAX : . ( 813) 366-3740 RE:. Edgar Padgett Dear Ms. Leonard: I have evaluated Mr. Edgar Padgett 'following his myocardial infarction. The patient presented to me on 5--23--94 where he related that he had had several bouts of chest pain since his PTCA for his acute myocardial infarction. A Thallium stress test was performed which, although the patient did exercise 9 1/2 minutes did show some reversible ischemia in the apex of the heart. It is my feeling based on these objective tests, that although . Mr. Padgett is doing well on medical therapy and I think he should =continue to be on medical therapy for the current time, he is permanently and totally. disabled to perform as a combat Fire Fighter. Mr. Padgett would, in my opinion, be O.R. to perform light duty, as long as it did not relate to the stresses and strains of actual fire fighting. If the Fire Department does not have this job classification, then he will have no alternative but to get a medical disability in my opinion. 1 believe Mr. Padgett has reached his maxi=al medical improveman4 and we will continue to follow him along in. his ongoing cardiovascular care. If I can provide any further information, please do not hesitate to contact me at any time. Respectfully, Scott B. Baker, M.D. SBB:bm xc: Edgar Padgett • Item N Employee Penslon Fund Trustees Fleeting Date: _ t - Agenda Cover Memorandum q SUBJECT: Change in asset valuation method.used in the Employees Pension Plan RECOMMENDATION/NOTION: Approve changing the asset valuation method used in the Employees Pension plan from a market value approach to a five year moving average of assets valued at market value method ® and that the appropriate officiais be authorized to execute sane. BACKGROUND: In the past, a market value approach has been used in the actuarial valuation of the Employees Pension Fund. This approach uses the current market value of plan assets. As part of actuarial valuation, the rate of return on investments is assumed to be 7%. Due to market conditions, the actual investment return has varied in the past eight years from a high of 28.52% in 1991 to a low of 6.21% in 1990. This volatility causes fluctuations in the contribution required by the City. When the rate of return has been low, the contribution required by the City has been high. Conversely, when the rate of return has been high, the contribution required by the City has been low, however, as required by ordinance, the City must still contribute an amount equal to the amount contributed by the employees (6% of payroll) which has caused a large credit balance to accrue (currently estimated at $4,897,904). As discussed with you at your November 29, 1993 meeting, and with your approval, effective January 1, 1994, the actuarial value of assets will be based on a five year moving average of assets valued at market value. Under this method, any difference between the actual rate of return on investments for a given year and the expected rate of return is spread over five years. The use of this derived value of plan assets rather than current market value will produce a more stable funding pattern for the plan by partially eliminating the effect of unusual market fluctuations. Two valuations were prepared this year using both the market value approach as used in the past and the proposed five year moving average method. Comparison of the funding requirements under the two methods are as follows: Reviewed by: Originating Dept: Costs: t N/A Commissions Action: Legal MIA Finance Total ? Approved Budget Purchasing S N/A 11 Approved N/cord i t ions Risk Mgmt. H A User Dept: s ca Current Fiscal Yr. ? Denied CIS MIA ? Continued to: ACH funding Source: other O Capital imp. Advertised: 11 operating Attachmenta: .z Date: 13 Other Actuarial Report - Five year Paper: moving average method 0 R i d u Hot equ re Submitted by: Affected Parties Appropriation Code: ? None 0 Notified ® Not Required City Manager - 2 - Past Method Proposed Method market ValueL (Asset Smoothing) Variance City ordinance Required Contribution (estimated, equal to employee contribution of 6%) $2,322,658 $2,322,658 -0- Minimum-Actuarial Required Contribution (Florida ,Statutes). $2,263,618 $2? 5.63 , 746 _ 300_t J28 Xncrease (decrease) in credit balance currently estimated to be $40894,904 59,040 ($ 241.088) ($30P.128) The increase in the minimum actuarial required contribution for the proposed method as compared to the past method is due to a 9.29% actual rate of return on investments'in 1993 compared to the assumed rate of 7%. Only one--fifth of this positive variance of 2.29% is recognized in the current year under the proposed method, whereas the entire positive variance is reflected in the past method. The benefit to the City will become more apparent in any year in which the actual rate of return is less than 7%. The increase in'the City contribution under this scenario will not be as much as if the past method were used due to realizing only one-fifth of the negative variance in each of the next five years. ,City staff has reviewed both valuations and recommends changing to the five year moving average of assets valued at market value method. .. ?.'??r 8i'`?:R'e ;in,i ?":1;0.%• v?. •??. is ... 'i.• 1 Elf ;. is _ t'1, rl 'r `:I' .' -lf tt..jli .7?. '1 '? .'!]'. , 1 •6 ?fl ?`i 'S: . • r . :?17° '.71 Ff: ;ii n?+ ??? :j'E '•,E T '21' '??' E`. t-1 L .( ` :i. ! -.' ? , .1 u; E?'p p ' Ali: :' 'j ' •'t , : ' i 'I , . ? ?, .1+' . 1 , i ?i .. .' i 'S " ' '?? ?'s ' I in.. [; ` i. ."7 ' N.' '.? .1, ? f T :r '?', i.o ,.(5' '7'' ''i. fl, i1 ?7 ';i1; `7F: ' 1E`i. 'i•'. el . ••t•';f'` s, '1- , '' ' 3 6 ? ` • .If°•; •S . ?i. .. i .. . {•.? '.' E ;1,5 k :IF{' ° .r f. ? ;f , . rt 1' ' 1 1 1 •• ? '?r : r :'?r ' ` J+ <'? .J t ?? "f? ?f '-•' : ? ' , . .E?' .t ? ' i,. ( , „ • i , . _. .) :r , ° .. <C .. E{ <Ea ? 7` . fo - . ., ` ' • " • ` • ' r ..?: -f• ir q {. . ,1 . ?'.3 .lie '? ?"k{? fie''/:?t: If ? - .,, v ? '? ., l 7 i 1 . . , i . S ? ?.}. ' f I . .1 ? Y ?-•?1 . 1 t,.." , S?E ? !, , - .r . , ' 1'? ' i `rf' .1 ?s•-}rfo r, .,.,,?. ,,at.r+?e.e. . ? ;t : : r ` a ' ' ' . , ., .i ' .. ? la '7* :..+.tw v-+,,.?... w,• ?<wF;7 tr i:, :S' k .. a tC r. - l: -. :«. •.t?, . r: ? .. I ,i• i i I i. :St t ? ? ? ?- ? ? ' .. ' ' , ? • i '; ' I . ? i 1 ?• ACTUARY'S:REPORT FOR'THE. ;-.CITY.. OF CLEARWATER EMPLOYEES'",PENSION PLAN As, of January . l , 1994- o deter0ine annual contribution for the:Plan,Year: 1/1/94 -`12/31/94 ', . to be 'paie! in the Fiscal year: 10/1/94 - 9/3O/95 ' „ August 3, 19 94 City-of Clearwater P.O.'Box 4748 Clearwater; FL 33518-4748 Ladies and Gentlemen: This' report presents the results of the-January 1, 1994 actuarial valuation of the City 'of Clearwater Employees' Pension Plan. It has been prepared primarily to present to management the contribution requirements for 1994,and also the current status of funding of accumulated plan benefits. Section IV of this report includes 'the plan's Projected Benefit Obligation as required by the Government Accounting Standards Board (GASB) Statement No. 5: Our'calculations were based on financial data and employee data furnished by the City of Clearwater, The valuation was based•upon generally accepted actuarial methods, and we performed such tests as we considered necessary to a,sure the accuracy of the results. To our. knowledge there are no benefits or expenses to be provided by the plan for which a liability. or current cost was not established. We certify that the amounts presented in the accompanying report have been appropriately determined according; to the actuarial assumptions stated herein. Statement by Enrolled Actuary This actuarial valuation is complete and accurate and in my opinion, the techniques and assumptions used.are reasonable and meet the requirements and intent of Part VII, Chapter 112; Florida Statutes. There is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which liabilities or current costs have not been established or otherwise provided for in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation. R spectfull submitted, L Ste-phen M. Metz Associate of the Society of Actuaries Enr e 8 ct ry ure"r 93-4342 Phillip-B. Funk Associate of the Society of Actuaries Enrolled Actuary Number 93-3332 I ? { • (r k ? ? - ? r S :1• 1 •? ? ? i ? r ? ? . 11 1 . 1 i. +J .. .• ?. ?, - ; t ' ' 1 r • a t': •'` leJi' .''' '! •1: 7 .' , i?i ' 1r .. `?f +• ?f? !• a ` !! ? ? 'r ?? p• ? , n •I. t' ?? r.l ?' ? f':' ?'. J t .. :1 .? ,t, . . I N t, `• , '4 ,•»sjt2 'J?jL•?,c'!p' 'i'JT ,Tk ?'r "'t : ?f: Y' 'iV ^I?•H{'}i.l a"+r Mal. .i l ?i tl 7h::=' i ' u" . ?i. ? ; , .. .. .. . r .- .? r.... , . . rr . .? r< ,. ? , C0N•'T"ENTS P_ . 'SECTION 'I SUMMARY . ,' 1-6 t SECTION II; FUNDING -11 :.: .. SECTION ,III } ASSETS 12-14 `., SECTION IV: ACCOUNTING .t5-17, SECTION V CENSUS.DATA 18-20 SECTION VI ASSUMPTIONS.'AND'METRODS 21-22 SECTION VII SUMMARY' OF PLAN PROVISIONS 23-24 SECTION VIII; COMP ARATIVE SUMMARY OF PRINCIPAL VALUATION RESULTS 25-29 { ' l r • ' AGUl. 1.41r ?, - Jul"11'ullll r A.. Actuary_'s. Comments This report presents the highlights of the January 1, 1994 actuarial valuation prepared to determine the contribution requirements for the 1994-95 fiscal year. Since the last actuarial valuation of the plan of January 1, 1993, there have been no changes fn the plan provisions and actuarial assumptions. The asset valuation method has been changed to use a smoothing, approach to reduce the volatility of the plan's funding requirements. The anticipated employee contributions 'have been reduced from 6,9% of payroll to 6.0% since the last valuation.' The minimum required employer contribution, for the 1994 plan year (excluding the credit balance) is $2,563,746 compared to $2,124,675 for 1993, a change from 5.49% of payroll to 6.62%. The increase in the minimum required contribution is primarily due to the reduction in anticipated employee contributions. Other variables affecting the contribution were: • an actual investment return of 9.3% in comparison to an assumed rate of. 7.0%, s actual salary increases 'of 1.2% in comparison to an assumed rate: of 5.0%, o the change in-the actuarial value of assets, and O actual expenses for the year were $100,269 more than expected. 'The reconciliation of the minimum required contribution from the 1993 plan year level to the 2994 level is as follows: Minimum Contribution - 1993 $2,124,675. Increase/(Decrease) in Formal Cost (291,749) Increase/(Decrease) in expected expenses 64,072 Increase/(Decrease) in expected employee contributions 357,530 Increase/(Decrease)_in Net Interest 28,725 Increase/(Decrease) due to change in Asset Valuation Method 280,493 Minimum Contribution - 1994 $2,563,746 The funded status of the plan improved slightly over the prior year. The :ratio of assets at market value to the actuarial value of accumulated plan benefits was. 144% -at January 1, 1994 versus 143% as of January 1, 1993. 1 .Y , J"• f : d •+ t .1 t' '11? 1 4 -CITY-OF CLEARWATER EMPLOYEES' PENSION PLAN SECTION I - SUMMARY (continued) B. Contribution Limits for the Plan Year Ending December 31, 1994 Minimum_Reguired_Employe _r_ Contribution .Florida. Statutes $ 2,563,746*. 6% of payroll $ 2,322,658 The employer contribution is assumed to be made uniformly during the first two quarters of.the fiscal, year beginning on October 1,. 1994, Differences in the investment return due to contributions actually being 'made'at•any other time will be recognized as an actuarial gain or loss in the following valuation. ''The ' minimum required,contributiori represents a funding level which will satisfy the minimum funding requirements under Part VII, Chapter-112, Florida Statutes, There were no changes in actuarial.assumpt-ions or, plan provisions. C. Funded Status of Pension Benefit Obligation as of January 1 ,.1994 Present Value of Credited Projected Plan Benefits: Vested $152,902,104 Nonvested' 1.8 192 789 , Total ?171,094,893 Net Assets Available for Benefits $216738,770 * Before application of the credit balance of $5,237,547 ($4,894,904) as of January 1, 1994 plus interest to December 31, 1994), Y - D. Comparative Summary of Pri.ncip.il Valuation Results Actuarial Valuation Prepared as of: (a) Participant,Data Number Included Active Members . Retirees and Beneficiaries Terminated Vested Participants AnnUal Payroll of Actives Annualized Benefits Retirees and Beneficiaries Terminated Vested.Participants (b) Actuarial Reserves Market Value Statement Value Actuarial Value (c) Liabilities Present Value of Expected Benefits: Active Participants: Retirement Benefits Termination Benefits Disability Benefits Death Benefits Refund of Employee Contributions Total Active Terminated Vested Participants Retirees and Beneficiaries Total Present Value of Expected Benefits Liabilities Due and Unpaid Jan 1. 1994 Jan - 1. '1993 Jan1, _1992 1,318 .1,307 1,282 355 348 318 .7 9 6 $ 38,710,974 $ 38,731,039$ 36,626,332 $ 4,669,279 $ 4,347,670 $ 3,705,557 $ 65,668 $ 89,370 $ 48,706 $216,738,770 $198,31.5,690 $184,746,269 $216,738,770 $198,315,690 $184,746,269 $213,014,474 $198,315,690 $184,746,269 $163,329,708 $151,862,218 $140,546,332 11,422,359 11,202,452 10,642,601 9,848,682 9,470,301 8,923,041 .2,784,540 2,648,3130 2,494,395 -.----1.,412,444 1,676.348 1.618.381 $188,797,733 $176,859,699 $164,224,750 556,901, 896,393 382,385 5326,236' 49,246,414 41,989,648 $241,680,870 $227,002,506 $206,596,783 $ 169,188 $ 185,631 $ 145,355 3 CITY OF CLEARWATER EMPLOYEES' PENSION PLAN SECTION I - SUMMARY (continued) D. Comparative Summary of Principal Valuation Results, (continued) Actuarial Valuation Prepared as of: Jan 1, 1994 Jan 1 1993 Jan 1, 1992 (c) Liabilities (continued) , Unfunded Actuarial Accrued Liability Frozen Initial'Liab. (FIL) - 1/1/79 $ 5,214,337 $ 5,665,770 $ 6,087;670 Supplemental FIL - 1/1/79 1,909;213 1,988,259 2,062,135 Supplemental FIL - 1/1/81 298,705 308,568 317,785 Supplemental FIL - 1/1/82 (3,583,821) ,(3,689,936) . (3,789,109) Supplemental FIL - 1/1/87 .1,379,966 ,. 1,404,101 1,426,657 Supplemental FIL = 1/.1/88 1,546;988 1,571,840 1,595,066 Supplemental'FIL - 1/1/89 2,045,188 2,075,409 2,103,653 Asset Valuation Method' - 1/1;94 Change 3,724,296 0 0 _ Total $ 12,534,872 $ 9,324,011 $ 9,803,857 } .(d) Funding Account Credit Balance Prior Year Amount,. $ 3,865,373 $ 925,885 $ 865,313 Prior Year: Required Employer Contributions (2,124,675) (447,890) (3,595,232) Employer Contributions Made 2,883,630 3,322,567 ,3,595,232 Interest an.Credit Balance 270,576_' 64,811 _60,572 ? Current Year Credit Balance' $ 4,894,904 $ 3,865,373 $ 925,885 (e) Actuarial Present Value of Accrued Benefits (see Subsection IV for detail) $150,882,720 $138,526,787 $123,602,656 Changes During Prior Year: Value-from Prior Year: $138,526,787 $123,602,656 $112,903,362 Benefits Paid (4,973,011) (4,218,520) (3,843,861) Interest, Aging and Benefits Accrued 17,328,944 19,142,651 14,543,155 Change in Assumptions 0 0 0 Change in Plan Provisions 0 0 0 Net Change $ 12,355,933 $ 14,924,131 $ 10,699,294 Value at Current Year $150,882,720 $138,526,787 $123,602,656 4 .: 1. i ' . ?... ... . , 'T?a r. ..r w,. ,.. I. I •, ., ...K.l,'1•)i,'`'en1'i' .. .. ' I. •' '?I,I,• • e f'•e' i.! CITY OF CLEARWATER EMPLOYEES' PENSION PLAN SECTION I - SUMMARY (continued) D. Comparative Summary of Principal Valuation Results, (continued) Actuarial Valuation Prepared-as of:-' Jan 1, 1994 Jan 1, 1993 Jan 1,'1992 (f) Pension Cost -for'.Year Normal Cost $ 2,442,662'$ 2,734,411, $ 1,523,655' Amortization'of Unfunded Frozen Initial Liability 1,370,321 1;089,828 I,089,828 Administrative Expenses 805,430 705,161 568,695 Shortfall for Expenses in Prior Year 100,269 136,466 166,518 Interest Adjustment 167,722 138.997 29,301 ' Total Required Contribution $ 4,886,404 $ 4,804,863 $ 3,377,997 As a Percentage of Payroll 12.6% 12.4% 9.2% Anticipated Employee Contributions. $ 2,322,658 $ 2,680,188 $- 2,930,107 As a Percentage of Payroll 6,0% 6,9% 8.0% City Required Contribution $ 2,565,746 $ 2,124,675 $ 447,890 As a Percentage of Payroll 6,6% 5.5% 1.2% (g) Prior•Year Actual Contributions made by Employees $ 2,883,630 $ 3,322,567 $ 2,936,909 City 2,883,630 31322,567 3,595,232 Total $ 5,767,260 $ 6,645,134 $ 6,532,141 (h) Gains and Lasses N/A NIA N/A (i) Other. 'resent Values • Present Value of Future Salaries At attained age ; $333,406,100 $ 328,954,400 $312,027,400 At entry age $263,646,400 $ 264,587,000 $251,378,•500 ,e 5 'JN`X"{l;*12?:,y. ?? +rro ... ...,....'._ ..-tir.,r? $ ' :? . .Y :'f'it ? "i ; r S`•;'• " S • .. ,.. .... r,r ,-.. .. .. ..,w . ..., c. .. , . .. .... .. .. CITY OF CLEARWATER EMPLOYEES' PENSION PLAN SECTION I - SUMMARY (continued) ' D. Comparative Summary of Principal Valuation Results, (continued) - Actuarial Valuation Prep ared as,'of: Jan 1,_ 1994 Jan 1 ,1993 Jan 1, 1992 (i) Other Present Values (continued) Present Value of Employee Contributions ' At attained age $ 19,010,669 $ 2.5,001,7.08 $ 23;707,729 ' At entry age 14,893,597 19,926,833 18,926,893 Present Value,of Future Normal Costs $•21,026,428 $'23,228,178 $ 12,972,542 Present Value of Benefits Active Employees - at entry 1ge $ 49,796,836 $ 50,213,664 $ 47,492,724 (j) Comparison of Actual and Assumed Salary Increases Investment Return Year Ended Actual Assumed Actual Assumed 12/31/86 7.4% 5.0% 13.21% 7.0% 12/31/87 5-.9% 5.0% 10.78% 7.0% 12/31/88 9.1% 5.0% 9.12% 7.0% 12/31/89 8.7% 5.0% 20.84%, 7.0% 12/31/90 5.3% 5.0% 6.21% 7.0% 12/31/91 6.1% 5.0% 28.52% . 7.0% 12/31/92 6.8% 5.0% 6.49% 7.0% 12/31/93 1.2% 5.0% 9.29% 7.0% f 1 ".er ',' i....i. •r!•-l"J?: r'6 .ri?•% 3r.. 'f''},d°.x•'zlf `S n.3 •'^ ? ,• ' 3 1 , 'I, ??' ?rrk 4;1:'I }:'t .III. ..i 111. . .. u ,....... 1 - 'r '1f.. i'1 . fem. - .. . ' ' _ . F CITY OF CLEARWATER EMPLOYEES' PENSION PLAN 'SECTION II - FUNDING " . A, .Development of the Unfunded Frozen Ac'tuari.al Accrued- Liabi.lity 1. Unfunded Frozen Actuarial Accrued Liability as of January l; 1993 $ 9,324,011 Interest to December 31,, 1993 652,681 • $ 9,976,692 . 2. Employer' Normal Cost* for Year with interest '.' to December 31, 1993 958,559 3. Required Employer Contributions for Period 2,124,675 4. Unfunded Frozen Actuarial. Accrued Liability as of December 31, 1993 (Items 1 f 2 - 3)L 8 ' 5. Change'in Asset' Valuation Method 3,_724 296 =6. Adjusted.Unfunded Frozen Actuarial Accrued Liability as of December 31, 1993 (Items '4 + 5) 812,534,872 * Includes Expenses and Adjustments 7 Ir.A.." ... ... .. . F,«a r''. P'h?;iy )... .. .. .. ..,.f:.. .. r r .1 r '1 .. i s CITY OF CLEARWATER EMPLOYEES' PENSION PLAN 'SECTION II - FUNDING-Ccontinued) B. Development of Normal'Cost ' The Normal. Cost is 'the portion of the cost of projected benefits which is allocated to the' current year by the actuarial cost method. The Normal Cost forthe plan. years,begi,nning January 1, 1994, January 1, 1993 and January 1; 1992 are determined as follows: Jan 1, 1994 Jan 1, 1993 Jan 1, _4992 Total Projected Actuarial Liability: The present value as of the beginning . of the plan year of a11•benefits expected to be paid in the future.to current participants.. • Active participants $188,797,733 $176,859,699 $164,2240750 • Terminated vested participants 556,901' 896,393 382,385 • Retired and disabled participants 52,326,236 49 246 414 ^ 41,989,648 • Total participants $241,680,870 $227,002,506 $206,596,783 Credit.Balance: Employer contributions from prior years reserved for future use, $ 4,894,904 $ 3,865,373 $ 925,885 Fund: The actuarial value of'fund assets as of the beginning of the plan year. '$213,014,474 $198,315,690 $184,746,269 Excess of Total Projected Actuarial Liability Over the Fund Hinus'the Credit Balance: The portion of the projected total actuarial liability to be funded in the future. $ 33,561,300 $ 32,552,189 $ 22,776,399 This portion is divided into two components: a. Unfunded-Frozen Actuarial Accrued Liability $ 12,534,872 $ 9,324,011 $ 9,803,857 b. Present value of future service liability (funded over the expected future service years'of current participants) $ 21,026,428 $ 23,228,178 $ 12,972,542 Present Value of Future Covered Payroll; $333,406,100 $328,954,400 $312,022,400 I 8 'li:, L: ' ^' , ? o ' ' , t 1 • ? , ' 1 ' 'E t ?: e , , ` ? ' , . t , • . ' .. 1i? ' ' 1 7f M1f '1 1 ,• ,. • i M1 . ice, r 1. k ' I `i j+!• • ` . l ' , , , t.l .l i.. r °f 1r .. ' 1• t (• I• j , .;...s.s.S,+t:":iG{-??';iFf:?'ar F?I'J,?.?.r.???r??',t{I'?.311'i?Tlrwro Syls+es'..!. Y. .. a. ..+ .wS Fi..e t •4:.i}•S.yf''i,ir°r i` ?'~•.. • .ii;".. ••Sien .f. 'I ' ' . . { ' ':• CITY' OF CLEARWATER EMPLOYEES'. PENSION PLAN SECTION 11 - FUNDING (continued)' B.' Development 'of Normal Cost, (continued) . Jan 1: 1994 Jan 1. 1993, Jan 1. 1992: Normal Cost Rare:. The ratio of the present, value, of future service liability, to' the Present Value of Future Covered Payroll. '6.31% 7.06% 4,1G% ` Annual. Covered Payroll: ' The reported ; p L, roll for' plan participants who have not attained the assumed retirement age; $ 38,710,974 $ 38;731;039 $136,626,332 Normal Cost: The annual cost as of the 'beginning'of the plan year to fund the, future'service liability. over the' expected future years of service of the current participants. $ 2,442,662,$' 20734,411 $ 1,523;655 • 9 ,Ej r •' -• ., ...E .r ' ' ' - . . ' ! 1 r . i I e, •, I '•` ' ' I .. a ' ' r 1 ` • ' ' . i 'r l. 1 ' i. .• 4 ,. `' .. , ' ' _ • • .. 1• . ..V: !3. .. .'?'?}?: i 1 r e ... ,...x. _t ...• e ' rY'.r •!t'. -:i e ' ! r f I , .. ..r , r • ' E _ , ' 1 CITY OF CLWWATER EMPLOYEES' PENSION ' PLAN ? SECTION 11 - FUNDING continued) C, Schedule of Amortization Payments Initial 'Jan 1, 1994 Annual ' Date " Initial Amortization Unamortized Amortization Established Reason Amount Period (Years) Amount Payment 1/l/79* Frozen Initial Liability (FIL) $ 9,726,419 24.5 $ 5,214,337 $ 7.2,558 2/1/79 Supplemental FIL 2,707,962 30.0 1,'909,'21.3 203,949 ' 1•/1/81 Supplemental.FIL 390,421 30. O, 298,705 29,404 l/l/82 Supplemental FIL (4,521,985) 30,0 (3,583,821) (340,571) ' 1/1/87 Supplemental FIL 1,519,142 30,0 1, 3.79 , 966 114 , 413 1/1/88 Supplemental FIL 1,673,738 30,0 1,546,988' 126,057 ... 1/1/89 Supplemental FIL 2,177,772 30.0 2,045,188 164,018 1/1/94 Asset Valuation Method Change 3,724,296 30.0 _ 3,724,296 2803493 Total. Charges: $21,919,750 $16,118,693 $1,710,892 Total Credits (4-,521.,985) 3 583 821), (34.0,571) Total $17,397,765 512,534,872 $1,370,321 * Established July 1, 1963 and'.being amortized over a forty-year period beginning on that date. 10 Anticipated Amortization Schedule Unfunded Frozen Date Actuarial Accrued Liability .1994 12;534,872 1911,5 11, 946, 070 1996 11,316,051 ?,• 1997 10, 641, 931, 2024 0 On July 1, 1963-the Unfunded Frozen Actuarial Accrued Liability was established 'equal 'to the difference between the retirement plan's accrued liability, determined' ?.. undor the Entry Age Normal Funding Method,.and the actuarial value of plan assets. According to the plan's funding policy the initial liability is to be amortized by a series of level payments over a forty-year period. Subsequent changes in the level of the Frozen Actuarial Accrued Liability due to plan'amendments or changes in actuarial assumptions are to be amortized on a straight-Line basis over a period o£ thirty y ears., By contributing, more than the stated funding policy,, the amortization of the Unfunded Frozen Actuarial Accrued Liability can be accelerated. 11 1.I' t CITY OF CLEARWATEk EMPLOYEES' PENSION PLAN SECTION III -'ASSETS. Comparative-Balance Sheet As of December 31, 1993 Statement Value ASSETS. 12/31,/93 Total Cash $ '68,008 Receivables: Employer Contributions 1,300,051 Accrued-Income 1,780,848 Total Receivables 3,080,899 In iestments 'U.S. Government Securities Short-Term Pooled/Mutual Funds: Treasury Fund Government Funds Cash ,& Equity Corporate Debt Instruments Corporate Stocks: Preferred Common Bonds Total.Investments Other Assets: 'GIC's and Insurance Contracts TOTAL ASSETS LIABILITIES AND ACTUARIAL RESERVES Liabilities: ,Payables Plan Claims Accounts Payable Total.Liabilities Actuarial Deserves: Accumulated Member Contributions Balance of Actuarial Reserves, Total Actuarial Reserves TOTAL LIABILITIES AND ACTUARIAL RESERVES 12 3,866,596 18,618,035 12,251,198 12,029,868 0 0 120,633,752 12.629.602 1.80 , 029 , 051 33,750,000 $216 927.958 $ 0 189,188 189,188 . 24,350,931 192,387,839 216,738,770 4,216,927,958 Statement Value 12/31/92; $ 520 1,532,806 2,124,875 3,658,681 5,832,761 8,943,137 14,907,682 8,768,,935 0 0. 166,699,811 5.439.795 150,592,121 44,250,000 5198,501,321 $ 0 185,631. 185,631 22,466,830 175,848,860 198,315,690 $198,501,321 ...' eas. ;?•;ir,•jtAHs;r t>}: 4, o:'y;! r2 r?F''•. . e.r :Ex.. 't ,. .. ., ..: .. .3i.. yj, ., CITY OF CLEARWATER EMPLOYEES' PENSION PLAN ` SECTION III - ASSETS' continued)' Schedule of Changes in Act uarial Reserves '.. " Far'the-Plan Year Ended De cember 31, 1993 Statement Value Revenues: Employee Contributions $ 2,883,630 ' Employer Contributions. 2,883,630 Earnings on Investments: interest $6,761,046 ' Dividends 1,69.6,751 Realized Net Gains on Securities Transactions 11,772,052 Unrealized Appreciation (Depreciation) on-Investments (1,795,588) 24,201,527. Expenses: ' Benefits'.Piid $4,596,528 Refunds of Contributions 376,483 ' Professional Fees 795,629 ' Other Expenses 91801 5,778,441 Net Change in Actuarial Reserves 18,-423,080 r Actuarial Reserves at Beginning of Plan Year 1981,315,690 Actuarial Reserves at End of Plan Year $216,738,770 13 CITY -OF CLEARWATER EMPLOYEES' 'PENSION PLAN 'SECTION I'll ASSETS (continued) Development of Actuarial Value of Assets 1. Actuarial Reserves at Beginning of Flan Year 2. Time Weighted Employee Contributions (.5 x 2 ; 883', 630) 3. Time: Weighted Employpr Contributions .(.5 x..125 x 2.883,630) . Time Weighted Benefit Payments (13/24) x(4,973,011) ; 5. Time Weighted Expenses' (.5 x 805,430) 6. Time Weighted,Value of Actuarial,Reserves (Item, •1 + 2 + 3 - 4 5) 7. Expected Asset Return ' ?'. (Item 6 x .07) 8. Actual Asset Return 9, Difference of Expected Return over Actual Return .(Items 7 - 8) 10. Actuarial Reserves at End of Plan Year 11. Expected Actuarial Reserves at End of Plan Year (Items 9 4. 10) 12. 20% of Difference Between Actual and Expected Asset Return 13. Actuarial Value of Assets at End of Plan Year (Items 11 + 12) $198,315,690 1,441',315 180,227 2,693,714 402.715. '196,841,303 13,778,891 18,434,261 (4,655,370) 216,738,770 . 21,2,083,400 931,074 213 014,474 1 Lit" CITY 0F'CLEARWATER EMPLOYEES' PENSION PLAN SECTION IV.- ACCOUNTING 4. Actuarial. Present Value of Credited Proiected Benefits* Jan 1 1994•' Jan Z 1943 1, Pension Benefit Obligation: Retirees and beneficiaries receiving benefits $ 52,324,236 $ 49,246,414 Former participants, 556,901' 856,393 Current participants:. Employee vested 24,350,931 22,466,830 Employer vested 75,668,036 67,290,421 Employer r?onvested 18,1921789 17,736,443 ,Total $171,094,893 $157,636,521 • •.2. Markee.value of.plan assets-at beginning of,year $216,738,770 $198,31S,690 3. Unfunded Pension Benefit Obligation ((1) - (2)] S(45,643,877) $(40,679,'169) ??rmra? B: Two-Year Historical. Trend Information Jan 1. 1994 Jan 1, 1.993 1. Market value of plan assets as a percentage of PBO 126.7% 125.8% 2. Unfunded Pension Benefit obligation asa percentage of covered payroll (117.9)% (105.0)X 3'. City contributions as a percentage of covered payroll 6.6% 5.5% * The pension benefit obligation is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and any step-rate benefits, estimated to be payable in the future as a result of service to date. The measure is independent of the plan's actuarial funding method used in determining the annual funding requirement. The above present values were computed using the applicable actuarial assumptions summarized in Section VI of this report. 15 1 ' ' % ! ' . .I 1 '` . f.. it <,'.;...jr'''?yy' • ! ,.. w , '. "j J'. 't Y.=Jay.. o. ._ ..._ •. ... w. ..... .,f:. '•Y: .. .. i . .I , a p " '.d .. .. •I! . .. .. 1 ..a rr, CITY OF CLEARWATER EMPLOYEES ' PENSION PLAN • SECTION IV = ACCOUNTING"( continued)" 8, Actuarial Present Value of Accumulated Plan Unef•its Jan 1 1994 Jan 1993 1. . Present'value 'of accumulated plan benefits: `. " Vested: Retirees'and beneficiaries receiving benefits $ 52",326,236 $ 49,'46,414 Terminated participants. 556,901' 896,393 Active participants 132,914 $866 731800,303 Total Vested 135,798,003 123,943,110 ' i'Nonvested:' 15,084,717 14,583,677 Total 1150,A82,720: 5138,526,787- 3 2. Market value of assets at beginning of plan year $216 ,`9927L95?8 X5198,501,321 16 5, M,7,:'s T r :,l r`l is,i( CITY'OP CLEARWATER EMPLOYEES' PENSION PLAN'' a, SECTION IV ACCOUNTING (continued) j' C. Statement hf Clia6 es in Projected Benefit Obligatia The changes in projected plan. benefits from January 1, 1993 to-January'l, 1994 are presented below: l., Actuarial present value of projected plan benefits 'at.January' 1, 1993 $157,06,521 2. 'Increase/(decrease) during 'the plan year attributable to: Benefits paid (4,973,01.1). Benefits accumulated and'increase for interest' I, due to the decrease in the discount period 18,431,383 Change in'actutirial assumptions N/A " Change• in plan provisions -- N/A Net'increrase/(decrease) -13 458 372 3. Actuarial.pre'sent value of projected plan benefits at January 1, 1994 5171,094,893 i i " A, Reconciliation of EmRloy ee Data A summary of changes in the employee data from January 1, 1993 through-January 1, 1994 fallaws. 'Employees.who -do not participate in the plan are not included. Retired '. Terminated Participants Active Vested and Employees Employees Beneficiaries Total Participants included in the 'i January 1, 1993 valuation 1,307 .9 348 11664 Nonvested terminations (41) (41) ' Data. Revisions i 3 4 ' Vested terminations (2) 2 '. Deaths with eligible beneficiary Deaths without eligible beneficiary (14) (14) ' Retirements (14) (4) l.8 Cash settlements Rehires 3 (1) 2 New-participants 65 65 Participants included in the .January 1, 1994 valuation 1,318 7.. 355 1,680 Active Participants: Fully vested Partially vested Non-vested Total. • '1 1 i ' t ' '1 ie"S}.t .li: 1 , e t .i. , 1 I . - !' 1 I t. , ' ?, ?1. . ... r....'IYI.^,f'I ?'.i'i.,. . 1 1 e.rrew v .r' t. . ,...'1'• •S yH 'r .i• a.t. i; 1 :27. •?'t. ; r` ' CITY OF CLEARWATER EMPLOYEES PENSION PLAN SECTION V ? . CENSUS DATA (continued) ' ' E. Age- = Service'Distr_ibution of Active Participants-as of january l, 1994 - .Years of Service. j; Attained 0 - G S - 9 10-14 15-19 20-24 25+. Total Age No. No. No. No. No, No. No. Earnings Under 25 28, 0 0 0 0 0 28 634,452 25 to,29 79 34 1 0 0 0 114 3,280,464 ' 30 to '34 73 105 36 0, 0 0 214 ' 6,806,880- 35 to 39 59 86 - 78` 39 2 0' 264 8,617,525 40 to 44 40 64 62 68 20 0 254 8,957,724 I. 45 to 49 28 42 36 53 48 12 219 7,834,797 50 to 54 18 t. 15 14 23 20 14 104 3,815,674 55 to 59,. 18 1 13 16 11 . 12 71 2,371,688 60 to 64 23 2 1 6 7 2 41 1,277,770 65 + 5 0 1 0 1 2 9 3041076 Total 371 349 242 ,205 109 42 1,318 43,901,050 Active Participant Statistics 'Average Age 41.3 years Average Service 10.3 years 19 1 .. ,1 .1 ,1?. f.'t?,'i jai' iii''-S. P'' i..f(\,1.' I,,\ .t ilia t. .I, 1 t!. _.?.. _ :'y'?..,s'I[ • , s x ' ' 1115";,i {) ?. .'.S '' '\ 'I•' .f , f f,•: •5.5r Yl1 [ °. ' • ? t .'; f • ; _ k fr', ?f: r3? ? I f ! I .. `. • , , E I.•Jr' ., ,1' 'I.F. .{. 1.i. 7 Vl .. , n? ' ° ' ! t? ,' Y' r,a .:? { 4•.'. ?. ',1, r ..,f l..y [e ,! ',3 1 f 1 [ i t S S 1 i •!'S, ?, ?"', rkl r`S?..i .{? f, '. i3 • ?,' ?''!`? r. 't' ? ? ? t ' I !?,. ,•??. '?il.l ?r'!.i' °?l, 's k `rX•.J?„?Y ..?yl`i?: `?,? `I •' r tt. ? 1... . t ? ? ? I j V ' '?•1. r..il? .:9i ?f.",.i tI P' .. f, .l k ?{ r ;`•i'?'•It ,'?t fr ° .?1 :1.r}i', '' ` :' > ' r • ? ? ? . '1•. .. i _ ,i (I,e ?`, •I? , .ai r .f, ?.a . ., ., '_ t'?y, it 4'+'4r •1r ,?l? '': C . p;, :i? •/!-' n. :,?}, !` `fi't.. ??I' . :,? .E e, . . ?' ,rj% ?! 1 'f. r: t ? i i• ?i' `? ? . ? • ` ?f I k ? ? t ,` . . l 3 t 'r i. > ,f i 4 . 1' .l e'! . 1.. ?,. r:1f, ° rJ? CIl .. .•? ., f i?. .'Y?+ ? . i, i t Y ?' 1;S' ° ' fh ` ° :a ? ? ` ? ° , t , t , L , , . ?,I is • l;' r' ? t • ? - ?' ?? . 'iA' r" -i ;q . ^ . [ ? [ : • f' '•J. t.,? I [l i j .I i? :. ?` ?'?.' ?? i, ' _ C .}./ .? ? .. t •.1,, : r3!fs.l rr: ??{{ µ ' ?• ? ??i ?1;..„'??3•?r?l'/`®i r 5y,,.t y?? -4'' ., 1:?1i''. ... A:.. .. r, .?\r, ..I;LidsA;?%?11.. `rt d ' ' # ';?'?!'i't. ?.rZ f ° '2 Y' ?J11'7 :'f> r r +a i i i ? J : ?i f ` ' , , ? .. 5. A r• y? . f! ;l i?? t i ,, ..-t Str nY a MN.-nr... _...a, .. ..t.1 ?-f., s .. ,:.r. q . .t. ? i. lr•;p e';..hi,.:., !?n .. . e., . r... ?'a 'CITY OF':CLEARWATER. EMPLOYEES" PENSION PLAN' SECTION V CENSUS 'DATA (continued) C.. Intictive Participant Count and Benefits as of January 1,'1994'' Number. 'of Annual y " Participants Benefit Terminated. Vested `Participants , 65 `, 568 :' 'Reftred'Participants,and Beneficiaries. 355• $4,669;279 20 s.d . ,.?:=hfr?' it "'.4;'xP' a ? ,?,t8?,?:?.".. ;?. .,. ; ,; - • . 1 ' CITY OF CLEARWATER:F14PL0YCES' PENSION PLAN SECTION W '- ASSUMPTIONS AND METHODS i' A. 'Actuarial Assumptions { Investment Yield: The. investment rate of earnings is assumed Zo be 7% per annum. ' Mortality; Mortality was based on the 1983 Group Annuity Mortaiity'Table for Males with female ages set back six years. 'Withdrawal: Pre-retirement withdrawals are assumed to occur in accordance with standard scales of moderate turnover rates (Scale 255) for males and heavy turnover rates'(Scale.355) for females. Sample rates are shown below: f" Rate of Withdrawal Awe Dale Female (. 20 14.9% 37.4% '. 25 9.9% 22.42 ; 30 6.9% 14.9% 35 4.9% 10.4% ". 44 2.8X" 7.4% 45.1 1.7% 4.3%. t ? 50 0.4% 2.7% 55 0.0% 0.9% 60 and over 0.0% 0.0% ' Disabili y: Pre-retirement incidence of 'disability is assumed to occur in accordance with a standard scale of moderate disability rates (Class 1, 1.957 Inter- Company)." ,Rates for females are assumed to be double that for males. Sample r..ates for males are shown below: " Age Incidence of Disabilit y 20 .17% 25 .17% 30 .1.7% 35 .18% ' 40 .20% 45 .23% 50 .29% 55 .39% 60 59% 65' 1.04% 70 1.74% Service vs.. Non-service:, All pre-retirement deaths are assumed to be non-service related. All,incidence of disability is assumed to'be service related, , " Salary Scale: Future salaries "are assumed to increase at the rate" of 5% `per year,- 3% due to cost-of-living, and 2% due to merit.increases, 21 CITY OF CLEARWATER EMPLOYEES'-PENSION PLAN SECTION VI __-...ASSUMPTIONS. AND METHODS (continued) A. Actuarial Assum tions, (continued) Retirement Rate: Each active participant is assumed to retire on the later of the actuarial valuation date or his Normal Retirement Date. Timis of Contribution: The employer contribution is assumed to be made uniformly during the, first two quarters of the fiscal year beginning on the Octuber 1 following the.valuation date. "Em to ees Covered: All participants as of the actuarial valuation date, Spouses: Eighty-five percent (85x) of the active participants are assumed to be' married (or have dependents eligible for Survivor's Benefits). Female spouses are assumed to be five years younger than male spouses. Expenses: Expenses are assumed to equal last year's actual expenses. Completeness of Assumptions: All benefits and expense to be provided by the Plan are recognized in the valuation, All known events are taken into account; no current trends are assumed to discontinue in the future. B. Asset Valuation Method Effective January 1, 1994, the Actuarial Value of Assets is based on a five year moving average of assets valued at statement value. The statement value reflects an amortized value for bonds.and market value for equity investments. From the statement value, actual and expected return on investments is derived. Any difference between the actual return on investments for a given year and the expected return is spread over five years. After five years the entire amount is fully recognized. However, the Actuarial Value of Assets will. never exceed 120% nor fall below 80% of the market value of assets. The use of a derived value of plan assets rather than current market value will produce a more stable funding pattern for the plan by partially eliminating the effect of unusual market fluctuations. C.. Actuarial. Cost Method The actuarial cost method is the Frozen-Entry Ape Actuarial Cost Method. Under this method the excess of the actuarial present value of projected benefits over the sum of the actuarial value of assets plus the Unfunded Frozen Actuarial Accrued Liability is funded on a level basis over the future compensation of active employees. The portion of this excess allocated to the current year is called the Normal Cost. The Frozen Actuarial Accrued Liability is determined using the Entry Age Actuarial Cost Method, This Frozen Ac tuar ial' Accrued Liability is adjusted from time to time to reflect changes in the Plan or in the actuarial assumptions. The Unfunded Frozen Actuarial Accrued Liability is separately amortized over a fixed number of years. 22 CITY OF CLEARWATER EMPLOYEES' PENSION PLAN. SECTION VII - SUMMARY OF PLAN PROVISIONS This summary is intended as an outline of plan provisions and does not alter the intent or meaning of the provisions contained in the. contract and/or plan document. Plan'Year: January 1 to December 31. Eligibility: Any permanent employee shall participate in the plan immediately. Current Employee Contributions: Wages acid sialaries actually paid to a participant, from which Employee Contributions are withheld. Average Monthly Compensation: The total Compensation received during the last five years of service divided by sixty. Accrued Benefit: A monthly benefit equal to 2.5% of,Average Monthly Compensation multiplied by the number' of years of service to date. Normal Retirement: a. Eligibility Normal Retirement Date Z: • Non-Hazardous Duty: Completion of at least 20 years of service and the attainment of age 55, or the completion of 30 years of service.. • Hazardous Duty: Completion of 20 years of service. b. Normal Retirement Benefit: The participant's Accrued Benefit payable as of his actual retirement date on or after his Normal Retirement Date. No adjustment applies for deferred retirement beyond his Normal Retirement Date. The minimum Normal Retirement Benefit is $300 per month. c. Normal Form of Benefit: A monthly annuity for the life of the participant. After the participant's death, 100% of the Normal Retirement Benefit shall be paid as a Survivor Annuity to the spouse, dependent children under 18, or dependent parent(s) for five years. After five years, such Survivor Annuity is reduced to 50% of the original amount (and the $300 minimum is no longer controlling). The Survivor Annuity ceases upon death or remarriage of the spouse or dependent parent(s) or attainment of age 18 by the dependent children. Disability Benefit: a. Eligibility: Total and permanent disability. If the disability is non-service connected, there is an additional requirement of the completion of 10 years of service. 23 f 1 i CITY OF CLEARWATER EMPLOYEES' PENSION PLAN SECTION VII - SUMMARY OF PLAN PROVISIONS' continued) Disability-Benefit, continued: b. Disability Benefit: The participant's Accrued Benefit, payable immediately. If the disability is service connected, the Disability Benefit must be at beast 75% of Average Monthly Compensation. The minimum Disability Benefit is. $300 per month.' The Disability Benefit is increased by 15% of such benefit for each dependent child under 18, but such increments cannot exceed 100% of the original Disability Benefit. C. Form of Benefit: A monthly annuity for the life of the participant. After the participant's death, a Survivor Annuity ris provided as- described under the Normal Form of Benefit. The 15% increments for dependent children under 18 continues to the participant's spouse after his death as long as the children so qualify. Death: a. Eligibility:' Any actively-employed participant. b. Death Benefit: The participant's Accrued Benefit, payable immediately. If death in service connected, the Death Benefit must be at least 75% of Average Monthly Compensation. The minimum Death Benefit: is $300 per month. ' c. Form of Benefit: A monthly Survivor Annuity as described ender the Normal'From of Benefit. Vested Termination: a. Eligibility: Completion o£.10 years of service. b. Termination Benefits: The participant's Accrued Benefit payable as of his Normal Retirement Date, provided Employee Contributions are not refunded'. The minimum Termination Benefit is $300 per month.. C. Form of Payment: A monthly annuity for the life of the participant. After the participant's death, a Survivor Annuity is provided as described under the Normal Form of Benefit, beginning at the latter of the participant's Normal Retirement Date or dare of death. Non-Vested Termination: a. Eligibility: Any actively-employed participant. b, Benefit: Refund of Employee Contributions without interest. c. Form of Benefit: Lump sum. 24 ..a.*.!-P+:•i'J.:'r :k, 4hf t; ?',?.";iE.?{N'.4?. ...':?:•`:`S$t,i.M ?h : `+i?=era ,?+r ? . r ?-Y ? ' t , , : . ., ? ,.. ,..... .. ?.s 1 , !'• . .. . . , ? ,. , ? ...-; ... ?. _ '. - ' : io ti MMM in L7• Q V a 'R C3 ' M ?O W . X y in Do M . M • N ?'- t0 co " , yr N N N '? 4c dc -C a 'l5,t co C2 T d . M Oe V , ' J a . y to rM?ryy N h n ry?? ??pp t 0. v I w w o_ r. m r` a a tm p ao r 07 r: v o 'y rt r ..• zo ?p N W N h N N N . • ? -01 - ' . 1 . .. ui a L trt r W' t t aiis C] J ?K i 4. 4 Q Q N d w U h i z z = ?' - ' t, O N \ ' ' W d z O ? L], m f?i¢? +t K Q a Q 4 ? ds7 z t \ Ln x x x x to i? ' W N d y r ? w 'L z O ... 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M t V ?D PTO O 2t z s ttl L. 1V NJ 't r N} C) to O 2; ldil O T `p -O co N N1 . ' u V N C p M N f , O 7• . N p. N *0 lei P b, P W Q Q 4 " 4' Q , U cz, 't u1 l•°. o ? ef ? s i s x co y m w w y C Q ca V 7 ? lu L QI ? _ m • p W ? V , a p N ?? y 4? cm 1 F' • a Q m ' ? ? •?L•?AS IL.. }? d 7l J dr > Ix q - J y d V •» U dl w7COcc p 1- 4j 41 p •+? . t 7 [ W , Li c, a u Q CI di 'T 1-wa 10 -A . nM;r. hy.. yy C3':.PI[F°,?: tJ''?; ^i fl;?„t`n?lpi •i. i?!'fi???'?. r`t >',Pre?n.ry .,._ r•...n• r. ,, 1.?4 'Y?',, - ?.' A ; 4 P M !•. f+ OQ ' ' ?'' In rl v M •l1 1 C? w" d ? •O .Q9 aNq 2'\'x x L" 2 co L p L b w M O 1=0 M a N N N N N I,- ?p 0 r 10 co H O m .' s o• v o" 4 It 10 C? .0 to ' .' t 11l s LA o.9nftt- ?+ 1 a to fm r4 M r lan N • - N M N 1A N . N ' ul d ?u J C r G 4 •C N (M K jQ 4 K ?[ d +trO M O ' m d 0 O\\\ \ ?? \ A C9 ?\ +tr M Now^0 W d C 0 O O x x x x N Z .£ fr .'s: ,x O. A T? v dIE t- Co M V ?a ^O m 1+'1 N O N N !? 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