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02-13-1995
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' 1 i •S? l ? ? .n %§.' • •e a ? ,. ?+.w , s . .41; .lL7 r. . S rr{ e. .S .'? ?j,yr,?;t,i' .t.? -.?-.{: ': ?.: ,;t'• =,'a r'?'? .?;r, ,'; ,F;' li cif .fit' ' ? ' i? , ' i .. J r .. ?•t..? il` ? „ . '1 , , ?. , ;l . , )1: Gtiti. ! , . ..?, . . ? ? ., . ACTION AGENDA Board of Trustees of the Employees, Pension Fund February 13, 1995 1, . Call to order 1. 1:31 p.m. 2. Approval of Minutes 2. Approved as submitted. of 1130195 ' 3.' • 'Request.for acceptance 3: Approved. into membership: a)' Stephen C. Colbert b) Darrin H. Maser ; ' c) Brian Schonborn d) Arlo Vandersaim e) David Humphrey 4.' . Regular Pension to be granted: 4. Granted. Cecil E. Stinson 5. Transfer/Assignment of Investment ' 5. Approved. Management Agreement from Denver Investment Advisors, Inc. to Denver Investment Advisors -U.C 6. Other Business: 6. None. 7. Adjournment: 7. 1:34 p.m. .3 • TRUSTEES OF THE EMPLOYEES' - PENSION FUND Itorn Meeting Date: 2/13/95 Agenda Cover Memorandum 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: S Stephen C. Colbert, Firefighter Darrin H. Masdr, Firefighter Brian Schonborn, . Firefighter Arlo Vandersalm, Comp. Repair , Tech. David Humphrey, Police Service Tech. Reviewed by: Legal NA Budget ? NA Purchasing NA Risk Mgmt. NA CIS NA ACM Other NA Submitted by: Cifv Manager Originating Dept: Costs: Commission Action: Human Resources Total ? Approved ? Approved w/condilions User Dept.: Current FY ? Denied ? Continued to: Advertised: Date: Paper: EJ Not required Affected parties ? Notified V1 Not required Seniority Pension Del2t.IDiv, D-= Effective-nte Fire 12/12/94 12/ 12194 Fire 12/ 12/94 12/ 12/94 Fire l 2/ 12/94 12/ l 2/94 Information Mgmt. 1/23/95 1123/95 Police ' 1/23/95 1/23195 Funding Source: ? Capt. Imp. ? Operating ? Other Attachments: Appropriation Code: Letter(s) ? None .i. •e:,?. 1?:'41'{,i(!j: a.'ir.. .',?•ti ,, ..?'t ?,-.?sr,.i ."e.l,i?4_r .:";' 4' f{ib.4f, j=','•.?' ., ... .. `, ''f1;., ;?r;•i,`'?'.F7w 1 L} ?bh:?..?'''1' i• :.(, tt.. Z .i•! ,?, .t= `1."., :tr ,>•f'j ?r i.r t' ,: ,aj m). =:?t .°h,q= i'.' : ? ='I x ' Y=1; •' '•' 1, fl. , ,. i :i: : , _ , f, ,l , ,I p0., - . . o Jii.; •Y: r' ? .I , ... a •. .. I • .. yl CITY OF CLEARWATER EMPLOYERS' PENSION PLAN ' PENSION ADVISORY COMMITTEE ' TO:'. Pension Trustees i. FROM: 'Pension Advisory Committee SUBJECT:. Recommendation for Acceptance into Pension Plan i DATE: January 18, 1995 ' 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 Elig. Name, Job. Class- &-Dept,/Div. Birth Date Hire Date Datc Stephen C. Colbert, SS#219-54-5516, 8/ 17/65. 1,2/12/94 12/ 12/94 Firefighter; Fire Department Darrin H. Maser, SS#593-09-0189, Firefighter, Fire. Department 1 1/28/66 1 2/ l 2/94 1 2/ 1 2/94 Brian Schonborn, SS# 118-60-2539 Firefighter, Fire Department 1 1/28/65 l 2/ 12/94 1 2/ 1 2/94 Arlo Vandersalm, SS4262-45-3656 Computer. Repair Tech., Information Mngmt. 1 1/4/58 1/23/95 1/23/95 Dept. David Humphrey, SS#395-64-7024 Police Service Tech., Police Dept. 5/14/57 1/23/95 1/23/95 • k 1 r r ' TRUSTEES OF THE EMPLOYEES' PENSION FUND Item ' Agenda Cover Memorandum Meeting Date: 2/131951. Subject: Pension to be Granted. Recommendatlon/Motion: Cecil E. Stinson, Firefighter, Hire Department, be granted a regular' pension under Section(s) 2.396 of the Employees' Pension Plan as recommended by the Pension Advisory Committee. ? and that the appropriate officials be authorized to execute same. BACKGROUND: Cecil E. Stinson, Firefighter, Fire Department, was employed by the City on April 3, 1969, and began participating in the Pension Plan on that date. His retirement will be effective on April 4, 1995, at the beginning of the day. Mr. Stinson's pension was approved by the Pension Advisory Committee at its meeting of January 18, 1995. Based on an average salary of approximately $37,142. over the past five years and the formula for computing regular pensions, this pension will approximate $24,143 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pehsion will be approximately $316,259. The estimated pension cost (Cash payout over the life of the pensioner and his spouse) is $784,648. Reviewed by: Originating Dept, Costs. 5316.259 Commission Action: Human Resource Total Legal NA ? Approved Budget NA ? Approved w/conditions Purchasing NA User Dept.: Current FY ? Denied Risk Mgmt. NA ? Continued to: Cis Funding Source: ACM U:?2 L-1 Advertised: ? Capt. Imp. Other NA Date: ? Operating Pa ar: 1Z Othor Eonslon Attachments: 0 Not required Submitted by: Affected parties Appropriation Code: Letter(s) ? Notified Not required 646-07410.530100-585 ? None City Mana er C I T Y OF' C L. E A R W" A T E R POST OFFICE BOX 4748 CLEARWATER, FLORIDA' 34 818.4748 Human Feaources'Department 8131482.070 70.1 Honorable Mayor and Members of the City Commission ..is . Trustees of the Employees' Pension Plan FROM: Pension Advisory Committee COPIES: Debbie Bailey, Payroll Services Manager Employee's File SUBJECT: Regular. Pension--Cecil E. Stinson 'DATE: January .18, 1995 The Pension Advisory Committee received an application for regular pension from Cecil E. Stinson on January 9, 1995. Mr. Stinson was employed by the City on April 3, 1969, and has been a participant in the Pension Plan since that date. The amount of Mr. Stinson's pension will be computed by the Finance Department at such time as his last five years of service and salary can be calculated. By motion made and duly carried at its meeting of January 18, 1995, the Pension Advisory Committee" approved/recommended a regular pension based on years of service for Cecil E. Stinson in accordance with Section 2.396 of the City Code. This pension will be effective on April 4, 1995, at the beginning of the day. I hereby certify that the Pension Advisory Committee has approved the granting of a regular retirement pension for Cecil E. Stinson and the above dates are correct. Chairman,'.Pensiolh Advisory Committee "Equal Employment and Atli r.mative Action Employer' PENSION REQUEST FORM I? Cecil E. Stinson do hereby apply for retirement from the City of Clearwater General Employees' Pension Plan, My. benefits date is April 3, 1969 . -(Entry date into pension plan) M y date of hire is April 3, 1969 , My birthday is April 11, 1939 My job classification is Firefighter and I work in the Fire Department, Division. My resignation date is April. 3, 1995 The type of pension for which I am applying is (check only one)- -.x Regular Pension based on years of service ,)lob-connected Disability Pension . Non-sob- connected Disability Pension My spouse's name is: Ferry 'L, Stinson' Dependent children under the age of 13 and residing in my household are: (Print Child's Full Name) (Child's Date of Birth) I Hereby certify all of the above to be true and correct: f (Signature) ` January 9, 199 (Date) i STATE OF FLORIDA The foregoing instrument was acknowledged before me this ) ' f eO LC_ f - 2 COUNTY OF PINELLAS byj tJSC1x_ - , who is personally k own to me or who has produced / •/ ?? ?? i t as identification and who did/ I did not, take an oath. Notary Public ,?A,ti'CY NI\(6i?tidtC?re) ti'QTARY PUBLIC STATE AF FLORIDA Commission No. COMMISSION NO. CC426678 NlY COMMISSION EXP. DEC 6,1998 (Name of Notary Printed) ice' . • _ f CITY OF CLEARWATER 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 6% 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 vacation, holiday pay, and 112 of accrued sick leave. Termination date will be the final day of extended time. Pension benefits will begin the following day, (Only available to employees hired prior to 1011188.) I, Cecil E. Stinson, 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 # 1 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: SOCIAL SECURITY #: 265`"56--6289 WITNESSES: ADDRESS: _ 3301 Meander Lane ( _ ?( - Safety Harbor, FL 346955324 - DATE: January 9, 1995 Trustees of Employees Pension Plan Agenda Cover Memorandum item J Moeting Date: 02/13/95 SUaJECTt Amendment of contract with Denver Investment Advisors, Inc. for equity investment management, RECOMMENDATION/MOTION: Approve the transfer/assignment of the Investment Management Agreement from Denver Investment Advisors, Inc. to Denver Investment Advisors LLC. ® and that the appropriate officials be authorized to execute same. BACKGROUND: On July 1, 1982 the Trustees of the Employee's Pension Plan entered into an agreement with First National Bank of Denver to manage a portion of the equity investments of the Employee's Pension Plan. Subsequently this organization changed its name to,First Interstate Bank of Denver. on February 28, 1994 the Trustees approved anaddendum to the contract that Irecognized the creation of Denver Investment Advisors, Inc. as a wholly-owned subsidiary of First Interstate Bank of Denver. Currently Denver Investment Advisors, Inc. is in the process of being purchased by it's employees and has created Denver Investment Advisors LLC to accomplish this transaction. Denver Investment Advisors, Inc. has requested that the Trustees approve the attached Consent To Assignment which transfers the account with Denver Investment Advisors, Inc. to Denver Investment Advisors LLC. The new company will have the same investment staff as the old company and the City will deal with the same individuals. In addition, the investment disciplines and investment philosophy that`thw are currently in use are to remain the same. staff has been satisfied with the services provided by this company which had an annualized rate of return of 19.26% since it's inception in 1982. For the same period the Standard & Poor's 500 rate of return was 1.6.59%. Reviewed by: Originating Dept: Casts: S a Cosmission Action: Legal Finance Total ? Approved Purchasing H/A L.,? i n/a 0 Approved w/conditions A k Mgmt. User Dept: Current Fiscal Yr. E3 Denied N cis © Continued to: ACM Funding Source: other _ ? Capital imp. Advertised: ? Operating Attachments: Date: n/a ? Other Cover Letter Paper: Consent to Assignment 11 d Not Regjfre submitted bye Affected Parties Appropriation Code: 13 None ? Notified IR Not Required City Manager November 14, 1994 . Margaret L. Simmons, CPA Finance Director & City Treasurer City of Clearwater, Florida ' 112 S. Osceola Street P. O. Box 4748 Clearwater, Florida 33518-4748 RE: City of Clearwater, Florida Employees Pension Plan Dear Margaret: ? The team of investment professionals from Denver Investment Advisors, Inc. is pleased to announce that it has formed a new entity, Denver Investment Advisors LLC. The new firm will acquire certain assets of Denver Investment Advisors, Inc., thus changing the ownership structure from a wholly owned subsidiary of First Interstate Bank of Denver to a manager- owned firm. We view this step as a natural evolution of our company, which has been managing institutional and private client assets since 1958, and we believe it will benefit both our clients and our employees. Denver Investment Advisors, Inc, has provided excellent long-term performance to our clients through a variety of investment styles. We are recognized for the stability and continuity of our organization and our well-defined, research-driven investment approaches. The design of our new manager-owner structure will enable us to perpetuate our ability to provide excellent investment performance and service to our clients. We will be a financially strong organization and have the capability to continue investing in the people and technology to remain an industry leader. The transition to the new entity is being executed in a manner that will minimize change. All of our sixty employees, including twenty-nine investment professionals, will join the new company. In addition, the long and mutually rewarding relationship with our current owner, First Interstate, will endure, and we will continue to provide investment services to several organizations related to First Interstate. Clients will need to provide written consent for the assignment of contracts from Denver Investment Advisors, Inc. to Denver Investment Advisors LLC. Consent to Assignment documents are enclosed, please direct any questions you may, have regarding this transition to your portfolio manager, Larry Luchini. Your past support is appreciated, and we look forward to continuing our relationship. Sincerely, Kenneth V, Penland Todger Anderson Chairman President Attachments 3 4i `'?.l` '. ,i' .' it • /.:{?j ;?`. ,. .". s, eF;E,l1. 1, I , • ' ,, ,4r,. ?{?},c?'l?i?!"?t;f';??r?•?;??'?k?, .3'• ;ti?;.F'? ,i ! : s• / .s i, i•,.. y. ,,_D W, Jr? 1:+$. :J. .,r.. i,. •. .•I:Z....He #'„ ~fY ., "F''. ,a :'J sI• , .. ,rjr f I •} .I' CONSENT TO ASSIGNMENT .The undersigned hereby consents to the assignment of the undersigned's Investment Management Agreement dated July.' l,' 1982, and the addendum letter signed February 28,' 1994, by and between City of Clearwater F ,.. Employees Pension Plan and The First National Bank of Denver (hereinafter referred to as "Investment Manager"), now known as Denver Investment Advisors, Inc., to Denver Investment Advisors LLC, with said consent and, assignment to be effective upon the closing'of the Agreement providing for the transfer of the business of Denver Investment Advisors, Inc. to Denver Investment Advisors LLC. Dated this'' day of , 1994..' I Denver Investment Advisors, Inc.. By: LC Lawrence U. Luchini ' Vice President and Portfolio Manager City Commission, City of Clearwater, Florida as Trustees of the City of Clearwater Employees' 'Pension Fund By: Name: Title: By: Name: Title: By: Name: Title: By: City Attorney