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ACTION AGENDA ;
Board of Trustees of the Employees' Pension Fund "
February 12, 1996
1., Call to,order 1. 1:40 p.m,
:2. Approval of Minutes', 2. , Approved as submitted.
of 1 !29196
3. Request .for. acceptance 3. Approved.
-into membership': '
),Kim Jackson..
b) Linda Mc'Person t . .
c) Lynne•Priester
d) John Schauder
e) Jack Bryant '
. f), Steven Conk
g) Will=iam Glenn ;
h) Brenda McLaughlin
' . ' 4. Regular. Pension to be granted: 4. Approved.
Robert G. Hink '
' 5. Regular Pension to be granted: 5. -Approved.
Fred C. Ratley
6. Regular Pension to be granted: 6, Approved.
Richard N. Valentine
7. Other Business: 7. None.
8. , Adjournment: 8. 1:42 p.m.
CITY. OF CLEARWATER
EMPLOYEES' PENSION PLAN
PENSION ADVISORY COMMITTEE
TQ Pension Trustees
FROM: Pension Advisory Committee .
SUBJECT: Recommendation, for Acceptance into Pension Plan
DATE-'. January 25, 1996
As Trustees of the City of Clearwater Employees' Pension Fund, you are hereby notified that
the employees 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.
Erosion
Name. Job Class. 8z Dept.Miv. Hire Date
Kim Jackson 12/11/95 12/11/95.
Maintenance Worker 1, P&R/Parks
Linda McPherson O1IU8196 01/80/96
Accounting Clerk II, Gas Systems ,
Lynne Priester ' 12111/95 12/11/95
Cashier 11, Finance/UCS
John Schauder 03/21/94 1 1127195 *
Marine Facility Operator, Marine
Jack Bryant 01129/94 07/24195*
Marine Facility Operator, Marine
Steven Cook 1211 1195 12/11/95
Groundskeeper, P&R/Parks '
William Glenn 06/05/95 12/11/95**
Spray Technician, P&R/Nursery
Brenda McLaughlin 09/29/82 Ut 12/25/95***
Police Communication Operator, Police 01/04/88 p/t
f 12/25/95 f/t
I
*Employe . hired. from part-time to full-time permanent status. Hire date reflects date hired
part-time.
**Employe hired from temporary to full-time permanent status. Hire date reflects date hired
temporary.
***Employee hired full-time permanent status to part-time status to full-time permanent
status.
f
a
r '
th
TRUSTEES OF THE EMPLOYEES' PENSION FUND
Agenda Cover Memorandum
Item ff
Meeting Date:
Subject:
Pension to be Granted.
recommendation/Motion:
Robert G. Hink, Firefighter, Fire Department, be granted a regular pension under Section(s) 2.393
and 2.397 of the Employees' Pension Plan as approved by the Pension Advisory Committee.
? and that the ap ropriate officials be authorized to execute same.
BACKGROUND:
Robert G. Hink, Firefighter, Fire Department, was employed by the City on January 15,
1973, and his pension service credit is effective on May 28, 1973. At the time of Mr. Hink's
employment, pension deductions for employees. were not immediately commenced. Subsequently,
when employees were provided an opportunity to make up pension c ontributions, he did not elect
to do so. He began contributing to the plan on May 28, 1973. His retirement w as effective on
January 19, 1996.
Mr. Hink's pension was approved by the Pension Advisory Committee (PAC) on January 25, 1996.
Section 2.393 (p) provides for normal retirement eligibility when a participant has completed
twenty years of credited service in a type of employment described as "hazardous duty" and
further specifically defines service as a fire€iohter as meeting the . hazardous duty criteria,
Based on an average salary of approximately $38,404.85 per year over the past five years, the
formula for computing regular pensions, and Mr Hink's selection of the 75% Joint & Survivor
Annuity, this pension will approximate $24,001,08 annually. Charts from Finance which take into
consideration mortality rates and age reflect that the "present value cost of financing" this
pension will be approximately $312,988.65. The estimated pension cast (cash payout over the life
of the pensio ner and his spouse) is $762,034.
Reviewed by:
Legal _ NA _
Budget E16?
Purchasing N6
Disk Mgmt. NA
Cl!
ACM
Other NA_
Submitted by:
City Manager
Originating Dept:
Human Resource!
User Dept.:
Advertised:
Dale:
Paper:
? Not required
Affected parties
? Notified
C] Not required
Costs: $312.989
Total
Current FY
Funding Source:
? Capt. Imp.
? Operating
? Other Pension
Appropriation Code:
646-O741 o-514100-585-
im
Commission Action:
? Approved
? Approved w/conditions
? Denied
? Continued 1o:
Attachments:
Letter(s)
? None
W"r_
t.
111:,
Human Resources Department
(813) 462-6870
C I T Y 4 F C L E A R. W A T E R,
POST OFFICE BOX 4748
CLEARWATER, FLORIDA 34618-4748
TO. Honorable Mayor and Members of the City Commission as Trustees of -the
Employees' Pension Plan
FROM: Pension Advisory Committee
COPIES: Debbie Bailey, Payroll Services Manager
Employee's File
SUBJECT: Regular Pension-Robert G. Hink
DATE: January 25, 1996.
The Pension Advisory Committee received an application for regular pension from Robert
G. Hink on January 25, 1996.
Mr. Hink was, employed by the City on January 15, 1973, and has been a participant in the
Pension Plan since that date. The amount of Mr. Hink'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 25, 1996, the Pension Advisory
Committee approved/recommended a regular pension based on, years of service for Robert
0. Hink in accordance with Sections 2.393 and 2.397 of the Pension Ordinance, This pension
will be effective on January 20, 1996, at the end of the day.
I hereby certify that the Pension Advisory Committee has approved the granting of a
regular retirement pension for Robert G. Hink and ..the above dates are correct.
Secretary, Pens
Advisory Committee
'"Equal Employment and Affirmative Action Employer"
PENSION REQUEST FORM
I,- Robert G _ H i n k do hereby apply to retirement from the
City of Clearwater General Employees' Pension Plan.
My job classification is F i r e f i cth t e r and I work in the
Fire Department, Suppression Division.
My benefits date is 0 5 / 2 8 / 7 3 My date of hire is 0 t / I ., '•:
My date of birth is 1Q/ 0 45 My resignation date is _ 0111-1196
My spouse's name is Ediima E. Rink andbirthdayis 0-2404/45
Dependent children under the age of 18 and residing in my household are:
Child's Name Sex Date of Birth
rl/A
The type of pension for which i am applying is (check only one):
X_ Regular Pension based on years of service
Job-connected Disability Pension
_ Non-job-connected Disability Pension
The City of Clearwater Employees' Pension Plan provides multiple options to Plan Participants as to
the manner of the pension benefit payment. Option 1 below represents the standard or normal form of
retirement benefit. The other optional forms (#2 - #6) shall be computed to be the Actuarial
Equivalent of the normal benefit.
Option 1 -_ Joint and Survivor Annuity
The normal form of retirement benefit shall be an annuity paid monthly for the life of the
Participant, with a 100% survivor annuity paid monthly for a period of five years following the
death of the Participant to the beneficiary, provided that following such five year period the
survivor annuity shall be reduced to 50% of the original survivor annuity amount. [See section
2.397 (a) (3) (A)] The Participant's surviving spouse receives the designated amount for the
rest of his/her life or until he/she remarries. If no surviving spouse, dependent children under
the age of 18, shall be deemed to be the beneficiary and receive the designated amount until the
age of 18. [Section 2.397 (a) (3) and Section 2.398 (e) (3))
Option 2 - Life Annuity
The Participant receives his/her pension as long as he/she lives. Upon the death of the
Participant, benefits cease. [Section 2.398 (b) (2) (A) (i)j
Option 3 -10 Veer Certain & Life Annuity -(must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies before
120 monthly payments have been made, the remaining payments up to the 120 payments are
made to his/her beneficiary, or the his estate if his/her beneficiary is not alive. [Section 2.398
(b) (2) (A) (ii)]
<e..
212g2n 4 - SVI* Joint & Survivor Anrnaity - (must desipote a beneflefary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the
beneficiary receives 50% of the pension for the rest of their life. If the beneficiary dies first,
the Participant continues to receive 18004 of his/her pension and upon his/her death, benefits
cease. [Section 2.398 (b) (2) (A) (iii)]
Option 5_-_75% Joint & Survivor Annuity - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the
beneficiary receives 75% of the pension for the rest of their life. If the beneficiary dies first,
the Participant continues to receive 10010 of his/her pension and upon his/hc-r death, benefits
cease. [Section 2.398 (b) (2) (A) (iii)]
Option 6 -100% Joint &_Survivor _ Annuity - (must designate a beneficiary)
The Participant receives his/her pension as tong as he/she lives. If the Participant dies first, the
beneficiary receives 100% of the pension for the rest of their life. If the beneficiary dies first,
the Participant continues to receive 100% of his/her pension and upon his/her death, benefits
cease. [Section 2.398 (b) (2) (A) (iii)]
I have considered the normal form of benefit payment under such Plan (which is designated on this
Form as Option 1) and the various alternative optional benefit payment methods (Options 2 through b)
under such Plan-and have elected to receive my retirement benefits as indicated below. (Note: Option
selection to be indicated both by Number and Description,) I understand that once this Form is signed,
my decision is irrevocable.
Option #: Description:
My designated beneficiary is: 6~r
Date of Birth:
Employee's Signature: t
Employee's SSN:
.?,f-A rrl 512?/?vQ
L,?,? ?' - ff r?fl
Social Security Number:
471__
Date:
0
STATE OF FLORIDA The foregoing instrumem }v cknowle ged before me this
COUNTY OF PINELLAS by fiT , !fin wl?o is
personally known tome or who has provided
as *dentifieadon ho did/did n t take an oath.
j ?? ,-'Notary Public
...... (Sigsuttute)
K' .''" WRA E. IAATTKLM !
j ) W CQMIMSSW # CGI1??5 fxPIf1E ? Gt (It u (= t G,. ? w? Nance of Notary Printed
Octobers IM
-.. 6ChLKO twiu rnor fuN niSUFiAt[E, t?C F s
My Commission expires: U, w I L'/ k
CITY O1F.CLEAR'WATER, FLORIDA
STATEMENT OF RESIGNATION
J '
1. Robert E. Hink employed as Firefighter
in the Suppression Division of Fire Dcparlmcnl
do hereby resign from the service of the City of Clearwater. I rcqucst that this resignation be duly accepted by my Depart.
ntent . Head and the Appointing Authority to become effective on
?- P.M.
at A.M. The reason fir lhis resignation is as lollows:
EmQtoYee%, signature- Datc signed
DEPARTMENT ACTION:
Approved by Division Head Date
Division Head Comments (Optional)
Approved by Depanment Head Date
Depurtntcnt Head Comments tOptiona)?
ACTION OF APPOINTING AUTHORITY
I accept this resignation to become effective on the date and at the tine shown atxlve.
Date
Appointing Authority
Appointing Authority Comments (Optional)
IMPORTANT NOTE: The reason for this resignation must be shown in the space provided. The original form, when
signed by the rmployce and the division and department head, is to be attached to the pcrsonncl action shcet and lorw•arded
to the Personnel Office. Personnel action sheet must rcllect the status of any City monies due to or by this employer
in accordance with the Civil Servicc Rules and cullcctivc bargaining agreements currently in 01ect.
Oki,
fir'": s •i,+?{ia,_ n , • .
J
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 suns 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 prlor to 1011188.)
Robert E. Hink
,
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 ' # nd wish my benefits to be calculated' under this option.
I understand that once this form is signed, my decision is irrevocable.
WITNESSES:
EMPLOYEES SIGNATURE;
SOCIAL SECURITY #: 264-78-7359
ADDRESS; P.O. Box 11114
- Springhill FL 33526
DATE: zzz?,Z?w
I}?i'if Tfy:ir . ..a. b<,..... .. wls. ra.-.. ... .< ._... .., Ne' •_ °'A'. r o .I„ . .. ?.. a rr .> S. .,
Estimated Pension Worksheet
Robert G. Hink
264-76-7359
i CALENDAR PPNStC)N
' . Y EM . EAP} 14GS
RESIGNATION DATE: 1/20/96 1991 $34,848.04
FORMULA DATE: 1/19/96 1992 $38,444.93
BENEFITS DATE: 5128/73. 1993 $38,326.32
TOTAL WORKED: 22.6444 1994 $39,680.30
. • 1995 $40,724.67
$192,024.26 (5 Year Total)
51 $38.404,85 (Yearly Avg)
12/ $3,200.40 (Monthly Avg)
x 0.0275 (Benefit Rate)
x 22.6444 (Yrs of Service)
$1,992.96 (Est Mtly Pension)
Signature: 1
Date:
:?.C'f "i;•Iig'.. Vie,. aasr6+.r.... ... ..-..• ,sl.• .., ...<. .., ..., ,:.I .. , ? ,
City of. Clearwater Employees' Pension Plan
Actuarial Equivalence Fa ctors
119/96
ESTIMATE sm
clractOl
Version:
Employee Name: Robert G. Hink 12-29-95
Employee Date of Birth: 10 5 1945
Marital' Status: M
Spouse Date of Birth: 2. 4 1945
Beneficiary Date of Birth: 2 4 1945
Benefit Commencement Date : 1 20. 1996 "
Estimated Monthly Pension: $1,992.96 ,
Actuarial Equivalent Reduction Factors:
Factor Est. Pmt.
Normal Form 1.0000 $1,992.96'
Life Annuity 1.0605 $21-113.54•
10 Year Certain 1,0512 $2,094.92
r . 50% J&S 1.0219 $2,036.53
75% J&S' 1.0036 $2,000.09
100% J&S 0.9859 $1,964.93
ESTIMATE
i .
1.
Expected Pension Cost (Cash Payout Over Life of Pensioner and Beneficiary)
Presont Value of Expected Pension Cost
Pensioner. Robert G. Hink
Annual Interest Rate
Annual Pension Amount
Pensioner Sex
Pensioner Age
Pensioner Ufe Expectancy
Years Remalning
Beneficiary Age
Beneficiary We Expectancy
Years Remaining
75% Joint & Survivor Annuity
# Pensioner Beneficiary Present
Years Age Aqe Value
1 50 51 312 988.65
2 51 52
3 52 53 306,919.59
4 53 54 303,562.85
5 54 55 299,971.13
6 55 56, 296,127.99
7 56 57 292,015.83
8 57 58 287,615.82
9 58 59 282,907.81
10 59 60 277,870,24
11 60 61 272,480.04
12 61 62 266,712.53
13 62 63 260,541.29
14 63 64 253,938,06
15 64 65 246,872.60
16 65 66 239,312.57
17 66 67 231,223.33
18 67 68 222,567.85
19 68 69 213,306.48
20 69 70 203,396.81
21 70 71 192,793,47
22 71 72 181,447.90
23 72 73 169,308,13
24 73 74 . 156,318,58
25 74 75 142,419.77
26 75 76 127,548.03
27 76 77 111,635.28
28 77 78 94,608,63
29 78 79 76,390.12
30 79 80 63,106.59
31 80 81 48,893.21
32 81 82 33,684.89
33 82 83 17,412,00
Pension Effective Date: 01/19/96
7.0%
$24,001.08
Male
50
77
28
51
83
33
Annual
Interest
21,069.17
20,863.93
20,644.33
20,409.36
20,157.94
19,888.92
19,601.07
19,293.07
18,963,51
18,610,88
18,233.57
17,829.84
17,397.85
16,935,63
16,441.04
15,911.84
15,345.60
14,739.71
14,091.42
13,397.74
12,655.51
11,861,32
11,011.53
10,102.26
9,129.35
8,088,32
6,974.43
5,782.57
4,717,28
3,787.43
2,792.50
1,727.91
588.81
Balance
310,056,74
306,919.59
303,562.85
299,971.13
296,127.99
292,015.83
287,615.82
282,907.81
277,870,24
272,480.04
266,712.53
260,541.29
253,938.06
246,872.60
239,312.57
231,223.33
222,567.85
213,306.48
203,396.81
192,793.47
181,447.90
169,308.13
156,318.58
142,419.77
127,548.03
111,635.28
94,608.63
76,390.12
63,106.59
48,893.21
33,684.89
17,412.00
0.00
rep. by. Inane parimn ay 71ns OVXY% iuwnTA%il3 MIMYw?vuaSTLNSIorslkaNK.WKI
Amount
TRUSTEES OF THE EMPLOYEES' PENSION FUND Item #
Meeting Date:
Agenda Cover Memorandum
Subject:
Pension to be -Granted.
Recommendation/Motion:
Fred C. Ratley, Construction Inspector I, Central Permitting Department, be granted a regular
pension under Section(s) 2.393 and 2.397 of the Employees' Pension Plan as approved by t h e
Pension Advisory Committee.
[] and that the appropriate officials be authorized to execute same.
BACKGROUND:
Fred C. Ratley, Construction Inspector I, Central Permitting
Department, was employed by the City on February 9, 1966, and began participating as a full-
time employee in the Pension Plan on that date. His retirement will be effective on February 16,
1996.
Mr, Ratley's pension was approved by the pension Advisory Committee (PAC) on January 25, 1996.
Section 2,393 (p) defines normal retirement date as when a participant reaches age 55 and has
completed twenty years of credited service or when the participant has completed thirty years of
credited service regardless of age. Mr. Ratley is eligible under either criteria.
Based on an average salary of approximately $35 ,843.99 per year over the past five years, the
formula for computing regular pensions, and Mr. Ratiey's selection of tile 1009b Joint & Survivor
Annuity, this pension will approximate $29,139.48 annually. Charts from Finance which take into
consideration mortality rates and age reflect the "present value cost of financing" this pension
will be approximately $387,668.72: The estimated pension cost (cash payout over the life of t h e
pensioner and his spouse) is $990,742.
Reviewed by: Originating Dept:
Human Resources
Legal NA_ , -{
Budget NA__
Purchasing NA User Dept.:
Risk Mgmt. NA
CIS 'WA
ACM j Advertised:
Other 126 Date:
c'?) Paper:
? Not required
Submitted by: Affected parties
? Notified
? Not required
Costs: $3-6,7,669
Total
Funding Source:
? Capt. imp.
? Operating
? Other Pension
Appropriation Code:
Commission Action:
? Approved
? Approved w/conditions
? Denied
? Continued to:
Attachments:
Letter(s)
? None
City Manager I
Hurnon Resources Department
(813) 462-6870
C I 'T' Y Y C L E A.'R W A T E R
POST OFFICE BOX 4740
CLEARWATER, FLORIDA 34618-4748
TQ Honorable Mayor and Members of the City Commission as Trustees of the
Employees' Pension Plan
FROM: Pension Advisory Committee
COPIES: Debbie Bailey, Payroll Services Manager
Employee's File
SUBJECT: Regular Pension-Fred C. Ratley
DATE: January 25, .1996
The Pension Advisory Committee received an application for regular pension from Fred C.
Ratley on January 25, 1996.
Mr, Ratley was employed by the City on February' 9, 1966, and has been a participant in t h e
Pension flan since that 'date. The amount of Mr. Ratley's pension will be computed by t h e
Finance Department at such time as his last five years of service and. Salary can b e
calculated.
By motion. made and duly carried at its meeting of January 25, 1996, the Pension Advisory
Committee approved/reconimended a regular pension based on years of service for Fred C.
Ratley in accordance with Sections 2.393 and 2.397 of the Pension Ordinance. This pension
will be effective on February 16, 1996, at the end of the day.
I hereby certify that the Pension Advisory Committee has approved the granting of a
regular retirement pension for Fred C. Ratley and the above dates are correct.
Secretary, Pensigh Advisory Committee
"Equal Employmont and Affirmative Action Employer"
PENSION REQUEST FORM
P r P d C l Pmen i s u a t ip y . do hereby apply to retirement from the
City of Clearwater General Employees' Pension Plan.
My job classification is Construction Inspector I and I work in the
Central Permitting Department Twilding Const Division.
My benefits date is 02/09/65 My date of hive is 02/09/55
My date of birth is 0 5 / 2 9 / 4 5 ' My resignation date is 02 15 /96.
My spouse's name is Doris Gail Ratley and birthday is 06/21/45
Dependent children under the age of 18 and residing in my household are:
Child's Name Sex
. N/A _
The type of pension for which 1 am applying is (check only one):
xx Regular Pension based on years of service
Job-connected Disability Pension
Non-job-connected Disability Pension
The City of Clearwater Employees' Pension Plan provides multiple options to Plan Participants as to
the manner of the pension benefit payment. Option l below represents the standard or normal form of
retirement benefit. The other optional forms (#2 - #6) shall be computed to be the Actuarial
Equivalent of the normal benefit.
Option 1 - Joint and Survivor Annuity
The normal form of retirement benefit shall be an annuity paid monthly for the life of the
Participant, with a 100% survivor annuity paid montlily for a period of five years following the
death of the Participant to the beneficiary, provided that following such five year period the
survivor annuity shall be reduced to $0% of the original survivor annuity amount. [See section
2.397 (a) (3) (A)] The Participmrt's surviving spouse receives the designated amount for the
rest of his/her life or until he/site remarries. If no surviving spouse, dependent children under
the age of 18, shall be deemed to be the beneficiary and receive the designated amount until the
age of 18. [Section 2.397 (a) (3) and Section 2.398 (e) (3)]
O tion 2 - Life Anntri
The Participant receives his/her pension as long as he/she lives. Upon the deatli of the
Participant, benefits cease. [Section 2.398 (b) (2) (A) (i)]
Option -14 Year Certain & Life_Annu tY- (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies before
120 monthly payments have been made, the remaining payments up to the 120 payments are
made to his/her beneficiary, or the his estate if his/her beneficiary is not alive. [Section 2.398
(b) (2) (A) (ii)]
Date of Birth
:j
3
. i
y
?i
Q ti2n 4 - SV/e Joint do Survivor Annuity » (must designate a beneficiary)
The Participant receives NO= pension as long as he/she lives. If the Participant dies first, the
beneficiary receives 50% of the pension for the rest of their fife. If the beneficiary dies first„
the Participant continues to receive 1000/9 of his/her pension and upon his/her death, benefits
cease. [Section 2.398 (b) (2) (A) (iii)]
02t an 5 -15% Joint & Survivor Annuity - (must designate a beneficiary)
The Participant receives hisifher pension as long as he/she lives. If the Participant dies first, the
beneficiary receives 75% of the pension for the rest of their life. If the beneficiary dies first,
the Participant continues to receive 144°/0 of his/her pension and upon his/her death, benefits
crease. [Section 2.398 (b) (2) (A) (iii)]
Uption_6 - 100% Joint do Survivor Annuity - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the
beneficiary receives 100% of the pension for the rest of their life. If the beneficiary dies first,
the Participant continues to receive 100% of his/her pension and upon his/her death, benefits
cease. [Section 2.398 (b) (2) (A) (iii)]
I have considered the normal form of benefit payment under such Plan (which is designated on this
Form as Option l) and the various aitemative optional benefit payment methods (Options 2 through'6)
under such Plan and have elected to receive my retirement benefits as indicated below. (Note: Option .
selection to be indicated both by Number and Description.) I understand that once this Form is signed,
my decision is irrevocable.
Employee's. Signature: .cLQ
Employee's SSN: 264-70-1697
Option 4: 6 Description: 100% Joint Survivor Annuity
My designated beneficiary is: Doris Gail Rat 1 e
Date of Birth: 6/2 1 45 Social Security Number. 266-66-6783
C)l - Lg - /'q q to
STATE OF FLORIDA Th fore mig instrument was acknowl d ed before me this
COUNTY OF PINELLAS try ?? who is .1-7 C'\ . ("*rsonally known me or who has provided
`asidehfi ication and who did/did not take an oath.
otary Public
ame of Notary Printed
My Commission expires:
F i A OFA : SILA
CY?S.MiiA M A..VDE:t N
NOTARY PUBUC SWE OF FLORMA
COSIMMION NO. CC~9760
MY COMMISSM FXP. SEPT 21.t9,n
CITY OF CLEARVNA'T?R, FLORIDA
STATEMENT OF RESIGNATION
. Fred C. Ratley .., employed as Building, Inspector I
in On Construction Division of Central Permitting Dcparttttcnl
do hereby resign front the service of the City of Clearwater. I request that this resignation he duly accepted by my Ekpart-
mem Head and the Appointing Authority to bccontc eftetivc on February 16, 1996
end of P.M. lee- /V e -e. 0,-4 ?njSia+til
at }h 4'-y A.M. The reason for this resignation is as follows:
Em to ee"% si nature ? Dote signed P Y 264-70-1697
DEPARTMENT ACTION: -- -
Approved by Division Head Date -
Division Head Comments (Optional)
Approved by Department Head Datc
Drpannicnt Head Comments (Optional)
ACTION OF APPOINTING AUTHORITY
I accept this resignation to become effective on the date and at the tintc shown Axwe.
Date
Appointing Authority
Appeointing Authority Comments (Optionall
IMPORTANT NOTE: The reason for this resignation must be shown in the space provided. The original Vorm. when
rigncd by the employee and the division and department head. is to be attached to the personnel uctiion sheet and forwarded
to the Personnel Oftice. Personnel action sheet must reflect the status of any City monies due to or by this employee
in accorduncc with the Civil Service Rules and collective bargaining aprevntcnts currently in cA!ect.
k,ti,el :•K7
t ,
CITY OF CLEARWATER
GENERAL EMPLOYEES' PENSION PLAN OPTIONS
OPTION #1 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 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 1/2 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 10/1/90 or Fire bargaining
employees hired prior to 10/1/88,
OPTION #3 Police bargaining employees can split their accumulated Nick time at
fine-quarter pay and one-quarter early retirement time. That portion
received as one-quarter pay will' have no deduction 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 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.
Only available to Police employees hired prior to 110/1/90 covered by the
FOP 10 or the Sergeants and Lieutenants labor contracts.
#i##r#*s?i#+k#sk#sM#4*#isMit##isw###f#*sk*#??f?is*#i#YiFsM#1iislskts?iislr0?***Ir*??##i«f?**?•
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 # 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 #: 70 -16 9 ? .?
WITNESSES: ADDRESS- - l0 51 4 a e- W011 c( 2 V
Revised 1196
S'. .IE: '.4 .ie, a
1? .I
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Estimated Pension Worksheet
Fred, C. Ratley
264-70-1697
CALENDAR GqOSS
PENSi0N
YEAR EARNINGS
PENSIONEFFDATE: .2!17196 1991 $32,445.96
'FORMULA DATE: 2/16/96 1992 $37,550.69
BENEFITS DATE: 219166 1993 $35,674.19
TOTAL WORKED: 30.0222 1,994 $35,765.37
'1995 $37,783.75
$179,219.96 (5 Year Total)
5 / $35,843.99 (Yearly Avg)
12/ $2,987.00 (Monthly Avg)
x 0.0275 (Benefit Rate)
x 30.0222 (Yrs of Service)
$2,466.10 (Est Mtiy Pension)
Signature:
Dater k lkQlq in
i
i 9VICLI i[a+ %-jW9L *. [in
Spouse Date of Birth: 6 21 1945
beneficiary Date of Birth: 6 21 1945
Benefit Commencement Date : 2 17 1996 `
Estimated Monthly' Pension: $2,466,.10
Actuarial Equivalent Reduction Factors:
Facto r
Normal Form 11.0000
Life Annuity 1.0664
10 Year Certain 1.0560
L -. .50% J&S 1.0239
75% AS 1.0039
100% J&S 0.9847
ESTIMATE
Est. Pmt.
$2,466.10
$2,629.89
$2,604.30
$2,525.07
$2,475,74
$2,428.29
lih?
Exaected Pension Cost [Cash Pavout Over Life of Pensioner and Beneficia
P esent Value of Expected Pension Cost
Pensioner. Fred C. Ratley Pension Eff ective Date: 2/16/96
Annual Interest Rate _ 7.0%
Annual Pension Amou nt _$29,139.48
Pensioner Sex Male
Pensioner Age 50
Pensioner Ufe Expectancy 77
Years Remaining _
28
Beneficiary Age 60
Beneficiary Life Expectancy 83
Years Remainin 34
100% Joint $ Survivor Annuli
# ,Pensioner Beneficiary Present Annual Amount
Years Age Aqe Value Interest Paid Balance
1 50 50 387 668.72 26,116.93 29,139.48 384,646.17
2 51 51 645.17 25,905.35 29,1 39.4 8 381,412.04
3 52 52 381,412.04 25,678.96 377,951.52
4 53 53 377,951.52 25,436.72 29,1 39.4 8 374,248.76
5 54 54 374,248.76 25,177.53 29,1 39,4 8 370,286.81
6 55 55 370,286.81 24,900.20 366,047.53
7 56 56 366,047.53 24,603.45 29,1 39.4 8 361,511.49
8 57 57 361,511.49 24,285.92 29.1 39.4 8 356,657.94
9 58 58 356,657.94 23,946.17 29,1 39.4 8 351,464.63
10 59 59 351,464.63 23,582.64 29,1 39.4 8 345,907.79
11 60 60 345,907.79 23,193.66 29,1 39.4 8 339,961.98
12 61 61 339,961.98 22,777.46 29,1 39.4 8 333,599.95
13 62 62 333,599.95 22,332.11 29,1 39.4 8 326,792.59
14 63 63 326,792.59 21,855.60 29,1 39.4 8 319,508.71
15 64 64 319,508.71 21,345.73 _ 29, 39.4 8 311,714.96
16 65 65 311,714.96 20,800.17 29,1 39.4 8 303,375.64
17 66 66 303,375.64 20,216.41 294,452.57
18 67 67 294,452.57 19,591.80 284,904.89
19 68 68 284,904.89 18,923.46 29,1 39.4 8 274,688.87
20 69 69 274,688.87 18,208.34 29 ' 1 39.4 8 263,757.73
21 70 70 263,757.73 17,443.16 1 39-4 8 252,061.41
22 71 71 252,061.41 16,624.42 29,1 39-4 8 239,546.35
23 72 72 239,546.35 15,748.36 29,1 39.4 8 226,155.23
24 73 73 226,155.23 14,810.98 29,1 39,4 8 211,826.74
25 74 74 211,826.74 13,807.99 29,1 39.4 8 196,495.25
26 75 75 196,495.25 12,734.79 29,1 39.4 8 180,090.55
27 76 76 180,090.55 11,586.46 29 1 39.4 8 162,537.53
28 77 77 162,537.53 10,357.75 1 39.4 8 143,755.79
29 78 78 143,755.79 9,043.02 29,1 39.4 8 1 123,659.34
30 79 79 123,659.34 7,636,27 29,1 39. 81 102,156.13
31 80 80 102,156.13 6,131,05 29,1 39.4 8 79,147.70
32 81 81 79,147.70 4,520.46 54,528.67
33 82 82 54,528.67 2,797.13 291 39-4 8 28,186.32
34 83 83 28,186.32 953.16 0.00
rcpa FIRM partment ay 15vins 01710961I:WATAltmMJ-SVRAVWllrl'WMONWAILLIY.WK1
TRUSTEES
'OF THE EMPLOYEES' PENSION FUND Item .#
Meeting Date:
Agenda Cover Memorandum
(sit
Subject: T
Pension to be Granted.
Recommendation/Motion:
Richard N Valentine, Police Officer, Police Department, be granted a regular pension under
Section(s) 2.393 and 2.397 of the Employees' Pension Plan as recommended by the Pension
Advisory Committee.
? and that the appropriate officials be authorized to execute same.
BACKGRCXJND:
Richard N Valentine, Police Officer, Police Department, was employed by the. City
on February 28, 1972, and his pension service credit is effective that date. His retirement was
effective on January. 19, .1996.
Officer Valentine's pension was approved by the Pension: Advisory Committee (PAC) on January
25, 1996. Section 2.393 (p) provides for normal retirement eligibility when a participant has
completed 20 Years of Credited Service in a type of employment described as "hazardous duty" and
further specifically defines service as a sworn police officer as meeting the hazardous duty
criteria.
Based an an average salary of approximately $46,168.54 per year over the past five years and t h e
formula for computing regular pensions, and Officer Valentine's selection of the 100% Joint
Survivor Annuity, this pension will approximate $29,903.64 annually. Charts from Finance which
take into consideration mortality rates and age reflect the "present value cost of financing" this
pension will be approximately $394,733.21. The estimated pension cost (cash payout over the life
of the pensioner and hislher spouse) is $986,820.
Reviewed by: Originating Dept:
Human Resource.,
Legal NA
Budget N8 I
Purchasing _ NA User Dept.:
Risk Mgmt. NA
CIS b1A
ACM {r ?- Advertised:
Other NA Date:
tt Paper:
? Not required
Submitted by: Affected parties
? Notified
? Not required
Costs: `4.733
Total
Funding Source:
? Capt. Imp.
? Operating
? Other PQJ2ion
Appropriation Code:
64Q-07410-514100-5
8
fJRQ
Commission Action:
? Approved
? Approved w/conditions
? Denied
? Continued to:
Attachments:
Letter(s)
? None
City Manager
it it
TEA
Human Resources Department
(819) 4824870
C I T Y OF C IJ E A R W A T E R
POST OFFICE BOX 4744
CLEARWATER, FLORIDA 34618-4748
7) Honorable Mayor and Members of the City Commission as Trustees of • the
Employees' Pension Plan.
FROM: Pension Advisory ..Committee
COPIES: Debbie Bailey, Payroll Services Manager
Employee's. File.
SUBJECT: Regular Pension-Richard N. Valentine
DATE:. . January, 25, 1996
The Pension Advisory Committee received an application for regular pension from Richard
N. Valentine on January 25, 1996.
Mr. Valentine was employed by the City oil February 28, 1972, and has been a participant in
the Pension Plan since that date. The amount of Mr. Valentine's pension will be computed
by the Finance Department • at such time as his last five years of service and salary can b e
calculated.
By motion made and duly carried at its meeting of January 25, 1996, the Pension Advisory
Committee approved/recommended a regular pension based on years of service for Richard
N. Valentine in accordance with Sections 2,393 and 2.397 of the Pension Ordinance. This
pension will be effective on January 19, 1996, at the end of the day.
I hereby certify that the Pension Advisory Committee has approved the granting of a
regular retirement pension for Richard N. Valentine and the above dates are correct.
'Equal Employmont and Affirmativo Action Employer`
Advisory Committee
[it- . ..
PENNON REQUEST` FORM
I, 13. k 0- E T_ do hereby apply to retirement from the
City of Clearwater General Employees' Pension Plan
My job classification is o 0 U t c
00 L ? c G Department,
and I work in the
Division.
My benefits date is a 7 3- My date of hire is Al ?, R 1-7 :)-
My date of birth is ? ? - 1 S I u 5 My resignations date is l i q I9 Lc
My spouse's name is . k-e- i\ w i1% V ? Lawi ?ps c - and birthday is ka - Ls gsl
Dependent children under the age of 18 and residing in my household are:
Child's Name Sex Date of Birth
tv `'N The type of pension for which I am applying is (check only one):
Regular Pension based on years of service
Job-connected Disability Pension
Non-job-connected Disability Pension
The City of Clearwater Employees' Pension Plan provides multiple options to Plan Participants as to
the manner of the pension benefit payment. Option I below represents the standard or normal form of
retirement benefit. The other optional forms (#2 - #6) shall be computed to be the Actuarial
Equivalent of the normal benefit.
A tion 1- Joint and Survivor Annul
The normal form of retirement benefit shall be an annuity paid monthly for the life of the
Participant, with a 100% survivor annuity paid monthly for a period of five years following the
death of the Participant to the beneficiary, provided that following such five year period the
survivor annuity shall be reduced to 5001@ of the original survivor annuity amount. [See section
2.397 (a) (3) (A)] The Participant's surviving spouse receives the designated amount for the
rest of his/her life or until he/she remarries. If no surviving spouse, dependent children under
the age of 18, shall be deemed to be the beneficiary and restive the designated amount until the
age of 18. [Section 2.397 (a) (3) and Section 2.398 (e) (3)]
Option 2 - Life Annaift
The Participant receives his/her pension as long as he/she lives. Upon, the death of the
Participant, benefits cease. [Section 2.398 (b) (2) (A) (i)]
Option 3 -10 Year Certain & Life Annuity - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies before
120 monthly payments have been made, the remaining payments up to the 120 payments are
made to his/her beneficiary, or the his estate if his/her beneficiary is not alive. [Section 2.398
(b) (2) (A) (ii)]
Optfau !L - __A Kist & &[*or AesyitX - (®ast desi?aaate a beae!"iclxry)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the
beneficiary receives 50'/a of the pension for the rest of their life. If the beneficiary dies first,
the Participant continues to receive 100'/o of his/her pension and upon his/her death, benefits
erase. [Section 2,398 (b) (2) (A) (iii)]
_4jtion_S -.L5% Joint do Survivor Annuity - (must designate a be nefiaclary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the
beneficiary receives 75% of the pension for the rest of their life. If the beneficiary dies first,
the Participant continues to receive 1000/a of his/her pension and upon his/her death, benefits
cease. [Section 2.398 (b) (2) (A) (iii))
Option _6 -100% Joint & Survivor Annuity - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the
beneficiary receives IGO% of the pension for the rest of their life. If the beneficiary dies first,
the Participant continues to receive 100% of his/her pension and upon his/her death, benefits
cease. [Section 2.398 (b) (2) (A) (iii))
I have considered the normal form of benefit payment under such Plan (which is designated on this
Form as Option 1) and the various alternative optional benefit payment methods (Options 2 through 6)
under such Plan and have elected to receive my retirement benefits as indicated below. (Note: Option
selection to be indicated both by Number and Description.) I understand that once this Form is signed,
my decision is irrevocable.
Option #: EC=ription: SC702m Za,nr + .?vrzV vt72 W:T4..._
My designated beneficiary is: 0 A 1-- NA kA-- 1- ?.ZS'
Data of Birth: -% - a - S _ Social Security Number. _ _ - U 4 - e4 z 5 Z.
Employee's Signf
Employee's SSN:
Date: _ k- 0-g k
STATE OF FLORIDA The?foggoing instrument was acknowledged before me this
COUNTY OF PINELLAS . 7 aS r20_ f ce by kr-kcua ? . gcJE Al?? who is
personally known to me or who has r?ovided
as identification and who did/did not take an oath.
?? Notary Public
fir ' h'h ,? MADRA E. IYI?'S
?." earcowmsstm es exaiew am:vs Name of Notary Printed
My Commission expires: /°?c'
C1TI' OF CLEARWA'fER9 IFLORImA
STATEMENT F RESIGNATION
i. . LS kkt O M- C 10S 1 r'' e...-.... employed im ..-.. G 1 ?ci C-??F ?C C fL
in the Division' of -9o Sri L _ Department
doti hereby m.-Ign fnfm the service of the city o Clearwater. I request that this resignation be duly arcrlxe?d by my Depart.
tuent Head and the Appointing Authority to bccomc effective on . R+Ju ?._ 1`??i(o
t r.s p ar P.M.
at .?L`?...A.M. The rcum)n for this resignation is as follows: ?C T I Q,E U N p c R ??V U LQr FL-
NS?vN
Employee's AS Date tiigncd_ 1- t -7
DEPARTMENT ACTION:
Approved by Division-,'Head Date
Division Head Comments (Optional)
Approve,( by Department Head Datc
Depurtm:nt Head Comment% (Optional)
ACTION OF APPOINTING AUTHORITY .._ _.._,
I accept this resignation to become effective on the date and at the tine shoiwn :tlxtve.
l}at?
Appointing Authority
Appointing Authority Comments (Optional)
IMPORTANT :VOTE: The reason far this resignations must be shown in the space provided. The original farm, when
.. net! by the employee and the division and department head. is to be attached to the person net action sheet and fonw:trdcd
to the Peruonnel Office. Personnel action shat must reflect the status of any City nxsnics due to or by this employee
in a coirdanec with the Civil Service Rules and collective bargaining agrowmcnis currently in effect.
a,.%#WW :•K7 0
d
CITY OF CLEARWATER
GENERAL EMPLOYEES' PENSION PLAN OPTIONS
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 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 1/2 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 1011/90 or Fire bargaining
employees hired prior to 10/1/$$.
OPTION #3 Police bargaining employees can split their accumulated sick time at
one-quarter pay and one-quarter early retirement time. That portion
received as one-quarter pay will have no deduction 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 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.
Only available to p,Q[ic, employees hired prior to 10/2/90 covered by the
FOP 10 or the Sergeants and lieutenants labor contracts,
iC
I, = Tti ?L 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 W ?- and wish my benefits to be calculated under this option.
I- understand that once this form is signed, my decision is irrevocable.
EMPLOYEE'S SIGNAT
SOCIAL SECURITY #• 15 x -3 ' ?o o .,.,_._.._._._._..
SES. ADDRESS: _ _ _ _L..] 4 +=1Z+ ?? C,_ _ .?
ti ? w, t, ?3
DATE: - - - ?sc,-_ ? ?' - -- - -
Revised 1/96
010S.
City of Clearwater Employees' Pension Plan
Actuarial Equivalence Factors .
1!17/96
ESTIMATE. sm .
clractOl
Version:
Employee Name:' . Richard N. Valentine 12-29-95
Employee Date of Birth: 8 5 1945
Marital Status: M
Spouse Date of Birth: 10 .25 1944
Beneficiary' Date of Birth: 10 '25 1944
Benefit Commencement Date : 1 20 1996
Estimated Monthly Pension: $2,527.51
Actuarial Equivalent Reduction Factors:
Facto r Est.. Pmt.
Normal Form 1.0000 $2,527.51
Life. Annuity 1.0605 $2,680.44
" 10 Year Certain 1.0512 $2,656.82
50% J&S 1.0219 $2,582.77
75% J&S 1.0036 $2,536.55
100% J&S 0.9859 $2,491.97
ESTIMATE
Estimated Pension' Worksheet .,
Richard'. N. Valentine
,,. 158-12-2090,
PENSION DATE: 1120/96
FORMULA DATE: 1/19/96
BENEFITS DATE: 2/28/72
TOTAL WORKED: 23,8889
•
CALENDAR C?iOfiS
PENSION
YEAR EARNINGS
1991 $41,643.36
1992 $46,582.57
1993 $46,006.99
1994 $47,552.77
.1995 $49,057.03
$230,842.72 (5 Year Total)
5/ $46,168.54 (Yearly Avg)
121 $3,847.38 (Monthly Avg)
x 0.0275 (Benefit pate)
x 23.8889 (Yrs of Service)
i r M[ i
$2,527.5 (E;Xt t y Pens on)
Signature: "c,
bate.' 1 M?
Expected Pel3sion Cost (Cash Payout Over Life of Pensioner and Beneficiary)
Present Value of Expected Pension Cost
Pensioner: Richard N. Valentine Pension Effective Date:
Annual Interest Rate
Annual Pension Amount
Pensioner Sex
Pensioner Ago
Pensioner Ufa Expectancy
Years Remaining
Beneficiary Age
Beneficiary Ufa Expectancy
Years Remainin
100% Joint & Survivor Annuity
# Pensioner Beneficiary Present
Years Age Age Value
1 50 51 394 733.21
2 51 52 1,414.27
3 52 53 387,863.00
4 53 54 384,063.14
5 54 55 379,997.30
6 55, 56 375,646.84
7. 56 57 370,991.85
8 57 58 366,011.01
9 58 59 360,681,52
10 59 60 354,978.95
11 60 61 348,877.21
12 61 62 342,348.35
13 62 63 335,362.47
14 63 64 327,887.57
15 64 65 319,889.44
16 65 66 311,331,43
17 66 67 302,174,36
18 67 68 292,376.30
19 68 69 281,892.37
20 69 70 270,674.57
21 70 71 258,671.53
22 71 72 245,828.26
23 72 73 232,085.98
24 73 74 217,381.73
25 74 75 201,648.18
26 75 76 184,813.29
27 76 77 166,799,95
28 77 78 147,525,68
29 78 79 126,902,21
30 79 80 104,835.09
31 80 81 81,223.28
32 81 82 55,958.65
33 82 83 28,925.48
Annual
Interest
26,584.70
26,352.37
26,103,78
25,837.79
25,553.18
25,248.65
24,922.80
24,574.14
24,201.08
23,801.90
23,374.78
22,917.76
22,428.75
21,905.50
21,345.63
20,746.57
20,105.58
19,419.71
18,685.84
17,900.59
17,060,38
16,161.35
15,199.39
14,170.09
13,068.75
11,890.30
10,629.37
9,280.17
7,836.53
6,291.83
4,639.00
2,670.48
978.16
7.0%
1119196
X29,903.64
_
Male
50
77
28
51
83
33
Amount
29,903.64
29,903.64
1 29.903.641
29 903.64
29 903.64
29 903.64
29.903.64
Balance
391,414.27
387,863.00
384,063.14
379,997.30
375,646.84
370,991,85
366,011.01
360,681.52
354,978.95
340,877.21
342,348.35
335,362.47
327,887.57
319,889.44
311,331.43
302,174.36
292,376.30
281,892.37
270,674.57
258,571,53
245,828.26
232,085.98
217,381.73
201,648.18
184,813.29
166,799.95
147,525,68
126,902.21
104,835,09
81,223.28
55,958.65
28,925,48
0.00
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