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04-15-1996I'''. t.-tr.(•'?'r•.?:F= it 1 i, 47,. 1. per 'd?' ' f', • i? ? ?, ? ? ? ? '?s' ' .1.' .y'.': .,y? `F. '. e.. ?f..?F? .i ??.. L•;'f ,iv.r' ?``+..? 9.'r'' (??=' ?°' •i: ? 7. s'.''E • .p,,.'. •. '. }: .[' rl,a:''E',(•"t.-.r.J??t'YeY'. .,':'} .?„•? ef•:'>r a;,.?;?r':.:'?t: ,?+• .T tt C<, :f•'`i •`1•. •.ES =?-' iVE c? t rS E ; ??;eti? [,h . ,}? : '" ..+ ° :e . l .7 r•S :•F•;. • ;t ,!. c'i?.. `:'? !'. ' F.Tr ?''.k(?? j i .s?s2? ? l ?- ..r ".?{• , ? "' # ,r,?t'' f•?e x• ? !:'a.,i :?'•'s:?. ?' • 1' °.k :. '1?r`.. 1''1,. ''fir'? • l . i?•, ':.. ` ..1 . , < 7s•1.s'r'-ts 4Ib #'S;` ?., -?Ee3 '`?? :Fa' za rb Fa 'f?.: c ?s r:t 1?'r _:a, ,'f,?+e, :4'.°. <1" ? j?. ?{;. •h ::?. :i'•? ^,? '[• "rJ.":1:.' r1. 'i c. /?? e 6t .?.4•:4?...t???? ?. J•,e?ka FS? it •?. ,ki,! ? .ls5' :it. is ,'f,., ?'f ,.y.:r •' s:;'r .t .i,.:.. 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S ?'[;' f'. f 'if c.: .F r [ J ?f. 1 f ' ACTION A GENDA Board of Trustees of the Employees' Pension Fund April 15, 1998 s 1. Call,to order 1,:., 9:05 a.m.. ' 2, ' Approval of Minutes 2.- Approved as submitted.. of 411196 , +l;,,,`.. • 3.. Non-Job-Connected Disability 3. Approved. ! Pen'sion'to be granted: , David L. Ford ' 4. Authorize staff to conduct a 4. Approved. . ' search for a "value" style equity, manager for the Employees Pension Fund; authorize Callen & C Associates to assist with the search; & authorize the costs of the search to be paid from the pension fund 5. Other Business: 5. None. 6. Adjournment: 6. 9:22 a. m. E i ? TRUSTEES OF THE EMPLOYEES' PENSION FUND . Agenda Cover Memorandum Item Meeting Gate: 15 / 9 6 Subject:, Pension(s) To Be Granted Recommendation/Motion: David L. Ford, Spray Technician, Parks & Recreation Department, be granted a non-job-connected disability pension under Section(s) 2.393 and/or 2.397 of the Employees' Pension Plan as recommended by the Pension Advisory Committee. 0 and that the appropriate officials be authorized to execute same, BACKGROUND: David L. Ford, Spray Technician, Parks & Recreation Department, was employed by the City of Clearwater Parks & Recreation Department as a Maintenance Worker i on August 17, 1981, and began participating in the Pension Plan on that date. On August 29, 1994, he was promoted to Spray Technician;, however, prior to that date he had been regularly working ' with the City's spray program. Mr. Ford submitted a pension request for a job-connected disability pension to the Pension Advisory Committee (PAC) based on a diagnosis of severe dilated card iomyopathy. The PAC, upon review of the documentation provided by Mr. Ford, was of the view that Mr. Ford is, in fact, totally disabled. However; whether the cause of. the disability is related to the job was not established to the point at which the PAC could endorse a job-connected disability pension. The PAC, recognizing that Mr. Ford had exhausted all leave benefits, determined that it would be appropriate to approve a non-job-connected disability pension with the understanding that Mr. Ford may continue to provide additional medical documentation in support of job-relatedness and the PAC may revisit the issue of job-related vs. non-job-related at such time as that documentation is provided. The Risk Management Division advised the PAC that Mr. Ford submitted a claim for Workers' Compensation benefits but that claim was denied and is currently under appeal. Medical documentation provided to support the awarding of a non-job-connected disability pension includes a letter dated December 8, 1995, from Walter G. Johnson, M.D., which indicates that Mr. Ford suffers Frain "...severe dilated cardiomyopathy with markedly depressed ejection fraction estimated at 20%...... Dr. Johnson states, "He is unable to do even minimal exertion, Reviewed by: Legal N_ Budget NA Purchasing NA Risk Mgmt. NA CIS A,?-- ACPA - Other Submitted by: City Manager Originating Dept: Human Resources User Dept.: Advertised: Date: Paper: ? Not required Affected parties ? Notified ? Not 'required costs: $127.11 Commission Action: Total ? Approved ? Approved w/condflions Current FY ? Denied ? Continued to: Funding Source: ? Capt. Imp. ? Operating ? Other Mansion--_ Appropriation Code: Attachments: Letter(s) 646-07410-514300-585- ODD ? None ?- • .. r n jy? a April 1.5,.1996 i? t without suffering from fatigue and dyspnea on exertion...." Dr. Peter J. Berman, by letter of March 12, 1996, states that Mr.' Ford "...suffers from an end stage dilated cardiomyopnthy with severe LV dysfunction... possibly as a result of longstanding, poorly controlled hypertension...." He further related that' "He was evaluated for cardiac transplantation and , if he-'does 'poorly on medical therapy' would be a candidate for this drastic treatment. The patient is permanently 'disabled by all criteria and is unable to be gainfully employed i n any position. This process is not reversible...." . By letter dated March 12, 1996, Dr. Steven W. Smith of the Tampa Bay Health Care Group relates that due to his cardiomyopathy Mr. Ford ",..is quite' prone to having congestive heart failure..." and that . because of multiple medical problems "In my medical opinion, -Mr.' Ford will likely be permanently impaired 'from `employment unless his heart function improves or if he is able to have 'a heart transplantation...." The City has evaluated the medical documentation provided and has concluded that no alternative job 'assignment exists to which Mr. Ford can be placed with the severity of his limitations. Based on an' average salary of approximately $22,739 over the past five' years and the formula ` for. computing non-job-connected disability pensions, this pension will approximate $9,130 annually. Charts from Finance which take into consideration mortality, rates and age reflect the "present value cost of financing" this pension will be approximately $127,115. The estimated pension cost (cash payout over the life of t h e pensioner and his/her beneficiary) is $383,447. U Human Resources Department (813) 462.6870 FROM: COPIES: SUBJECT: DATE: C IT YO F C IL E A R W A T E R POST OFFICE BOX 4748 CLEARWATER, FLORIDA 3461 8-4748 Honorable Mayor and Members of the City Commission as Trustees of the Employees' Pension, Plan Pension Advisory Committee Debbie Bailey, Payroll Services Manager Employee's File Pension for David L. Ford---Non-job-connected Disability Pension March 21, 1996 The Pension Advisory Committee (PAC) received an application for disability pension from David L. Ford on 'January 16, 1996. Mr. Ford has been determined by the Pension Advisory Committee to meet the requirements of the. Pension Plan for a non-job-connected disability pension. He was employed by the City an August 17, 1981, and began participating in the pension plan on that date. 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 March 21, 1996, the Pension Advisory Committee approved/recommended the granting of a non-job-connected disability pension to Mr. Ford in accordance with provisions of Section 2.396 of the City Code. This pension will be effective on a date to be determined. The amount of Mr. Ford's pension will be calculated by the Finance- Department according to the formula in the Pension Plan for non-job-connnected disability pension at such time as his last five years of service and salary can be computed. I hereby certify that the Pension Advisory Committee has approved the granting, of a non- job-connected disability pension for David L. Ford and that the above dates are correct. Chairman, Pension A 61 -Committee r ' Equni Empioymont and Alf irmativo Action Employer" PENSION REQUEST FORM e 1, - Fes' do hereby apply for retirement from the City of Clearwater General Employees' Pension Plan. My benefits date is (Entry date Into pension plan) M y date of hire is -,c i- 17 j 1 My birthday is 0rJ' Icr lot, My job classification is - j2M -echr] jC-1 A r7 and I work in the Department. IV+jrsglr Division. My resignation date is The type of pension for which I am applying is (check only one): Regular Pension based on years of service ? .Yob-connected Disability Pension Non-job-connected Disability Pension My spouse's nr'me is: er Dep endent children under the age of 18 and residing in my hoiusehold are: L - ):iv, 1< Ec?r'd :Se-12 1_9_s-1 ?i 5 - .. (Print Child's Full Name) (Child's Date of Birth) I hereby certify all of the above to be true and correcr-1 a "J i (S ignatur ,) (Date) ---111 STATE OF FLORIDA The foregoing instrument was acknowledged before me this COUNTY OF PINELLAS III JM' by wh o is personally known to me or who has produced as identification and who did/did not take an oath. P +ofzr/?S?. , . cute. Q Notary Public ,.? r:..:, ti, J- 1. ?r.!t?r, (Signature) - _ Commission No. d ?1j+ 0 ,NorgW-ar)t'] - lzLe.c)n (Name of Notary Printed) I ' o AT1'ACHMM B ,. CITY OF CLEARWATER GENERAL EMPLOYEES' PENSION PLAN' I i OPTIONS - GENERAL EMPLOYEES 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 8% 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 42: Employee can extend termination date by the time due (Only . available to for vacation, holiday pay, and 1/2 of accrued sick leave, , employees hired Termination date will be the final day of extended time, prior to 1011190) Pension benefits will begin the following day. fl A an employee of the City of Clearwater, hereby apply for pension benefits under the General Employees' Pension Plan. I hereby certify' that 1 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 it vocable. EMPLOYEES SIGNATURE: 'SOCIAL SECURITY 9:, a? C? !'?TNESSES: ADDRESS:. (? G ?Ci firs G{.? d IL' CIS •e.r? 3?? 1y j DATE:. / ?2 - ---- :I W ma MA wn t fwgft LCM ,A=A*=ANDCM=MA%XW DLNGNOSM CLW J 004h 4omarln. .Jr Ala rrrTTaOOlUft= n 1 A iAMrw R . '~ MAX rNTOWAL. We0cm .st *W k. YaM Y. Ems. YA Karts F- KLL+ MD akmdo+ 2 W0"ftr r, Ka NOSE At THROAT wrrw, s Oddit pica D40LCK Y Pf MDL i: 4=ML A, A. FTe+?.e Iaas1L r4.o. v?+-O`r ua MATTW341EG111TRIC RHEWATO JMY iiobrt W. F?r?d? Jry 61G. ugitC b'rJA0G7iY R9*0t P. U40W L MD. DKX0LTY1aACW4W11C 11AAWHO T. rd U. FMtl ua. 7YA WO Da.'CJIL SURaEW rt E HdraL MD. '?i'V~E = DECEMBER 08, 1995 PENSION ADVISORY COMMITTEE C/O MIKE LARSON SUMMI RESOURCE DIRECTOR P.O. BOX 4748 CLEARWATER FL 34618 RE: MR. DAVID L FORD 1200 KINGWOOD DR CLEARWATER, FL. 34619 CLINIC NO. 0300115 Dear Sir: David Ford is a 35-year-old black man, who was recently admitted to Largo Medical Center, in November of 1995, for congestive heart failure secondary to a severe, dilated cardiomyopathy. Unfortunately, his echocardiogram, done November 27, 1995, shows a'severe, dilated cardiomyopathy with markedly depressed ejection fraction estimated at 20%.. He also had significant valvular lesions, with moderate--to-severe mitral, aortic and tricuspid insufficiency. In view of his severe, dilated cardiomyopathy, I have suggested to Mr. Ford, that he apply for disability. He is unable to do even minimal exertion, without suffering from fatigue and dyspnea on exertion. 1331 weal say wyk largo, P4aida 3" P1rx»: (113) 311.44 3131 K fi4olAA" SoaM Road C"rwrdar, Honda 14621 Mom (813) ?26-W1 1443 & Fl. Kirwan Avwu^ P49o 304, Claw Meer. Horida 34616 Phone: (813)443.45M 4010 Tampa Roa4 Bub % Oldamor, Hadda 14477 Phorlm (113) U4-2301 CENTER FOR OUTPATIENT BURG ERY 1401 we" par DWIL Largo. Hallo 34640 PhWW' (113) su-4300 Jan= it Der 3% ma 1lcrirral.R "66M. Wn =CL IQNRA K MA Fift ME OPKTf4ALI CiLOWAXWOERYa ?r{If Y WALTER G JOHNSON, MI3 WGJ/JAD cc: Jerome Koser, D.O. 2143 Coachman Road NE Clearwater FL 34625 1331 Wet Say Df,* t.argo. Ronda 31610 Phww. 1113)311-V67 7171 N. McUu6sn 90cM RoP4 CManvolar. Raids 11621 Phone (213) 7264971 t463 9. FL F1wr*M AWINrR Soda 741, CSaarwala(. F9onda 34616 MOM (913) &13-4= 40.50 Tampa Road. &dur 9.OklKnar. Roma 31677 Phow (1113) DA-2308 CENTER FOR OUTPATIENT SURGERY 1401 well Bay Dena. LM$A Honda 34640 Phone: {1131315-9300 HeartCare Institute of Thmpa, March 12,1996' Hal 1. AWmbaaM?. M.D. P441W J. Berw h,11l,D. ow" Ode C640, M.D. Rmov4o P. Made W M.D. forgo R. 04aa, M.D. ldwwds P"tw f, M.D. )W"As E. ps", M.D. Soma 0. SoWI , M,D. Ibw*a W. W"06w. M.D. Alchar/ i. 1aw*nmh, M.D. CNIIIIAh Machado, M.D. City of Clearwater Human Resources Department Pension Advisory Committee Clearwater, FL RE: DAVID FORD Dear Sir: This is in response to, your inquiry concerning Mr. David Ford. The patient came under my care February 9, 1996 and was subsequently hosiitalized at University Community Hospital on February 20, 1996. From a cardiac standpoint he suffers from an end stage dilated cardiomyopathy with severe LV dysfunction. This is not based on coronary disease with normal coronary angiography at the time of catheterization but possibly as a result of longstanding, poorly controlled hypertension. In fact his hypertension was so refractory it took multiple consultants and an extremely potent regimen to bring it under control. He also required intravenous Inotropic therapy for his decompensated congestive heart failure but this also eventually came under adequate control. He was evaluated for cardiac, transplantation and if he does poorly on medical therapy would be a candidate for this drastic treatment. The patient is perxr:nPnfly dicahl'-d-by all criteria and is unable to be gainfully employed in any position. This process is not reversible. His overall prognosis is of course guarded due to his severe LV dysfunction. During his hospitalization he was also evaluated by pulmonary specialists. It was their feeling he was suffering from chronic, chemically induced bronchitis but further information concerning his impairment and prognosis based on this pathology should come through their office, You can direct further inquires to Drs. Bernal and Giraldo. Should you require any additional information concerning Mr. Ford's cardiovascular status please feel free to call at any time. Sincerely, PETER J. RE MPJB/ca312fordd: 3112196 t: 3113196 HeartCare Institute HeartCare Institute HearlCare Institute HearlCare Institute HeartCare Institute of Tampa CBTrollwood Alliliate St Joseph A[fitiaie Town 6 Country Affiliate Zephyrhills Altiliare 14324 Bute B. Downs Blvd: 7001 N. Dale Mabry 4600 North Habana 6101 Webb Road 38111 5th Avenue Tampa, Florida 33613.4612 Suite 6 suite a Suite 302 2ephyrhins, Florida 33541 Phone (B13) 971.4 544 Tampa, Florida 33614 Tampa, Florida 33614 Tampa, Florida 33615 Phone (813) 780 6667 FAX (8113J9724052 Phone (813) 931.7770 Phone (813) 876.0865 Phone (813) 882 0141 FAX (B 13) 788.6554 FAX (813) 932.6743 FAX (813) 674 0417 FAX (613) 685 4965 March 12, 1996 To Whom It May Concern, Mr. David Ford is a patient of mine with a severe cardiomyopathy. fie has an ejection fraction of approximately 15 to 20 percent with normal being 50 to 55 percent. He also has a history of severe hypertension requiring multiple medications to control his blood pressure. Due to his cardfomyopathy, he is quite prone to having congestive heart failure, requiring hospitalization. He has recently been released from the hospital due to an episode of congestive heart failure. 7-7 While in the hospital he was seen by Dr. Alvaranga from nephrology for his hypertension, Dr. Burman from cardiology for his dilated cardiomyopathy as well as his congestive heart failure. Due to the severe nature of his cardiomyopathy he is under consideration for cardiac transplantation. While in the hospital he' also saw Dr. Geraldo from pulmonary for interstitial pneumonitis. Dr. Geraldo felt that the patient has chronic chemical bronchitis but there was no.findings of a restrictive pulmonary process. Because of his multiple medical problems, listed above, he is unable to work. In my medical,' opinion-Mr.-Ford will likely be permanently impaired, from employment unless his heart function improves or if he is able to have a heart transplantation. However, in the foreseeable future, he is most definitely permanently disabled. His prognosis is at this time guarded. If you have any other further questions, please do not hesitate to contact me. Sincerely, Steven W. Smith, M.D. .Tampa Bay Health Care Group JLG/ke DD: 03/12/96 DT: 03/12/96 r ' Cfil Ulm 1w•Ca1p1161a ! FLORIDA DEPARTMENT OF LABOR AND EMPLOYMENT SECURITY DIVISION OF WORKERS' COMPENSATION 1-X342.1741 (w) conW y%w bot:al olko t e assislanoa NOTICE OF INJURY Report all deaths within 24 hoots (W4) 488.3044. FISH LAHhlch o t?.r u u ..,,RECD BY CARAIEA SfN7 YD UIVI$UoN RECEIVED NOV 15 `94 a04fts E"TEX( Ca elllil =A NAME (m Q r No and Irne -01 R David Ford 7 A A- IM 1112L'94' A: 3Q A t Zip) , -EMPWYEE ` 1 chemicals. 1200 Kingwood Drive CLw. FL 34619 Whirr ILLEVtIONE Am e.» 81" 797-4945 A M fl l A u i d I OCCLIPATIOff S h T 16.9. r pMion tVit Weds) rrper a asconO P tt ed r bs. t. sad polsor", etc.) pray ec nician 9102 Nausea U( 010 YOU RIOUEST MEDICAL CARE? M YES ONO 317 1 2 l b0 ®u ? F IF YES. DID EMPIAYEM PROVIDE MEDICAL? YES C3 NO Fuvr nrrria 1rvFn1Q1U&'nnnf FIRM'S kAME AND ADDRESS FEDERAL to. NUMBER DATE AND TIME FIRST REPORTED City of Clearwater Parks and Recreation Dept. 1681 W-C. COVIERAGE BY POL$CVMEMBER NUMBER P.O. box 4748 0MUK NCE 00. SEL#'.1NSURE0 Clearwater ,_FL 34618 - NAME. AbDRESS. TELEPHONE OF Y W TILEPWME &m c % 813 w..... 462-6116 INSURANCE CO. OR SERVICE COMPANY Johns Easfer Co I ILL OU CONTINUE To PAY SALARVT P YES C3 CVO PLACE OF ACCIDENT n nc. mpany, (Street, C+ty, County, Sute1 POO Office Bolt 3318 LAST DAY PAID THROUGH Coachman Park Sarasota R 34230 , 301 Drew Street 140- 749-3044 RATE OF PAY ?HR r-) WK Clearwater Pinellas rL NAME, ADDRESS AND TELEPHONE OF P O P C N A T S PER Q DAY QMO ` DID Tli£ EaAP1 t7YEE t(NOVr1NGLY REFUSE TO USE A SAFCT1f HY I IA O H I S AL 11/9/94 t+ovr>? 37 7 R "'p"r,aa?yot 4 APPLWVC>:PRMDEDBYVOU.THEEMPIDYERT ?YES 9NO Family Care Center Nu/n r & hour perW%gk ?/L1 GET MATE £fdPLOYED LAST DATE EMPLOYEE WORKED Number of days per Week S 08 1 17 ! 81 ! f PAID FOR DATE OF INJURY RETUNED TO WORK 10 YES 0 NO AUTHORIZED BY EMPLOYER 3O YES ONO YES N00 OF YES. GIVE DATE -11L 9-/.rg ( LOCATION ADDRESS WAS 1PLA) Y FATAL? ? YES 10 NO 1F YES. GIVE DATE OF DEAT3i..r,-L!.? (LOCATI)N ! IF APPLICABLE) AGREE WITH DESCRIPTtGN OF ACCOENTT NATURE OF BUSINESS X] YES ? NO IF NO ATTACH EXPLANATION HuniclRaIlM Mjr p?rsrn who, kno.ftV and wdt% Intent to Ir". defraud or dlt?rn any en+p?r or emp". ftumN* OwVa?y or sen.insumd DmQnm. tAes ony slata"rit of [ Clsran avnlalnin r I i t t m f I I l (d d d II h f Mi 4 d h " o g c y f m prei. e ??* ; s rr n jon s gu x w s" ly o a " o r oosry t e nd?oe V RNW P 0 Not available f521 lignatuXe !?==2L 11-]4 -q EIAMOYEE lStC WJURE N &AAw" b pni oArr VAP"NVI SJOHAIVAE OAIE Carrier Audrl d Location 0 Setvice CO. IF Carrier Fite 0 1. Contravaltlrg Case-DWC•12. NOTICE OF DENIAL-ATTACHED d 2. Lost Tkne Casa-Rata of Fiml Prdyrnent.,.._I I AWW Comp Rate First day of disability l ! - --Date of Fkal Contact with Claimant I1r?_w ? In Person 0 Telephone ? MaO --Notice Flied Due to Multiple Periods o(Disab4hy, Dates Covered by First Peymeni ? T.T.D. 0 T.P.D. Dale Farm Awc'd._, ? ! ? Cate.trophk ? P.T.D. ? Death 0 3. Medical Only which became a Lacs Time Case. (Corroete alt kr(orn ation in Nam 2 above) REMARKS: A=STER LES form aWC•t nlstt ?)IVISION COPY Item N Trustees Of The Employees Pension Plan Haeting Date: Agenda Cover Memorandum SUBJECT: Adding a "value" style equity manager for the Employees Pension Fund. RECOMMENDATION/MOTION: Authorize staff to conduct a search for a "value" style equity manager for the 'Employees Pension Fund, authorize Callen & Associates to assist with the search, authorize the costs of the search to be paid from the pension fund, ® and that the appropriate officials be authorized to execute same. BACKGROUND: s For the calendar year ending December 31, 1995, the Employees Pension Plan had a rate of return of 23.07%. o At December 31, 1995, the plan had investments with a market value of $266.7 million. This amount is evenly split between equity and fixed income. The last time the City added an investment manager was November, 1990 and at that time the plan had investments with a market value of $122.2 million. 0 The City contracts with Callen & Associates to provide performance measurement and to provide information on investment managers. s Currently the Pension Plan has three equity managers each with a different investment style. The investment managers are: Aeltus Investment Management, Inc. (growth style), Denver Investment Advisors LLC, (midcap style) and Hanson Investment Management Co. (growth at a reasonable price, GARP style). o The Investment Committee unanimously recommends that a "value" equity style manager be added to better diversify the equity investments. o The Investment Committee is made up of the City Manager, Finance Director, Finance Controller, Risk Manager, Cash and Investment Manager, John Willoughby (Investment Advisor with Eickhoff, Pieper & Willoughby, Inc.), Reviewed try: Originating Dept: Costs: f 3.000 Comission Action: Legal Finance Total ? Approved Purchasing t..t? 000 $3 13 Approved w/conditions Risk Mgmt. NIA der Dept: , Current Fiscal Tr. ? Denied Cis N16 Finance © Continued to: ACH Funding Source: Other Cl CapitaL Imp. Advertised: ® Operating Attachments: Date: n/a ? Other Paper: ® N t R i ed o equ r Submitted by: Affected Parties Appropriation Code: ? None ? Notified 2 Not Required 646.07410-547200.585.000 City Manager f a ? Y ?.,2 and.Bi"ll Badger'(Performance Measurement with Callen & Associates). a Callen's fee for-the search will be.$20,000'. This fee will be paid by directing investment trades through their broker and will not be a direct expense" of" the pension plan. • The Investment Committee will come back to the'Trustees in late summer or early fall with the results.of the search for approval. ,::•" By adding an additional equity manager the investment management fee will .increase by an estimated $31,250 per year.' • The cost of committee member travel to investigate/research"the top ranked firm(s) is estimated.at $3,000." The actual amount will be affected by the location of'the investment manager(s) and the number that need to be researched.