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[, s;f ,.£ :?i ?•f ?°' i e', ! ' ? •f •'( ? S'S elf: ? '{ E?? ?i .J ?? .. .i .r . . ,?` ?:??? ?. .. ,,:'f-. - . ? ?{ tf. ?r .y . .r. F,. . ? . ,..ecl•;!3'?A?3,,rrs;. ,a.'.`-5'..k ,:. .. ..: ".. ? • t .., ? '?'" ." ACTION AGENDA ; Board of Trustees of the Employees' Pension Fund . ' May 13, 1996 ?. Cali to order 1. 1:06 p.m: 2. Approval of Minutes 2. Approved as submitted. ' of 4115196 3. 'Request for acceptance 3. Approved, into membership: . a) Janet Bennett ' b). Michael Burns ' W Daniel Mayer . ' d) Kimberly. NgTang e) Derek Pike ' . '. f) Greg Renaud .'. 4. ' Regular Pension to be granted: 4. Approved. . Edwin D. Hooper `. • 5: Authorize continuation of 5. Approved. membership in the Association of Confederation Life Contractholders ' (ACLIC) & payment of membership assessments from the Pension . ' Fund, far an amount not to exceed .$101000 ' 6. Other Business: 6. None. 7. Adjournment: 7. 1:08 p.m. 1 r rl " TRUSTEES OF THE EMPLOYEES' PENSION FUND Item n . ,• Agenda Cover Memorandum Meeting Date: 5113/96 Subject: Membership in Employees' Pension Plan i Recommendation/Motion: i. Employee(s) listed below be accepted into the Employees' Pension Plan as recommended by the Pension Advisory Committee. ? and that the appropriate officihls be authorized to execute same. ? . , w?A..- BACKGROLPEP Seniority Pension &m e and Job Class Drpt./Div, ? Effective Datse Janet Bennett, Accounting Clerk III Gas 3118196 3/ 18196 i Michael Burns, WWTP Operator Trainee Engineering 3/4/96 3/4/96 Daniel Mayer, Research Environmentalist Engineering 314196 3/4196 Kimberly NgTang, Police Com. Operator Police 4/l/96 411196 Derek Pike, Systems Analyst Programmer Information Mgmt. 4/l/96 4/ 1 /96 Greg Renaud, Police Com. Operator Police 411196 4/ 1 /96 Reviewed by: Originating Dept: Costs: Commission Action: Human Resources Total Legal --- NA ? Approved ? Budget ?___UA _ Purchasing NA Risk Mgmt. -NA User Dept.: Current FY Approved w/conditions ? Denied ? Continued to: CIS ACM Advertised: Funding Source: ? Capt. Imp. Other _ NA Date: Paper: ? Operating ? Other Attachments: ? Not required Submitted by: Affected parties Appropriation Code: Letter(s) ? Notified ? Not required ? Nona City Manaqer ?f?14'Ir':k°a' rnr:.:: •, '. '1 k '.. .. .r. •r.' '; i, %f J,. .,z CITY OF CLEARWATER 1 EMPLOYEES` PENSION PLAN PENSION ADVISORY COMMITTEE. TO, Pension Trustees FROM.. Pension Advisory, Committee SUBJEC'T': Recommendation for Acceptance into Pension Plan DATE: April 16, 1996 ' 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 Committee that they be accepted into membership. Pension Elig. jjaMe, J? ob. class. & DcR3 iv. 111re_Unte Date Janet Bennett Accounting Clerk III, Gas System Michael Burns WWTP Operator. Trainee. Engineering Dept. Daniel Mayer Research Environmentalist, Engineering Dept, Kimberly NgTang Police Communication Operator, Police Dept. Derek Pike Systems Analyst Programmer, Information Mgt. Dept. Greg Renaud Police Communication Operator, Police Dept. 03/18/96 03/04/96 03/04/96 0410 l 196 04/01/96 04/01/96 03/ 18/96 03/04/96 03104196 04/01/96 04/01/96 04/01/96 , ,I 4 I ' ry t UR4 TRUSTEES OF THE EMPLOYEES' PENSION FUND Agenda Cover Memorandum Item # Meeting Date: 5113/9g Subject: Pension to be Granted. Recommendation/Motion: Edwin' D. Hooper, 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 approprlate officials be authorized to execute same. Laf1Cf\L7llOU YD, Edwin D. Hooper, Fire Lieutenant, Fire Department, was employed by the City on January 17, 1972 and began participating in the pension Plan on that date. His retirement will be effective on April 1, 1996. Mr. Hooper's pension was approved by the Pension Advisory Committee (PAC) on April 16, 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 Firefighter as meeting the hazardous duty criteria. Based on an average salary of approximately $45,427 per year over the past five years, the formula for computing regular pensions, and Mr. Hooper's selection of the Joint & Survivor Annuity, this pension will approximate $30,238 annually. Charts from Finance which take into consideration mortality rates and age reflect that the "present value cast of financing" this pension will be approximately $407,869. The estimated pension cost (cash payout over the life of the pensioner and his beneficiary) is $1,088,580. Reviewed by: Originating Dept: asts: 5447,869 Commission Action: Human Resources Iota! Legal ? Approved Budget b1A _ Purchasing b) User Dept.: Current FY ? Approved w/conditions ? Denied Risk Mgmt. t1A ? Continued to. Cis N Funding Source: ACM_ " i('-tcc> Advertised: ? Capt. Imp. Other (?7 Date: Paper: ? Operating ? Other Pension Attachments: ? Not required Submitted by: Affected parties ? Notified Appropriation Code: ? Not required 846.074410-5-4100.585- None City Manager = '°?'i^q''P ?";`itfale `;}?A. ",tf? '' ° :'h°:?'4?'": k ' ? ' ` :?f'; ' ?' ' r ` ?.`'. , f ?. ' j, ! .f . . . . •?` , : '.:,., ,,.vl.r P• f . , IWJ t e' .r f2 •T.r,.? Human Razoeuces Department (813) 482-8874 ' i C I T Y Q F- C'L-E A R W A T E R POST OFFICE BOX 4748 CLEARWATER, FLORIDA 34618-4745 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---Edwin ' D. Hooper DATE: April 16, 1996 The Pension Advisory Committee received an application for regular pension from Edwin D. Hooper on' March 27, 1996. Mr. Hooper was employed by the City on January 17, 1972, and has been a participant in the Pension Plan since that date. The amount of Mr. Hooper's pension will be computed by t h e 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 April 16, 1996, the Pension Advisory Committee approved/recommended a regular pension based on years of service for Edwin D. Hooper in accordance with Section 2,396 of the City Code. This pension will be effective on April 1, 1996. I hereby certify .that the Pension Advisory Committee: has approved the granting of a regular, retirement pension for Edwin D. Hooper and the above dates are correct. Chairman, Pension isory Committee 'Equal Employment and Affirmative Action Employer" CITY OF CLEARWATER PENSION ENTITLEMENT OPTION REQUEST FORM 1+ Edwin D. Hooper do hereby apply, to retirement from the City of Clearwater General Employees' Pension Plan. Job Classification: Fire Lieutenant - Sex: M xFX Department; Fire Division: Benefits Date: Date of Hire: 1/17/72 Date of Birth: 8/5/47 Resignation Date: 3/33 /96 Spouse's Name: Peggy A. Hooper Sex: M F Spouse's Date of Birth: 3/31/49 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 Panicipants 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, ity 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)] 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)] QRtion 3 10 Year Certain & LlEC Annuity - (must designate a beneficiary) The Participant receives his/her pension as long as he/she lives. If the Participant dies hefore 120 monthly payments have been made, the remaining payments up to the 120 payments are made to his/her beneficiary, or the estate if his/her beneficiary is not alive. [Section 2.397 (b) (2) (A) (ii)] {lotion 4 50,%;af4 nt? & Survivor AlLijulty - (must designate a beneficiary) 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 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (A) (iii)] 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 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (A) (iii)] QNlQn . 100% - 10110 & -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 oY 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. Ir taking Option 1 sign below: Option #: es ti Employees Stgnature: Date: Dependent children under the age of 18 and residing in my household are: Child's Name Sex Date of Birth it taxing u tton 1 stn aeiow: Option #: ,.. Description: Life Aonuity Employee's Signature: Date: If taking Option „3t4, S, or 6 fill in beneficiary- Inrormation and sign below: Option #: Description: My designated beneficiary is: Name: Date of Birth: Sex M F Social Security Number: Phone Number: Address: I Employee's Signature: Date: The foregoin instrument was ackn wlcdged before me this M/L lry_? OPe? who is -'"- V' by9L personal/ known to me or who has provided _ a identiricatio nd who did/d' mot take an oath. WDNI E. KNIT60,Ns FiAtS 4? `? ''?'`' my awa,{'a ant; N MAIING D Notary Public 145 ?Name of Notary Printed R'.? STATE OF FLORIDA COUNTY OF PINEL.LAS My Commission expires: Form 0 New 2196 -{- CITY OF CLEARWATER EMPLOYEES' SEPARATION PAY PREFERENCES PREFERENCE #1 Employees can receive a lump sum payment for vacation, floating holiday pay, sick leave incentive, bonus days (if applicable), 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 month. PREFERENCE #2 Employee can extend 'termination date by the time due for vacation, floating holiday pay, sick leave incentive, bonus days (if applicable), and 1/2 of 'accrued sick leave. Termination date will be the final day of extended time. Pension benefits will begin the following month. Only available to employees hired prior to 10/1/40 or Fire bargaining employees hired prior to 10/1/88. PREFERENCE #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 calc ulations. Termination date will be the final day of extended time; pension benefits will begin the following month. Only available to -lice- employees hired prior to 10/1/'40 covered by the FOP 10 or the Sergeants and Lieutenants labor contracts. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * **0***********************0*0********r***i** Edwin I}. Hooper I. 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 preferences offered to me. I choose to retire using separation pay preference # j and wish my benefits to be calculated under this preference. I understand that my preference cannot be changed once this form is signed and that my decision is irrevocable. ?? EMPLOYEE'S SIGNATURE: SOCIAL SECURITY #: 241-76-2542 WITNESSES: ADDRESS: 1839 Sharondale Drive Clearwater, FL 34615 r PHONE• DATE: Revised 2/46 Form # Item # • Trustees Of The Employees Pension Plan Meeting Data: Agenda Cover Memorandum .? • 13 • `?? SUBJECT: Membership in "Association of Confederation Life Contractholders" (ACLIC). RECOMMENDATION/MOTION: Authorize continuation of membership in the Association of Confederation Life Contractholders (ACLIC) and payment of membership assessments from the Pension Fund account for an amount not to exceed $10,000. 17 and that the appropriate officials be authorized to execute same. BACKGROUND: • The Employee's-Pension Fund owns $4,000,000 in Guaranteed Investment Contracts (GIC's) issued by Confederation Life Insurance Co. • an August 12, 1994, Confederation Life filed for bankruptcy. • ACLIC provides valuable updates on the status of the GIC's. They are the only source of information on the GIC's. • The best information available (from ACLIC) has put the value of the GIC's at between $0.92 and $1.03 on the dollar. • The City stopped accruing interest on the GICs as of 8/12/94 and is currently carrying the GICs at $0.90 on the dollar. • ACLIC was created to represent the GIC's holders. The City is a member of ACLIC and paid an assessment $2,000 in the last fiscal year. o The current assessment due is in the amount of $2,801.69 and is prorated based on the dollar amount of GICs that each organization owns. • Current estimates are that the bankruptcy will last for approximately two more years and that there will at least one more assessment after this one. Reviewed by: Originating Dept: Costs: % 10.000 Caaaission Action: Legal A Finance Total 11 Approved Budget >a A chasin P L'rn-A 801.69 5 $2 El Approved w/conditions g ur Risk Mgmt. User Dept: . Current Fiscal Tr. Denied 13 Cis Finance 13 Continued to: ACIi Funding Source: Other 13 Capital Imp. Advertised: ® Operating Attachments: Date: n/a other ?.? Paper: ® N t R ed i o equ r submitted by: Affected Parties Appropriation Code: © None 13 Notified 0 Not Required 646-07410-547200.585.000 City Manager