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10-14-1996
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' ' , , � � . . �g��� ��� � ��� �5: . . .. , . � . . . . . . , . z . . , . . . .�,;�•; `:�i. . , . . , . . ;.�'.�` i ' _ � . , �. ' ' . • y ' ' , . . � . . Y . .. . ' � ' . � • .. . . ' ,' , . �� •'��` � � . . . ,' , . . . �. . � .. , . � , . � . ' , , ' r , . � ' . !;' � . . ' , , , . 1 ,,,. „ ' , . ' . . , . . � . � � . . ' ' ' � ' � ,' � , � � � ' � ' �1 � . ' . ,' � , ' . . . . . .� . , . , � ` . . . '` e . . . . ,' ' , . � • . . . . • ' � . . ' ` . � . � � . . , .` , '.. ... �.. .� .• • , .. . . . . . ' . ' ' • - ' . . . F� '� I ` ' '' : I: . . 1! ` � . , �. �'�. ' � . : � � � ; .. ' . . . . � . .. . • ,`' . . . . ' . ' . 1 4. ' . . ' � i . . .. ' ' • � . ' . � .1. �11` • •� .. . � E ' . , . � � " . • � .. , . .. ' � ' . . . ;�i -,r: � , . . }� i f'`. ' . �. ' . ,' .. , , ' ,'. ; ' '• 1 ' . ' • , ;t ' �I�'r. . .. " ,i,. � . . � �,�;: . � , �i. , ' . � ' . � � . ' �f, � ,. � � . . , ' ' . '. . .. � ,� ' Vi'�' Tl , "f . .,' ��' ' . �`` �r ,'�•� . . ' , � , ' • , ' � . ,t�� , � . . . ,3� � , , • �j . , . . • ,�iv • ,.5- '�., •i`irs;'.c:�;`•. '4'�:.'!'`.'.:r. , � ` ,=F�:r ,},4,. ,Le.��r� i.r:�.�� ,=a'`I':�'��� .�r•o._ �.. ..' .. ��e�''':- Ii:l�' '��' . if`.4�.,:i1/�1,�'j`,+°::�flf�..',.�,` -`f: ;'r�.ttT.-'Y!,'G4�►.'. .',�;ikl�i�`•?���'��,.ip :i�{� . . „ '1��"�, . .3 ! . . � . . , . ' , . ' . . ' , ,.� • ' , . . s-, �- . :,. , ; S' • . ' . � ' � • , ' ', � , � ' . � � � , ,� . . . . � , t'� ' � ' � , . _ ' ,' , . ' • � , ' ' . , . . . . ;. �� _. � � . ' . . ' ' � . . � • � . `, ''''�, . . . �' f� �.. . . � � � �ACTIQN AG�NDA � , ' '�:.;;� ; ' .` ' � � � . . , . ., Board of Yrustees of xhe Empioye�s' Pensinn Fund , ,' � , , . . ' . � � . Octaber '� 4, 1996 � ' � � . -.. , ,. , . , , , � . . ; ' � �. 1: Call to order , . 1. 1:20 p.m. ' ' ' � . ' , , 2. Approval of.Minutes . � 2. Approved as submitted. , � .� � � . ' . . . of 813019fi � . . . . , . .� ; " i� . . ' � � �, 3, �. Ratify timing af City's cantributian 3. Ratified. � � .;•.�.�� ., , , . . , . . . '� - . � � inta ti�e pensian plan wk�ioh is ta ' , . , � . . ' mak� contributions tF�roughaut the � . � � ' , � , � �� � . , iirst 6 m�rtths of its fisca� year #ar , , ' : . _ , the plan year that er�ds wi#h'sn t�at � � , . � � .�. � . � r:. , , �iscal year � . . � , , �. 4. . (Cont. at 9h fil96} Recornmdnded , � 4. Appro�ed. � . , - , ' � � budget for �iscat Year 1986-97 far � ' � . - � ' . , � .� City of Clearwater Employees . ' _ � ;� , � ' . , Pensian Plan; authorize � . , . . � ' expen�it�re of funds for travel, ' printing & fainding, membershi�s, � � ��'E` and traintng in amounts not to � : �� � . . . . . � � � exceed 52,30D, $400; $3,OOd and ` ' � � � � $2�D respec#ively , 5. Ut�er B�tsiness: . 5. Nane. . . , ' � 6. Adjoumment; fi. 1:47 p.m. � � � � ' � . . . , � � . . � � ., � 4y ; . :,, . ..L�fll1 r � 5 •.�� , SUBJECT: ii'�IStEE Agenda Cover Memorandum Itflm If: Meetin� Date: Timing of City's Contribution inio t�e Ciiy of Cl�arwa�er �mplayees' Pension Plan . R�CQf�IMENDAT�O�i1MOTION: Ratify th,e timing o# the City's contribution into the �ension �lan which is to make contributions throughout the first six monihs ofi its fiscal year for tY�s plan yea� that ends with�n that #iscal yI30r, D and that t�e approqriate offic�als 6e autharized ta executa same. ��►�K�aourvQ: • Th� Plan Year for the Ernployees' Pension Plan begir�s on January 1 and ends on D�cember 31 of each year. • After the end of eac#� plan year, City staf� compiles data on investment activity, pension bsnefits, employee sa�ary and statistics, and financial position and submits such data to the acivary for calculation of the re�uired contribution. This data is submitted to the actuary in February. • The actuary receives the da#a �rom the City and comp�et�s his ca�cu�ations in April. This calculatson is for the cantribution r�quEred by Florida Statutes for the current p�an y�ar �.�anuary through December�. 7he required calculation includ�s interest at 7% since the City can#rilaution is paid in Qctober through March rather #han the previous January throu�h December. • The empioyee ca�tribution rate is set by ordir�a�ce at 8% of payro�E. It is deducted fram employ�e paychecks throughout the year (January through December�. • The ordina�ce aiso speci#ies the City contrEbution to be the differer�ce b�tween the actuary calculated required contribution less tt�e employ�e share, but r�o less than 7% t6% for plan y�ar 199�1 of payro��. If the required contribution is greater than 15% (14% for plan year 1996} of payroll �8% from emplayee's and 7% from the City], the addit�onai contribution amount may b� d�ducted from any available credit bafance. If t#�e required contribution is less than 15°� of payrail, t�e excess will be added to the available cr�dit baiance. R�viowed by: Dri�inetinfl Departmorst: Costs: Commisslan Actlan: L.�dnI Ma Flnanc� N!A ❑ Approvad Budq�t �'�'} ,�G.rr.t..���, 7otal ❑ ApFtoved wlCanditlans purchtain� !a User Dapartm�nt: NfA O pnn[ed Risk Mgmt. nla Cunent Firael Yaer � Cantinuad to: IS nla Finencs Fundin� S4urce: ACM I� capltal Improv�mant: Othar Qdvartiaad: ❑ dp�radnq: �at•; I� Con�r�bution.l Attachments: Othar: �ernin s Pqpar: Submit#ed by• I� Not ilaqutrad Appropriatipn Codtt Affected Parties: o nto��rt.a ❑ N4na CFt anap r 1� f�o! Raquind � Prtntod on ncycl�d pepar � � If there is no credit balance a�ailable, the additionai amounts due in excess of iha City's roquired 7°% contribution {6°� for plan year i 99fi) will need to, be contributed �s part of the City's contribution. � • Since the amount of the C�ty's requ;red contribution is not knawn until Apri4 or May of #he current plan year, it wnuld be very difficult to budget for ur�expectad increases in the � contribution if the contribution were made in Jar�uary through December. • The current pro�ess allows the City to be informed of the requited contribution priar to the budget process,' make �ducated dscisions as to the amount to be contributed �y the City� and to make adequate plans for the payment of the required contribution. • The advantages and disadvantages Sf the City was to make its coniribution sooner iJanuary through December of tho P#�n year� are as foliows: � Ad�antages � � 1. The City's minimum requ�red contribution would be reduced by �the 7% inter�st tha4 is currentiy included in the required cantribution amou�t. Since t�e City must contribute at Ieast 7% �6% in plan year 1996} of payroil, this advantage � is currently not very valvable. lt would likeiy result in reducing the credit ba��nce �t a s�ower rate or inereasing the crediF ba�ance dep�ndin� on if the City'� statutory r,ar�tribution ended up beir�g mor� than or less than 7%. Once tha credit balance is gor�e and �f the �ontributio� rate exceeded 7%, this � metMod woul� actualJy red�ce ihe City's contribut�on. 2. The City's contributior� wo�ld b� in the plan and would be invested soaner. The plan's investment experience over the past several years has been excollent, so this could increase the plan's fundsd status. However, occasionally, the plan's investments have not earned 7°/a, therefor�, tk�� plan couid be in worse shape. • Disadvantages - '� . In order to change its current pra�tice of making its contribution at the end �f the plan year, the City would n�ed to "dou bl� up" on pension ptan contrihutions durinc� one fisca! year or in some other way phase the change in � over several years. 2. in order t� make the contrEbution soo�er, the aperating funds af the City would have to transfer interest earning fu�ds to the pension plan at an ear�ier time. This would reduce the interest earnings revenue in each o� the operating funds. As mentioned in advantage (91 abov�, the operating funds may not see any reduction in i#s pension funding Costs du� to thE 7% of payroli requirement. 3. In order ta make its contrib�tian soon�r, the City wili need to r�ceive its actuarial valuation results sooner. Whiie this is ac��ievable, it would resUlt iain many problems and wo�afd certainly rssult in needing to change the City's current procedure that is currently working qufie welf. As mentioned aboue, the current practice aliows for informed decisions as to the amount of contribution to be made by the C�ty and allows adequate time to plan for and budget any increases in reqvired contributions. • Attached is a time line depicting the plan year, empioye� cvntribution, City contributiorr, ar�d the "doubling up" problem that would resuit from making �he c�ntributions earlier. ,'"i�: %�til: �5 .'� e.� �.(- �. . ,�' .. . .. . ., ` � , �" . . . , . . • � . . , ti. •. •f, . . . . . , � . . . . , � '� y�', ,rt ',,• �. . . �, ' �'j' . .i�.` [.i� ,. � .,. . .. ; . ,. . . � . . ,1 +Ir . . . 1 . 1,'� .f 1• 'F�''�'. .. ... ' . . . .�� . . '' � ' . , e �' , � . � � . _ , i. . . ' � � . . i . � � � i �,1}`� 7. P.1 ..'t '` . .,' rk', ,.' ': . ,�� . � ". , . . 1 , . � . ,. . . � , . ' .' •i, . i ^# v���`�,°::{,1 , ' ' ,,l" `' . �.�� � • i. . , , . ' ' .. . . . ' . . 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G,•l�t� SU8J�C7: Til1St�� Agenda Cover Memorandum �cem a: Mneting Date: City of Clearwater Emplayees' Pension Plan Budget #or Fiscal Year 199fi-'f 997 #iECOMIV�ENDATiONIM(3TIQN: Approve thg recommendaci budget for the City of Clearwater Employees Pension Flan, and authorize the expenditure of funds for trave�� printing and binding, memberships, and training in amounts not to exceed $2,300, 5400, $3,00�, and 5250, respsctively, �1_ ar�d that the appropriate oft�cials be authorized to execute same. BACKGROUND. In the past, all expdnditures nesded approval by the trustees, no matter what arnount. Thls is th� first year that �taff is recommend�ng that the trustees adapt a budget for ths Empioyee's F'ension Pian and approve the expendiiura of limited funds with9n such budget. This would allow �hose expenditures wEthin limited categories,of the budget to be paid with appropriate management revi�w, Ail ather oxpen�itures wo�ld stil! need to be approved by the t�uste�s, � Attached is the proposed bUdgst inciuding �istaricai numk�e�s. 7rawe) �xpenses and Training is #or members of the Pension Invesiment Committse to attend the I`.2IIt'ifl If1SLiL1���� visit Callan, the Pension Plan's Performanc� Measur�ment Firm, and visit on� ot the money managers (same trip). The Pension Investment Committe+e has not traveled to attend the Callan Institute in the recent past and �as not recently visited any existing money manager's at their facility. Staff feels #hat this trip wiil be valuable in p�oviding needed education ar�d information to the investment Committee, Printing and Binding is for the annual intormational distribution to ti1� members of the pension pl�n. Revl�vrnd by: Orlginatinp Depertmant: Costa: Commisaion Actfon: Lsqal n!e Finano• 56,950 0 Approved Rudq�t •n� � �?'� �.t...rLrr�+�---- Tatai CI Approwd w/Condttlons ih2rchasinq la IJaer Dapr�rtmant: 45,960 0 p�ni�d Rlrk M�me. nl� Currant Fi�cel Yoar ❑ Continued to; 18 nl� Flnenw Funding 5aurce: ACM ❑ G�Ita� Improwm�M: Oti��r Advrrtisad: ❑ Oparatlnd: a�t+: � Contri6utlarn! Attechments: Dth■r. Enmin s •r� Papar: Aropos�d 6udgst 5ubmiried by: � Not R•quirsd App�apriation Code Affecte�f Parilss: io� attnched C] Notili�d 0 Nona C�� r �I Not Raqutred � Printed oti rocycl�d papnr '��1. F' :.I?••� . . i�'f �'�,[,�� � . . � af�1 . F '� ;�� T . ,` ' .. . . ' • ' . . . ', i. ' . . . . ' . �� � ..'��I.:i�i' . �,:;`�, ',. ` ^'`� � I...iV f 1. , . �i. , l,i� � .. ' `' • � , ' . � � � . � /1 ,}. ' . ' 9 ' . . ,' .. . . ' '•• r ,��Si,,`'r��� .'�� nf�� , ...`. . '.t � ` . ' � �� . , . .. .. �' ' . ' . . .. � , •'' ' . � � , � , e . � . � . �il.`I1s,�.�� F .- ' � 6.. ' . � �. 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' , � . . �t, ��� Membershlp is i� �the "Assaciation of Confeder�tian� L(fe Contract Holder" which represents .the � 'r. �,� ar�gn�zat1Qn that the Clty 1s a member�af in re1atiAn to the p'roblem "Guaranteed Investmsnt � � ' � Coritr�Cts". that the City owns: ' • � � , , � ,: . . .. , , . . , , .�,, '� 7he bl�gast change �n.the� 6udget is the add�tinn af a Pension Administrator, which is currently out ,�� . to bid. � � � . . , , _ , . ;� �. . � . . , �'. � � � � � � ' � . . ��; �� .The Empfoyees' .Pension Plan has assets �investments) totaling $ZSfi miliion (market�valuef as of � • 613019fi�� . . . � . . . , , . . ;.. . , . � ��� � � � . � � . � ` ' � �. . . �,;�� � � � ,. , . . � � � . . -: ... � � . � ,� . . . : ,; ; , .. . ' . . �, � . � . . . , . ;'`'. � r ,�;j � . : '. �,,,} .�:� ; ; . � : � , ��. ,: :�� ,; . �. -� � . � .' �.� ' � .� � � �. ` ��, ' . � ,°. : ; .. • � . " . . .., , , ;",, r �.. , � �..'� ` � � ... . ..,' . `.` � ...� �: . .:. 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