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ACTION AGENDA ,
Board of Trustees of the Employees, Pension Fund '
September 2; 1997
1. Caff to order 1. -9:00 a.m.
',. .. 2. Approval of Minutes: 8118197. Z. Approved as submitted.
3. ' Request for acceptance 3. Approved. '
into membership:
a) John Stores s
bl Thomas Arruda
i
• c) David Laatsch
d) Duanne Anderson
e) John Memmer
:.. f) Darrell Folk
g) Sherry Cason
h) ,Richard Kelly ..
i} Tania Alich
.' : A David Derrick
k) Jason Deary
• 1) Adam.Weinberg
m) Christian Zarra'
n).Wifliam Gallagher
o) Joseph DeBose
4
P) John Chatman
4. Regular Pension to be granted 4. Approved.
a) Robert Bekker
b) haul Reese, Jr.
" c) David Hawkins
d) Willie Marcus
'. 5. Approved. '
I
5. Pension to be vested: David C. '
' Watson
' 6. Approved. Authorized.
6. Approve recommended
administrative expenditure budget
' for Pension Plan for FY 1997-98,
and authorize expenditure of funds
7. None.
' 7. Other Business: B: 9:04 a.m.
8. Adjournment:
Meeting Date: Approved by Trustees
CITY OF CLEARWATER
EMPLOYEES' PENSION PLAN
PENSION ADVISORY COMMITTEE
TOt' Pension Trustees
FROM: Pension Advisory Committee
SUBJECT: Recommendation for Acceptance into Pension Plan
DATE: August 14, 1997
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.
N m D . Div. Hirp Date D
John Stone, Pub. Ser. Tech./Pub. Services 6/23/97 6/23/97
Thomas Arruda, Comp. Rep. Tech./Info. Mgmt, 6/23/97 6/23/97
David Laatsch, Systems Anal./Prog. [/Info. Mgmt. 6/23/97 6/23/97
Duanne Anderson, Life Haz. Safety, Insp./Fire 7/7/97 7/7/97
John Memmer, Custodial Worker/General Services 5/27/97 7/21/97
Darrell Folk, Police Recruit/Police 7/21/97 7/21/97
Sherry Cason, Police Recruit/Police 7/21/97 7/21/97
Richard Kelly, Police Recruit/Police 7/21/97 7/21/97
Tania Alich, Police Recruit/Police 7/21/97 7/21/97
David Derrick, Police Recruit/Police 7/21/97 7/21/97
Jason Deary, Police Recruit/Police 7/21/97 7/21/97
Adam Weinberg, Police Recruit/Police 7/21/97 7/21/97
Christian Zarra, Police Recruit/Police 7/21/97 7/21/97
William Gallagher, Police Recruit/Police 7/21/97 7/21/97
Joseph DeBose, Maint. Worker I/Parks & Rec. 7/21/97 7/21/97
John Chatman, Maint. Worker I/Solid Waste 7/21/97 7/21/97
* originally hired as an emergency; changed to ppgWent fg1yIme on 7/21/97
Pension Advisory Commit Chair
i .
• Trustees of the Employees' Item #:
Pension Plan Meeting Date: 9/1197
Agenda Cover Memorandum
SUBJECT: pension(s) to be Granted
RECOMMENDATIOA MOTION:
Robert Bekker, Police Department; Paul Reese, Jr,, Police Department; David Hawkins, Fire
Department: and Willie Marcus, Public Services 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 a ro riate officials be authorized to execute same.
BACKGROUND:
Robert Bekker, Police Lieutenant, Police Department, was employed by the City on
August 9, 1971, and his pension service credit is effective that date. His pension will be
effective on July 1, 1998.
Based on an average salary of approximately $60,334 per year over the past five years, the
formula for computing regular pensions, and Mr. Bekker's selection of the 100% Joint &
Survivor Annuity, this pension will approximate $43,976 annually.
Paul Reese, Jr., Police Officer, Police Department, was employed by the City on
January 14, 1974, and his pension service credit is effective on that date. His retirement will
be effective on August 1, 1997.
Based on an average salary of approximately $52,460 per year over the past five years, the
formula for computing regular pensions, and Mr. Reese's selection of the 100% Joint &
Survivor Annuity, this pension will approximate $33,126 annually.
David Hawkins, Fire District Chief, Fire Department, was employed by the City on
October 10, 1977, and his pension service credit is effective on that date. His retirement will
be effective on February 1, 1998.
Roviowod by:
Legal
Budget
Purchasing
Mak Mgmt.
IS NA
ACM
Other NA
Submitted toy:
City Manager
NA Originating Department: Costs:
NA HUMAN RESOURCES
NA
NA
a
User Department: c:= y
Current Fiscal Year
Funding Source:
i] Capital Improvement:
Advertised: D Operating:
Date: D
other, Pension
Paper:
D Not Required Appropriation Code
Affected Parties: 646-07410.514100-585-000
C1 Notified
D Not Required
Commission Action:
? Approved
D Approved w/Conditione
? Denied
? Continued to:
Attachments:
E3 None
') Printed on recycled paper
Ageda Item
Pensions to be Granted
Page 2
Based on an average salary of approximately $51588 per year over the past five years, the formula
for computing regular penslons,• and Mr. Hawkins' selection of the 100% Joint & Survivor Annuity,
this pension will approximate 828,134 annually.
Mr. Bekker's, Mr. Reese's, and Mr. Hawkins' pensions were approved by the Pension Advisory
Committee (PAC) on August 14, 1997. 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 Police Lieutenant, Police
Officer, and Fire District Chief as meeting the hazardous duty criteria.
Willie Marcus, Maintenance Worker 1, Public Services Department, was employed by the City on
October 16, 1972, and his pension service credit is effective on that date. His retirement will be
effective on September 1, 1997.
Based on an average salary of approximately $22,381 per year over the past five years, the formula
for computing regular pensions, and Mr. Marcus' selection of the 50% Joint & Survivor Annuity, this
pension will approximate $16,104 annually.
Mr. Marcus' - pension was, approved by the Pension Advisory Committee (PAC) on
August 14, 1997. Section 2.393 (p) provides for normal retirement eligibility when a participant has
reached age 55 and completed twenty years of credited service or has completed 30 years of
credited service. Mr. Marcus qualifies under the age 55 and twenty years of service criteria.
,.
F
• Item p: 5
cat Trustees of the Employees
. Pension Plan. Mceiing Date: 9/2197
Ai?enda Cover Memorandum
SUBJECT: Pension to be Granted
RECOMMENDATION/MOTION:
Approve request of David C. Watson, Police Department, to vest his pension under the
provisions of Section(s) 2.397 and 2.398 of the Employees' Pension Plan as approved by the
Pension Advisory Committee.
M and that the auDrooriate officials be authorized to execute same.
BACKGROUND:
David C. Watson, Police Officer, Police Department, was employed by the City on January 31,
1983, 'and his pension service credit is effective on that date. Mr. Watson resigned from City
employment effective August 1, 1997. As of his resignation in August,. Mr. Watson had
approximately 14 years of service and pension participation.
The Employees' Pension Plan provides that should an employee cease to be an employee of the
City of Clearwater after completing ten- (10) or more years of creditable service (pension
participation), then such employee shall acquire a vested interest in the retirement benefits.
Vested pension payments commence at the time the employee normally would have been
eligible for retirement. Mr. Watson would have completed twenty (20) years of service on
January 31, 2003, in a hazardous duty position. His request to vest his pension was approved
by the Pension Advisory Committee on August 14, 1997, and will be effective February 1,
2003.
Raviewad by: NA Originating Department: Costs: Commission Action:
Legal NA HUMAN R6sOURCE 4 ? Approved
Budget NA Total ? Approved w/Conditions
Purchasing NA User Department: ? Denied
Risk Mgmt. NA Current Fiscal Year 0 Continued to:
W NA Funding Source:
ACNI ? capital impmvemant:
Other NA Advertised: ? ap rating:
Dow ? Attachments:
other. Pension
Paper: Forma and letter
submitted by: ? Not Required Appropriation Codo
Affected Parties: 646-07410-514100.585-000
? Notified ? None
City Manager ? Not Required
0 Printed on recycled paper
1
Il .
a Trustee Item #:
Agenda Cover Memorandum Meeting Date
. . ' .? .j'`w?.?nwrw•'' W.nw.
SUBJECT:
City of Clearwater Employees' Pension Plan Budget for Fiscal Year 1997-1998
• RECOMMENDATION/MOTION:
Approve the recommended administrative expenditure budget for the City of Clearwater Employees'
Pension Plan, and authorize the expenditure of funds.
? and that the appropriate officials be authorized to execute same.
BACKGROUND:
Approving this budget, will allow the listed expenditures to be paid with appropriate management review. All
other expenditures will need to be approved by the trustees.
Money Manager, Safekeeping Service, Pension Administrator and Actuary fees are all set by contracts approved by
the trustees.
.Travel and training is for members of the Pension Investment Committee to attend the Callan Institute, visit Callan,
the pension plan's performance measurement firm and to visit one of the money managers. This year's trip to the
Callan Institute resulted in the reduction of fees paid to one of the Plan's money managers. (A savings of
$26,797.33 for the quarter ending 6/30/97.)
Printing and Binding is for the annual information distribution to the members of the pension plan.
Medical Bills is for the medical services the Pension Advisory Committee has authorized.
keimbursement to the general Fund (010) is for oversight of the plan and issuing pension checks.
Other Current Charges are for small items such as name plates.
The Employee's Pension Plan has assets (investments) totaling $335 million (market value) as of 6/30/97.
Reviewed by:
L"Al
Budget
Purchasing
Walt Mond.
Is
ACM
Originating Department:
nla Costs: $21,260 Commission Action:
Finance ? Approved
nla User Department: Total ? Approved w/Conditions
nla $21,250 ? Denied
Nil Finance Current Fiscal Year ? Continued to:
other
Submitted by:
city Manager
i Printed on recycled paper
Funding Source:
Advertised: ? Capitallmprovemenl:
? Operating:
Date: Other: Earnings Attachments:
Paper: Proposed Budget
0 Not Required Appropriation Code
Affected Parties:
? Notified ? None
0 Not Required
s,
CITY OF CE.EARWATER
Employees' Pension Fund
PROPOSED EXPENDITURES FY 97-98
96197 97/98
94195 95196 96/97 YTD REQUESTED %
DESCRIPTION CA TUAL ACTUAL BUDGET ACTUAL BUDGET Change
Money Manager-Fees 802,601 946,026 1,021,010 707,204 1,276,500 25.02%
Investment Advisor 7,500 7,500 7,500 5,625 7,500 0.00%
Safekeeping. Service 68,389 73,379 77,070 52,564 95,000 23.26%
Pension Administrator 0 0 65,000 29,000 45,000 -30.77%
Actuary Fees 14,200 19,040 15,000 19,390 25,000 66.67%
Legal Fees 29,723 8,843 5,000 688 1,040 -80.00%
Medical Bills 49546 4,983 10,000 .500 5,000 -50.00%
Other Professional Fees 0 7,077 0 6,000 0 NIA
TOTAL PROFESSIONAL SERVICES 926,959 1,066,848 1,200,580 820,971 1,455,000 2'1.19°/.
Travel Expense 0 3,974 5,800 1,405 4,000 -31.03%
Printing and Binding 3 396 400 178 400 0.00%
Memberships 0 6,802 3,000 0 0 -100.00%
Training 0 0 250 0 250 0.00%
Other Current Charges 0 0 0 74 100 N/A
Subtotal Other 3 '11,172 9,450 1,657 4,750 -49.74%
TOTAL OPERATING 926,962 1,078,020 1,210,030 822,628 1,459,750 20.64%
Reimbursements to "010" 0 0 0 0 11,500 N/A
Total Budget 926,962 1,078,020 1,210,030 822,628 1,471,250 21.59%