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ACTION AGENDA
Board of Trustees of. they Employees' Pension Fund
January 12, 1998
1. Cal{ to order 1. 1:08 P.M.
.2. Approval of Minutes: 12/1197 2. Approved as submitted.
,. ° 3. .' Request' for acceptance 3. Approved. ;
into membership:
. a) Roy Thomen
b) Kimberly Staggs.
c) Diane Marini. ..
d) Carol Barden
e) Gary Kepner
f) Michael Fabian ;
g) Anthony W. Hal!
h) Lori Miller
. i) Janet Roehrich '
' j) Candy Hansen
k) Tammy R.,Clarke
Il Kimberly Espinosa
m) Russell Shawen.
4. Request for acceptance,. 4. ' Approved. ,
into membership:
a) Lawrence Huffman
b) Sandra Lear
' c) John Olson
' d) Eugene Nyland
e) Kathleen McMullen
f) George Fatulitis
g) Rui Wang
.. 5. Regular Pensions to be granted: 5; Approved:
E. Ream Wilson
Fred Lloyd
Samuel Collie
Ozell George
Robert Papa
Ezell Hunt
Leonard Gogola
' Joseph Pidala
PFA ' 1112198
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6. First?Amendment to'Agreement 6. Approved.
with Coopers ,& Lybrand to
perfarm "111198 Actuary Valuation '
and Third Party Administrativ
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Services during 1998 for pension
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.
;,Plan
amount not to exceed-
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Other Busincss:' 7 None
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°r • 8., Adjournment: .
8. . ,
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PFA !112/98
ci g
Meeting Date:
Approved by Trustees
' CITY OF CLEARWATER
EMPLOYEES' PENSION PLAN
PENSION ADVISORY COMMITTEE
TO: Pension Trustees
FROM: Pension Advisory Committee
SUBJECT: Recommendation for Acceptance into Pension Plan
' DATE: November 13, 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.
Npme.Job. Class. & Dept./Div. Hire Date -M
Roy Thomen, Tree Trimmer/Parks & Recreation 9/29197 9129197
Kimberly Staggs, Staff Assistant I/Police 3/3197 9/29/97
Diane Manni, Staff Assistant I/Gas 10/13/97 10/13/97'
Carol Barden, Staff Asst. i/Community Response 10/13/97 10/13/97
Gary Kepner, Solid Waste Worker/Solid Waste 10/13/97 10/13/97
Michael Fabian, Beach Guard/Marine 10/13/97 10/13/97
Anthony W. Hall, Beach Guard/Marine 10/13/97 10/13/97
Lori Miller
Pol. Com. Oper. Trainee/Police 2/6/95 10/27/97
,
Janet Roehrich, Pol. Com. Oper. Trainee/Police 2/6/95 10/27/97
Candy. Hansen, Pol. Com. Oper. Trainee/Police 10/27/97 10/27/97
Tammy R. Clarke, Pol. Com. Oper./Police 10/27/97 10/27/97
Kimberly Espinosa, Staff Asst. 1/Engineering 10/27/97 10/27/97
Russell Shawen, Traf. Sign & Mkg. Tech,/Eng. 10/27/97 10/27/97
*originally employed 313197 as temporary; made permanent 9429/97
* originally employed 216/95 as part-time; pro d to ful me o n 10/27197
Pension Advisory Co ittee Chair
Meeting Date: a' o
?f
Approved by Trustees
CITY OF CLEARWATER
EMPLOYEES' PENSION PLAN
PENSION ADVISORY COMMITTEE
TO: Pension Trustees
FROM: Pension Advisory Committee
SUBJECT:. Recommendation for Acceptance into Pension Plan
DATE: December 11, 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 I D .Div. Hirg Date p Le-
Lawrence Huffman, Asst. Fire Trng. Chief/Fire 10/13/97 10/13/97
Sandra Lear, GIS Technician/Police 11/10/97 11/10/97
John R. Olson, Mechanic II/General Services 11/10/97 11/10/97
Eugene K. Nyland, PC Sup. Tech. II/Info. Mgmt. 2118197 10/27/97
Kathleen McMullen, Telecom. Analyst/lnfo. Mgmt. 11/10/97 11/10/97
George Fatulitis, Asst. Fire Marshal/Fire 10/27/97 10/27/97
Rui Wang, Librarian 1, Library 11/10/97 11/10/97
* Originally hired as a contract employee on 2118/9?7; changed to permanent
full-time on 10/27/97. / ? ?
Pension Advisory. Co nittee Chair
• Trustees of the Employees' Item #:
Pension Plan Meeting Date: 1/12199
Agenda Cover Memorandum
SUBJECT: Pension(s) to be Granted
RECOMMENDATION/MOTION:
E. Ream Wilson, Parks & Recreation Department; Fred Lloyd, Parks & Recreation Department;
Samuel Collie, Solid Waste Department; Ozell George, Parks & Recreation Department;
Robert Papa, General Services Department; Ezell Hunt, Solid Waste Department;
Leonard Gogola, Fire Department; and Joseph Pidala, Fire Department, be granted regular
pensions under Section(s) 2,393 and 2.397 of the Employees' Pension Plan as approved by the
Pension Advisory Committee.
M and that the, appropriate, officials be authorized to execute same.
BACKGROUND:
E. Ream Wilson, Parks & Recreation Department, was employed by the City on October 2,
1967, and his pension service credit is effective April 2, 1968. His pension will be effective on
April 1, 1999.
Based on an average salary of approximately $80,683 per year over the past five years, the
formula for computing regular pensions, and Mr. Wilson's selection of the 100% Joint and
Survivor Annuity, this pension will approximate $67,129 annually.
Fred Lloyd, Recreation Facilities Supervisor I, Parks & Recreation Department, was employed by
the City on October 29, 1971, and his pension service credit is effective on April 29, 1972. His
retirement will be effective on February 1, 1998.
Based on an average salary of approximately $34,500 per year over the past five years, the
formula for computing regular pensions, and Mr. Lloyd's selection of the Joint & Survivor
Annuity, this pension will approximate $24,399 annually.
Samuel Collie, Solid Waste Supervisor II, Solid Waste Department, was employed by the City on
March 26, 1968, and his pension service credit is effective on that date: His retirement will be
effective on April 1, 1998.
Logel
Oudgat
Purchasing
Risk Mgmt,
Is
ACM
Other
NA
- NA - -
NA
User
t: Costs:
ES
Total
Current Fiscal Year
Funding Source:
? capital improvement:
Advertised: ? Operating,
Date: ?
other. Pension
Paper:
? Not Required Appropriation Coda
Affected Parties: 646.07410-514100.585-000
? Notified
? Not Required
Submitted by:
city Manager
0 Printed on recycled paper
Commission Action:
? Approved
? Approved wiConditione
? Denied
? continued to,
Attachments:
? None
i
I
ti 1
Agenda Item--Regular Pensions
Page 2
January 12, 1998
Based an an,average salary of approximately $42,375 per year over the past five years, the formula
for computing regular pensions, and Mr. Collie's selection of the Joint & Survivor Annuity, this
pension will approximate $34,962 annually.
Ozell George, Parks Superintendent, Parks & Recreation Department, was employed by the City on
January 17, 1966, and his pension service credit Is effective on that date. His retirement will be
effective on February 1, 1998.
Based on an average salary of approximately $41,456 per year over the past five years, the formula
for computing regular pensions, and Mr. George's selection of the 50% Joint & Survivor Annuity,
this pension will approximate $37,452 annually.
Robert Papa, Motor Vehicle/Equipment Mechanic Supervisor, General Services Department, was
employed by the City on November 8, 1971, and his pension service credit is effective on that date.
His retirement will be effective on February 1, 1998.
Based on an average salary of approximately $42,931 per year over the past five years, the formula
for computing regular pensions, and Mr. Papa's selection of the 50% Joint & Survivor Annuity, this
pension will approximate M32,380 annually.
Ezell Hunt, Solid Waste Equipment Operator, Solid Waste Department, was employed by the City on
September 26, 1969, and his pension service credit is effective on that date. His retirement will be
effective on July 1, 1998. 11
Based on an average salary of approximately $33,452 per year over the past five years, the formula
for computing regular pensions, and Mr. Hunt's selection of the Joint & Survivor Annuity, this
pension will approximate $26,522 annually.
Leonard Gogola, Firefighter, Fire Department, was employed by the City on October 12, 1977, and
his pension service credit is effective on that date. His retirement will be effective on February 1,
1998.
Based on an average salary of approximately $38,944 per year over the past five years, the formula
for computing regular pensions, and Mr. Gogola's selection of the 100% Joint & Survivor Annuity,
this pension will approximate $21,236 annually.
Joseph Pidala, Assistant Fire Chief, Fire Department, was employed by the City on October U),
1977, and his pension service credit is effective on that date. His retirement will be effective on
February 1, 1998,
Based on an average salary of approximately $62,782 per year over the past five years, the formula
for computing regular pensions, and Mr. Pidala's selection of the 10-Year Certain & Life Annuity,
this pension will approximate $36,452 annually.
S?yta;T r,'.'tl ,?..`: tr r f•. air ; ir•.4 rr - : ?, i' ? '. .!'lr ,' .Sr . ' ,a .. :r .,f, .;?
• Agenda Item-Regular.Pensions
Page 3,
January 12, 1998
Mr.; Wilson's pension was approved by the Pension Advisory Committee on November 13, 1997,
and Mr, Lloyd's, Mr. Collie's, Mr. George's, M.r. Papa's, and Mr. Hunt's pensions were approved by
the Pension Advisory Committee (PAC) on. December 11, 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. Wilson' and Mr. Collie qualify
under both criteria; 'Mr. George , qualifies under the 30 years of service criteria; and Mr. Lloyd,
Mr, Papa, 'and Mr. Hunt qualify under the age 55 and twenty years of service criteria.
Mr. dogola's and Mr. Pidala's pensions were approved by the Pension Advisory Committee on
December 11, 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 Firefighter or Assistant Fire Chief as meeting the
hazardous duty criteria. Mr. Gagola and Mr. Pidala qualify under the hazardous duty criteria.
[,t
Trustees of the P=nloyees' Pension Plan
Agenda Cover Memorandum
Item #:
Meeting Date:
SUBJECT: Coopers & Lybrand Actuary and Administrative Services - 1998
RECOMMENDATION/MOTION: Approve First Amendment to Consultant Services Agreement with Coopers &
Lybrand L.L.P., to perform the 111198 Actuary Valuation and Third Party Administrative Services during 1998 for
the pension plan, at an amount not to exceed $25,550,
IN and that the appropriate officials be authorized to execute same.
BACKGROUND:
e Coopers & Lybrand's contract for actuary services was extended to include the 1996 and 1997 reviews in
.order to assist with the conversion to a qualified pension plan. The intentions at the time were to rebid the
service for the 1998 review.
• In 1996, it was determined that other professional services were needed in order to properly manage the
new aspects of the pension plan, including counseling employees and dealing with the regulations and tax
considerations of the new plan.
• An RFP was issued for Third Party Administrative Services and Coopers & Lybrand was selected as a result
of that process. Discussions with various vendors during the process revealed that many firms would like
to perform the actuary, services and administrative services as a single contract. The services provided by
the actuary and the administrative services provider are closely related.
a Coopers & Lybrand has now served as Third Party Administrator for one year. During that time we have
determined a need to adjust the requirements for services that originally were part of the contract.
* Since we are still fine-tuning the services needed from the administrative services provider and since it
appears that bidding the contract jointly as actuary and administrative services provider would be in the
best interest of the pension plan, staff has worked with Coopers & Lybrand to amend the current contract to
a one year contract for both actuary services and administrative services for 1998 and to bid out both
services for 1999.
• The $13,000 fee for actuary services is the same fee paid for each of the 1996 and 1997 valuations.
• Fees paid to Coopers & Lybrand as third party administrative services provider during 1997 totaled
$12,610 as of 12118197.
Reviewed by:
Legal
Budget
Purchasing
Risk Mgmt.
is
ACM
Other
Submitted by:
city Manager
10 {Tinted on recycled paper
Originating Deportment: Costs: 025,560 as%.
a
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Resour
Fi -
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n
an
ces
L'ill Total Commission Action:
User Departmen : 622,000 set. ? Approved
Currant Fiscal Year ? Approved wlCondilions
Funding Source: ? Denied
0 capital ? Continued to:
Improvement;
Advertised: 0
operednq:
Date: X Employees'
Other. Pension Fund Attachments:
Paper:
? Not Required Appropriation Code
Affected Parties:
? Notified 646-07410.530100-585-000
? None
? Not Required
I
?Ah
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fix. J ,t ??? ? ? ? ?? ? r r? r,[ ft, }S:.{??"`'•; ?. r, .'y.
4 ?'llam y•.1 .t.(iy6>'_}.S- 4 '1' .. 's'''.'"r •?i!'':f l!?fh 'i:<i:, i;• ii? ;i: L'q; ,;'?` .,f ..'
o?Jw I,S i? ?•!'' E.,, J.t.y"?S•', t• +?1 4•,'r .'.E?• '11 `.]' °r7
??A.>:1irci. s'. ..?.,?•rr'-'a,. ....a.§7. n>'?; :'?}t;t?:r< .,. '" .-t,{::. .1,:. .r: ,'°:. 4 7.t-s° ... ? ... °'4. ?.1;. -.1'[. .,. ? .. .. , '?'a, ?.
?' .. Fees Eor individual Services provided as part of the administrative services are'the same as 1997 and are :
estimated, to
be approximately $12,550. This is composed of the following:
,'.
$250 for review and amendment (if necessary) of the pre-retirement booklet
f: $1,000 for Individual retirement statements
,.. +' `$4,800 for'retirem'dw seminars (20 hours cQ $240/hour)
o •$3,500 for options`counseling for up to 1 hour per retiring,employee at $100/hour
(estimate 35 employees)
$3,000 for staff advice 0 2.5 hours @ $240/hour)
Funding is-available in the Employees'. Pension Fund.
r
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if 1
FIRST AMENDMENT TO CONSULTANT SERVICES AGREEMENT
This First Amendment Is made this day of , 1998, by and
between CITY .OF CLEARWATER (City) and COOPERS & LYBRAND, L.L.P.
(Consultant);
WHEREAS, City and Consultant entered Into a Consulting Services Agreement
on December 9, 1996, far outsourcing pension administration services;'
WHEREAS, City and Consultant agree to amend the Consultant Services
Agreement dated December 9, 1996 as described herein;
NOW, THEREFORE, City and Consultant agree to this first amendment under
the following terms and conditions:
1. The Scope of Services shall be modified as described in Exhibit A.
2. The term of the Agreement shall terminate on December 31, 1998, with
no further obligation by City or Consultant.
3. The fee payment for the services described in Exhibit A for the remaining
term shall be no more than $25,550 for all fees and costs.
4. All other terms and conditions shall remain in full force and effect.
IN WITNESS WHEREOF the City and Consultant have executed this First
Amendment to Consultant Services Agreement.
Countersigned: CITY OF CLEARWATER, FLORIDA
Rita Garvey Michael J. Roberto
Mayor-Commissioner City Manager
Approved as to form: Attest:
John Carassas Cynthia E. Goudeau
Assistant City Attorney City Clerk
By:
COOPERS & LYBRAND L.L.P.
By:
Its
SlAgreement/Coopers First Amend
Scope of Services
t a R_ gview?
Coopers & Lybrand, L.L.P..will perform an actuarial valuation for the City of Clearwater General
Employees Pension Plan as of 1/l/98. It is guaranteed that this report will be State-accepted.
Fees will not exceed $13,000 and will include one presentation of the valuation report to the
Board of Trustees and any ,correspondence required by the Florida Department of Administration
regarding the report.
Em 1 e PM-Retirement Plannin Workbo
Coopers & Lybrand, L.L.P. will review the workbook prepared last'year and will notify the City
as to whether it needs to be revised due to material changes ist law, the pension plan, Social
Security, or any other reason. If the information contained in the workbook is materially incorrect
due to any changes, Coopers and Lybrand will provide an updated version in camera-ready format
by January 31, 1998. The fee for this will be $250. The City will handle the printing, duplication,
and distribution of the workbook,
BenePt Statements
Coopers & Lybrand will provide individual pension plan benefit statements to plan participants.
The benefit statements will include such information as projected plan benefits, employee
contributions, accrued plan benefits, date of 100% vesting, etc. The fee for preparing the
statements will be $1,000. The statements will be delivered to the City around April 1, 1998, for
distribution to employees.
!Quarterly Pre-Retirement Seminar
Coopers & Lybrand will conduct quarterly pre-retirement seminars. These sessions will be
targeted to employees approaching retirement and will be presented in a workshop format to
groups of employees (etze of group is at the City's option). These workshops will assist the
employees in identifying their retirement goals and objectives and the actions required to achieve
them. The seminars can be used to educate employees on investment strategy, plan options and
the retirement planning process. The fees for the workshops are $80 to $240 per hour for the
time involved in the sessions, depending on the staff level desired.
Telenhone_Pensi2n Advise and Counseling Servictl
Coopers & Lybrand will provide the counseling to employees within one year of retirement on
benefit estimates and options counseling. Fees for this service will be up to one hour of
counseling per employee at $100/hour. Coopers & Lybrand will get approval from the City prior
to counseling any employee.
Advice to pity Staff on Tax and Plan Issues
Coopers & Lybrand will be available to advise City staff on issues pertaining to tax and plan
considerations. The fee for such advice will be $240/hour. Recognizing that service providers
and clients have an ongoing need for communication, Coopers & Lybrand will advise the City
when discussions are such that a billing will occur.
Exhibit A