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' � ' � . . 1�,�� . � ..2'`� . � I,( . e ` , ' ' ' �'i�� . � .. • � Y ' ' . } . • ' . � . �{1 � • � . � (1 . , ' �� 'i . . . � �,� � . . . 1C. . ' , . � � .. . ,�`'.I� .' Y3.• , � . ,i .. � . !. . . � , � • . ', � .. ' .. ' �_ � ' ls ' . I:'l,. .�.fl' `��,� '��i.'k'� F '.F'�'��t !'�:. ,��� ��• ��i',yaie ,5��� � .' .. �'r . � , ' ' • ! ' ' t .a� 'i'�..R �`I,�,:'i, ,j, � •z�, i ' � •1�< d.n't"�1°i•.i��, ,)�i;}��Ir: ��di , ,j , '1 .�.. '�'SY,:� .;i'i� :1�. � °.i' ' ' '�'l.z.��.er' ,.�'f��=�`,l�.�r Er�. . � '�t'i:' .e�'L �'�i� ,� , . . . . , , , , . �. : S' � . . �.�' . S ` � ��.. t .. . .. 1 I ' Y���.4� tii` � . . i . , F 1 . . . . . . • ' . 1 . ' . • . . �. ... . � i � . `�' 'sj �' � '* t.t: yr�:� r•.-•�F,: '..5, � � . ,:' '. ' • . . . � ' ' ' ' � , . � ' . • � . . � • �� � . � . . . , � . . .�. „ � . i . . ' . � � 1' � . . . � ' � .. ` � • � : . _ .. • � ' � � , � ' . . � i . �� :. '� ' . ' . �' . . � ACTION AGENDA � � � . . � � `; , .�� . � ' � Board oi 7rustees �of the �mployees.' Pensiot� F�t�d. � . ,. . . . , , , , . . . July 13, 1998 , ' . , 4• ' � . ' ' . , , - . . � . . . ' ' . . . . � . � . ' . . . • . . � � . . ' � ' ',,, ' �. Cal! to order ; ` �. 1. 'i:i 7 p.m. � . , ',2.� AppTaval af Minutes: 6/15/98 � 2. Appraved as submitted. ' . �� � � � � , � . � � : • �. 3. .. . Requost for acceptance� � 3. Appraved. . . , ` . , �" ' � . into merx�6�rship: � . � . ,:: � . . , , . � � � . . , , �a1 Lynn..�ason ' � . , � .. , . �,� ' � � . . b1 Wiiliam R. Karner . � , . . : ; � cj Gary�. Spence . ' � . , • , � . :� � . � , di Matthew 8urmood � , � . , , � , � e) 5ean McKay � . . ` . . � ' ' . t� Tarrrmy Resser � , � . ' ' �. ' � g1 Tamara Yacso , ' � � � . , . � � ' , . 4. � Regular Pensian ta k�e granted: . �4. Approved. . ' , .� Jam�a Davis . ,' � ; . . � � ; . ' 5. :. Pensions to be Vested: . 5. Appraved, ' . ' ; . 7'imothy Trable . . • • . � � , Anita Dani�ls : . � • , � . . ,. , � . � fi. . Termina#e.cantract with A1liance 6, Approved. � � � � , , . � � Capital Management LP as a care ' � . . . �. � . � fix�d incame manager . , , 7, Apprave contract with Sirach 7, Approved. � . ,. . Capit�l Ad�isars, Inc. as a core ' . fixed income manager, provids for � o smooth transition tor ths additiorr ' ` ' , � thraugh opening of safefceeping ' � � ' �� , account at S�nTrust , . '. , ' � � . 8. Otf�er Business: ' 8. None. � � � � � . . y�. Adjournment: ' 9. 1:21 p.m. � ; � � I: �- �j„• . � , . . , . � ., - . � �. � ; . . . j °, • , � � • • ' � � � j. . . . . ' . . e . . . ' . . . . . , • � i ' • • • 1 'V` '1 � ° ' � . � . . .. . . . 1 . ' , . �' 1 • � . . � ' . � ' � . � ' ' , ' . . ' �St �k..f �t.. � �` ' � . . . . . , ' r ' . � � . � tl'£13 �i i, . . ' . . . • , ' � . . . (. . ty��'�'"', J. 1..i#� If . . . . . . . . . ' . 't � `. �n �'iS; '..��', '•�,. t°, :� . . , . ' ° , � . . , ' ' , ' . r - �. ' ; ' .� . , . , . �1, f. ���';�t������ :.. 1,r,-.:' ���. ,a` r.' . '� ., . .. ' ' , , . . . � ..�. � ' ; '' . . .. . . ; , , • ; . , '. . � <<. � li'.st . , . '.�' . , . . ' � . � �� ; 1 , Meeting D'ate: � • l 3 • �� Approvea by Trustees ',� � CITY OF C1.EARWATEFt �i',/IP�.QY��S' P�NSi4N PLAN � PENSION ADVSSORY COMMITiEE � w � � Tp: Pension Trustees � . . - FRC�ti/f. Pensian Advisory Committee � . , �. SUBJECT: Recommandation for Acceptanc� into Pension Plan . � D�1TE: June 11, 'f 998 . � � ' .�. • As Trustees of the City of Clearwater �mployees' Pensivn Fund, you are hereby not�fied tha# the employee(s) fist�d below ha�e be�tt duly examined by a(acal ' phys"►cian and each has been designate� as a"��rst class risk". 7he employment Af � ,. thes� individuals brings tho number o# FTE`s as �f this date to '� 868.1 out of , � 707.9 budgeted posit+vns Iinc�uding the City Commission). �, . � These employess are eligibfe fdr p�nsion m�mbership as noted in the Pensivn • Eligibi�ity Date c4lumn be�ow, ar�d it �s the recommendation o# t�e Pension Advisory � Committ�e that they be accepted into memb�rship. � , � Pension E1ig. Name�Job. Class. & De�qt.l0iv. Hire Date . Date Lynn Jason, St�ff Assistar�t IfGas 4128198 4128198 ', � UVi#liam R. K�rner, Metes ReaderlGas � 51� � I98 51i �!98 ' Gary Spence, �ire#ighterlFire 5/2CI98 5126198 , Matthew Burri-►ood, Fir�fi�hterJ�ire 5l26198 5126198 Sean McKay, FfrafighterlFire 512819$ 5/28198 "f ammy R�eser, �ire€ighterl�ire 5126198 5126198 ' Tam�ra,Yacso, Staffi Assistant t/Gom. Resp. Team 5/28/9$ 512fi198 _. � ., . . .l' ..�_. . �4�.�.�1'. .. S ` , � ,�� �i ;i �, . . 1 I 5 ' . , ' � . , ' . • t . . ' . . ' ' f � i,,��1�... ' ''�tt , ��r:.' t�:. `j ' ' . • . i �l��•� �'.,'�t'�(, f• r� 1��•�r' . ( ' . ' ' . , • "f€i:,',a,' ' r.i. �,^.•. � ' � � . , , y. , . . : i �ai, :i.� . . ri� � �� ��� .. . . . . � � . - • . � ,.. ,. .� ��f.. ., • . ' 1 � . � � , . . ' , , r f 1 , � ' . . E .. . ` ' ;;,� �" ° � TCiiB$B8$ 0� tb8 . � . � EIIqIp10�888' Pens3on �lan "►�ii�v'1({8�nda 11em # . Agenda Cover Memarandum Meetl�g Qate: 7113/98 � 5UBJECTlRECOMMENDATION: � � james Da�is, Library E?epartment, be granted a regular pension under Section{s} 2,393 and 2.397 of the �mp�oyees' Pension f'lan as approved by the Pensior� Advisory Committee. 0 a�d lhat the appropriate offrtials be a�tk�orized to ex�r�te same. ' SUMMARY: � }ames Davi�, Librarian II, Library Department, was employed by khe City on �ebruary 21, 1972, �nd his pensian service credit is effective August �1, 1972. His pension will be effective on February �, 1999. Based on an average salary o� approximately $44,454 per year ov�r the past fiv� y�ars, the formula far computing regular pensions, and Mr, Davis` 5�lection of the 1 �0°!4 Joint and 5urvivar Annuity, this per�sior� wi!! approximate $3�,835 anrrually. Mr. Davis' pension was approved k�y the Pension Advisory Committee on �une 11, 1998. 5ectian 2.393 �p) providES for norma! retir�mer�t eligibility w�en a�articipant has rea�hed age 55 and completed twenty years of cr�diied s�rvice or has compleked 30 years of credited s�rvice. Mr. Davis quaiifies u�der the age 55 and 2� years of service criteria. ' � . [teviewed by: ����� NA 8udgel NA , Purchasing NA Risk Mgmt NA 5ubmilted by: City Manager Printecl on rccycled paper Info 5rvc NA Pu�ilic Wnrks NA DCM/ACM Olher NA Originating Dcpt: �� Costs � Human Resnurces ra��� � tJser Dept. � , Funding Source: Current FY CI ! Attachments . ni' Other Pension ❑ None Code: b46•07410-51410U-585-OOb , Rev. �l9p , I . � i� , • , �, . . � � ' , ' ' ., ' .1� ;. . , � e ' .. '. 3'�� �,. � � � .. 1�i1 i, ' � �� ;� ! 0 .' Trustees ot the Employees' Pens�an Plan Agenda Cover Momorandum rvrEi�c�I��te�h'T'�: �Fiart�-AIIenda Item t� Meeting l]ate: y/�3/ga 5UB�ECTIR�COMMENDATlON; � Timothy Treble, Police Department, and Anita Dar�iel5, Library Departmer�t� be allowed to vest iheir pensions under Sectinn(s) 2.397 and 2.398 of ti�e Employess' Pensian Plan as approved by #he Pension Advisory Committee. � � and that the apprapriate officfals be authnrized to execute same. SUMM4ARY: . Timn#hy Treble; Palice affic�r, Police Deparfimen�, was employ�d by khe City on )anuary 17, 1987, and his pensior� service credit i5 eff�ctive on that date. His per�sion will b� effectiv� on February i, 2007. Anita Danieis, l.ibrary Assistant, L�brary Department, was �mpioyed by the City on September 9, 1985, and her pensior� service credit Es effective on Ju�y 21, �986. Her pe�sion will be eff�ctive on November �, 2008. The Employe�5' Pension P�an provides that st�o�ld an employee cease to E�� an employ�e of the City of Clearwater afcer comp�etii�g ten ar more years of creditabi� s�rvice (pension participation), then such employee shal� acquire a vested interest in ih� retiremenl benefits. V�sted pensi�n paym�nks commence on the first oF the month fallawing the monch in whic}� chc� ernployee normally would have l�een eli�ibl� for retirem�nt. Ivlr. Tr�ble would have compieted tw�nty years in a hazardaus duty posifio� on January 17� 2007. Ms. Daniels would have completec� at least twenty years �f service and reachPd age 55 on October 19, 2008. � Tf�ese req�ests to vesk pensions were a�proved by the �'ension Acivisory Committee an Marci� i 2, 1398. Reviewed by: Lega1 BudgeS Nurchasing I��SI( MgR11. I5 ACM Other 5ubmitted by: NA NA r!A NA NA Originating DeparU�ent: MU ��SQURCES � UsCr Dcpartrnent: NA Adverliecd: �alc: City Manager � Printcti! an recyciesi paprr F'aper: ❑ Not Rrquired A#fected Partic�; � Noti(ied ❑ �lot Reyuired C��sts: Currenl Funding Sourcc; ❑ . Capilxl Improvement� � Oprrslinx: ❑ Olhen Pensian Appropriation Cade fi46-U7'410-51 � � QO-5 �35•000 Commission Action: S I3 Ap�roved �I C.1 Appro�ed wlCondilians 0 Denled �r � Contlnued ta: Atlachments: ❑ Nnne ,� . ,: , . � . '. . ; ; -. - . ., , , �, �� � � .. , ' � '� I�*�# �-:;;,` ,' : s, . � , ' , ,�� ,,��ir�.S� ''.���,:�. � � ' • � : • t.. • '„k, .i. . � .} .,�.{,,,''�, . ,� , �,,`.'(,� � , ��,'i, ` , � � . .. � ..., . �f `. i . i, . , ,, . ` . ., . � - � " , ; � � ' . ' �� � ' , � ' , . . . � , . � q � Emp�ayee Penston Plan Trust�e � �. - , Agenda C�ver Memorandum ��•�A��n�� �t�m # . � ' Mceting Date: '�_i � ' q � � SUBJECTIRECOMM�NDATt4N: �7'erminate the contract with AliianCe Capita( Management LP as a core fixed income mana�er. � and that the appropriate officiais be authorized to execute san�e. SUMMARY: � � � ''� �ar the five year period ending March 31}t Alliance has performed at th� 91" percentile. � �+ Last year it was decided to monitor tt�eir performance one more year and if it did not irr�prove t}�cy should be replaced. T��ir pe�formance cor�tin�es� to b� below expectarions. . , . M. Both of the p1a�'S finan�ia! advi5ors and the Pension Inveskment Committee rer.ommend t�rmination of the contract witi� Alliance Capita! Manag�ment LP. .. • O�r contract witli Alliance requires us to give ten days written notfc� of termination. �� Staff will �oordinate i�is termiriation with th� addition of a replacemeni money man�g�r recommended in . a separate item. � Red�rtwad by: ��a� �� Into Srvc N1A Budget � P�b��� Works N1A }�urcltaslr� � �77CM/ACM RE�lc Mgmt NIA O�the► Submitted by: City M�nag�r . . .� ._.. . � Printrt! on rccycled �scr r g na ng ept: 1.r1'j�� Fir�ance iJser 1}ept. Finanaa Attachtnents ff? ,,. Caats 'i'otal NlA Funding 5ource: Current FY NIA � Ck � Op Oti�cr ^ Codc: Rev. 2198 i �� �i.:,.� ' � i . '�. . . � t i .:"I: ' . ' , . ' ' Employee Pens�an Plan � �°'�'�"� -- � . � � � Trustee �hABenda 11em � , � Agenda Cove�r Memor�tdum Meeting Date; � • � • � �` SUBjECTIRECOMM�NDATION: ' Approve the contract with Sirarh Capital�Advisors, Inc. �� a core fixed income manager, provide for the smaoth transition for tli� addition through the apenin� of a safeke�ping accot�t�t at SunTrust, �` and diat the apprapriate officials be authnr�zed to execute same. SUMMARY: ■ Last year a searci� for a core fixed income manager r�sulted in corotracting with ARM Capital Advisars, Inc. 5irach Mansgement, Inc. was almost equal in ranlcsng to ARM. The city would now lik� to l�ire S�rach to r�p4ace A((iance Capital Managers w#�o is not meeting our performance expectations. •, R�presentatives from the 4�ensian Ir�vestment Committee visiced Sirach's office earlier this year and were �Favorabiy impressed with their abi��ties and resources.. •�vr the last five ar�d ten years �n a�gregate, Sirach F�as ranked in the 5`'` and 7'�' percentile of all fixed- irtcome cvre managers respectively. • Sirach has beer� managing tax-exempt f�nds as a team, without any change in theit p�i�osophy or process since ti�e inceptiorr o� ti�is produck in � 9�8. 51faCi1 17lanage5 $2.b billion in tax-exempt funds. + Sirach's management.fee is as follaws: • .30°l0 on the first $25 miliion e.25"/0 on the nexi $25 million o .20°lo an t�e balance � The fees are iower than the average fees of other fixed ineome managers. This fee is also th� lawest SiracF� char�es. Given their past 5uperior performarice staff �s very comfortable �vith these fees. • Staff recommends funding for Sirach's poKfolia be $47 million 6rom �111iance Capital Management Lf'. The balance of Allian�e Capitai Managemeni LP portfo�io of $11 million wiil go to ARM Capital Advisors, lnc. This will give each of our fixecl inGOm� managers (ARM, Sirach, and �icichoff, Pieper & Wiilaughiay) approximately $47 million to manage. • Staff will open a safekeepin� account at Sun Trust, our safekee�ing s�r�ic�, and far.ilitate the transfer. �► The camplete cor�tract is �vailable for review in the Ciky Clerk's Departm�nt. ' Re�lt�wecl by: Leyel � BUdgot � Purchasir� N/A #t�sk Mq"�rt NIA 5ubmlttr�d by: Clty Man�g�r Prinitd on rceycled paper Info Srvc Public Works DCMIACM Olhar Orlginatin� Dept: NrA �n7�j Ftr�ance N1A �s�r E1ept. Flnanca Attachments m None Costs Tofa! �ppax 135,U00 1 Year fundin� 5ourre: Curreni FY S32,OQ0 CI _ OP Other S_ Rev. 2198 35-