10/13/2008PENSION TRUSTEES AGENDA
Location: Council Chambers - City Hall
Date: 10/13/2008- 1:30 PM
1. Call to Order
2. Approval of Minutes
2.1 Approve the minutes of the September 15, 2008 Pension Trustee Meeting as submitted in written
summation by the City Clerk.
1B Attachments
3. Pension Trustee Items
3.1 Employees listed below be accepted into membership in the City of Clearwater's Employee's Pension Plan
as approved by the Pension Advisory Committee.
1B Attachments
3.2 Dennis Brown, Solid Waste/General 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.
10 Attachments
4. Other Business
5. Adjourn
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date: 10/ 13/2008
SUBJECT / RECOMMENDATION:
Approve the minutes of the September 15, 2008 Pension Trustee Meeting as submitted in written summation by the City Clerk.
SUMMARY:
Review Approval: 1) Clerk
Cover Memo
Item # 1
Attachment number 1
Page 1 of 4
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
September 15, 2008
Present: Frank Hibbard
Carlen Petersen
n Doran
e N. Cretekos
'bson
nt: Will . Horne, II
Jill rboard
Rod
Pa . Akin
C Goudeau
0. Sullivan
Chair
Trustee
Trustee
Trustee
Trustee
City Manager
Assistant City Manager
Assistant City Manager
City Attorney
City Clerk
Board Reporter
e Chair calle?ng to or?ALat 1:36 p.m. at City Hall.
ity for r are in agenda order although not
necessan ed in that o
2 -Approval of Minutes
Trustee Cretekos moved to al
August 18, 2008, as recorded and su
Trustee. The motion was duly secon
of the P Trustees meeting of
ummation e City Clerk to each
3 - Pension Trustee Items
3.1. Discuss the Klausner and Kaufman
Benefit-Defined Contribution Issues.
ions and efined
In their August 2008 memorandum, Pensio rneys Klau aufman, P.
reviewed retirement in the City and academic literatu compari d Benefit and
Contribution plans. They summarized implications of moving efined Benefit
Defined Contribution plan. They focused on advantages a antages of bo ache
and set forth practical considerations and theoretical argume In their final a counsel
believed maintenance of the current Defined Benefit system was the optimu of
providing a meaningful retirement to City employees and represented the ctive tool to
insure a stable, well-trained, dedicated workforce.
In their Executive Summary, counsel reported while City benefits aliffilWetitive, they
are not excessive when compared with the relevant marketplace. Each fea should be
evaluated in the context of specific plan objective(s). While there is no single best plan for all
Pension Trustees 2008-09-15
Item # 1
Attachment number 1
Page 2 of 4
employees or employers, counsel concluded maintenance of the current Defined Benefit
retirement plan was the best alternative for the welfare of the City and employees. Counsel said
abandonment or radical curtailment of the City's defined benefit retirement program would be
directly contrary to W& employment practices.
Pen
a Defined E
not a pa
fundin
6.5°/
p
Robert Klausner said taxpayers pay 28 cents on the dollar under
e entire dollar under a Defined Contribution plan. Clearwater is
Social If the plan were closed, plan obligations would shorten its
alf. At the sa the City would have to replace the plan, plus contribute
I Security while e es contribute 7%. A study on terminating Los Angeles'
ed costs would doubl 4 years, with no savings realized for 24 years. Actuarial
lost when retirees take out of the plan and no employees contribute.
Mr. Klausner said the bi
celing the plan would be ba
Land stay here. Jurisdic
I ant attrition. Under
ndle investme
e
been
rgain taxpayers receive is local government. He said
mic planning. A Defined Benefit plan attracts people to
t tried Defined Contribution plans have experienced
Defined Benefit plan, people who know what they are
rely well d efficiently manage the plan, which is a fair one.
work short-term professionals, Clearwater's goal has
Mr. Klausner said a Co I Wayeans Committee meeting will address
local government concerns r IRS interes enefit packages. He will report on that
meeting as well as rules p y the State Division of Retirement.
Discussion en comments that VW s health is important and
reducing employees wo lower pension costs. The cyclical of investments was noted
as well as the City's minimum contributio,g any years.
The City's actuary will provide
with a Defined Contribution plan durir
Name, Job Class, & Dept./Div
annual re
of i Vs Defined B
EliM
Date
Kimberly Pierce, Police Com. Operator Trainee/Police /07/08 07/
Trustee Petersen moved to accept the listed employees into mem in the City of
Clearwater's Employees' Pension Plan. The motion was duly seconded an ried
unanimously.
Pension Trustees 2008-09-15
Christopher Mears, Solid Waste Equip. Operator/Solid 07/07/08
Peter Pulfer, Solid Waste Equipment Operator/Solid Wa 07/07/08 8
Louis Cobb, Solid Waste Worker/Solid Waste 07/21/0 1/08
Todd Deerwester, Solid Waste Worker/Solid Waste 07/21/ /21/08
Maria Roldan, Customer Service Rep./Customer Service 07/0 07/02/08
Item # 1
Attachment number 1
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3.3. Dennis Olmstead, Public Service Technician I, Public Services Department; Thomas
Cha linsk Senior Plans Examiner Development & Neighborhood Services Department; and
Philip Jackson Poli icer Police Department, be ranted regular pensions under Section
2.393 and 2.397 lovees' Pension Plan as aDDroved by the Pension Advisorv
Committee.
D stead, rvices Technician I, Public Services Department ,was
emplo
ty on July
C
i 11, and his pension service credit is effective on that date.
His ilSe
7b
effective
e r 1, 2008. Based on an average salary of approximately
$ r yever the past fi rs, the formula for computing regular pensions, and Mr.
d's selection of the Joint ivor Annuity, this pension will approximate $38,735
Ily.
Thomas Chaplinsky, Se ns Examiner, Development & Neighborhood Department,
employed by the City on 1974, and his pension service credit is effective on that
His pension will be e ctober 1, 2008. Based on an average salary of
ately $60,884 ver the t five years, the formula for computing regular
pen selecti 100% Joint & Survivor Annuity, this pension will
appro Ily.
Philip Jackson, Police O ice De
September 1, 1986, and his ervice credW,
effective October 1, 2008. n an average sal
the past five years, the or computing regu
the 100% Joint & Su nuity, this pension will
These pensions were approved b i
2008. Section 2.393 provides for nor
age 55 and completed twenty years o d se
service, or has reached age 65 and c ted ten y
Pnt, was employed by the City on
effective on that date. His pension will be
of approximately $68,325 per year over
and Mr. Jackson's selection of
40,809 annually.
on Advisory ittee on August 14,
ibility whe rticipant has reached
provides for normal retirement eligibili n a participa'r
credited service or has reached age 55 mpleted to
employment described as "hazardous du
meeting the hazardous duty criteria. Mr. OI
age 55 criteria. Mr. Chaplinsky qualifies under the
qualifies under the hazardous duty criteria.
lFeted thirty years of
vi
ce. ecti
t
dited d a type
service as cer as
der the 2 an
Trustee Doran moved that Dennis Olmstead, Public Se chn
4 - Other Business
Services Department; Thomas Chaplinsky, Senior Plans Ex ever
Neighborhood Services Department; and Philip Jackson, Po fficer, Pi
granted regular pensions under Section(s) 2.393 and 2.397 of e Employ
approved by the Pension Advisory Committee. The motion was duly seco
unanimously.
5 - Adjourn
Pension Trustees 2008-09-15
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Attachment number 1
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Pension Trustees 2008-09-15
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The meeting adjourned at 2:00 p.m.
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date: 10/ 13/2008
SUBJECT / RECOMMENDATION:
Employees listed below be accepted into membership in the City of Clearwater's Employee's Pension Plan as approved by the Pension
Advisory Committee.
SUMMARY:
Pension
Name, Job Classification, Department/Division Hire Date Elig Date
Samuel Taylor, Solid Waste Worker/Solid Waste 8/4/08 8/4/08
Jane Sloan, Dev. Rev. Tech. I/Dev. & Neigh. Ser. 11/13/07 8/4/08
Kim Trempe, Cust. Service Rep./Customer Service 8/4/08 8/4/08
Kevin Poole, Solid Waste Equip. Oper./Solid Waste 8/18/08 8/18/08
Robert Tucker, Solid Waste Worker/Solid Waste 8/18/08 8/18/08
* originally hired 11/13/07 as temporary; transferred to permanent and pension eligible as of 8/4/08
Review Approval: 1) Clerk
Cover Memo
Item # 2
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date: 10/ 13/2008
SUBJECT / RECOMMENDATION:
Dennis Brown, Solid Waste/General 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.
SUMMARY:
Dennis Brown, Solid Waste Worker, Solid Waste/General Services Department, was employed by the City on August 20, 1980,
and his pension service credit is effective on that date. His pension will be effective October 1, 2008.
Based on an average salary of approximately $31,743 per year over the past five years, the formula for computing regular pensions, and
Mr. Brown's selection of the 75% Joint & Survivor Annuity, this pension will approximate $24,678 annually.
This pension was approved by the Pension Advisory Committee on September 11, 2008. Section 2.393 provides for normal retirement
eligibility when a participant has reached age 55 and completed twenty years of credited service, has completed thirty years of credited
service, or has reached age 65 and completed ten years of credited service.. Mr. Brown qualifies under the 20 years of service and age
55 criteria.
Review Approval: 1) Clerk
Cover Memo
Item # 3