06/03/1996 (2)
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PENSION
(TRUSTEES)
, Board of Trustees of the Employees'
Pension Fund
Minutes
Date
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ACTION AGENDA
Board of Trustees of the Employees* Pension Fund
June 3, 1996
1. Call to order 1 . 9:46 a.m.
2. Approval of Minutes ' 2. Approved as submitted.
of 5/13/96
3. Request for acceptance 3. Approved.
into membership:
a) Leman Adams
b) Thomas Carrick
c) Christopher Corin~
d) Joseph Egger
e) John Griffiths
f) Christopher Housholder
g) Tim Hulbert
h) Adrienne Kendrick
i) Theodore Miller
'0 j) Dawn Musick
k) Robert Orton
I) Lori Pratt
m) Kurt Rodriguez
n) Tereasa Roose
0) Tanya Smith
. p) Shawn Stafford
q) Charles Wilson
4. Regular Pension to be granted: 4. Approved.
George Odishoo
5. Other Business: 5. a) Report received.
a) Report re non-jab-connected
disability pension for Walter J.
<. Blanks by the PAC
6. Adjournment: 6. 9:51 a.m. '
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
June 3, 1996
The City Commission, meeting as the Board of Trustees of the Employees' Pension
Fund, met in regular session at City Hall, Monday, June 3, 1996 at 9:46 A.M., with the
. following members present:
Rita Garvey
J. B. Johnson
Robert Clark
Ed Hooper
Karen See(
Chairperson
Trustee
Trustee
Trustee
Trustee
Also Present were:
Elizabeth M. Deptula
Pamela K. Akin
Cynthia E. Goudeau
City Manager
City Attorney
City Clerk
ITEM #2 - Minutes:
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Trustee Johnson moved to approve the minutes of the May 13, 1996, meeting.
The motion was duly seconded and carried unanimously.
ITEM #3 - Request for Acceptance into Membership:
The City Manager presented the recommendation of the Pension Advisory
Committee to approve membership for the employee(s) listed below:
a) Leman Adams .
b) Thomas Carrick
c) Christopher Carino
d) Joseph Egger
e) John Griffiths
1) Christopher Housholder
g) Tim Hulbert
h) Adrienne Kendrick
i) Theodore Miller
j) Dawn Musick
k) Robert Orton
I) Lori Pratt
m) Kurt Rodriguez
n) Tereasa Roose
0) Tanya Smith
p) Shawn Stafford
q} Charles Wilson
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mPF06a.96
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06/03/96
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Trustee Hooper moved to accept the recommendation of the Pension Advisory
Committee. The motion was dUly seconded and carried unanimously.
ITEM #4 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that George Odishoo be granted a regular pension under Section(s) 2.393 and
2.397 of the Employees' Pension Plan.
George Odishoo was employed on September 22, 1970, and his pension service
credit is effective on that date. His retirement was effective on May'. 1996.
Mr. Odishoo's pension was approved by the PAC on May 9, 1996. 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 as meeting the hazardous duty criteria.
<:>
Based on an average salary of approximately $38,179 over the past five years, the
formula for computing regular pensions, and Mr. Odishoo's selection of the '00 % Joint &
Survivor Annuity, this pension will approximate $26,622 annually. Charts from Finance
which take into consideration mortality rates and age reflect the "present value cost of
financing" this pension will be approximately $333,328. The estimated pension cost (cash
payout over the life of the pensioner and his beneficiary) is $789,775.
Chairperson Garvey questioned the need for the calculation of the cost in the
agenda item. In response to a question, H. M. Laursen, Human Resources Director,
indicated the actuary provides iriformation regarding the needed funding for the pension
plan. He also indicated calculating the cost figures requires a significant amount of staff
time.
Trustee Hooper moved to eliminate the financial information from the rgular pension
agenda items. The motion was duly seconded and carried unanimously.
Trustee Hooper moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Other Business:
a) Report re non-job-connected disability pension for Walter J. Blanks by the PAC
On May 9, 1996, the PAC approved a non-job-connected disability pension for Mr.
Walter Blanks.
Pursuant to Section 2.394(e)(1 HG) and 2.397(c)(2) of Ordinance #5890-95, the
PAC is authorized to investigate and determine the eligibility of participants for disability
pension and to grant final approval.
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Mr. Blanks was employed on September 26, 1974, and began participating in the
Pension Plan on March 26, 1975. His resignation date was May 20, 1996.
Mr. Blanks' pension was approved by the PAC based on his disability which is
described as end stage renal disease. Mr. Blanks is a candidate for a kidney transplant, and
the PAC determined his current condition precludes him from performing his current job
(Equipment Operator III, Public Works Department) or any alternate work assignment for
the City. The PAC did note Mr. Blanks might be able to return to the City in some capacity
following a successful kidney transplant.
His medical status is documented by letters from doctors, Jerry M. Littlefield of
Suncoast Internal Medicine Consultants, James E. LeU, of Diagnostic Clinic, and Steven
Schwartz. Mr. Littlefield states Mr. Blanks I.... is medically disabled and unable to continue
his work as a heavy equipment operator (and) It is unlikely there will be any substantial
change in his condition until he receives a kidney transplant ..."; Mr. Lett relates, "8ased
on my observations with the patient's kidney specialist and evaluation of his current
medical status compared to the demands of his job, I feel he requires total and permanent
disability"; and Mr. Schwartz states, "Mr. Blanks requires four dialysis exchanges every
day ... In view of the above, it is my belief he would require total and permanent
disability" .
Based on an average salary of approximately $30,564 over the past five years, the
") formula for computing nonpjob-connected disability pensions, and Mr. Blanks' selection of
'.",., the 1 00 % Joint & Survivor Annuity, this pension will approximate $17,460 annually.
Charts from Finance which take into consideration mortality rates and age reflect the
"present value cost of financing" this pension will be approximately $230,421. The
estimated pension cost (cash payout over the life of the pensioner and his beneficiary) is
$576,045.
Trustee Seel questioned how this benefit differed from a regular pension. H. M.
Laursen reported the non-jab-connected disability pension is based on the same formula as
a regular pension. However, due to his disability, Mr. Blanks is retiring a couple of years
earlier than he would be able to under the regular pension. In response to a question, Mr.
Laursen indicated a person has to be in the plan at least 10 years before they can get a
non-jab-connected disability pension.
ITEM #6 - Adjournment: - 9:51 a.m.
ATTEST:~ l. ~n.
. City Clerk
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