09/29/1997 (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
September 29,' 1997
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Present:
Rita Garvey
J, B. Johnson
Robert Clark
Ed Hooper
Karen Seel
Michael J. Roberto
Pamela K, Akin
Cynthia E, Goudeau
Patricia O. Sullivan
Chair
Trustee
Trustee
Trustee
Trustee
City Manager
City Attorney
City Clerk
Board Reporter
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
September 29, 1997
The Chair called the meeting to order at 9:02 a,m. at City Hall.
To provide continuity for research, items are in agenda order although not necessarily
discussed in that order.
ITEM #2 - Aooroval of Minutes
Trustee Hooper moved to approve the minutes of the September 2, 1997, meeting,
.!'it' as recorded and submitted in written summation by the City Clerk to each Trustee. The
f.q:m1' motion was duly seconded and carried unanimously, '
ITEM #3 w Reauest for Acceptance into Membershio:
The City Manager presented the recommendation of the Pension Advisory
Committee to approve membership for the employee(s) listed below:
a) Kenneth Cotton
b) Michael Vaillancourt
c) Tim Keene
d) James Jackson
e) Robert Carpenter
f) David Veile ,
g) Jare Jones
h) Kelly Myrick
i) Jeanmarie Kabala
j) Allen Mardis
k) Johnnie McFarlane
I) Shawna Service
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Trustee Hooper moved to accept the recommendation of the Pension Advisory
Committee, The motion was duly seconded and carried unanir:nously.
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09/29/97
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ITEM #4 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that John p, Geisel, Jr. and Donald A. Meerians be granted regular
pensions under Sectionls) 2,393 and 2,397 of the Employees' Pension Plan.
John p, Geisel, Jr. was employed on October 2, 1967, and his pension service
credit is effective that date, His pension will be effective on November 1, 1997,
Based on an average salary of approximately $43,188 per year over the past 5 years,
the formula for computing regular pensions, and Mr. Geisel's selection of the Life
Annuity, this pension will approximate $39,863 annually.
Donald A. Meerians was employed on July 3, 1978, and his pension service
credit is effective that date. His retirement will be effective on August 1, 1998.
Based on an average salary of approximately $58,074 per year over the past 5 years,
the formula for computing regular pensions, and Mr, Meerians' selection of the Joint &
,Survivor Annuity, this pension will approximate $31,945 annually.
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On September 11, 1997, the PAC (Pension Advisory Committee) approved
pensions for Messrs, Geisel and Meerians. Section 2,393 (pI provides for normal
retirement eligibility when a participant has reached age 55 and completed 20-years of
credited service or has, completed 30-years of credited service, Mr. Geisel qualifies
under the 30-years of credited service criteria and Mr. Meerians qualifies under the age
55 and 20-years of service criteria.
Trustee Clark moved to accept the recommendation of the Pension Advisory
Committee, The motion was duly seconded and carried unanimously,
ITEM #5 - ReQuest to Vest Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that Terence C, Jennings be allowed to vest his pension under Section(s)
2.397 and 2,398 of the Employees' Pension Plan
Terence C. Jennings was employed on March 15, 1976, and his pension service
credit is effective on that date. Mr, Jennings resigned effective November 3, 1997, at
which time he will have approximately 21 % years .of service and pension participation,
The Pension Plan permits employees who have completed 10 or more years of
creditable service (pension participation) to acquire a vested interest in the retirement
benefits. Vested pension payments commence at the time an employee normally
would have been eligible for retirement. Mr, Jennings would have completed at least
20~years of service and reached age 55 on June 26, 2005. On September 11 ~ 1997,
the PAC approved his request to vest his pension to be effective July 1, 2005,
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Trustee Johnson moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously,
ITEM #6 - Other Business - None,
ITEM #7 - Adiournment:
The meeting adjourned at 9:03 a,m.
~Tt~ST: ~- ~
"',' ". ~ Cityeler
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