08/31/1998 (2)
PENSION,
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k;:'''' ;' , ' ,'~oa'rd of Trustees of the Employees'
('!i" Pension Fund
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ACTION AGENDA
Board of Trustees of the Employees. Pension Fund
, August 31, ,1998
L
Call to order
1. 10: 17 a.m~
2.
Approval of Minute?: 7/13/98
Accept.~ctuary's Report for
Employees' Pension Plan for plan
year begi,nning 1/1/98
2. Approved as submitted.
3.
3. Accepted.
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4. "Other Business:
4~ None.
; 5. Adjournment:
5. '10:18 8.m..
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TRUSTEES OF THE EMPLOYEES' PENSlON FUND MEETING
CITY OF CLEARWATER
August 31, 1998
Present:
Rita Garvey
Ed Hooper
J. B. Johnson
Robert Clark
Karen Seel
Michael J. Roberto
Pamela K. Akin
Cynthia E. Goudeau
Gwen Leg,t~rs
Chair
VicB~Chalr!Trustee
Trustee
Trustee
Trustee
City Manager
City Attorney
City Clerk
Board Reporter
The Chair called the meeting to order at 10: 17 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 Johnson moved to approve the minutes of the July 13, 1998, meeting, as
recorded and submitted in written summation by the City Clerk to each Trustee. The
motion was duly seconded and carried unanimously.
ITEM #3 - Accept Actuarv's Reoort for Emolovees' Pension Plan for olan vear beQinninQ
1/1/98 '
The 1/1/98 actuarial report for the Employees' Pension Plan requires a City
contribution of $1,299,185. However, the City Ordinance governing the plan requires the
City contribute at least 7 % of the compensation of all employees participating in the plan
(estimated at $3,309,684).
The difference between the required contribution of $3,309,684 and the actuarial
determined contribution of $1,299,185 will be added to the existing credit balance,
currently at $3,932,987. The new credit balance is estimated to be $5,943,486.
The funded status of the plan increased from 1 51 % at 1/1/97 to 165 % at 1/1/98.
The plan experienced a third year of excellent investment performance. The
performance for the last 3 years 11995,1996, and 1997, respectively} has been 23.36%,
14.80%, and 17.49%.
Trustee Hooper moved to accept the Actuary's Report for the Employees' Pension
Plan for the plan year beginning 1/1/98. The motion was duly seconded and carried
unanimously. '
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ITEM #4 ~ Other Business
None.
ITEM #5
Adjournment:
The meeting adjourned at 10: 18 a.m.
AmST:Pu~~.2:. }L..o.
, , , ' , Clty'Clerk
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