10/12/1998 (2)
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. PENSION
(TRUSTEES)
BQ3rd of Trustees of the Employees'
Pension Fund
Minutes
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ACTION AGENDA
, . Board of Trustees of the Employees. Pension Fund
October 12, 1998 - 1 :00 P,M.
1. . Call to order
2. Approval of Minutes: 9/14/98
3. Request for acceptance
into membership:
a) Scott Yates
b) Jade Weppler
c). Mark Parry
d) Frank Dixon
e) Mirjana Zdjelar
4. Regular Pensions to be granted:
Charles Daniels
O'Neal Larkin, Jr.
,".. 5. Pensions to be vested:
Victor C. Chodora '
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Ralph Rodriguez~Torrent
6. Other Business:
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1. 1 :21 p.m.
2. Approved as submitted.
3.' Approved.
4. Approved.' '
5. Approved.
6. Concern was expressed reg~rding .
requiring new employees 55 years old or
more to participate in the Pension Plan
and not Social Security. The Pension
Advisory Committee (PAC) has requested
more information regarding this issue and
this will come back to the PAC in the
future.
, 7.' ,Adjournment:
7. 1 :23 p.m.
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Present:
Rita Garvey
Ed Hooper
J. B. Johnson
Robert Clark
Karen See I
Michael J. Roberto
Pamela K. Akin
Cynthia E. Goudeau
Gwen Legters
Chair
Vice-Chair/Trustee
Trustee
Trustee
Trustee
City Manager
City Attorney
City Clerk
Board Reporter
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TRUSTEES OF THE EMPLOYEESt PENSION FUND MEETING
CITY OF CLEARWATER
October 1 2, 1998
The Chair called the meeting to order .at 1 :21 p.m. at City Hall.
To provide continuity for research, items are in agenda order although not necessarily
discussed in that order.
ITEM #2 - Approval of Minutes:
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Trustee Clark moved to approve the minutes of the September 14, 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 - Reauest for Acceptance into Membership:
The City Manager presented the recommendation of the Pension Advisory
Committee to approve membership for the employee(s) listed below:
Scott Yates
Jade Weppler
Mark Parry
Frank Dixon
Mirjana Zdjelar
Trustee Hooper moved to accept the recommendation of the Pension Advisory
Committee, The motion was duly seconded and carried unanimously.
ITEM #4 - Reauest for Pension:
The CIty Manager presented the recommendation of the Pension Advisory
Committee that Charles Daniels and O'Neal Larkin, Jr. be granted regular pensions under
Section(s) 2.393 and 2.397 of the Employees. Pension Plan.
Charles Daniels was employed on March 24, 1975, and his pension service credit is
effective that date. His pension will be effective on September 1, 1998.
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Based on an average salary of approximately $39,868 per year over the past five
years, the formula for computing regular pensions, and Mr. Daniels' selection of the 100%
Joint & Survivor Annuity, this pension will approximate $25,418 annually.
O'Neal Larkin, Jr. was employed on November 28, 1978, and his pension service
credit is effective that date. His pension will be effective on December 1, 1998.
Based on an average salary of approximately $23,749 per year 'over the past five
years, the formula for computing regular pensions, and Mr. Larkin's selection of the Joint &
Survivor Annuity, this pension will approximate $ 13,064 annually.
These pensions were approved by the PAC on September 10, 1998.
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. Mr. Daniels qualifies under the hazardous duty criteria.
Section 2.393 (p) also 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., Larkin qualifies under the age 55 and 20 years of service criteria.
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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 #5 - Reauest to Vest Pension:
The City Manager presented the recommendation of the Pension Advisory
Committee that Victor C. Chodora and Ralph Rodriguez~Torrent be allowed to vest their
pensions under Section{sl 2.397 and 2.398 of the Employees' Pension Plan.
Victor Chodora was employed on January 23, 1984, and his pension service credit
is effective on that date. His pension will be effective on March 1, 2006.
Ralph Rodriguez~Torrent was employed on May 12, 1980, and his pension service
credit is effective that date. His pension will be effective on November 1, 2008.
The Employees' Pension Plan provides that should an employee cease to be an
employee of the City of Clearwater after completing 10 or more years of creditable service
lpension participation), then such employee shall acquire a vested interest in the retirement
benefits. Vested pension payments commence on the first of the month following the
month in which the employee normally would have been eligible for retirement,
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The meeting adjourned at 1 :23 p.m.
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Mr. Chodora would have completed 20 years of service and reached age 55 on
February 13, 2006. Mr. Rodriguez-Torrent would have completed 20 years of service and
reached age 56 on October 22, 2008. These requests to vest pensions was approved by
the PAC on September 10, 1998.
Trustee Clark moved to accept the recommendation of the Pension Advisory
Committee.' The motion was duly seconded and carried unanimously. .
ITEM #6 - Other Business:
Trustee Hooper expressed concern that requiring new employees that are 55 years
old ormore to participate in the Pension Plan and not Social,. Security is again becoming an
issue.
. Chair Garvey replied the PAC has requested more information and this will come
back to the PAC in the future.
ITEM #7 - Adjournment:
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