07/12/1999 (2)
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. PENSION
. (TRUSTEES)
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Pension Fund
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Approval of Minutes: Regular Meeting 6/14/99 & Special Meetings 6/7199 & 6/17/99
- Approved as submitted. '
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ACTION AGENDA
Board of Trustees of the Employees' Pension Fund
July 12, 1999
1,
Call to, Order - 1 :24 p.m.
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Request for acceptance into membership: Jarred Stiff, Steve Ussery, Shoba Sridaran,
Florence Reichert & Randy Higgins - Approved.
4.' 'Regular Pension(s) to be granted: William Weller - Approved.
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5. ' Death' Benefit to be granted: Jacqueline Pedley, widow of James Pedley - Approved.
6, Approve re~ommended mid-year adjusted administrative expenditure budget for fiscal
year 1998-99, totaling $78,865 'for the City's Employees' Pension Plan - Approved.
7, Other Business - None,
8, Adjourn - 1 :27 p,m.
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
July 12, 1 999
Present:
Brian J. Aungst
Ed Hooper
J, 8, Johnson
Robert Clark
Ed Hart
Chair
Vice-ChairlTrustee
, Trustee
Trustee
Trustee
Also Present: Michael J. Roberto
Pamela K, Akin
Lee Dehner
Cynthia E. Goudeau
Patricia O. Sullivan
City Manager
City Attorney
Pension Trustees Attorney
City Clerk
Board Reporter
The Chair called the meeting to order at 1 :24 p,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 June 14, 1999, meeting, and
special meetings of June 7, 1999 and June 17, 1999, 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 Acceotance into Membershio:
The City Manager presented the recommendation of the Pension Advisory
Committee to approve membership for the employees listed below:
Jarred Stiff
Steve Ussery
Shoba Sridaran
Florence Reichert
Randy Higgins
Trustee Johnson 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 William Weller be granted a regular pension under Section(s) 2.393 and
2.397 of the Employees' Pension Plan.
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William Weller was employed on May 10, 1976, and his pension service credit is
effective on November 6, 1 976, His pension will be effective August 1, 1999, On June
17, 1999, the PAC (Pension Advisory Committee) approved this pension. Based on an
average salary of approximately $43,099 per year over the past five years, the formula for
computing regular pensions, and Mr. Weller's selection of the Joint & Survivor Annuity,
this pension will approximate $26,925 annually.
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 Police Officer as meeting the
hazardous duty criteria. Mr. Weller qualifies under the hazardous duty criteria,
Trustee Clark moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously,
ITEM #5 - Death Benefit to be aranted:
The City Manager presented the recommendation of the Pension Advisory
Committee that Jacqueline Pedlev, widow of James Pedley, be granted a death benefit
under Section 2,397 of the Employees' Pension Plan,
James Pedley was employed on January 16, 1989, and hIs pension service credit is
effective on that date, Mr. Pedley passed away on May 19, 1999, Jacqueline Pedley,
widow of James Pedley, applied for death benefits on June 1, 1999. Mr. and Mrs. Pedley
were legally married on April 16, 1983, thereby entitling her to death benefits under
provisions of the Employees' Pension Plan. On June 17, 1999, the PAC approved Mrs.
Pedley's request for death benefits. The amount of Mrs. Pedley's pension will be
computed by the Finance Department at a later date. This pension will be effective June 1,
1999. Based on an average salary of approximately $35,557 per year over the past five
years, this pension will approximate $10,115 annually.
Trustee Johnson moved to accept the recommendation of the Pension Advisory
Committee, The motion was duly seconded and carried unanimously.
ITEM #6 ~ Aoorove recommended mid-vear adiusted administrative exoenditure budaet for
FY (fiscal vear) 1998/99. totaJino $78,865 for the City's Emoloyees' Pension Plan
The proposed mid-year budget for FY (fiscal year) 1989/99 was presented. Charges
include: 1) medical bills for services authorized by the PAC IPension Advisory Committee);
2) travel and training for a Pension Investment Committee visit to the Pension Plan's
performance measurement firm, Callan, and attendance at a Callan training seminar, and a
due diligence visit to one of the money managers; and 3) printing and binding for statutorily
required annual information distribution to Plan members,
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Fees, established by Trustee approved contracts for the Money Manager,
Safekeeping Service, Pension Administrator, and Actuary, are not included In this
administrative budget. Reimbursement to the General Fund covers costs related to
overseeing the' Plan and issuing pension checks,
All expenditures are expected to be covered by the approved budget except: 1)
Human Resources is providing more services than anticipated, increasing the General Fund
reimbursement by $16,615, to a total of $42,615 (Legal - $3,000; Finance - $18,000; &
Human Resources- $21,415) and 2) an estimated $25,000 to cover costs associated with
providing the Pension fund with its own attorney for the remainder of the fiscal year.
Trustee Hooper moved to approve the recommended mid-year adjusted
administrative expenditure budget for FY 1998/99, totaling $78,865 for the Cityts
Employees' Pension Plan. The motion was duly seconded and carried unanimously.
ITEM #7 - Other Business:
In response to a question, Pension Trustees Attorney Lee Dehner said recent
legislative changes are agendaed for discussion at the July 14, 1999, PAC meeting.
ITEM #8 - Adjournment:
The meeting ,adjourned at 1 :27 p.rn,
ATTEST:
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City Clerk
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