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PENSION ADVISORY COMMITTEE MEETING
, CITY OF CLEARWATER
August 10, 2000
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Present: '
Brian' Aungst
J. 8. Johnson
Pat Greer
Dick Fitzgerald
John Lee
Chair/Mayor ,
Vice-Chair ICommissioner
Committee Member - arrived 9:04 a,m.
Committee Member
Committee Member
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Absent:
Ed Hart
John Schmalzbauer
Committee Member/Commissioner
Committee Member
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Also Present:
Paul O'Rourke
Lee Dehner
Debbie Ford
Brenda Moses
Human Resources Administrator
Pension Advisory Committee Attorney
Human Resources Analyst
Board Reporter
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The Chair called the meeting to order at 9:01 a.m. at City Hall.
To provide continuity for research, items are in agenda order although not necessarily
discussed in that order.
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ITEM #2 - Aoproval of Minutes of Julv 13. 2000
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Member Fitzgerald moved to approve the minutes of the regllar meeting of July
13, 2000, as recorded and submitted in written summation to each poard member.
The motion was duly seconded and carried unanimously.
ITEM #3 - Emolovees to be Heard - None:
ITEM #4 - Action Items
a) Review and Action on Employee Requests to Vest Pensions
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1. George Canty, Information Technology
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Member Johnson moved to approve George Denty's request to vest his pension.
The motion was duly seconded and carried unanimously.
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b) Approval of New Hires as Pension Plan Members
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As of July 5, 2000, the City had 1682.8 FTEs and 1776.4 budgeted positions.
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,', ~ Member Fitzgerald moved to accept the following employees Into membership in
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Date of Pension
Emplovment Ellq, Date,
, Deane Murray, Cust. Worker
Raymond Minniefield, Pub Svcs Techl
Anthony McClaney, Pub Svcs Techl
Mark Matheny, Plans Reviewer
Leroy Bostick, Mtc. Worker I
Jamie Abbot, Sr. Auditor
Donald Brown, Custodial Worker
Vernon Kearney, Equip. Operator II
Kenneth Saleeba, Field Svc. Rep.
Laura Whitt, Staff Assistant III
Lochen Wood, Planner
Gen. Supt. Sves.
Public Works
Public Works
PI & Dev. Svcs.
Solid Waste
Internal Audit
Bldg. & Mtce.
Parks & Rec.
Customer Svc.
Public Works
PI. & Dev. Svcs.
03/27/00
07/03/00 '
07/03/00
07/03/00
07/01/00
07/17/00
07/17/00
07/15/00
07/17/00
07/25/00
07/24/00
06/19/00*
07/03/00
07/03/00
07/03/00
07/01/00
07/17/00
07/17/00
07/1 5/00
07/17/00
07/25/00
07/24/00
* Originally hired as permanent part-time; transferred to full time and pension eligible
as of 6/19/00.
The motion was duly seconded and carried unanimously,
ITEM #5 - Pendino/New Business
a. Senate Bill 372
, Mr. Dehner said the State legislature passed Senate Bill 372. He has provided
the PAC (Pension Advisory Committee) and the Pension Trustees changes for
administration of the municipal pension plan. The primary purpose of this legislation is
to assist Charles Slavin, the actuary for the Division of Retirement, in monitoring
expected returns, set by the Pension Trustees, versus assumed returns, based on
actuarial computation. The bill is effective October 1, 2000. The three major aspects
of the bill impose specific filing requirements: 1) The investment policy statement is to
be filed with the City, the actuary, and with the Department of Management Services.
Proof of the filing date of that investment policy statement is required because
beginning October 1, 2000, any changes in policy will not become effective until 31
calendar days aHer it is filed with the City; 2) with the presentation of each evaluation
report by the actuary to the Pension Trustees, the Pension Trustees is now charged
with determining what the expected rate of return will be for the current period, for
each of the next several years, and for the long term; and 3) annual investment reports
must be filed with the City. Mr. Dehner recommends that when the actuarial
evaluation is delivered, input be obtained from the fund managers regarding the
expected rates so that the Trustees can make their evaluations. The legislation
requires the PAC and the Trustees receive education regarding investments and their
fiduciary responsibHities. The Statute does not specify the frequency of the education,
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however Mr" Dehner recommends once per term. Board members can either attend an
off-site conference or an in-house seminar to meet the requirements. It was remarked
an in-house conference is preferable. It was requested the PAC review the policy draft
prior 'to submlssior\ to the Trustees. '
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Steve Moskum, Cash Investment Manager, said staff has already developed a
written investment policy. Voters must approve the' written policy to the investment
section of the ordinance. Mr. Dehner said after adoptiont the policy can be changed or
updated as the Trustees determine appropriate. The advantage of a flnal
recommended policy before the PAC for adoption in September would provide for an
effective date upon adoption. If adopted in October, it would not be effective until 31
calendar days after it is filed with the City. Mr. Moskum said the draft contains no
substantive changes in policy. It was suggested that a special meeting be scheduled
to discuss the investment policy draft if necessary. Otherwise, the document will be
discussed at the 'next PAC meeting in September. Mr. Moskum said the Investment
Committee is open to membership and inclusion. Meetings are held every Thursday at
4:30 p.m. Topics of discussion include investments and the cash pool. He said the
pension plan has been outstanding over the life of the pension plan. Clearwater's plan
is ranked number 5, beating 95% of the other government-sponsored pension plans in
the area. On Tuesday, interviews will be conducted for international money managers.
It was remarked that the investment committee members are elected for the
supplemental pension plan. Mr. O'Rourke said no policy exists governing the ,
investment committee for the general pension plan. As part of this Senate bill, staff is
drafting a written policy for the General Employees' Pension Plan, but it does not
include the methodology for selection of members or who the authority is in terms of
that selection. He said the issue is open for discussion, howevert the Trustees are
accountable for the investment committee. The Commission selects the Trustees
membership. It was commented that the General Employees' Pension Plan investment
committee does not include members of the Fire qepartment and that plan is run
completely different than the Supplemental Pension Plan. Financial information on both
pension plans was requested. Staff recommends the PAC review issues prior to
submission to the Trustees, as the PAC is an advisory board to the Trustees.
Mr. Moskum recommended that the City consider directing Callan and
Associates to conduct a search for a large cap value manager and a mid-cap money
manager to rebalance the portfolio. In response to a questiont he said Callan and
Associates is the City's performance monitoring firm, chosen because they are the
leader in the industry for performance measurements. Quotes from other firms to
provide the same service are significantly higher than fees charged by Callan and
Associates.
ITEM #6 -' Director's Reoorts
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Request for Inclusion in Pension Plan
, Mr. O'Rourke reported Police Chief Sid Klein and Deputy Police Chief Bill Baird
have 'requested to be included in the Pension Plan. Andra Dreyfus, P.A. of Andra Todd
Dreyfus, P.A., has submitted a letter to the City Attorney regarding a possible conflict
of interest by Christiansen & Dehner. P.A., as the firm represents both the General
Employees' Pension Plan and the Supplementary Pension Plan. Ms. Dreyfus has stated
that Mr. Christiansen has already taken a position opposing Chief Klein's participation
in the Supplementary Pension Plan absent his inclusion in the General Employees' Plan.
Mr. Dehner and staff recommend the City consider a third party attorney to render an
opinion regarding if a conflict of interest of Mr. Dehner's firm exists. Mr. Dehner said
this is the first time he has encountered an perception of a conflict of interest over the
20 years he has been in the business. Mr. O'Rourke said Police Chief Sid Klein and
Deputy Police Chief 8m Baird are not eligible for the Police Supplemental Fund unless
they arc in the General Employees' Pension Plan. Before that issue is addressed, staff
feels it important to obtain a legal opinion regarding the conflict of interest issue.
Ms. Dreyfus said Chief Klein and Deputy Chief Baird are in different situations.
She is concerned about a potential conflict regarding Chief Klein, not Deputy Chief
Baird. It appears that Mr. Christiansen and his firm have a conflict with respect to
further representation of either pension plan in connection with the Chief's request to
be Included in them. Chief Klein has applied on numerous occasions for inclusion into
the General Employees; Pension Plan. Mr. Christiansen has indicated that Chief Klein'
cannot be included in the Supplemental Plan without first being included in the General
Plan. The Chief intends to pursue this conflict. Ms. Dreyfus requested an expedient
resolution to this matter to avoid litigation. The issue has been ongoing for
approximately 1 B months. She expressed concern that the issue will be delayed
further if a third party attorney is hired to make a determination regarding the confllct
of interest by Christiansen & Dehner, P.A. Ms. Dreyfus said when the Chief was
originally hired, he made application into the Supplemental Pension Plan and one of the
Assistant City attorneys at that time indicated he was eligible for Inclusion into the
plan, however, the State determined otherwise. Ms. Dreyfus said under Florida
Statute' 85, all sworn officers should be able to participate In both plans. In response
to a question, Mr. O'Rourke said only two police officers are exempt employees, Chief
Klein and Deputy Chief Baird. He said the pension plan exempts unclassified at-will
employees from the Pension. These two employees were only eligible for the 401 A
plan at the time of hire. When an employee is hired as a classified employee and is
promoted to exempt status, the employee is entitled to pension benefits, however,
both of these employees fall into another category. Ms. Dreyfus said if an employee
works up through the ranks, the employee is automatically eligible for the plan. In
response to a question; Ms. Dreyfus said she felt Deputy Chief Baird should be eligible
for the pension plans now; as he was sworn a few years ago. Chief Klein has been
sworn all his life. She said Chief Klein is not applying for inclusion without payment.
Mr. O'Rourke said the City's 401 A attorney would have to answer questions regarding
the status of Chief Klein's 401 A funds relative to the pension application. It was
mpac0800
4
08/10/00
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requested that staff deter,mlne If any other employees that are not currently Included
may ,be eligible for the pension plan.
ITEM #7 ~ Committee Members to be Heard
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Mr.'Q'Rourke said staff has identified 6 outof 20 employees who were part~
time, but working full~tlme hours prior to becoming full-time employees. Staff wlll
provide'the PAC with recommendations on how to address their concerns and buy-
back options. In response to a question, he said there is no cut-off date with respect
t~ applying fo.r full-time benefits. He said most of these cases go back to the 1960's
and 1970's. Staff will update the PAC regarding a discrimination case at the next
meeting.
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, Human Resources .Analyst Debbie Ford said 7 Police and Fire employees have
retired since the beginning of the year. They will be notified that their retirement
benefit options have changed due to the 185, '175-ordinance change in June, which
became effective December 1999. The new changes will allow Pollee and Fire
employees a change in beneficiary at any time. The beneficiary choice is based on the
birth and mortality rate for the new beneficiary. The plan does not allow for a change
in the option c~osent only in the beneficiary.
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ITEM #8 ~ Adiournment
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The meeting adjourned at 9:55 a.m.
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Pension Advisory Committee
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