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, PENSION ADVISORY COMMITTEE SPECIAL MEETING
CITY OF CLEARWATER
August 31,2000
Present:
Brian Aungst
J. B. Johnson
Ed Hart
Pat Greer
Dick Fitzgerald
John ,Lee
Chair/Mayor
Vice-Chair /Commissioner
Committee Member/Commissioner
Committee Member
Committee Member
Committee Member
Absent:
John Schmalzbauer
Committee Member
Also Present:
Paul O'Rourke
Lee Dehner
Debbie Ford
Brenda Moses
Human Resources Administrator
Pension Advisory Committee Attorney
Human Resources Analyst
Board Reporter
The Chair called the meeting to order at 10:00 a.m. at City Hall to review the
Pension Trustees investment p'olicy.
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To provide continuity for research, items are in agenda order although not necessarily
discussed in that order.
ITEM #2 - PendinalNew Business
a. ' Investment Policy
Pension Advisory Committee Attorney Lee Dehner said that Callan and
Associates are one of the finest consulting firms in the field. He said the investment
policy statement done by staff is the best he has ever reviewed, as it is comprehensive
and clear and meets the requirements of Senate Bill 372.
Cash and Investments Manager Steve Moskun reviewed revisions to the policy
draft. A sentence stating an external CPA firm will review internal controls in
investment policies and comment on them on page 5. paragraph 4, under "Internal
Controls", and a sentence regarding preventing loss in any movement of moneys will
be added. The 2 continuing educational requirements for the Trustees will be defined
on Page 5, paragraph 8, under "Continuing Education". The 2 requirements involve
investments and duties and responsibilities. In response to a question, Mr. Moskun
said the PAC (Pension Advisory Committee) will be included in the educational
process. Financial Services Administrator Margie Simmons said the policy requires
that only the Trustees and the members of the Investment Advisory Committee need
to be educated in accordance with State law, however, the PAC will be invited to the
educational sessions. Mr. Dehner said the advantage of not requiring the PAC to
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attend sessions is to prevent breach of regulations in the event some members cannot.
attend. In response to a question, Mr. Dehner said according to the ordinance, the
Trustees are ir:' charge of investments, guided by the Finance Director and Investment
Advisory Committee. The or~inance provides that the PAC, with respect to any
changes to the investment section of the ordinance, is to make recommendations to
the Trustees. ,The PAC should be kept informed of all pertinent activity in order to
make appropriate recommendations. In response to a question, Ms. Simmons said
over the past 18 years, some changes were made to the membership of the
Investment Advisory Committee. She said this written policy formalizes the current
informal investment committee and policy. Concern was expressed that although
union employees' money is invested in the General ,Employees' Pension Plan, the City's
unions currently have no representation on the Investment Advisory Committee. The
Supplemental Pension Plan provides for union employees' representation. Human
Resources Administrator Paul O'Rourke said the Investment Advisory Committee is
receptive to including Fire and Police department representatives on the committee.
Their inclusion may help increase their knowledge of investment strategy that would
assist the 2 supplemental plans. Mr. O'Rourke spoke to Steve Sarnoff of the
Bargaining Unit regarding a representation from that union also serving on the
committee. The City Is ranked fifth of over 100 municipalities in terms of return on
investment. The City investment group and Pension investment group meet weekly at
4:30 p.m. on Wednesdays and meet quarterly with investment professionals. Ad hoc
meetings also are held. Ms. Simmons suggested after meeting with the unions, staff
prepare a list of suggested members to serve on the Investment Advisory Committee
to be reviewed at a future PAC meeting and approved at a future Pension Trustees
meeting. She said the supplemental pension plan is a defined contribution plan for the
Fire and Poljce Departments employees' money. The Employee's Pension Plan is a
defined benefit plan requiring the City to make up the balance of contributions that are
required to meet the benefits promised. The ordinance provides that the City's Finance
Director serves as the Treasurer in order to monitor proper allocation of those
, investmont benefits.. Ms. Simmons suggested the PAC and union repres6ntatives
attend the quarterly meetings and meetings involving interviewing cash investment
managers and consultants, and attend weekly meetings if desired. Mr. Moskun said
one CW A employee has been an active participant in the Investment Advisory
Committee and encouraged more participants to become involved in the process.
I
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Mr. Moskun said a sentence will be added to the Investment Policy on page 6,
paragraph 6, indicating that in the evaluation process, the Trustees will determine the
expected annual rate of return for the current year and for the foreseeable future. A
sentence will be added to "Filing of Investment Policy" on page 11 indicating the
policy takes effect 31 days upon the filing date with th6 City. A section will be added
in reference to how the Trustees will bring allocations back to acceptable levels in the
event the investment allocations extend outside the policy allocation limits. Annually,
it is required that the investment policy be flied with the City. Although that is
currently being done, it must be included in the written policy. Mr. Moskun said
although the Senate Bill 372 is comprehensive, it Is somewhat redundant in certain
mpa0800
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areas. '~y the core and structure of the type of securities purchased, it is nearly <
impossible for the City to own illiquid investments. To clarify that section of ,the
policy, staff has added lan'guage stating the City will own no illiquid investments. In
response to a question, Ms. Simmons said the ordinance provides for an upper limit of
65%, in equities and staff tries to stay at 60% to provide for room to rebalance the
portfolio. A referendum would be required to change the 65 % stipulation. In response
to a question, she said the only time staff travels to investment companies is to
perform due diligence. In response to a question, Mr.' Dehner said Senate Bill 372 '
requires that the Trustees receive a report showing a list of all the securities held by
the investment manager on an annual basis. The quarterly report from the consultant
would identify any performimce issues. It was remarked that it is difficult to determine
at what point the Trustees want to be involved in the day-to-day operations of the
investment' process. It was requested the PAC be informed and invited to all
investment meetings whether or not their attendance is required. In response to a
question, Mr. Dehner said the "Review of Policy" statement should be revised as
follows: ' "This Statement of Investment Policy must be reviewed annually by the '
Pension Investment Advisory Committee and revised or confirmed with
recommendations for revision or changes to t~e Board of Trustees as appropriate." It
was suggested deleting "advisory" from the Investment Advisory Committee's title to
avoid confusion .with regard to their responsibilities.
b. ' Pension Fund Budget
c:/:~ Mr. Moskun reviewed the Employees' Pension Fund administrative budget for
Fiscal Years 97/98 - 00/01. He said the major change in the next fiscal year's budget
is in costs related to new employee physicals required by the Employee Pension Plan
but not as a condition of employment. In the past, these physicals were not
reimbursed by the Pension Plan, although they were required by it. Mr. Dehner said
staff is beginning the process of restating the Employee's Pension Plan. He felt the
requirement regarding physical examinations should be deleted from the Plan. Mr.
O'Rourke said he feels it is not appropriate for the General Fund to pay for physical
examinations required by the Pension Fund. It was felt that further discussion is '
required regarding costs relating to physical examinations. In response to a question,
Mr. O'Rourke said the City currently spends $52,000 a year for physical examinations
of which $32,000 is for pre-employment physicals and $20,000 for light-duty
employee physicals for those who are vested in the pension plan and require
'alternative jobs due to injuries. Mr. Dehner said consideration should be given to
establishing baselines with regard to physical examinations for new employees and
established employees. Mr. O'Rourke said the Police and Fire departments will provide
information regarding costs associated with various diseases contracted in those
departments. In response to a question, Ms. Simmons said printing and binding costs
associated with the Pension Plan are to keep every pensioner and employee informed.
She said the Pension Trustees must approve all expenditures. The actuary expenses in
FY 97/98 reflect a zero dollar expense in the budget sheet because the expenses
reflect any extra worle above the annual contract. Reimbursements to the General
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Fund are app'roximately $118,200. The increase In the Human Resources budget is
'dUe to 'physical 'examination costs and time'spent on pension Issues., In ,respOnse to a
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question, Mr. Moskun said the City received 109% of the prinCipal and InterE)st back
, from the Investments from guaranteed investment contra~ts that went,bad.
ITEM #3 ~ Adjournment
, The ~~eting adjourned at 10:56 a.m.
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