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ACTION AGENDA
Board of Trustees of the Employees' Pension Fund
?. January 18, 2000
1. Call to Order - 9:06 a.m.
2, ' Approval of Minutes: 1216/99 & Special Meeting 11/18/99 - Approved as submitted.
3. Request for acceptance into membership: Pierre Maajoun, Kevin Matthews, Janene
Crosby, Al Basone, Karen Keegan, Donald Packer, Elliot Shoberg, Markus Morgan,
Salvino Terranova, Jennifer Bruty, Gina L. Clayton-Gomshe; Judy Shipley, Guadalupe
Newell, Tamijo Watson, Roger Harris, William Clark, James McCulley, Jr., Alphonso
Brooks,; Morgan Trapnell, Frank Calabrese, Elizabeth Pease, Richard Sheppard, Harold
Sanders, Michael Schloff, Jason Rollins-& Sandra Clayton - Approved.
4.. Waive vested pension: James McCulley - Approved.
5. Request authority to file Offer of Judgment in Krieger v. City of Clearwater and
Pension Trustees - Authorized City Attorney to file an Offer of Judgment in the
amount'of $3,000.
6. Approve increase in amount authorized to PriceWaterhouseCoopers, LLP for actuary &
other related services by $3,500 for total of $123,500 for 3 year period ending
zr 12131101; authorize payment of pension plan's share of March referendum costs (not
to exceed $10,000) - Approved.
7. Other Business - None.
8. Adjourn - 9:09 a.m.
TRUSTEES OF THE EMPLOYEES' PENSION FUND, MEETING
CITY OF CLEARWATER
January 18, 2000
Present: Brian J. Aungst Chair
Ed Hooper Vice-Chair/Trustee
J. B. Johnson Trustee
Robert Clark Trustee
Ed Hart Trustee
Also present: Michael J. Roberto City Manager
Pamela K. Akin City Attorney
Lee Dehner Pension Trustees Attorney
Paul O'Rourke Human Resources Administrator
Cynthia E. Goudeau City Clerk
Patricia 0. Sullivan Board Reporter
The Chair called'the meeting to order at 9:06 a.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:
Trustee Johnson moved to approve the minutes of the December 6, 1999 meeting,
and special meeting of November 18, 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 - Request-far Acceptance into Membership:
The City Manager presented the PAC's (Pension Advisory Committee)
recommendation to approve membership for the employees listed below:
Pierre Maajoun, Kevin Matthews, Janene Crosby, Al Basone, Karen Keegan, Donald Packer,
Elliot Shoberg, Markus Morgan, Salvino Terranova, Jennifer Bruty, Gina L. Clayton-Gomshe,
Judy Shipley, Guadalupe Newell, Tamijo Watson, Roger Harris, William Clark, James
McCulley, Jr., Alphonso Brooks, Morgan Trapnell, Frank Calabrese, Elizabeth Pease,
Richard Sheppard, Harold Sanders, Michael Schloff, Jason Rollins, & Sandra Clayton
Trustee Hooper moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #4 - Request to waive vested Pension:
The City Manager presented the PAC's recommendation that James McCulley be
allowed to waive his vested pension.
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James McCulley was employed from July 11, 1988 to January 3, 1999. On
January 3, 1999, Mr. McCulley resigned from his pension eligible position to accept a
contract position with the Clearwater Gas System. At the time.he resigned, he formally
requested to vest his pension.
On November 6, 1999, Gas Sales Representative positions were converted from
contract to,regular civil service positions. As of that date, Mr. McCulley was again pension
eligible. Mr. McCulley's pension eligibility date will be adjusted by the 306 days he was a
contract employee. Since he had vested his pension, he has requested to waive his
previous vested pension rights.
The PAC approved this request on December 9, 1999. Upon Trustee approval, Mr.
McCulley's original pension eligibility date of July 11, 1988, will be adjusted by 306 days,
making May 13, 1989 his new pension eligibility date.
Trustee Johnson moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Re nest authority to fife Offer of Judgment in Krieger v. City of Clearwater and
Pension Trustees:
In her December 9, 1999 memorandum, the City Attorney requested authority to file
an Offer of Judgment in the amount of $3,000 regarding Krieger vs. City of Clearwater and
Pension Trustees.
Trustee Clark moved to authorize the City Attorney to file an Offer of Judgment in
Krieger v. City of Clearwater and Pension Trustees in the amount of $3,000. The motion
was duly seconded and carried unanimously.
ITEM #6 - AP2roye increase in amount authorized to_PriceWaterhouseCoopers, LLf? for
actuary & other related services by $3,500 for total of $123,500 for 3 year period ending
12131101; authorize payment of pension plan's share of March referendum costs (not to
exceed $10,000)
The Employee Pension Plan's actuary, PriceWaterhouseCoopers, LLP, was selected
by the RFP (Request for Proposals) process. On February 16, 1999, the Trustees approved
a 3-year contract for $105,000, which included 3 annual actuarial reports ($16,000,
$16,500, and $17,000), estimated costs for annual pre-retirement workbooks, individual
employee retirement benefit statements, quarterly retirement seminars, employee
retirement counseling, and a minimal amount for miscellaneous actuarial advice to staff.
In November 1999, this contract was increased by $15,000 to conduct actuarial
analyses on the costs of potential Pension Plan changes: 1) option for retirement at age fib
with at least 10 years of services; 2) cost of living adjustment; 3) conversion to high 5
years rather than last 5 in benefit calculation; and 4) legislature required changes regarding
police and fire (Sections 175/185).
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Prior to the implementation of ariy 'changes, a formal actuarial impact statement
must be prepared for the State. PriceWaterhouseCoopers has quoted $3,500 to prepare
impact statements on these changes. As 2 impact statements may be required, the price
is based upon 2 separate statements.'.
Changes related to the Pension Plan will require a referendum scheduled for March
2000. This authorization will provide for the Pension Plan's portion of the cost, not to
exceed' $10,000, to be'paid from the Pension Plan,
In response to a question, City Clark Cyndie Goudeau estimated total costs for the
March referendum should be less than $15,000, with Pension Plan costs less than
$10,000.
Trustee Hooper moved to approve an increase in the amount authorized to be spent
with PriceWaterhouseCoopers, LLP, for actuary and other related services by $3,500, for a
total authorized amount of $123,5000 for the 3-year period ending December 31, 2001,
and authorized payment of the Pension Plan's share of March referendum costs not to
exceed $10,000. The motion was duty seconded and carried unanimously.
ITEM #7'- Other Business - None.
ITEM #8 - Adjournment:
The meeting adjourned at 9:09 a.m.
Chair
ATTEST:
City Clerk
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