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10/16/2000 (2)
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I .1 It:ifl1'' " I ',\ " " , I, , " "I 1, ' " I "" ' _~f.-'t~ )'1) ''. l' ;1 ' .,'. . i' ~"\' \ ,., '. I . ':\;"H':('.'(!'\:", ' ",0.11" , " , !~, I, 1'-"". ." It' , , , - ," , ACTION AGENDA , ' Board of Trustees of the Employees' Pensio~ Fund , October 16, 2000 1. . Call to Order - 9:46 B.m. I 2. Approval of Minutes: 9/5/00 - Approved as,submitted. ',. 3. Request for acceptance into membership: Mary Repp, Michael Demps, Thomas Shaffer, Arden Dittmer, Robert Rank, Anthony Hadley, Stefan Czerwinski, Judith 'Crawford, D~niel Carter, & Teresa Jeffries . Appro~ed. '4. 'Regular Pension(s) to be granted: Brian Baldwin - Approved. " . , 5;, Penslon{s) to be vested: ' Nanette Harbison - Approved. ,6. Agreements with Putnam Investments and Invesco Global Asset Management' (N.A.), Inc., to serve as non.US equity managers for Employees Pension Pla~ -Approved. 7. Other Business ~ None. 8. Adj()urn - 9:49 a.m. , ~;;;'~:; , " .' ~. , , , \ , \ '"-"'" ';:.:. 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( , I' ' :'TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING CITY OF CLEARWATER October 16, 2000 Present: Brian J. Aungst J. B. Johnson Ed Hooper Robert Clark Ed Hart ' Chair Vice-Chair/Trustee Trustee Trustee Trustee , Also present: William B: Horne 11 Pamela K. Akin , Paul O'Rourke Cynthia E. Goudeau Brenda Moses Interim City ~anager , City Attorney Human Resources Administrator City Clerk Board Reporter The Chair called, the meeting to order at 9:45 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 Hooper moved to approve the minutes. of the September 5, 2000, 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 - Request for Acceptance into Membership: The Interim City Manager presented the recommendation of the Pension Advisory Committee to approve membership for the employees listed below: Mary Repp, Michael Demps, Thomas Shaffer, Arden Dittmer, Robert Renk, Anthony Hadley, Stefan Czerwinski, Judith Crawford, Daniel Carter, & Teresa Jeffries 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 Interim City Manager presented the recommendation of the Pension Advisory Committee that Brien Baldwin be granted a regular pans ion under Section(s) 2.393 and '2.397 of the Employees' Pension Plan. ' Brian Baldwin was employed on August 6, 1979, and his pension service credit is effective on that date. His pension will be effective March 1, 2000. mpf1000 1 10/16/00 ", ,:,' ;'~l. 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[, II, t I "", -, "'.' ,. / , "'~' ,':' 'c t I " , \~'<:\: J~{',' ,c: <I, .': ~I.~ :> d , J " " ': ;: .<,!'" .! .{! ~,: '.- 'c " f.,\f.'; ~".~' : '!~'. ".II,~ ,'~ :I.. p'." ~.. > \\,,:"C'.-:;:<' :/..": ',';:;; "....;,',','~' :.' '.. " ~ " ' ': "f . ' " 1',/ , , /. l' '. Based an 'average salary of approximately $53,629 per year over the past 5 years, , the formula for computing regular pensions, and Mr.' Baldwin I s selection of the 100% Joint & Survivor Annuity, this pension will approximate $31,396 annually. , . . The PAC approved this pension on September 14, 2000. Section 2.393 (p) provides for normal retirement eligibility when a participant has'completed 20 years of credited service in a type of employment described as "hazardous dutV" and further specifically defines service as a Deputy Chief of Operations, Fire Department, as meeting the hazardous duty' criteria. Trustee Hooper moved to accept the recommendation of the Pension Advisory ,Committee. The motion was, duly seconded and carried unanimously. ITEM #5 - Request to Vest Pension: The Interim City Manager presented the recommendation of the Pension Advisory Committee that Nanette Harbison be allowed to vest her pension under Section{s) 2;397 and 2.398 of the Employees' Pension Plan. Nanette Harbison was employed on January 11, 1982, arid her pension service credit is effective on that date. She resigned from City employment on September 5, 2000. ~ Vf!JJ' 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 (pension 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. Section 2.393 (p) provides for normal retirement eligibility when a participant has completed 20 years of credited service in a type of employment described as "hazardous duty" and further specifically defines service as a Fire District Chief as meeting the hE'zardous duty criteria. Ms. Harbison would have completed 20 years of service on January 11, 2002. Her pension will be effective on February 1, 2002. The PAC approved this request on September 14, 2000. Trustee Clark moved to accept the recommendation of the Pen'sion Advisory Committee. The motion was duly seconded and carried unanimously. ITEM #6 - Ameements with Putnam Investments and Invesco Global Asset ManaQement IN.A.l. Inc.. to serve as non-US eaultv manaQers for Emplovees Pension Plan The Trustees previously authorized Callan and Associates to conduct a search for an international "non-U.S." equity manager. Callan's recommendations for international equity managers were: Capital Guardian Trust Company, Invesco Global Asset Management . ''-I , mpf1000 2 10/1 6/00 , , ',' I ~;~[::::;;'::::;S::~:~;i,,4;:Y:~!!:):,'i~:i';::~:,}'>/,"" ,i,:~: ii; :}, ':il/ ".':':' i,,:, ;," .' , ~f' .,,1.(\ ."'t'" ,"! ,{ t ,',"" I', " "',," , " " , '~/:';/~i:,:;':i'.'; <"",."::,',;':':'::,,::. """'1.',::,+'1" Y" :,', .- "'.': " " I", c..' '1" ",>. \!. . > iii .' "1 (", :', ,':,', I ':, " , I ' , ,>, : '. , ::::/:;~': ,:Y:i'/\<> ,:':"; <>;.: /" ,',', ::,', '1.. '. I" '{:' ,'J," j", ',', 't.. ;. > .! " I '. ~ ,'~ ": . . I ..o': 't ":' .1,' :'.C ,': ~ . : .' . ~ " " , " , ',',. ' . "4 . I. " , " '0 '(N.A.)~ Inc.,; Putnam Investments, Sit/Kim International Ass~ciates, Inc., Dresdner RCM Gtoballnvestors, LLC, and Lazard Asset Management. After reviewing information 'provided on these managers, the Investment Committee ranked them and conducted interviews with 'the top four. The Investment Committee recommends to,the Trustees that two internationall'non~U.S." equity managers be added. Invesco, a valtJe~oriented ' international Jlnon~U.S." equity manger, and Putnam, a growth~oriented international I'non- U.S. n equity manager. 'By adding international Ilnon~U.5. /I equities to the portfolio, the " Trustees are reducing the level of risk in it. By further diversifying between growth and , value inter':lational"non~U.S.1/ equities~ the risk level If further reduced. The Investment ,Committee recommends that each manager be funded with up to $25 million, which represents slig~tly less than 10% of the current portfolio. 'The ordinance and investment policy, allows for a 10% funding (at cost) in international "non~U.S." investments. The funds will be taken from growth style domestic equity managers as follows: Denver $20 , million, Aeltus $15 million, and 3 Bridge $1 5 million. Invesco's 'management fee is .60 of 1 % or $150,000 on $25 million per year. Putnam's management fee is .8 of 1 % or $200,000 on $25 million per year. " I " ;,s,.', I, ;':~. 1 , I ) J ~\ , ,,\: " ,'\ ;t1\' , I" " )/ :"' j~ ',\ Trustee Johnson moved to approve the contracts with Putnam Investments and ,'Invesco Global Asset Management {N.A.}, Inc. as international.l'non~U.S." equity managers for the Employee's Pension Plan. The motion was duly seconded and carried unanimously. ; >;~'I I,.) ) ~'. j '...', . ~ V,I , 'I ,')I. /1.; I;'",' ;:..:' ~ .1 .... .~ " \,. ..~ '/~; '.,\!I 'ITEM #7 - Other Business - None. I~f',,~: ':,'Jd f.r.;.t! ITEM #8 - Adjournment: The meeting adjourned at 9:49 a.m. .:\> " ' If:: ~ ,., \\;\. ',:';V ~,;\'i CIJ ~ ATTEST:~ 2' ~..~<. , ,City Clerk , ' , 4":.ir/ lA . . '~~', \ \ . ~.~ \"1 , ,/ " ',": >, " '\' <: " '" ;'1 \'~ , \' \' I X i \~ mpf1000 3 '10/16/00 ~ '. ~: ," I . \~ " ,I , ' : \ ;), ' .. 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