01/10/2002 (2)
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Also Present:'
Rick Ebelke
Lee Dehner
Deb Ford
~argie Simmons
Assistant Human Resources Director
Pension Advisory Committee Attorney
Human Resources Analyst
Finance Director
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PENSION, ADVISORY COMMITTEE MEETING
CITY OF CLEARWATER
January 10, 2002
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Present:
Dick Fitzgerald
Whitney Gray'
John Lee
Ed Hart
John Schmalzbauer
Bill Jonson
.Tom Jensen
Chair
Vice Chair /Commissioner
Committee Member
Committee Member/Commissioner
Committee Member '
Committee Member/Commissioner
Committee Member
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The Chair called the meeting to order at 9:0q 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' - Aooroval of Minutes
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, Member John Schmalzbauer moved to approve the minutes of the regular meeting
of December 13, 2001. The motion was duly seconded and carried unanimously. ,
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ITEM #3 - Emolovees to be Heard :- None.
ITEM #4 - Action Items
a) Review and Action on Employee Requests for Years of Service Pension
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1. Michael Teyner - Public Services Technician II, Public Utilities Department
2~ ,John Jeffries, Jr. - Wastewater Treatment Plant Operator A, Public Ut'lIities Department.
b) Approval of New Hires ,as Pension Pra~ Members
As of December 31, 2001, the City had 1720.55 FTEs out of 1834.7 budgeted
positions.
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Rachel Franklin originally was hired as permanent part-time and changed totuil-time
and pension eligible as of December 2, 2001. ' .
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Me,mber Gray moved to accept the following employees Into membership in the
Pension Plan:
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mpac0102
1
01/10/02
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Daniela R.iccelli" Utilities ,ChemIst
Jarred Stiff, Police Cadet
Charles R.edinger, Police Cadet
Dana Harrison, Police R.acruit
Arban, Goodrum', Police Recruit
Kurt Zamor, Police Recruit.
David Ganote, Police Com. Oper. Trne.
Joel Morley, Police Recruit
Norma Skinner, Staff Assls~ant II
John Bennett, Police Recruit '
Jeff McCann, Police Recruit
Verriard Berrien; Parks Ser. Tech. I
James Jones, Jr., Custo~ial Worker
Mark Viola, Firefighter
. Todd Johnson, Firefighter
Kris Familiari, .Firefighter
Steve Salagaras, Firefighter
" David Demarest, Police Recruit
Timothy Downes, Police Recruit
Edmund Kardauskas, Police Cadet.
Lisa Brown, Public Information Spec.
R.achel Franklin, Recreation leader
. Suzanne Judge, Police Com. Oper. Trne.
Renee McSwain, Pol. Com. Oper. Trne.
Public Utilities
Police
Police
PoHce
Police
Police
Police
Police
Engineering
Police
Police
Parks & Recreation
Parks & Recreation
Fire'
Fire
Fire
Fire
Police
Police
Police
Gas .
Parks & Recreation
Police
Police
, The motion was duly seconded and carried unanimously.
ITEM #5 - Pendim:l/New Business
Date of Pension
. Emplovment Ella. Date
1 2/3/01
. 12/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
12/3/01
12/3/01
12/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
12/3/01
1 2/3/01
1 2/3/01
1 2/3/01
6/4/01
1 2/3/01
1 2/3/01
1 2/3/01
12/3/01
12/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
12/3/01
12/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
1 2/3/01
12/3/01
12/3/01
1 2/3/01
1 2/3/01
12/2/01 *
1 2/3/01
1 2/3/01
a) Terminate the contract with 3 Bridge Capital as a large cap value equity manager
Steve Moskun, Cash & Investments Manager, addressed the Committee concerning
the Finance Department's request to terminate the City' s contrac~ with 3 Bridge Capital as
, a large cap value equity manager.
, ' For the year ending September 3D, 2001, 98 percent of large capital value equity
managers outperformed 3 Bridge. During the past year, the Trustees have reduced the
money 3 Bridge manages from $85,236,247 to $24,480,169 due to performance
conce'rns. Earlier this year, the Trustees added Capital Guardian as a large cap value
manager with the intention that If 3 Bridge did not Improve it would be terminated. Both of
the plan's financial advisors and the Pension Investment Committee recommend
termination of this contract. . Under the terms of the City's contract with 3 Bridge, the City'
" must provide 30 days written notice if the contract will be terminated. Staff Is
reco'mmendlng that the funds from 3 Bridge be divided between Ark (deep, ~Hscount large
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01/10/02
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cap value) and Capital Guardian (large cap' relative value) such that after the distribution,
both Ark and Capital Guardian have approximately the same amount of money.
The only cost that will be incurred due to the cancellation of the contract will be
trading costs; Mr. Moskun explained that the City will receive the portfolio from 3 Bridge
and will work with Bank of New York. Stocks'that are not wanted will go to the Bank of
New York who will liquidate them. The money received will be divided between the'
managers.
, Member Bill ,Jonson moved to recommend to the Trustees that the contract be
terminated~ The motion was duly seconded and carried unanimously.
b), Conversion of MGM stock from physical to electronic
Steve Moskun advised the Committee that the, pension plan owns shares of MGM
s~ock which were received in physical form rather than in electronic format. The pension
Trustees must pas~ a resolution to allow the stock to be converted to electronic format so
, it can be sold. The wording of the resolution has not been finalized. However, staff needs
a recommendation from the Committee to the Trustees to take whatever action is
, 'necessary to allow the conversion of the stock; There will be no costs incurred for this.
, Member Jonson moved to recommend that the Trustees take whatever action is
necessary to make the conversion. The motion was duly seconded and carried
unanimously~
ITEM #6 ...: Director's Reoorts
Rick Ebelke, Assistant Human Resources Director, advised the Committee that the
'correct FTE figure is 1720.55.
Margie Simmons, Finance Director, provided the Committee with a public meeting
notice for February 1, 2002, to review the actuarial assumptions with Steve Metz. Any
members who want to attend may do so and participate in the discussion. After the
lTleeting, Mr. Metz will provide a report that will be discussed with the Pension Advisory
Committee (pAC) at the February 14 meeting which will be lengthy.
, At the conclusion of the February 14 PAC meeting, the Pension Investment
Committee will hold its quarterly meeting. Any members who plan to attend the
Investment Committee should plan on being there for most of the day.
Lee Dehner, pension attorney, advised the Committee that the packets containing
the special tax notice that is provided to employees who request refunds of their pension
, contributions have been revised in accordance with EGTERRA and forwarded to the City.
Any employees who have not yet received their refund should be provided with the new
packe~s since the changes will affect them.
The next PAC meeting is scheduled for February 14, 2002.
mpac0102
3
01/10102
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,ITEM #7 .' Committee Members to be Heard
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Me~ber Jonson asked that staff indicate on the' agenda how long the me~ting is,
expected t~ last if known. ' .' ,
Member Schmalzbauer' will not bl3 at the February 14 meeting since he will be on'
vacation.
ITEM #8 - Adjournment
The me~ting adjourned at 9:26 a.m.
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