12/10/2001 (2)
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PENSION
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'Minutes
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'ACTION AGENDA
, ,Board of Trustees of the Employeesl Pension Fund
December 10, 2001",. 1 :00 p.m.
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",1. Call to Order
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,2. ,Approval of Minutes: 11/13/01 . Approved
3~ Request for acceptance into membership: Bradford Cheek, Jr, Donald '
Flemming, Saphira Reedinger, Andrew Veldon, Jamie Thomas, Cathy Adams,
jenl1ifer Rush, Jerry RutigHano, Susan Jenkins, Denise Balog, Gregory Hart, Gary
Hut,c~inson, Joseph Walden. - Approved, '
':". !:": ',4. '. Regular'Pension(s) to be granted: Fran~lin Daly Jr, paul H' Cherry ~ Approved
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5. , ',Pe~sion(s) to be vested: Miles 8allpgg - Approved
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'Othet Business
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Adjourn
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
December 10, 2001
Present:
Brian J. Aungst
Ed Hart
Whitney Gray ,
Hoyt P. Hamilton
William C. Jonson
Chair
Vice-Chair/Trustee
, Trustee
Trustee
Trustee
Also present:
William 'B~ Horne II
Pamela K. Akin
Paul O'Rourke
Cynthia E. Goudeau
Patricia O. Sullivan
City Manager
City Attorney
Human Resources Director
City Clerk
Board Reporter
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The Chair called the ,meeting to order at 1: 1 0 p.m. at City Hall.
, 'To provide continuity for research, Items are in agenda order although not
necessarily discussed in th~t order.
ITEM' #2 - Approval of Minutes:
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Trustee Jonson moved to approve the minutes of the November 13, 2001, 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 . Reauest for Acceptance into Membership:
Human Resources Director Paul O'Rourke presented the recommendation of the
Pension Advisory Committee to, approve membership for employees: Bradford Cheek, Jr,
Donald Flemming, Saphire Reedinger, Andrew Yeldon, Jamie Thomas, Cathy Adams,
Jennifer Rush, Jerry Rutigliano, Susan Jenkins, Denise Balog, Gregory Hart, Gary
Hutchinson, Joseph Walden.
Trustee Gray moved to accept the recommendation of the Pension Advisory
Commit~ee. The motion was duly seconded and carried unanimously.
, ITEM #4 - Reauests for Pension
Mr. O'Rourke presented the recommendation of the Pension Advisory Committee
that Franklin Dalv Jr. and Paul H Cherry be granted regular pensions under Sections 2.393
and 2.397 of the Employees' Pension Plan.
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, Franklin Daly Jr. was employed on May 19, 1980, and his pension service credit is
effective on that date. His pension will be effective on January 1, 2002. Based on an
av'erage salary of $77,011 per year over the past 6 years, the formula for computing
'regular pensions, and Mr. Daly's selection of the 100% Joint & Survivor Annuity, this
o ' pension will approximate $46,162 annually.
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ITEM #5 - Request to Vest Pension
Paul H Cherry was employed on September 29, 1975, and his pension service credit
is effective 01'1 that date. His pension will be effective on November 1, 2001. Based on an
,average salary of. $49,366 per year over the past 5 years, the formula for computing
regular pensions, and Mr. Cherry's selection of the 100% Joint & Survivor Annuity, this
pension will approximate $31,534 annually.
The PAC (Pension Advisory Committee) approved these pensions on November 8,
2001. 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 defines service as a Police Lieutenant and Police Officer as meeting the
hazardous duty criteria.
Trustee Hamilton moved to grant regular pensions for Franklin Daly, Jr. and Paul H.
Cherry be granted ,under Sections 2.393 and 2.397 of the Employees' Pension Plan, as
approved by the Pension Advisory Committee. The motion was duly seconded and carried
unanimously.
Miles 8all099 was employed by the City on September,23, 1991 and terminated
City employment on November 2, 2001. The Employees Pension Plan provides that should
an employee cease to be an employee of the City after completing ten or more years of
creditable service and pension participation, then such'employee shall acquire a vested
interest in ~he 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 reached age 55 and completed 20 years of credited service, has completed 30 years of
credited service, or has reached age 65 and completed 10 years of credited service. Mr.
8allogg would have completed 20 years of service and reached aged 55 on November 4,
2014. His pension will be effective on December 1, 2014.
Trustee'Gray moved to allow Miles 8allog9 to vest his pension under Sections 2.397
,and 2.398 of the Employees Pension Plan as approved by the Pension Advisory Committee.
The motion was duly seconded and carried unanimously.
ITEM #6 - Other Business - None.
ITEM '#7 - Adiournment
The meetil'1g adjourned at 1: 11 p.m.
Attest: "
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City lerk '
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