05/13/2002 (2)
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, , ACTION AGENDA
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
Monday - May 13. 2002
,
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, Th~ Chair '~alled the meeting to order at'1 : 16 p.m. at City Hall.
ITEM #2 - Approval of Minutes: 04/29/02
ACTION:
Approved as submitted.
, .ITEM #3 - Request for acceptance into membership:
. ':
" ACTION:
Accepted.
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.ITEM #4 - Approve expenditure in the amount of $9,500 to AON Consulting Inc. for.
pension consulting services'
, ACTION:
"
Approved. '
ITEM #5 - Other Business:
, ,
ACTION: A special P~nsion 'Trustees, meeting was ~cheduledfor' 9:00~.m. on 'July'
19, 2002, to discuss pension changes: ' '..: .
ITEM #6 - Adjourn - 1":21 p.m.
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TRUSTEES OF THE EMPLOYEES. PENSION FUND MEETING
CITY OF CLEARWATER
May 13, 2002
.. Present:
Brian J. Aungst
Whitney Gray
Hoyt Hamilton
Frank Hibbard
,William C. Jonson
Chair
Vice-Chair/Trustee
Trustee
Trustee
Trustee - arrived 1 :12 p.m.
Also Present:
William B. Horne II
Pamela K. Akin
Margie Simmons
Lee Dehner
Cynthia E. Goudeau
Brenda Moses
City Manager
City Attorney
Finance Director
Pension Trustees Attorney
, City Clerk
Board Reporter
The Chair called the meeting to order at 1 :16 p.m. at City Hall. .
. I
To provide cont.inuity for research, items are in agenda order although not
necessarily discussed in that order.
ITEM #2 - Approval of Minutes: 04/29/02
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Trustee Jonson moved to approve the minutes of the April.29, 2002, 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 Finance Director presented the recommendation of the Pension Advisory
Committee to approve membership for the employees listed below:
. .
Peggy Franco, Michael Kennedy, Nathan Bergstrom, Scott Boltz, Carlos Bonilla,
Jennifer Shaw, James Hardin, Joseph Mack, Joseph Taylor, Calvin Peterson, Michele
B.ergeron" ~elvin Maciolek, and Kevin Richendollar.
Trustee Hamilton moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #4 - Approve expenditure In the amount of $9,500 to AON Consultin~ Inc. for
pension consultin~ services
'~
On March 18, 2002, the Trustees approved an expenditure of $30,000 to Price
. Waterhouse, LLP for pension actuary and consulting services related to potential changes,
to the Pension Plan. The $30,000 expenditure to Price Waterhouse, LLP covers all the
p,enslon actuary and consulting services related to the potential changes to the Pe~slon
,",
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Plan except for the comparative pension analysis update. It will cost $9,500 to conduct a
current comparative pension analysis.
In 1999, AON Consulting completed a comprehensive survey for the City that
compared the relative net value of current and proposed (e.g., 1.5% COLA) hazardous
duty and non-hazardous pension benefits to those provided by selected government
agencies in,'North/Central Florida and the Tampa Bay area. The survey results indicated
that the City's hazardous duty employees were ranked in the first quartile or third IFire)
, '
and fourth (Police) respectively, out of the 19 surveyed agencies. By comparison, the
City's non-hazardous employees were ranked in the third quartile or sixth out of the 10
surveyed agencies.
, City staff is in the process of reviewing and commencing collective bargaining
, negotiations with the City's 6 employee organizations over the prop'osed changes to the
Pension Plan. Staff intend,s to bring forward the proposed changes to the Pension Plan to
the PAC and Trustees in June and July 2002., As part of the staff 'analysis of the
proposed changes, AON Consulting will conduct an updated comparative analysis of the
relative net value of the current and proposed hazardous duty and non-hazardous pension
'benefits to those provided by selected government agencies in North/Central Florida and
the Tampa Bay area.
Trustee Gray moved to approve an expenditure in the amount of $9,600 to AON
consulting, Inc. for pension consulting services.' The motion was duly seconded and
carried unanimously.
. ITEM #5 ~ Other Business:
. Ms. Simmons requested a special Pension Trustees meeting be scheduled'to
discuss pension changes. , Discussion ensued and consensus was to schedule the meeting
at 9:00 a.m. on July 19, 2002.
ITEM #6 - Adjourn
The meeting adjourned at 1 :21 p.m.
Attest:
~Z ~C>-
,Cl lark ' ,
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