11/18/2002 (2)
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",~': .B~,a~d of Trus.tees oftheEm'ployee~'
Pension Fund
Minutes.
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. ,TRUSTEES OF THE.EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
November 18, 2002
Brian J. Aungst
. Whitney Gray
Hoyt P. Hamilton
Frank Hibbard
William C. Jc;mson
Also present: William 8. Horne II
Pamela K. Akin'
Joe Roseto
Cynthia E. Goudeau
Brenda Moses
Present:
Chair
Vice-Chalrrrrustee
Trustee
Trustee
Trustee
,. '
City Manager
City Attorney
Human Resources Director
City Clerk.
Board Reporter
The Chair called the meeting to order at 9:08 a.m. at City Hall.
To provIde continuity for research, Items are In agenda order although not neces~arily
discussed In that order.
ITEM #2 - Approval of Minutes
T~ustee Jonson moved to approve the minutes of the October 14, 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 Human Resources Director presented the recommendation of the Pension Advisory
Committee to approve membership for the following employees: .
. Nicholas Colton, Sr., Cindy Protopapadakis, Renata Melo, Kevin Sievert, Allie Fallon,
John Lyons, Robert Lazzaro, Anita Miller, Douglas Letwln, Marc McCabe, Jonathan Maser,
Robert Pagano, Christpher Payne, and Roseann Mazurek
. , .'
Trustee Hamilton moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
'ITEM #4 ,.... ReQular Pensions to be Granted
The City Manager presented the recommendatlon of the Pension Advisory Committee
that Gary WooldrIdge and Clarence Calloway be granted a regular pension under Section(s)
2.393 and 2.397 of the Employees' Pension Plan:
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11/18/02
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. Gary Wooldridge, Mechanic II, Solid Waste/General Services Department, was
employed by the City on July 28, 19aO, and his pension service credit Is effective on that date.
His pension will be effective October 1, 2002. .
Based on an average salary of approximately $39.379 per year over the past five years,
the formula for computing regular pensions, and Mr. Wooldridge's selection of the 75% Joint &
Survivor Annuity, this pension w1l1 approximate $24,216 annually:.
Clarence Calloway, Pollee Officer, Pollee Department, was employed by the City on
August 9. 1982, and his pension service credit Is effective on that date. His pension will be
effective December 1, 2002.
Based on an ayerage salary of approximately $57,137 per year over the past five years,
the formula for computing regular pensions, and Mr. Calloway's selection of the 100% Joint &
, Survivor Annuity, this pension will approximate $31,563 annually.
. These pensions were approved by the Pension Advisory Committee on October 10,
. 2002. Section 2.393 (p) provides for normal retirement eligibility when a participant has
reached age 55 and completed twenty years of credited service, has completed thirty years of
credited service, or has reached age 65 and completed ten years of credited service. Section
2.393 also (p) provides for normal retirement eligibility when a participant has completed twenty
years of credited service in a type of employment described as Ilhazardous duty" and further
specifically defines service as a Police Officer as meeting the hazardous duty criteria. Mr.'
Wooldridge qualifies under the age 55 and twenty years of service criteria. Mr. Calloway
qualifies under the hazardous duty criteria.
Trustee Jonson moved to accept the recommendation of the Pension Advisory
Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Aporove staff recommendations reqarding the selection orocess for Pension
Attornev.
The Employee's Pension Plan has been using Christiansen and Dehner since May
1999 (over'3 years). At the 9/16/02 Pension Trustee meeting, the Trustees requested that a
Request for Proposal (RFP) be issued for legal services for the Pension Plan.
Staff proposes that the following individuals be included on the RFP committee to issue
the RFP and to do the initial screening of the proposals.
~ Pam Akin, City Attorney
~ Garry Brumback, Assistant City Manager
~ Joe Roseto, Human Resources Director
}o. Margie Simmons, Finance Director
~ PAC Member (Tom Jensen appointed by PAC)
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11/18/02
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Staff further proposes that once the proposals are received and ranked by the RFP
committee, that oral presentations of the top firms (no more than the top 3 or 4 firms) be heard
at a Joint meeting of the Trustees and PAC, with a final ranking by the joint PACfTrustees to
occur at that time.
. The City Attorney and Finance Director will then proceed to negotiate a contract with
. the top ranked firm. If contract terms cannot be reached, negotiations will begin with the next
ranked firm, and so on, until an acceptable contract Is negotiated.
. The negotiated contract will then be brought forward to the PAC for review and. then to
the Trustees for approval.
. Any suggested additions/changes/deletions should be sent to Margie Simmons as soon
. as possible.' The RFP committee will finalize the RFP prior to it being released.
. Trustee Gray moved to accept the recommendation of the Pension Advisory' Committee.
The motion was duly seconded and carried unanimously.
ITEM #6 - Approve the co'ntract with Northern Trust to provide custodial services for the
Emplovee's Pension
. .
. At the Trustee's direction, staff went out with a 'IRequest For Qualiflcationsff for custodial
, services.' The following ten flnanciallnstitutlons'.responded positively to the RFQ:
Bank of New Yorl<
Merrill Lynch
State Street Bank & Trust
Wells Fargo Bank
eitlbank
Northern Trust
. South Trust
JP Morgan/Chase
Salem Trust
Wachovia
The following three financial institutions declined to submit citing "assets size too
small"/' services requested can not be providedll and "can not meet minimum qualificationstl:
Deutsche Bank
Bank
Mellon Trust
Sun Trust
The financial Institutions w.ere ranked on the following criteria:
Qualifications and Experience
Settlement and Custody
Systems & Technology
Client ServiCing
Fees "
Securities Lending (Review only)
Performance Measure and Guideline Compliance (Review only)
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11/18/02
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Based on the,above criteria the top three financial institutions and their score are:
',Bank.of New York (87)
.(86)
State Street (87) .
Northern Trust
, Trustee Hibbard m~:>ved to accept the recommendation of the Pension Advisory
. Committee:' The motion was duly seconded and carried unanimously.
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ITEM #7 - Pulled Item
ITEM #8 - Other Business ~ None.
: ITEM #9 - Adiourn
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. ..'.' The meeting adjourne~ at 9:14 a.m.
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11/18/02
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