09/15/2003 (2)
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PENSION
(TRUSTEES)
Board of Trustees of the Employees~
Pension Fund
Min uteS
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ACTION AGENDA - TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
Monday, September 15,2003 - Council Chambers
Call to Order - 9:33 a.m.
2 - Approval of Minutes - 09-18-03 regular meeting
ACTION: Approved.
3 - Approve the recommended administrative expenditures for Fiscal Year 2003/04 totaling
$151,250 for the City of Clearwater Employees' Pension Plan.
ACTION: Approved.
4 - Approve the contract with the firm of Charles D. Hvman & Company for consulting services
with an annual cost of $15,000; ,
ACTION: Approved.
5 - Other Business '
ACTION: City Attorney said Pension Trustees do not have authority to act on
PAC disability rulings.
Adiourn - 9:38 a.m.
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Pension Trustees Acti'on Agenda ~003-09-15
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
September 15, 2003
Present:
Brian Aungst
Hoyt Hamilton
Whitney Gray
William C. Jonson
Frank Hibbard
Chair
Vice-Chair/Trustee
Trustee
Trustee
Trustee
Also Present:
William B. Horne II
Pamela K. Akin
Joe Roseto
Cynthia E. Goudeau
Patricia O. Sullivan
City Manager
City Attorney.
Human Resources Director
City Clerk
Board Reporter
The Chair called the meeting to order at 9:33 a.m. at City Hall.
To provide continuity for research, items are in agenda order although not
necessarily discussed in that order.
2 - Approval of Minutes:
Trustee Jonson moved to approve the minutes of the August 18. 2003, meeting, as
recorded and submitted in written summation by the City Clerk to each Trustee. The motion
w~s duly seconded and carried unanimously.
3 - Approve the recommended administrative expenditures for Fiscal Year 2003/04 totalinq
~151.250 for the City of Clearwater Employees' Pension Plan.
The Employees' Pension Plan does not have a legal requirement to have a budget. The
Trustees must approve all expenditures. For the sake of efficiency. staff requests approval of
the following routine expenditures. These expenditures involve routine and small dollar
amounts.
, Medical Bills is the medical services that the PAC (Pension Advisory Committee)
authorizes. Travel is for the following two trips: 1) attendance by two people at a training
seminar and a due diligence visit and 2) training for two people with the new custodian,
Northern Trust. Printing and Binding is for statutorily required annual information distribution to
members of the Pension Plan. Training is for mandatory training required by state statute.
Money Manager, Safekeeping Service, and Pension Administrator fees are all set by contracts
approved by the Trustees and are not included in this administrative budget. Reimbursement to
the General Fund and Self Insurance Fund is for the cost of oversight of the Plan and is
recognized as revenue to the General Fund and Self Insurance Fund.
Pension Trustees 2003-09-15
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Medical Bills
Physicals
Travel Expenses
Training
Printing
Miscellaneous
Reimbursement to General Fund
Reimbursement to Self Insurance Fund
$ 6,000
35,000
4,500
2,500
750
500
79,000
23,000
$151,250
In response to a question, Fiscal Manager Margie Simmons said some of the staff in
Human Resources are paid out of the Insurance Fund.
Trustee Jonson moved to approve the recommended administrative expenditures for
Fiscal Year 2003/04 totaling $151.250 for the City of Clearwater Employees' Pension Plan. The
motlon,was duly seconded and carried unanimously.
4 - Approve the contract with the firm of Charles D. Hyman & Company for consulting services
with an annual cost of $15,000.
As directed by the Trustees on June 16, 2003, staff has negotiated a contract with
Charles D. Hyman and Company for pension plan consulting services. The contract provides
for pension plan consulting services (i.e. strategic and tactical asset mix, diversification
guidance, economic and market analysis) to the Pension Plan at an annual cost of $15,000,
paid quarterly. '
Trustee Hamilton mo'ved to approve the contract with the firm of Charles D. Hyman &
Company for consulting services with an annual cost of $15,000 and that the appropriate
officials be authorized to execute same. The motion was duly seconded and carried
unanimously.
5 - Other Business
In response to a question regarding correspondence related to a recent PAC (Pension
Advisory Commi~ee) hearing, Human Resources Director Joe Roseto said the PAC decision is
final. The City Attorney said the Pension Trustees do not have the authority to act on PAC
disability rulings.
6 - Adiournment
The meeting adjourned at 9:38 a.m.
Ch r
Employee's ension Plan Trusfees
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Pension Trustees 2003-09-15
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