12/15/2008
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
December 15, 2008
Present: Frank Hibbard Chair
Carlen Petersen Trustee
John Doran Trustee
George N. Cretekos Trustee
Paul Gibson Trustee
Also Present: William B. Horne, II City Manager
Jill S. Silverboard Assistant City Manager
Rod Irwin Assistant City Manager
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
Rosemarie Call Management Analyst
The Chair called the meeting to order at 2:00 p.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
2.1. Approve the minutes of the November 3, 2008 Pension Trustees meeting as
submitted in written summation by the City Clerk.
Trustee Cretekos moved to approve the minutes of the Pension Trustees
meeting of November 3, 2008, as recorded and submitted in written summation by the
City Clerk to each Trustee. The motion was duly seconded and carried unanimously.
3 - Pension Trustee Items
3.1. Approve a contract with Callan Associates to conduct an asset allocation study at a
cost of $30,000.
The Pension Trustees authorized staff to do a search for a consultant to perform
an asset allocation study for the Employees Pension Plan. A Request for Proposal
(RFP) was created and sent to over 100 pension plan consultants. The investment
media also carried news of this search. As a result of this wide publicity, the city
received eighteen responses to the RFP.
A RFP committee was created which included the Finance Director, Assistant
Finance Director, Cash and Investments Manager, Debt and Special Projects Manager
and Citizen Representative to the Pension Investment Committee.
The following is the committee’s ranking of the top five firms: 1) Callan
Associates, 2) Asset Consulting Group, 3) Segal Advisors, 4) Burgess Chamber &
Associates and 5) Cap Trust. Callan Associates was the highest scoring firm with four of
the five members on the committee ranking them as their first choice.
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Callan Associates will examine all of the various investments options and
determine what is the best asset allocation for our pension plan that will provide the
highest rate of return given our risk tolerances as well as to protect the pension plan’s
assets in all markets. The fee to perform the Asset Allocation Study is $30,000. This
fee is below the average fee that the plan was quoted by the other respondents to the
RFP. Staff checked with other consultants and found the fee to be very competitive.
Trustee Gibson moved to approve a contract with Callan Associates to conduct
an asset allocation study at a cost of $30,000. The motion was duly seconded and
carried unanimously.
3.2. The employees listed below be accepted into membership in the City of
Clearwater's Employees' Pension Plan.
Pension
Name, Job Classification, and Department/Division Hire Date Elig. Date
Lori Hovatter, Econ. Dev. Specialist/Economic Dev. 12/11/06 10/11/08 *
Vicente Anglero, Solid Waste Worker/Solid Waste 10/13/08 10/13/08
Gary Edwards, Parking Enforcement Specialist/Engineering 10/13/08 10/13/08
Dawn Walser, Police Com. Operator Trainee/Police 09/15/08 09/15/08
Robert Morig, Systems Analyst/Finance 10/13/08 10/13/08
Edith Coppersmith, Cust. Ser. Rep./Customer Service 09/29/08 09/29/08
Karen Wiseman, Custodial Worker/Parks & Recreation 10/11/08 10/11/08
Matthew Jackson, Planner III/Planning 10/27/08 10/27/08
Tim Charles, Public Utilities Technician I/Public Utilities 10/27/08 10/27/08
Chad Siple, Senior Marine Lifeguard/Marine & Aviation 10/27/08 10/27/08
* originally hired on 12/11/06; transferred to pension eligible position effective 10/11/08
Trustee Petersen moved to accept the listed employees into membership in the
City of Clearwater's Employees' Pension Plan. The motion was duly seconded and
carried unanimously.
3.3. Doris Tennell, Police Department; Lawrence Dowd, Parks and Recreation
Department; and Robert Jones, Police Department, be granted regular pensions under
Section(s) 2.393 and 2.397 of the Employees’ Pension Plan as approved by the Pension
Advisory Committee.
Doris Tennell, Personnel/Payroll Technician, Police Department,was employed
by the City on May 16, 1994; and her pension service credit is effective on that date.
Her pension will be effective January 1, 2009. Based on an average salary of
approximately $34,286 per year over the past five years, the formula for computing
regular pensions, and Ms. Tennell’s selection of the Joint & Survivor Annuity, this
pension will approximate $13,776 annually.
Lawrence Dowd, Assistant Parks and Recreation Director, Parks & Recreation
Department, was employed by the City on November 18, 1972, and his pension service
credit is effective on August 6, 1975. His pension will be effective February 1, 2009.
Based on an average salary of approximately $84,067 per year over the past five years,
the formula for computing regular pensions, and Mr. Dowd’s selection of the 50% Joint &
Survivor Annuity, this pension will approximate $80,086 annually.
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Robert Jones, Police Captain, Police Department, was employed by the City on
May 27,1980, and his pension service credit is effective on that date. His pension will
be effective November 1, 2008. Based on an average salary of approximately $90,689
per year over the past five years, the formula for computing regular pensions, and Mr.
Jones' selection of the 100% Joint & Survivor Annuity, this pension will approximate
$68,921 annually.
These pensions were approved by the Pension Advisory Committee on
November 13, 2008. Section 2.393 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 provides for normal retirement eligibility
when a participant has completed twenty years of credited service or has reached age
55 and completed ten years of credited service in a type of employment described as
"hazardous duty" and further defines service as a Police Captain as meeting the
hazardous duty criteria. Ms. Tennell qualifies under the age 65 and ten years of service
criteria. Mr. Dowd qualifies under the 30 years of service criteria. Mr. Jones qualifies
under the hazardous duty criteria.
Trustee Doran moved that Doris Tennell, Police Department; Lawrence Dowd,
Parks and Recreation Department; and Robert Jones, Police Department, be granted
regular pensions under Section(s) 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.
4 - Other Business: - None.
5 - Adjourn
The meeting adjourned at 1:17 p.m.
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Chair
Employee's Pension Plan Trustees
Pension Trustees 2008-12-15
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