01/12/2009PENSION TRUSTEES AGENDA
Location: Council Chambers - City Hall
Date: 1/12/2009- 1:00 PM
1. Call to Order
2. Approval of Minutes
2.1 Approve the minutes of the December 15, 2008 Pension Trustees meeting as submitted in written
summation by the City Clerk.
1B Attachments
3. Pension Trustee Items
3.1 Employees listed below be accepted into the City of Clearwater's Employees' Pension Plan as approved
by the Pension Advisory Committee.
1B Attachments
3.2 Marlene Havens, Library Department, and James Steffens, 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.
1B Attnchmentc
3.3 Brenda Moses, Board Reporter, Official Records & Legislative Services Department, and Helen
Goldschmidt, Library Department, be allowed to vest their pensions under Section(s) 2.397 and 2.398 of
the Employees' Pension Plan as approved by the Pension Advisory Committee.
10 Attachments
4. Other Business
5. Adjourn
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date: 1/ 12/2009
SUBJECT / RECOMMENDATION:
Approve the minutes of the December 15, 2008 Pension Trustees meeting as submitted in written summation by the City Clerk.
SUMMARY:
Review Approval: 1) Clerk
Cover Memo
Item # 1
Attachment number 1
Page 1 of 3
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
December 15, 2008
Unapproved
Present:
Frank Hibbard
Carlen Petersen
John Doran
George N. Cretekos
Paul Gibson
William B. Horne, II
Jill S. Silverboard
Rod Irwin
Pamela K. Akin
Cynthia E. Goudeau
Rosemarie Call
The Chair called the meeting to order at 2:00
To provide continuity for research, i
necessarily discussed in that order.
2 -Approval of Minutes
Trustees
ummation by the
rried unanimously.
authorized staff to do a search for a consultant to perform
he Employees Pension Plan. A Request for Proposal
P o over 100 pension plan consultants. The investment
is search. As a result of this wide publicity, the city received
RFP.
mittee was created which included the Finance Director, Assistant
lF®r,ash and Investments Manager, Debt and Special Projects Manager
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.
Pension Trustees 2008-12-15
Chair
Trustee
Trustee
Trustee
Trustee
Item # 1
Attachment number 1
Page 2 of 3
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 Ass
an asset allocation study at a cost of $30,000. The motion was A
carried unanimously. Clearwater's Employees' Pension Plan.
Name, Job Classification, and Department/Division-
Lori Hovatter, Econ. Dev. Specialist/Economic Dev
Vicente Anglero, Solid Waste Worker/Solid Wa
Gary Edwards, Parking Enforcement Specialist/E
Dawn Walser, Police Com. Operator Trai ICE
Robert Morig, Systems Analyst/Finance
Edith Coppersmith, Cust. Ser. Rep./Cu r Serv
Karen Wiseman, Custodial W ar ecre
Matthew Jackson, Planner I g
Tim Charles, Public Util tt ffi!!7an I/Publi
pe
$34,
and M
$13,776
u ct
ns
11/08
13/08
the listed employees into membership in the
Ian. The motion was duly seconded and
ris orn sonnel/Payroll Technician, Police Department, was employed
/ 0 94; and her pension service credit is effective on that date. Her
anuary 1, 2009. Based on an average salary of approximately
past five years, the formula for computing regular pensions,
of the Joint & Survivor Annuity, this pension will approximate
nnually.
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,
Pension Trustees 2008-12-15
Item # 1
Attachment number 1
Page 3 of 3
the formula for computing regular pensions, and Mr. Dowd's selection of the 50% Joint &
Survivor Annuity, this pension will approximate $80,086 annually.
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, an r. Jones'
selection of the 100% Joint & Survivor Annuity, this pension will appro 'mate 921
annually.
These pensions were approved by the Pension Adviso mittee on
November 13, 2008. Section 2.393 provides for normal retirem ibility
participant has reached age 55 and completed twenty years of s a
completed thirty years of credited service, or has reached age 65 ed ten
years of credited service. Section 2.393 also provides for normal r t eligibility
when a participant has completed twenty years of credited servi ched age
55 and completed ten years of credited service in a type of emplo en 'bed as
"hazardous duty" and further defines service as a Polic ain as mee
hazardous duty criteria. Ms. Tennell qualifies and nd ten yea rvice
criteria. Mr. Dowd qualifies under the 30 years r. Jones
under the hazardous duty criteria.
Trustee Doran moved that Doris Te Police D rence Do
Parks and Recreation Departmptio Ro nes, P ep be grante
regular pensions under Secan 397 o ployee n Plan as
approved by the Pension i mittee. The n was duly and
carried unanimously.
Chair
Employee's Pension Plan
Pension Trustees 2008-12-15 Item # 1
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date: 1/ 12/2009
SUBJECT / RECOMMENDATION:
Employees listed below be accepted into the City of Clearwater's Employees' Pension Plan as approved by the Pension Advisory
Committee.
SUMMARY:
Name, Job Classification, and Department/Division
Pension
Hire Date Elig Date
Philip Vannoy, Field Service Rep./Customer Service
William Goehring, Pub. Util. Tech. I/Public Utilities
Fitzgerald Scott, Planner I/Planning
Joseph DeCicco, Environmental Specialist/Engineering
Dale Abdelnour, Equipment Operator/Parks & Recreation
David Deas, Customer Service Rep./Customer Service
Daniel Rounding, Field Service Rep./Customer Service
Emily Laurenti, Survey Assistant I/Engineering
Natalie Rex, Parks Service Techniciann I/Parks & Recreation
Anthony Deeley, Parks Service Tech. I/Parks & Recreation
Billy Stephens, Parks Service Tech. I/Parks & Recreation
Dragolub Vitkovic, Fleet Mechanic/General Services
Review Approval: 1) Clerk
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Cover Memo
Item # 2
Pension Trustees Agenda
Council Chambers - City Hall
Meeting Date: 1/ 12/2009
SUBJECT / RECOMMENDATION:
Marlene Havens, Library Department, and James Steffens, 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.
SUMMARY:
Marlene Havens, Librarian H, Library Department, was employed by the City on August 8, 1966; and her pension service credit is
effective on June 11, 1981. Her pension will be effective February 1, 2009.
Based on an average salary of approximately $55,435 per year over the past five years, the formula for computing regular pensions, and
Ms. Havens' selection of the Joint & Survivor Annuity, this pension will approximate $42,071 annually.
James Steffens, Police Lieutenant, Police Department, was employed by the City on October 22, 1988, and his pension service credit
is effective on that date. His pension will be effective February 1, 2009.
Based on an average salary of approximately $97,778 per year over the past five years, the formula for computing regular pensions, and
Mr. Steffens' selection of the 100% Joint & Survivor Annuity, this pension will approximate $53,980 annually.
These pensions were approved by the Pension Advisory Committee on December 11, 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 Lieutenant as meeting the
hazardous duty criteria. Ms. Havens qualifies under the age 55 and twenty years of service criteria. Mr. Steffens qualifies under the
hazardous duty criteria.
Review Approval: 1) Clerk
Cover Memo
Item # 3
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Meeting Date: 1/ 12/2009
Brenda Moses, Board Reporter, Official Records & Legislative Services Department, and Helen Goldschmidt, Library Department, be
allowed to vest their pensions under Section(s) 2.397 and 2.398 of the Employees' Pension Plan as approved by the Pension Advisory
Committee.
SUMMARY:
Brenda Moses, Board Reporter, Official Records & Legislative Services Department, was employed by the City on July 8, 1996,
and began participating in the Pension Plan on that date. Ms. Moses terminated from City employment on November 12, 2008.
Helen Goldschmidt, Librarian H, Library Department, was employed by the City on August 22, 1994, and began participating in
the Pension Plan on that date. Ms. Goldschmidt will terminate from City employment on February 1, 2009.
The Employees' Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status
from full-time to part-time after completing ten or more years of creditable service (pension participation), such employee shall acquire
a vested interest in the 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 twenty years of
credited service, has completed 30 years of credited service, or has reached age 65 and completed ten years of credited service. Ms.
Moses would have completed at least 20 years of service and reached age 55 on July 8, 2016. Her pension will be effective August 1,
2016. Ms. Goldschmidt would have completed at least 10 years of service and reached age 65 on April 1, 2010. Her pension will be
effective May 1, 2010. These pensions were approved by the Pension Advisory Committee on December 11, 2008.
Review Approval: 1) Clerk
Cover Memo
Item # 4