03/15/2011
4 PENSION TRUSTEES AGENDA
Location: Council Chambers - City Hall
Date: 3/15/2011- 8:30 AM
1. Call to Order
2. Approval of Minutes
2.1 Approve the minutes of the February 15, 2011 Pension Trustees Meeting as submitted in written
summation by the City Clerk.
Attachments
3. Pension Trustee Items
3.1 Approve new hires for acceptance in the Pension Plan as listed.
Attachments
3.2 Approve the request of employee George Elfter, Solid Waste/General Services Department, and Gordon
Grandi, Gas Department, for a regular pension as provided by Sections 2.397 and 2.398 of the
Employees' Pension Plan.
Attachments
3.3 Approve the request of employee Stephen Agathos, Solid Waste/General Services Department, to vest his
pension as provided by Section 2.397 of the Employees' Pension Plan.
Attachments
4. Other Business
5. Adjourn
Meeting Date:3/15/2011
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve the minutes of the February 15, 2011 Pension Trustees Meeting as submitted in written summation by the City Clerk.
SUMMARY:
Review Approval:
Cover Memo
Item # 1
Attachment number 1
Page 1 of 5
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
MINUTES
CITY OF CLEARWATER
Present: Chair/Trustee Frank Hibbard, Trustee George N. Cretekos, Trustee
John Doran, Trustee Paul Gibson, and Trustee Bill Jonson.
Also Present: William B. Horne II - City Manager, Jill S. Silverboard - Assistant City
Manager, Rod Irwin - Assistant City Manager, Pamela K. Akin - City
Attorney, Rosemarie Call - City Clerk, and Karen Vaughan -
Administrative Analyst.
To provide continuity for research, items are in agenda order although not
necessarily discussed in that order.
Unapproved
1. Call to Order - Chair Frank Hibbard
The meeting was called to order at 8:43 a.m. at City Hall.
2. Approval of Minutes
22.11 p rov th minutes of the January 11, 2011 ens ion Trustees meeti
submitted in written summation by t Citv Clerk.
Trustee John Doran moved to approve the minutes of the January 11, 2011 Pension
Trustees meeting as submitted in written summation by the City Clerk. The motion was
duly seconded and carried unanimously.
3. Pension Trustee Items
3.1 Approve new hires as listed for acceptance into the Pension Ian.
Name, Job. Class, & Dept./Div. Hire Date
Susan Becotte, Senior Accountant/Police 11/22/10
Robert Birdwell, SW Worker/Solid Waste/Gen. Ser. 9/27/10
Ashlee Sarsano, Crime Scene Technician/Police 12/6/10
JoAnna Fagan, Library Assistant/Library 8/28/10
Pension Trustees 2011-02-15
Pension
Elig. Date
11/22/10
11/22/10
12/6/10
12/4/10 **
1
Item # 1
Attachment number 1
Page 2 of 5
Sandra Wilson, Deputy Police Chief/Police 12/6/10 12/6/10
originally hired as temporary on 9/27/10; status changed to permanent and pension
eligible as of 11/22/10
**originally hired as part-time on 8/28/10; changed to full-time and pension eligible as of
12/4/10
Trustee George N. Cretekos moved to approve the new hires as listed for acceptance
into the Pension Plan. The motion was duly seconded and carried unanimously.
3.2 Aprove the r u sts of employees Deborah Lutz, Engineering Department, and
Thomas Allegr A Fir part nt9 for regular pensions as provide by
Sections 2.397 and 2.398 of the Employees Pension Ian.
Deborah Lutz, Senior Staff Assistant, Engineering Department, was employed by the
City on April 11, 1988, and her pension service credit is effective on that date. Her
pension will be effective January 1, 2011. Based on an average salary of approximately
$40,491 per year over the past five years, the formula for computing regular pensions,
and Ms. Lutz' selection of the Life Annuity, this pension will approximate $25,289
annually.
Thomas Allegretti, Fire Lieutenant, Fire Department, was employed by the City on
October 12, 1980, and his pension service credit is effective on that date. His pension
will be effective February 1, 2011. Based on an average salary of approximately
$76,605 per year over the past five years, the formula for computing regular pensions,
and Mr. Allegretti's selection of the Life Annuity, this pension will approximate $69,490
annually.
Section 2.397 provides for normal retirement eligibility when a participant has completed
thirty years of credited service, has reached age 55 and completed twenty years of
credited service, or has reached age 65 and completed ten years of credited service.
Section 2.397 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 Fire Lieutenant as meeting the hazardous duty criteria. Ms.
Lutz qualifies under the age 55 and 20 years of service criteria. Mr. Allegretti qualifies
under the hazardous duty criteria.
Trustee Paul Gibson moved to approve the requests of employees Deborah Lutz,
Engineering Department, and Thomas Allegretti, Fire Department, for regular pensions
as provided by Sections 2.397 and 2.398 of the Employees Pension Plan. The motion
was duly seconded and carried unanimously.
Pension Trustees 2011-02-15 2
Item # 1
Attachment number 1
Page 3 of 5
3®3 Approve the r u st of ploy Jack B?yant, Marine and Aviation Department,
to v st his Pension as provided y Section 2.397 of the ploy s' Pension
Ian.
Jack Bryant, Marine Facility Operator, Marine and Aviation Department, was employed
by the City on July 24, 1995 and began participating in the Pension Plan on that date.
Mr. Bryant terminated from City employment on January 17, 2011.
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 2.397 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.
Mr. Bryant would have completed at least 10 years of service and reached age 65 on
January 17, 2013. His pension will be effective February 1, 2013.
Councilmember Bill Jonson moved to approve the request of employee Jack Bryant,
Marine and Aviation Department, to vest his pension as provided by Section 2.397 of
the Employees' Pension Plan. The motion was duly seconded and carried unanimously.
.4 p rov agreements hiring Hancock Timber source roue and t of us
Woodlands Group as timber investment anaq rs forth p nsion plan and
authorize the aoororit officials t cut the same.
The Trustees authorized staff to conduct a search for timber investment managers for
the plan. CapTrust, the plan's performance measurement consultant, and the Pension
Investment Committee developed a short list of the five following firms for interviews:
RMK Timber Group
Molpus Woodlands Group
Hancock Timber Resources Group
Forest Investments Associates
Timbervest
Pension Trustees 2011-02-15 3
Item # 1
Attachment number 1
Page 4 of 5
As a result of the interviews and due diligence the Pension Investment Committee and
CapTrust recommend that the plan hire Molpus Woodlands Group and Hancock Timber
Resources Group as timber investment managers.
The Trustees approved an asset allocation plan on December 13, 2009, that included
three percent of the plan's assets in the timber asset class. The Pension Investment
Committee and Cap Trust are recommending an allocation of eight million dollars to
each manager. This sixteen million dollar allocation to the timber asset class represents
approximately 2.3% of the current plan assets.
Investment in this type of assets can only be made by qualified/accredited investors.
The pension plan qualifies as a qualified/accredited investor because the plan has
assets in excess of five million dollars and because the Pension Investment Committee
has adequate investment expertise. Because this type of investment is available, only to
qualified/accredited investors the procedure to enter into a contract with a manager is
different than we have previously done. For this type of investment, the trustees need to
approve hiring the manager, sign the documents and submit the documents to the
timber manager for approval. The manager will then execute the agreement when he
determines we qualify. This type of investment is a long-term commitment on the part of
the pension plan. The main benefit to the pension plan of a timber investment is that
correlation of timber is very, very low or negative to the other investment classes
currently in the pension plan, while earning a competitive return. This should help
reduce the volatility of the plan earnings from year to year.
Molpus Woodlands Group charges an annual management fee of 100 basis points and
an incentive fee of 15% on returns greater than 7%. Molpus also charges pass through
fees for administration, accounting, acquisition, disposal, legal and harvest supervision.
Hancock Timber charges an annual management fee of 95 basis points with an
incentive fee of 20% on returns greater than 7%. Hancock charges no pass through
fees. Both fee structures are about average for this asset class.
Trustee John Doran moved to approve agreements hiring Hancock Timber Resource
Group and the Molpus Woodlands Group as timber investment managers for the
pension plan and authorize the appropriate officials to execute the same. The motion
was duly seconded and carried unanimously.
Business Other Pension Trustees 2011-02-15 4
Item # 1
Attachment number 1
Page 5 of 5
r
The meeting was adjourned at 8:49 a.m.
Attest
City Clerk
Chair
Employee's Pension Plan Trustees
Pension Trustees 2011-02-15 5
Item # 1
Meeting Date:3/15/2011
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve new hires for acceptance in the Pension Plan as listed.
SUMMARY:
Name, Job. Class, & Dept./Div.
Pension
Hire Date Elig Date
Paul Hayes, WWTP Operator Trainee/Public Utilities
James Doucette, Maint.Worker/Solid Waste-General Ser.
Michael Scanlon, Parks Service Tech. I/Parks & Recreation
Edward Bryant, SWEquip.Oper./Solid Waste-Gen. Ser.
Matthew Anderson, Parks Service Tech. I/Parks & Rec.
Barbara Soderlund, Parks Service Tech. I/Parks & Rec.
Patsy McCain, WWTP Operator Trainee/Public Utilities
Victoria Boston, Customer Service Rep./Customer Service
Jonathan Anderson, Graphics Designer/Public Com.
Dustin Dulek, Parks Service Technician I/Parks & Recreation
12/20/10 12/20/10
12/20/10 12/20/10
12/20/10 12/20/10
12/2010 12/20/10
12/20/10 12/20/10
12/20/10 12/20/10
1/4/11 1/4/11
1/3/11 1/3/11
1/3/11 1/3/11
1/18/11 1/18/11
Review Approval: 1) Clerk 2) Clerk
Cover Memo
Item # 2
Meeting Date:3/15/2011
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve the request of employee George Elfter, Solid Waste/General Services Department, and Gordon Grandi, Gas Department, for a
regular pension as provided by Sections 2.397 and 2.398 of the Employees' Pension Plan.
SUMMARY:
George Elfter, Solid Waste Equipment Operator, Solid Waste/General Services Department, was employed by the City on September 7,
1993, and his pension service credit is effective on March 7, 1994. His pension will be effective March 1, 2011.
Based on an average salary of approximately $41,835 per year over the past five years, the formula for computing regular pensions, and
Mr. Elfter's selection of the Joint & Survivor Annuity, this pension will approximate $19,488 annually.
Gordon Grandi, Gas Specialist, Gas Department, was employed by the City on January 6, 1986, and his pension service credit is
effective on that date. His pension will be effective March 1, 2011.
Based on an average salary of approximately $53,742 per year over the past five years, the formula for computing regular pensions, and
Mr. Grandi's selection of the 50% Joint & Survivor Annuity, this pension will approximate $39,135 annually.
Section 2.397 provides for normal retirement eligibility when a participant has completed thirty years of credited service, has reached
age 55 and completed twenty years of credited service, or has reached age 65 and completed ten years of credited service. Mr. Elfter
qualifies under the age 65 and ten years of service criteria. Mr. Grandi qualifies under the age 55 and 20 years of service criteria.
Review Approval:
Cover Memo
Item # 3
Attachment number
Page 1 of 10
CITY OF CLEARWA TER
EMPL O YEES' SEPARA TION PA Y PREFERENCES
PREFERENCE #1 Employees can receive a lump sum payment for vacation, floating holiday pay,
sick leave incentive, bonus days (if applicable), and 1 /2 of accrued sick leave at
the time of separation from the City. There will be no deduction for pension
from this lump sum payment nor will this amount count as earnings in the
calculation of the pension. The last day of work will be the termination date
and pension benefits will begin the following month.
PREFERENCE #2 Employee can extend termination date by part or all of the time due for
vacation, floating holiday pay, sick leave incentive, bonus days (if applicable),
and 1 /2 of accrued sick leave. Employee may choose to run out this time in
any manner. Balance will be paid in a lump sum on employee's final paycheck.
Termination date will be the final day of extended time. Pension benefits will
begin the following month.
I, C ens ? L° t?'?ev
an employee of the City of Clearwater, hereby apply for
pension benefits under the City's Employees' Pension Plan.
I hereby certify that I fully understand the preferences offered to me. I choose to retire using separation
pay preference # I. and wish my benefits to be calculated under this preference. Please use my
leave in the following manner:
Run Out vacation sick floaters bonus hours
Lump Sum U l'99 vacation ?7sick 0q-0 floaters bonus hours
I understand that my preference cannot be changed once this form is signed and that my decision is
irrevocable. i
EMPLOYEE'S SIGNATURE:
SOCIAL SECURITY #: J
? 3 Le?r?c?n ?T
W NESSES. ADDRESS: j S-
Ko ? a lea rc.A..jc ,4r ??- 3 j -7-S
PHONE: -7 7d-/y 5-022DATE:
Revised 1/02
Form #9900-0008
File Name: Employee Separation Pay Pref
Item # 3
Attachment number 1
Page 2 of 10
The type of pension for which 1 am applying is (check only one):
Regular Pension based on years of service
Job-connected Disability Pension
Non-job-connected Disability Pension
The City of Clearwater Employees' Pension Plan provides multiple options to Plan Participants as to the manner of
the pension benefit payment. Option 1 below represents the standard or normal form of retirement benefit. The
other optional forms (#2 - #6) shall be computed to be the Actuarial Equivalent of the normal benefit.
Option 1 - Ioint and Survivor Annuity
The normal form of retirement benefit shall be an annuity paid monthly for the life of the Participant, with a
100% survivor annuity paid monthly for a period of five years following the death of the Participant to the
beneficiary, provided that following such five year period the survivor annuity shall be reduced to 50% of the
original survivor annuity amount. [See section 2.397 (a) (3) (A)] The Participant's surviving spouse receives
the designated amount for the rest of his/her life or until he/she remarries. If no surviving spouse, dependent
children under the age of 18 shall be deemed to be the beneficiary and receive the designated amount until
the age of 18. [Section 2.397 (a) (3) and Section 2.398 (b) (1)]
Option 2 - Life Annuity
The Participant receives his/her pension as long as he/she lives. Upon the death of the Participant, benefits
cease. [Section 2.398 (b) (2) (a) (1)]
Option 3 - 10 Year Certain 8 Life Ann„itlv - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies before 120 monthly
payments have been made, the remaining payments up to the 120 payments are made to his/her beneficiary.
If payments to the beneficiary commence and he/she dies before the total of 120 payments has been made,
the remainder of the payments is paid to the beneficiary's estate. If the first beneficiary predeceases the
participant, he/she may designate a new beneficiary. If no beneficiary is alive at the time of the participant's
death, the participant's estate will be paid the balance of the 120 payments. [Section 2.398 (b) (2) (a) (2)]
Option 4 -5n% Joint R Survivor Annifity - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 50% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues to
receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
Option 5 - 75%, point P. Survivor Anmjity - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 75% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues to
receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
Item # 3
CITY OF CLEARWATER
PENSION ENTITLEMENT OPTION REQUEST FORM
Attachment number 1
Page 3 of 10
Option 6 - 100% Joint R Surya or Annuity - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 100% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues
to receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
I have considered the normal form of benefit payment under such Plan (which is designated on this Form as Option
1) and the various alternative optional benefit payment methods (Options 2 through 6) under such Plan and have
elected to receive my retirement benefits as indicated below. (Note: Option selection to be indicated both by
Number and Description.)
I understand that once my first pension check is received, my decision on this option is irrevocable.
Option #: 1
Employee's Signature:
Dependent children under
Child's Name
ing in my household are:
Sex
Date of Birth
If taking Option 2 siqn below:
Option #: 2 Description: Life Annuity
Employee's Signature: Date:
IT taking
Option #:
My designated beneficiary is:
Name:
Social Security Number: _
Address:
Employee's Signature:
Description:
Date of Birth:
Sex M F
Phone Number:
Date:
STATE OF FLORIDA The fojegoin7 instrument was acknowledged before me this
COUNTY OF PINELLAS aS? i 1
by Seor? e_ D"er' who is
personally known to me or who has provided
as i id/yiid,,?ot t k h.
Y??U` Notary Public
(Signature)
or" _
?- Or" `- ?.4 Name of Notary Printed
My Commission exppir@j
?16`PAR- PUBLIC 5t1
Deborah L. Ford
:Commission # DD763?2n
Expires: MAY" 15, 2?t-
, v I:: G CO., l ti C:.
Rev. 4/08
BONDED THRU A'PL.'L4"rIC 13""
Form #9900-0009 File Name: Pension Entitlement Option Form
Item # 3
Attachment number 4 --
Page 4 of 10
?I Estimated Pension Worksheet
George Elfter
LAST DATE PAID: 2/15/2011
BENEFITS DATE 3/7/1994
CREDITED SERVICE 16.9389
Prepared by: Deborah Ford
Date: 1/31/2011
GROSS
CALENDAR PENSION
YEAR EARNINGS
2006 $38,737.85
2007 $40,795.15
2008 $43,840.32
2009 $43,156.92
2010 $42,645.15
$209,175.39 (5 Year Total)
5/ $41,835.08 (Yearly Avg)
12/ $3,486.26 (Monthly Avg)
x 0.0275 (Benefit Rate)
x 16.9389 (Yrs of Service)
$1,623.97 (Est Mtly Pension)
Item # 3
Attachment number 1-
Page 5 of 10
City of Clearwater Employees' Pension Plan
Actuarial Equivalence Factors
ESTIMATE
26-Jan-11
sm
clract01
Version:
Employee Name: George Elfter 1-4-96
Employee Date of Birth: 1 7 1946
Marital Status: m
Spouse Date of Birth: 3 6 1946
Beneficiary Date of Birth: 3 6 1946
Benefit Commencement Date : 3 1 2010
Estimated Monthly Normal Retirement Benefit: $1,623.97
Actuarial Equivalent Adjustment Factors:
Option 1 J&S Annuity 1.00000
Option 2 Life Annuity 1.12422
Option 3 10 Year Certain 1.07825
Option 4 50% J&S 1.04323
Option 5 75% J&S 1.00695
Option 6 100% J&S 0.97312
ESTIMATE
Estimated
Monthly
Benefit
$1,623.97
$1,825.71
$1,751.05
$1,694.17
$1,635.26
$1,580.31
Item # 3
Hnacnmem numAer i -
Page 6 of 10
Ci T Y v^F CLEAR ?JA T ER
EMPL O PEES' SEPARA T/ON PA Y PREFERENCES
PREFERENCE #1 Employees can receive a lump sum payment for vacation, floating holiday pay,
sick leave incentive, bonus days (if applicable), and 1 /2 of accrued sick leave at
the time of separation from the City. There will be no deduction for pension
from this lump sum payment nor will this amount count as earnings in the
calculation of the pension. The last day of work will be the termination date
and pension benefits will begin the following month.
PREFERENCE #2 Employee can extend termination date by part or all of the time due for
vacation, floating holiday pay, sick leave incentive, bonus days (if applicable),
and 1 /2 of accrued sick leave. Employee may choose to run out this time in
any manner. Balance will be paid in a lump sum on employee's final paycheck.
Termination date will be the final day of extended time. Pension benefits will
begin the following month.
I, ItIr-0rd on G-rCt1IC& an employee of the City of Clearwater, hereby apply for
pension benefits under the City's Employees' Pension Plan.
I hereby certify that I fully understand the preferences offered to me. I choose to retire using separation
pay preference # 0z and wish my benefits to be calculated under this preference. Please use my
leave in the following mancn?er:
Run Out ?7' ` vacation sick floaters rC/ bonus hours
Lump Sum vacation 6, W3 sick floaters 0q bonus hours
,Y.v ? r-.S
I understand that my preference cannot be changed once this form is signed and that my decision is
irrevocable.
EMPLOYEE'S SIGNATURE:
SOCIAL SECURITY #:
VV,ITNESSES: ADDRESS: ?1 Oy 3f "` five- 'y
Lav-q u . FL :?>3-7"7 0
1- -7
PHONE: a`-7 DATE: 02 3 I I
Revised 1/02
Form #9900-0008 File Name: Employee Separation Pay Pref
Item # 3
- knacnmem numoer i --
Page 7 of 10
CITY OF CLEARWATER
PENSION ENTITLEMENT OPTION REQUEST FORM
I, _ Lat-d yof 0ii COY h '
of Clearwater General Employees' Pension Plan.
do hereby apply for retirement under the City
Job Classification: act $ e C, 1 ' 3 T Sex.-OF
Department: Division:
Benefits Date: W, Date of Hire:
Date of Birth: 6 S d Resignation Date: 6- /
Spouse's Name: r/ Q a tj C-Y-Q r)06'- Sex: M 0
Spouse's Date of Birth: 13/ 1SP
The type of pension for which I am applying is (check only one):
Regular Pension based on years of service
Job-connected Disability Pension
Non-job-connected Disability Pension
The City of Clearwater Employees' Pension Plan provides multiple options to Plan Participants as to the manner of
the pension benefit payment. Option 1 below represents the standard or normal form of retirement benefit. The
other optional forms (#2 - #6) shall be computed to be the Actuarial Equivalent of the normal benefit.
Option 1 - Joint and Survivor Annid r
The normal form of retirement benefit shall be an annuity paid monthly for the life of the Participant, with a
100% survivor annuity paid monthly for a period of five years following the death of the Participant to the
beneficiary, provided that following such five year period the survivor annuity shall be reduced to 50% of the
original survivor annuity amount. [See section 2.397 (a) (3) (A)] The Participant's surviving spouse receives
the designated amount for the rest of his/her life or until he/she remarries. If no surviving spouse, dependent
children under the age of 18 shall be deemed to be the beneficiary and receive the designated amount until
the age of 18. [Section 2.397 (a) (3) and Section 2.398 (b) (1)]
Option 2 - Life Annuity
r
The Participant receives his/her pension as long as he/she lives. Upon the death of the Participant, benefits
cease. [Section 2.398 (b) (2) (a) (1)]
- (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies before 120 monthly
payments have been made, the remaining payments up to the 120 payments are made to his/her beneficiary.
If payments to the beneficiary commence and he/she dies before the total of 120 payments has been made,
the remainder of the payments is paid to the beneficiary s estate. If the first beneficiary predeceases the
participant, he/she may designate a new beneficiary- If no beneficiary is alive at the time of the participant's
death, the participant's estate will be paid the balance of the 120 payments. [Section 2.398 (b) (2) (a) (2)]
Option 4 - 50% Joint & Survivor Annuity - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 50% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues to
receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
Option 5 - 75% Joint & Survivor Annijity - (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 75% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues to
receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)]
Item # 3
Attachment number 1
Page 8 of 10
Option 6 - 100% Joint R survivor Annuity _ (must designate a beneficiary)
The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary
receives 100% of the pension for the rest of his/her life. If the beneficiary dies first, the Participant continues
to receive 100% of his/her pension and upon his/her death, benefits cease. [Section 2.398 (b) (2) (a) (3)J
I have considered the normal form of benefit payment under such Plan (which is designated on this Form as Option
1) and the various alternative optional benefit payment methods (Options 2 through 6) under such Plan and have
elected to receive my retirement benefits as indicated below. (Note: Option selection to be indicated both by
Number and Description.)
I understand that once my first pension check is received, my decision on this option is irrevocable.
IT tatang upti
Option #: 1
Employee's Signature:
Description: Joint and Survivor Annuity
Dependent children under the age of 18 and residing in my household are:
Child's Name Sex
Date:
Date of Birth
If taking Option 2 sign below:
Option #: _2 Description: Life Annuity
Employee's Signature: Date:
Option #:
Description:
My desi rcpt, ed ber}>yficiary is:
Name: '-JO Q °1 Q k)O Date of Birth: S / Sex M(9
Social Security Number: cS/' d ?- S/ Phone Number: -)?7 Sk 5' k /?7.
Address: 7 t' Ve- ;E
1,av4o, FL 33-7 -2 C
Employee's Signature: )L
STATE OF FLORIDA The for7-3.111 oin instrument was acknowled ed befo me this
COUNTY OF PINELLAS by ? Q V) Ly-s'G?A9C& who is
personally known to me or who has provided _
as identir(?Otiorhand who did/did nit take an oath.
Rev. 4/08
Form #9900-0009
Notary Public
(Signat re) /
Q e-d_ f Name of Notary Printed
My Commission expires: NOTARYPuBLuq-sTATE OF FLORIDA
CoIi Mission #DD763426
AMAY 15, 2012
BONDED THRD ATLAN"nc BONDING Co., INC.
File Name: Pension Entitlement Option Form
Item # 3
Attachment number 1
Page 9 of 10
City of Clearwater Employees' Pension Plan
Actuarial Equivalence Factors
03-Feb-11
sm
ESTIMATE clract01
Version:
Employee Name: Gordon Grandi 1-4-96
Employee Date of Birth: 6 16 1950
Marital Status: m
Spouse Date of Birth: 5 31 1958
Beneficiary Date of Birth: 5 31 1958
Benefit Commencement Date : 3 1 2011
Estimated Monthly Normal Retirement Benefit: $3,096.74
Actuarial Equivalent Adjustment Factors:
Option 1 J&S Annuity 1.00000
Option 2 Life Annuity 1.15541
Option 3 10 Year Certain 1.12282
Option 4 50% J&S 1.05312
Option 5 75% J&S 1.00848
Option 6 100% J&S 0.96747
ESTIMATE
Estimated
Monthly
Benefit
$3,096.74
$3,578.00
$3,477.07
$3,261.24
$3,122.99
$2,996.00
Item # 3
Attachment number 1
Page 10 of 10
I Estimated Pension Worksheet 1
Gordon Grandi
LAST DATE PAID:
BENEFITS DATE
CREDITED SERVICE
2/28/2011
1/6/1986
25.1444
Signature: lf"?-(Q
Date: c?
GROSS
CALENDAR PENSION
YEAR EARNINGS
2006 $50,528.47
2007 $53,344.56
2008 $55,700.04
2009 $55,661.80
2010 $53,473.58
$268,708.45 (5 Year Total)
5/ $53,741.69 .(Yearly Avg)
121 $4,478.47 (Monthly Avg)
x 0.0275 (Benefit Rate)
x 25.1444 (Yrs of Service)
$3,096.74 (Est Mtly Pension)
Item # 3
Meeting Date:3/15/2011
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve the request of employee Stephen Agathos, Solid Waste/General Services Department, to vest his pension as provided by
Section 2.397 of the Employees' Pension Plan.
SUMMARY:
Stephen Agathos, Plumber, Solid Waste/General Services Department,was employed by the City on November 20, 2000, and began
participating in the Pension Plan on that date. Mr. Agathos terminated from City employment on December 28, 2010.
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 2.397) 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. Mr. Agathos
would have completed at least 20 years of service and reached age 55 on June 16, 2023. His pension will be effective July 1, 2023
Review Approval:
Cover Memo
Item # 4
Page 1 of 1
APPLICATION FOR VESTED RIGHTS PENSION RECEilIM
01-N052011
?? kc-n 0-4• being a person leaving employ entHwiitth the
City of Clea ater, Florid g, and having completed ten (10) or more years of credited service,
such service having occurred during the period from (date entry nto Pension Plan)
?ov- ?d C go to (date of resignation or change of status) c.levnor a8r, ap I d.
hereby makes application to receive the vested rights pension provided for by the City Code of
Ordinances. As such former employee, I understand the pension requested will be computed
pursuant to the provisions of the City Code of Ordinance in effect on the date of resignation.
I hereby further certify that my date of birth is <Tyy) e u 9 (ae
The date I will begin to receive my pension will be ._l v u a o'), 3
Further, I additionally certify that I have made no application seeking to obtain a return of the
contributions that I paid into the Pension Fund during the period of my employment set forth
above, I have not been convicted of a felony during my period of employment, and I have not
received any other type of pension from the City.
Signature Social Security Number
so ?eC WOt S C jauleral r?J ?[S oZ ?' 3 Aeoj taw (16 i?
Department/Division Street Address
__Num 6C-.r- C1 Y, d S s F, i (ak9
Job Classification City, Sta e, Zip ode
STATE OF FLORIDA The foregoing instrument was acknowledged before
COUNTY OF PINELLAS me this- 5 day of , 20 1
by 5_? e
?Ij
who i ersonally know tom or who has provided
as identification
and who did did no take an oath.
Notary Public
a s - i, ?, Name of Notary Printed
My commission expires: :..eeeeee... ¦•o •IJACTINC:Ceuuumu?
aI-"V', Comm# DD0745115
Expires 12/30/2011
Florida Notary Assn., Inc
R esunneeeu eu reeeun a eeaeeeeeeeneeuene?
Item # 4
Rev. 4/09 Vested Pension Form