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05/31/2011 4 PENSION TRUSTEES AGENDA Location: Council Chambers - City Hall Date: 5/31/2011- 9:00 AM 1. Call to Order 2. Approval of Minutes 2.1 Approve the minutes of the May 16, 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 requests of employee Sharon Walton, Finance Department; William Patterson, Public Utilities Department; Barbara Amiro, Engineering Department; and Mark Weaver, Police 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 Brett Gardner, Engineering Department, to vest his pension as provided by Section 2.397 of the Employees' Pension Plan. Attachments 4. Other Business 5. Adjourn Meeting Date:5/31/2011 Pension Trustees Agenda Council Chambers - City Hall SUBJECT / RECOMMENDATION: Approve the minutes of the May 16, 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 7 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 Nicole Sprague - Official Records and Legislative Services Coordinator. 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 9:03 a.m. at City Hall. 2. Approval of Minutes 2.1 pprove the minutes of the April 18, 2011 nsion Trustees meeting as submitted in written summation by the City Clerk. Trustee George N. Cretekos moved to approve the minutes of the April 18, 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 Accept the Actuary's port for the Employees' nsion Ian forth plan year beginning January 1, 2011. Per the January 1, 2011 actuary report for the Employees' Pension Plan, a minimum City employer contribution of $18,886,567, or 24.69% of covered payroll, is required for fiscal year 2012. Though the dollar amount is a decrease from the required fiscal 2011 contribution of $19.4 million, the contribution rate as a percentage of covered payroll, is an increase from 24.07% for fiscal 2011. The anomaly of a decrease in the required dollar contribution versus an increase in the required contribution rate is due to a decline in the covered payroll from $80.4 million as of 12/31/09 to $76.5 million as of December 31, 2010. This decrease is primarily due to the elimination of positions due to budget cuts. Pension Trustees 2011-05-16 Item # 1 Attachment number 1 Page 2 of 7 The plan's investments realized a return of 17.5% for calendar 2010, which is well in excess of the plan's assumption of 7.5%. However, the actuarial return was 5.98%, which underperformed the 7.5% plan assumption. The actuarial return is a five-year smoothing of investment returns and asset values, subject to a cap of 120% of the market value of assets and a floor of 80% of the market value. Also providing negative performance for calendar 2010 was a 17.7% increase in investment expenses. This increase was primarily due to the corresponding 17.5% investment return and related increase in plan assets. Money manager fees are typically a percentage of managed assets and an increase in assets due to investment performance will normally translate to a similar increase in money manager fees. The negative impact of actuarial investment performance below the assumed rate, along with the increase in investment expenses, was partially offset by a gain due to actual salary increases of 1.27% versus an assumed rate of 6%. The plan's credit balance, which reflects actual contributions in excess of actuarially required contributions for prior years, decreased by $1.3 million during calendar 2010. The credit balance decreased from $8.4 million to $7.1 million due to employer contributions that were $1.9 million less than required, partially offset by $0.6 million in interest earnings on the credit balance. Employer contributions were $1.9 million less than required due to the City's decline in covered payroll resulting from staff reductions. The Plan's actuary calculated a required contribution rate of 24.07% per the January 1, 2010 actuarial calculation, which assumed covered payroll at that date. However actual contributions to the plan occurred from October 2010 thru March 2011 at 24.07% of payroll at that time. Due to the decrease in covered payroll from January 2010 to the actual payment period of October 2010 thru March 2011, the 24.07% rate resulted in a contribution deficiency. This deficiency is expected to continue in future years, resulting in similar use of the credit balance, as long as covered payroll continues to decrease and the City continues to use the actuarially calculated contribution percentage. Historically the credit balance has also been used to subsidize employer contributions during periods of volatility such as investment market downturns. The Plan's funded ratio is 97.2% versus 96.9% for the prior year. For comparability to other plans, the actuary notes in his report that the current funded ratio is 96.2% based on the more commonly used Entry Age funding method. The Market Value of Plan Assets exceeds the Actuarial Value of Assets by $23.4 million as of the valuation date. If Market Value has been the basis for the valuation, rather than the Actuarial Value, the City's required contribution rate for fiscal 2012 would have been 20.67% versus the calculated 24.69%, and the funded ratio would have been 100.7%. In the absence of other gains and losses, it Pension Trustees 2011-05-16 2 Item # 1 Attachment number 1 Page 3 of 7 is expected that the City's contribution rate will decrease to approximate this 20.7% level over the next several years. Staff recommends funding the employer contribution at the actuarially required rate of 24.69% of covered payroll for fiscal year 2012. Assuming a further decrease in covered payroll, this would again require the use of the credit balance to subsidize the required employer contribution amount. Staff currently estimates that this deficiency will be approximately $700,000 (versus the $1.9 million deficit for fiscal year 2011), and will be offset by approximately $530 thousand in interest earnings on the credit balance. This would decrease the credit balance from $7.1 million per the current valuation to approximately $6.9 million. In response to questions, Gabriel, Roeder, Smith and Co. representative Stephen Palmquist said the proposed GASB (Government Accounting Standards Board) standards requiring the plan sponsor to reduce the assumed rate of investment return would not impact the City due to current state legislation that requires the plan sponsor to pay the actuarially required contribution. The unfunded liability is $19 million and will not impact the budget next year as it is paid off over time. Finance Director Jay Ravins said the unfunded liability is by design as the City took advantage of option to amortize plan changes over a 30-year period. The $19 million is the remaining amortization of the changes the City has made in the plan. The City's plan has outperformed the Florida Retirement System due to a well-diversified portfolio and professional investment managers who have outperformed their market peers. Trustee Paul Gibson moved to accept the Actuary's Report for the Employees' Pension Plan for the plan year beginning January 1, 2011. The motion was duly seconded and carried unanimously. 3.2 Arov new hires for acceptance in the Pension Ian as listed. Pension Name, Job. Class, & Dept./Div. Hire Date Elig. Date Zachary Taylor, Wellness Specialist/Parks & Recreation 2/28/11 2/28/11 William Howard, WWTP Operator/Public Utilities 2/28/11 2/28/11 Kelli Dacey, Marine Facility Operator/Marine & Aviation 7/22/06 2/27/11 Matthew Holderness, Public Utilities Tech. I/Public Utilities 3/14/11 3/14/11 Christopher Bennett, Custodial Worker/Parks & Rec. 3/28/11 3/28/11 Pension Trustees 2011-05-16 3 Item # 1 Attachment number 1 Page 4 of 7 *originally hired as part-time on 7/22/06; changed to full-time and pension eligible as of 2/27/11 Trustee John Doran moved to approve new hires for acceptance in the Pension Plan as listed. The motion was duly seconded and carried unanimously. Eleanor Scharf, Library Assistant Director, Library Department, was employed by the City on April 14, 1981, and her pension service credit is effective on that date. Her pension will be effective May 1, 2011. Based on an average salary of approximately $64,190 per year over the past five years, the formula for computing regular pensions, and Ms. Scharfs selection of the 50% Joint and Survivor Annuity, this pension will approximate $54,116 annually. Isaac Hinson, Custodial Worker, Parks and Recreation Department, was employed by the City on June 12, 1989, and his pension service credit is effective on April 22, 1991. His pension will be effective May 1, 2011. Based on an average salary of approximately $31,824 per year over the past five years, the formula for computing regular pensions, and Mr. Hinson's selection of the 100% Joint and Survivor Annuity, this pension will approximate $17,523 annually. Thomas Madley, Senior Systems Analyst, Customer Service Department, was employed by the City on May 6, 1991, and his pension service credit is effective on that date. His pension will be effective June 1, 2011. Based on an average salary of approximately $65,818 per year over the past five years, the formula for computing regular pensions, and Mr. Madley's selection of the Joint and Survivor Annuity, this pension will approximate $36,200 annually. George Memmer, Tradesworker, Solid Waste/General Services Department, was employed by the City on February 11, 1991, and his pension service credit is effective on that date. His pension will be effective June 1, 2011. Based on an average salary of approximately $43,894 per year over the past five years, the formula for computing regular pensions, and Mr. Memmer's selection of the 100% Joint and Survivor Annuity, this pension will approximate $23,619 annually. Pension Trustees 2011-05-16 4 Item # 1 Attachment number 1 Page 5 of 7 Jerry Absher, Tradesworker, Solid Waste/General Services Department, was employed by the City on February 1, 1999, and his pension service credit is effective on that date. His pension will be effective June 1, 2011. Based on an average salary of approximately $31,679 per year over the past five years, the formula for computing regular pensions, and Mr. Absher's selection of the Life Annuity, this pension will approximate $12,799 annually. Thomas Glenn, Solid Waste Program Coordinator, Solid Waste/General Services Department, was employed by the City on October 19, 1987, and his pension service credit is effective on that date. His pension will be effective July 1, 2011. Based on an average salary of approximately $55,464 per year over the past five years, the formula for computing regular pensions, and Mr. Glenn's selection of the Joint and Survivor Annuity, this pension will approximate $36,145 annually. Eddie Adams, Drafting and Mapping Technician, Engineering Department, was employed by the City on June 3, 1991, and his pension service credit is effective on that date. His pension will be effective July 1, 2011. Based on an average salary of approximately $44,619 per year over the past five years, the formula for computing regular pensions, and Mr. Adams' selection of the Life Annuity, this pension will approximate $28,700 annually. Harry Williams, Fire Lieutenant, Fire Department, was employed by the City on December 29, 1990, and his pension service credit is effective on that date. His pension will be effective April 1, 2011. Based on an average salary of approximately $70,811 per year over the past five years, the formula for computing regular pensions, and Mr. Williams' selection of the 100% Joint & Survivor Annuity, this pension will approximate $38,599 annually. Michael Stewart, Police Officer, Police Department, was employed by the City on September 24, 1990, and his pension service credit is effective on that date. His pension will be effective June 1, 2011. Based on an average salary of approximately $71,680 per year over the past five years, the formula for computing regular pensions, and Mr. Stewart's selection of the 100% Joint & Survivor Annuity, this pension will approximate $40,411 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 and Police Officer as meeting the hazardous duty criteria. Ms. Scharf, Mr. Hinson, Mr. Pension Trustees 2011-05-16 5 Item # 1 Attachment number 1 Page 6 of 7 Madley, Mr. Memmer, Mr. Glenn, and Mr. Adams qualify under the age 55 and twenty years of service criteria. Mr. Absher qualifies under the age 65 and ten years of service criteria. Mr. Williams and Mr. Stewart qualify under the hazardous duty criteria. Trustee George N. Cretekos moved to approve the request of employee Eleanor Scharf, Library Department; Isaac Hinson, Parks and Recreation Department; Thomas Madley, Customer Service Department; George Memmer, Solid Waste/General Services Department; Jerry Absher, Solid Waste/General Services Department; Thomas Glenn, Solid Waste/General Services Department; Eddie Adams, Engineering Department; Harry Williams, Fire Department; and Michael Stewart, Police Department, for a regular pension as provided by Sections 2.397 and 2.398 of the Employees Pension Plan. The motion was duly seconded and carried unanimously. 3. Aprov th r u st of ploy Georgina Ata, Libra Department, to vest her pension as provided by Section 2.3 7 of the plyes Pension Ian. Georgina Ata, Librarian III, Library Department, was employed by the City on October 3, 1993, and began participating in the Pension Plan on that date. Ms. Ata will terminate from City employment on June 2, 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. Ms. Ata would have completed at least 10 years of service and reached age 65 on December 6, 2013. Her pension will be effective January 1, 2014. Trustee Paul Gibson moved to approve the request of employee Georgina Ata, Library Department, to vest her pension as provided by Section 2.397 of the Employees Pension Plan. The motion was duly seconded and carried unanimously. 4. C rmc.m. Pension Trustees 2011-05-16 6 Item # 1 Attachment number 1 Page 7 of 7 r The meeting was adjourned at 9:46 a.m. Attest City Clerk Pension Trustees 2011-05-16 Chair Employee's Pension Plan Trustees 7 Item # 1 Meeting Date:5/31/2011 Pension Trustees Agenda Council Chambers - City Hall SUBJECT / RECOMMENDATION: Approve new hires for acceptance in the Pension Plan as listed. SUMMARY: Pension Name, Job. Class, & Dept./Div. Hire Date Elig Date Patrick Brafford, Water Safety Supervisor/Pks. & Rec. 4/4/11 4/4/11 Maurice Vickers, SW Equip. Oper./Sol. Waste Gen'1 Ser. 4/25/11 4/25/11 Joseph Marshall, SW Equip. Oper./Sol. Waste Gen'1 Ser. 4/25/11 4/25/11 Stephanie Emrich, Police Com. Oper. Trainee/Police 4/25/11 4/25/11 Joseph Russo, Police Com. Oper. Trainee/Police 4/25/11 4/25/11 Andrew Barnes, Police Com. Oper. Trainee/Police 4/25/11 4/25/11 Jessica Silvas, Police Com. Oper. Trainee/Police 4/25/11 4/25/11 Review Approval: Cover Memo Item # 2 Meeting Date:5/31/2011 Pension Trustees Agenda Council Chambers - City Hall SUBJECT / RECOMMENDATION: Approve the requests of employee Sharon Walton, Finance Department; William Patterson, Public Utilities Department; Barbara Amiro, Engineering Department; and Mark Weaver, Police Department, for a regular pension as provided by Sections 2.397 and 2.398 of the Employees' Pension Plan. SUMMARY: Sharon Walton, Risk Manager, Finance Department, was employed by the City on May 5, 1982, and her pension service credit is effective on that date. Her pension will be effective July 1, 2011. Based on an average salary of approximately $66,114 per year over the past five years, the formula for computing regular pensions, and Mr. Walton's selection of the 100% Joint & Survivor Annuity, this pension will approximate $51,997 annually. William Patterson, Water Plant Operator A, Public Utilities Department, was employed by the City on December 5, 1983, and his pension service credit is effective on that date. His pension will be effective May 1, 2011. Based on an average salary of approximately $53,300 per year over the past five years, the formula for computing regular pensions, and Mr. Patterson's selection of the 100% Joint & Survivor Annuity, this pension will approximate $39,348 annually. Barbara Amiro, Traffic Technician, Engineering Department, was employed by the City on December 22, 1986, and her pension service credit is effective on January 11, 1993. Her pension will be effective July 1, 2011. Based on an average salary of approximately $42,113 per year over the past five years, the formula for computing regular pensions, and Ms. Amiro's selection of the Joint & Survivor Annuity, this pension will approximate $21,657 annually. Mark Weaver, Police Officer, Police Department, was employed by the City on May 14, 1988, and his pension service credit is effective on that date. His pension will be effective May 1, 2011. Based on an average salary of approximately $88,204 per year over the past five years, the formula for computing regular pensions, and Mr. Weaver's selection of the 100% Joint & Survivor Annuity, this pension will approximate $55,131 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 Police Officer as meeting the hazardous duty criteria. Ms. Walton and Mr. Patterson qualify under the age 55 and twenty years of service criteria. Ms. Amiro qualifies under the age 65 and ten years of service criteria. Mr. Weaver qualifies under the hazardous duty criteria. Review Approval: Cover Memo Item # 3 Attachment number-I Page 1 of 19 CITY OF CLEARWATER EMPL O PEES' 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-fioii a? y pay, sick- eave mcen Ive, -onus ays I app Ica e,- 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, G,, Dare Avy-)?AVQ , 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 # 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 ayC, o vacation f sick C> floaters C?U' t3 bonus hours l understand that my preference cannot be changed once this form is signed and that my decision is irrevocable. 7 EMPLOYEE'S SIGNATURE: WITNESSES: Revised 1/02 Form 99900-0008 SOCIAL SECURITY #: ADDRESS: ?' j S ?? i?' ?? cls-l PHONE: DATE: Y//V/i File Name: Employee Separation Pay Pref Item # 3 Attachment number 1 - Page 2 of 19 CITY OF CLEARWATER PENSION ENTITLEMENT OPTION REQUEST FORM do hereby apply for retirement under the City of Clearwater General Employees' Pension Pllaan Job Classification: Y' C.Z? c V) i"C 1 Q V) Sex: M CF Department: _ n i e Division: Benefits Date: 9 tl 4 3 Date of Hire: a Ia Date of Birth: GI 11.,S `( Resignation Date: o / Spouse's Name: /y Sex: M F Spouse's Date of Birth: 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- ]ob-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 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 & Life Annuity - (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 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 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 Hnacnmenl numoer i Page 3 of 19 Option 6 -100% 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 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)] 1 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 taKlna UDtlon i Sian Deiow: Option #: 1 Description: Joint and Survivor Annuity /?-/ Employee's Signature: yt/ Date: Dependent children under the age of 18 and residing in my household are: Child's Name Sex Date of Birth f taking Option 2 sign below: Jption #: 2 Description: Life Annuity mployee's Signature: Date: IT taKing Option #: or b TIII In DeneTlciary InTormation ana sign Deiow: Description: My designated beneficiary is: Name: Social Security Number: _ Address: Employee's Signature: Date: STATE OF FLORIDA COUNTY OF PINELLAS Rev. 4/08 Form #9900-0009 Date of Birth: Sex M F Phone Number: The foregoing instrument was acknowledged befor f me this A( Lt? i by ?CR -c , `} Vr>>?? d who is personally known to me or who has provided as idepfifgcatioq and who djd/did n9,t take ?In oath. ( nature) My Commission expires: NOTARY PLBLIC-STATE Or rL Deborah L, For L, Commission #DD763426 ExOires: t AY'15, ? 7 BONDED THRU Sn-ALNTIC BOINDIKG CO., i:,C. Notary Public Name of Notary Printed File Name: Pension Entitlement Option Form Item # 3 Attachment number 1 Page 4 of 19 L Estimated Pension Worksheet Barbara Amiro LAST DATE PAID: BENEFITS DATE CREDITED SERVICE 9/23/2011 1/11/1993 18.7000 Prepared by: Deborah Ford Date: 4/15/11 GROSS CALENDAR PENSION YEAR EARNINGS 2006 $39,076.34 2007 $41,194.00 2008 $42,647.17 2009 $43,876.26 2010 $43,771.42 $210,565.19 (5 Year Total) 5/ $42,113.04 (Yearly Avg) 12/ $3,509.42 (Monthly Avg) x 0.0275 (Benefit Rate) x 18.7000 (Yrs of Service) $1,804.72 (Est Mtly Pension) -e Item # 3 Hnacnmeni numoer i - Page 5 of 19 CITY OF CLEAR WATER EMPL O YEES' 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, onus-c1ays (if- applicabrte),- 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. ?r? 0 Koion tll.' ? ; an em ioYYee of the City of Clearwater, hereby apply for i, p 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 vacation dlt ?1'8fr sick floaters f°?"+ S bonus hours I understand that my preference cannot be changed once this form is signed and that my decision is irrevocable. EMPLOYEE'S SIGNATURE: SOCIAL SECURITY #: - 5 5 _?S WIT ESSES: DRESS: ? ? - o irc, l ?n ?L 3 ?{ Y 3 PHONE: :5701 l 1 9 - SI??-? DATE: ? -5 hell 1 Revised 1/02 Form 99900-0008 File Name: Employee Separation Pay Prof Item # 3 Hnacnmem numoer i Page 6 of 19 CITY OF CLEARWATER PENSION ENTITLEMENT OPTION REQUEST FORM 1, c? Y_%CA/(J 0 U )O-A It-0 Y1. of Clearwater General Employees' Pension Plan. do hereby apply for retirement under the City Job Classification: K's k f y 10, VI C42Cr Sex: M(P Department: 1-? a IC, a Division: Benefits Date: _ 5 Date of Hire: S Date of Birth: `f d7 fo Resignation Date: G !I Spouse's Name: '? 11 W Sex:( F Spouse's Date of Birth: 3 / 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 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 & Life Annuity - (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 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 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 7 of 19 Option 6 -100% 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 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)] 1 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 taking option i sign Mow: Option #: 1 Description: Joint and Survivor Annuity Employee's Signature: Date: Dependent children under the age of 18 and residing in my household are: Child's Name Sex Date of Birth f taking Option 2 sign below: Jption #: 2 Description: Life Annuity Employee's Signature: Date: If taking Option 3, 4, 5, or 6 till in beneticlary intormatign ana sign Dellow: Option #: Description: I tT i1 °'?n `J CI)'/)- ?- ??u ? y ?'??+/ lq-i-;,) v u r 1?y My designO ?ed, I ben - ?4 Name: V ficiary i'I,ijDate of Birth: 3'3 1 19.5 Se6 F (.Ua Social Security Number: `, - Phone Number: 3 Sa ?{ 1 q- Sl I S Address: S a S wj kc, Employee's Signature: Date: V /f ?- / 41 STATE OF FLORIDA The foregoing instrument was acknowledged before me this COUNTY OF PINELLAS y ! I ?( /I/ by El1Q ra:-, 6W f d of who is personally known to me or who has provided as id ti icati and who d/di n t-.t e " oath. Notary Public ( ip ture, ?`u C? ? CL,A L - / p Y Name of Notary Printed My Commission expires: nOTA EA' PUBLIC-STATE OF FLORIDA Deborah L. Ford Rev. 4/08 Commission#DD763426 Form #9900-0009 Expires: MAY 15, 2GjQ Name: Pension Entitlement Option Form %IOIVDED MU ArLA CIC BO,NDM CO., INC. Item # 3 Attachment number 1 Page 8 of 19 11 Estimated Pension Worksheet l Sharon Walton LAST DATE PAID: 6/8/2011 BENEFITS DATE 5/5/1982 CREDITED SERVICE 29.0917 Prepared by: Deborah Ford Date: 4/18/11 GROSS CALENDAR PENSION YEAR EARNINGS 2006 $62,244.92 2007 $65,150.80 2008 $67,724.28 2009 $67,724.28 2010 $67,724.28 $330,568.56 (5 Year Total) 5/ $66,113.71 (Yearly Avg) 12/ $5,509.48 (Monthly Avg) x 0.0275 (Benefit Rate) x 29.0917 (Yrs of Service) $4,407.70 (Est Mtly Pension) Item # 3 Attachment number 1- Page 9 of 19 City of Clearwater Employees' Pension Plan Actuarial Equivalence Factors 18-Apr-11 ESTIMATE sm clract01 Version: Employee Name: Sharon Walton 1-4-96 Employee Date of Birth: 4 27 1956 Marital Status: m Spouse Date of Birth: 3 31 1955 Beneficiary Date of Birth: 3 31 1955 Benefit Commencement Date : 7 1 2011 Estimated Monthly Normal Reti rement Benefit: $4,407.70 Actuarial Equivalent Adjustment Factors: Option 1 J&S Annuity 1.00000 Option 2 Life Annuity 1.07671 Option 3 10 Year Certain 1.06119 Option 4 50% J&S 1.02745 Option 5 75% J&S 1.00447 Option 6 100% J&S 0.98250 ESTIMATE Estimated Monthly Benefit $4,407.70 $4,745.83 $4,677.39 $4,528.70 $4,427.42 $4,330.56 Item # 3 Attachment number 1 Page 10 of 19 CITY OF CLEARWATER EEiIPL OYEES' 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, sic eave incentive, onus days i app ica e , 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. 1` av1? ?aC?S c1 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 # and wish my benefits to be calculated under this preference. Please use my leave in the following manner: Run Out vacation Lump Sum r d-q, vacation sick floaters bonus hours (°. ?&'sick ,,O floaters IaO* 0 bonus hours I understand that my preference cannot be changed once this form is signed and j a y decision is irrevocable. EMPLOYEE'S SIGNATURE: WI ESSES: Revised 1/02 Form #9900-0008 SOCIAL SECURITY #: /' ADDRESS: 3S +?' o`?C /!?/c -?v V) p cj"n ?(_ VL 9"e- PHONE: Id-`7 7,I-q-d-c/-7 ' DATE: Y kqlll- File Name: Employee Separation Pay Pref Item # 3 Hnacnmem numoer i Page 11 of 19 CITY OF CLEARWATER PENSION ENTITLEMENT OPTION REQUEST FORM I, tJl.9 j t t 1 Q M Ya'H e of S 0 V-N do hereby apply for retirement under the City of Clearwater General Employees' Pension Plan. Job Classificati n: we4p/ I ? Sex: I F Department: v ?c- A, I, r- Division: Benefits Date: S Fri Date of Hire: a S 8 Date of Birth: Resignation Date: o? 6 l/ Spouse's Name: d IOt? e/S v V-) Sex: M Spouse's Date of Birth: The type of pension for which I am applying is (check only one): X 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 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 & Life Annuity - (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 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 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 - - - Haacnmem num_oer i Page 12 of 19 Option 6 -100% 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 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. IT taring option -i sign Deiow: Option #: 1 Employee's Signature: Date: Dependent children under the age of 18 and residing in my household are: Child's Name Sex Date of Birth If taking Option 2 sign below: Option #: 2 Description: Life Annuity Employee's Signature: Date: If taking Option 3, 4, 5, or 6 fill in beneficiary information and sign below: Option #: (« Description: I" !T6 Q o I'1 '!- w A y v vi'uo l /?'? ri u ?' 11,v My de ' n?tylo aStq ted bene iary is: / (o Name:, roe, ? ?soh Date of Birth: S` Sex Mo Social Security Number Phone Number: ";?a7 L-7.7,- Address: J,35 Vin q- a 97 3 4veh v n ] v n GQr'r? 1= Employee's Signature: Date: STATE OF FLORIDA The foreg ing instrument was acknowledged b ore me.this COUNTY OF PINELLAS y7 ,t, y/y, by (,(? 1'?li rn In p SU h who is personally known to me or who has provided Notary Public Votary Printed My Commission expires: NOTARY PUBLIC-STATE OF FLORIDA " Deborah L. Ford i Commission #DD763426 Rev. 4/08 ?•;!' ` Expires: MAY 15.20 2 Form #9900-0009 BONDED TxltvATi.nrrtzceonntrrc k Wme: Pension Entitlement Option Form Description: Joint and Survivor Annuity Item # 3 - - Anacnmem numoer i _ Page 13 of 19 II Estimated Pension Worksheet 11 William Patterson GROSS CALENDAR PENSION YEAR EARNINGS LAST DATE PAID: 4/26/2011 2006 $51,528.94 BENEFITS DATE 12/5/1983 2007 $50,820.85 CREDITED SERVICE 27.3917 2008 $52,301.78 2009 $55,701.75 2010 $56,148.40 $266,501.72 (5 Year Total) 5/ $53,300.34 (Yearly Avg) 12/ $4,441.70 (Monthly Avg) x 0.0275 (Benefit Rate) x 27.3917 (Yrs of Service) $3,345.80 (Est Mtly Pension) Prepared by: Deborah Ford Date: 4/26/2011 Item # 3 Attachment number 1 Page 14 of 19 City of Clearwater Employees' Pension Plan Actuarial Equivalence Factors 29-Apr-11 sm ESTIMATE clract01 Version: Employee Name: William Patterson 1-4-96 Employee Date of Birth: 9 24 1955 Marital Status: m Spouse Date of Birth: 9 16 1956 Beneficiary Date of Birth: 9 16 1956 Benefit Commencement Date : 5 1 2011 Estimated Monthly Normal Retirement Benefit: $3,345.80 Actuarial Equivalent Adjustment Factors: Option 1 Normal Form 1.00000 Option 2 Life Annuity 1.08868 Option 3 10 Year Certain 1.07129 Option 4 50% J&S 1.03151 Option 5 75% J&S 1.00512 Option 6 100% J&S 0.98004 ESTIMATE Estimated Monthly Benefit $3,345.80 $3,642.52 $3,584.31 $3,451.23 $3,362.92 $3,279.02 Item # 3 Hnacnmem-numoer i Page 15 of 19 CITY OF CLEARWA TER EMPL O YEES' SEPA RA 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,- fioating holiday, pay, sic -eave rncenfive, bonus days - C appticabt-e-)? - - _" 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. G r VJ(CLVt?j 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 # 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 as +' 38 vacation 71.94'r iv sick 32-© floaters bonus hours I understand that my preference cannot be changed once this form is signed and that my decision is irrevocable. ?- EMPLOYEE'S SIGNATURE: KAA Revised 1/02 WIXNESSES: Form #9900-0008 SOCIAL SECURITY #: - ADDRESS: PHONE: - )ATE: I (? File Name: Employee Separation Pay Pref Item # 3 /miacnmem numoer i Page 16 of 19 CITY OF CLEARWATER PENSION ENTITLEMENT OPTION REQUEST FORM SWORN POLICE AND FIRE PERSONNEL 1, M a r k-- k1 C"u e/ of Clearwater General Employees' Pension Plan. Job Classification. Department: a Benefits Date: S 1 -11 Date of Birth: _: j- 3 , r Spouse's Name: I Spouse's Date of Birth: yo 7 do hereby apply for retirement under the City Sex: (M F Division: Date of Hire: s I/ q v Resignation Date: Sex: M 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 Early Retirement 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 - #7) shall be computed to be the Actuarial Equivalent of the normal benefit. Option 1 - Joint 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, except that, if greater for police officers and firefighters, the normal form of benefit shall be an annuity paid monthly for the life of the participant with 120 payments guaranteed. [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)] - (must designate a beneficiary) The Participant receives his/her pension as long as he/she lives. If the Participant dies bb "for? 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. The beneficiary can be changed at any time. [Section 2.398 (b) (2) (a) (3)] Option 5 - 75% 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 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. The beneficiary can be changed at any time. [Section 2.398 (b) (2) (a) (3)] Item # 3 Hllacnmenl numoer i Page 17 of 19 Qption 6 - 900% Joint & Survivor Annuity - /rrtiiSt desinnate a beneficinrvl 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. The beneficiary can be changed at any time. [Section 2.398 (b) (2) (a) (3)] Option 7 - 66 213%, Joint & Survivor Ann rite - (must designate a beneficiary) The Participant receives his/her pension as long as he/she lives. If the Participant dies first, the beneficiary receives 66 2/3% 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. The beneficiary can be changed at any time. [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 7) 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: Date: Dependent children under the age of 18 and residing in my household are: Child's Name Sex Date of Birth If taking Option 2 sign below: Option #:.2 Description: Life Annuity Employee's Signature: Date: II in Option #: Description: ja t'n+ S c?r?', My desig tell beneficiaryis: Name: ,.,,' Z fau U Date of Birth: CP k?`o 67 Sex F Social Security Number: Address: Description: Joint and Survivor Annuity Phone Number: l / Employee's Signature: Date: STATE OF FLORIDA The fore oin instrument waswknoyvledged before me this COUNTY OF PINELLAS `{ 1-7 by 1' Ia rr w ecLu e", who is personally known too? me or who has provided as identi c tion ??G"C?did id no o th. Notary Public (Signature) I bd / L_ G? Name of Notary Printed My commission expAgTARYFUBt'tC-STATEOFFLORIDA ror `Commission #DD763426 Expires: MAY 15, 2012 Rev. 4/08 BONDED THRU ATLANTIC BONDING CO., INC. ?1?.. Form #9900-0053 File Name: Pension Entitlement Option Form AQ01 frrO Attachment number 1 Page 18 of 19 -11 11 Estimated Pension Worksheet Mark Weaver LAST DATE PAID: BENEFITS DATE CREDITED SERVICE Prepared by: Date: GROSS CALENDAR PENSION YEAR EARNINGS 4/29/2011 2005 $92,135.22 5/14/1988 2006 $92,225.28 22.9583 2007 $86,647.79 2008 $90,927.74 2009 $79,083.82 $441,019.85 (5 Year Total) 5/ $88,203.97 (Yearly Avg) 12/ $7,350.33 (Monthly Avg) x 0.0275 (Benefit Rate) x 22.9583 (Yrs of Service) $4,640.66 (Est Mtly Pension) Deborah Ford 4/7/11 Item # 3 Attachment number 1 Page 19 of 19 City of Clearwater Employees' Pension Plan Actuarial Equivalence Factors 07-Apr-11 sm ESTIMATE clract01 Version: Employee Name: Mark Weaver 1-4-96 Employee Date of Birth: 3 23 1968 Marital Status: m Spouse Date of Birth: 6 20 1967 Beneficiary Date of Birth: 6 20 1967 Benefit Commencement Date : 5 1 2011 Estimated Monthly Normal Reti rement Benefit: $4,640.66 Actuarial Equivalent Adjustment Factors: Option 1 Normal Form 1.00000 Option 2 Life Annuity 1.04214 Option 3 10 Year Certain 1.03793 Option 4 50% J&S 1.01540 Option 5 75% J&S 1.00253 Option 6 100% J&S 0.98999 ESTIMATE Estimated Monthly Benefit $4,640.66 $4,836.20 $4,816.66 $4,712.11 $4,652.42 $4,594.22 Item # 3 Meeting Date:5/31/2011 Pension Trustees Agenda Council Chambers - City Hall SUBJECT / RECOMMENDATION: Approve the request of employee Brett Gardner, Engineering Department, to vest his pension as provided by Section 2.397 of the Employees' Pension Plan. SUMMARY: Brett Gardner, Engineering Department, was employed by the City on December 10, 1984, and began participating in the Pension Plan on that date. Mr. Gardner terminated from City employment on April 28, 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. Gardner would have completed at least 20 years of service and reached age 55 on February 21, 2013. His pension will be effective March 1, 2013. Review Approval: Cover Memo Item # 4 Hnacnmem-numoer i Page 1pf/17 LCj RECEIVED APPLICATION FOR VESTED RIGHTS PENSION APR 2 7 2011 6?0 V647 H. R. DEPT: 3e,CY4 cy-l being a person leaving employment with the City of Clearwater, Florida, and having completed ten (10) or more years of credited service, such service having occurred during the period from (date of entry into Pension PI ) ?ecr??, bar a? /qo (date of resignation or change of status) r 02 0 /I hereby makes application to receive the vested rights pension provi ed 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 _ l? l'uq?c 1, ST 0 ST The date I will begin to receive my pension will be _ Q Bch /, 020 J 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 en q / h eCY-l i? DepartmepdDivision n u `?0 V1 vn N i?h h C? ark Job Classification 00 VCS v U Stre t Address FL 237,S? City, State, Zip Code STATE OF FLORIDA The foregoing instrument was acknowledged before COUNTY OF PINELLAS me this 7 day of , 20_LL by Br who is pettow t!m3` or who has provided as identification and who did id not t e an oath. Notary Public Name of Notary Printed My commission expires: ?........_..••• W * = ,tea?\N\q yV i (?bm•#0=45i 115 -?Y ExpkM 12111 ?y?1lgMµ !9uuup•u.eeaeu.ae iii?iYW'.Yi?OiLi??M Rev. 4/09 Vested Pension For 4