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08/15/2011PENSION TRUSTEES AGENDA Location: Council Chambers - City Hall Date: 8/15/2011- 2:00 PM 1. Call to Order 2. Approval of Minutes 2.1 Approve the minutes of the July 18, 2011 Pension Trustees meeting as submitted in written summation by the City Clerk. El Attachments 3. Pension Trustee Items 3.1 Approve the new hires for acceptance in the Pension Plan as listed. El Attachments 3.2 Approve the requests of employee Dirk Curls, Police Department; Stephen Doherty, Engineering Department; and Marlinda Neal, Customer Service Department, for a regular pension as provided by Sections 2.397 and 2.398 of the Employees' Pension Plan. El Attachments 3.3 Approve the request of employee Brian Murphree, Parks and Recreation Department, and Steven DeSimone, Gas Department, to vest their pensions as provided by Section 2.397 of the Employees' Pension Plan. El Attachments 4. Other Business 5. Adjourn Pension Trustees Agenda Council Chambers - City Hall Meeting Date:8 /15/2011 SUBJECT / RECOMMENDATION: Approve the minutes of the July 18, 2011 Pension Trustees meeting as submitted in written summation by the City Clerk. SUMMARY: Review Approval: Cover Memo Attachment number 1 Page 1 of 3 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES CITY OF CLEARWATER Jewry 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 CaII - City Clerk, 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 /Trustee Frank Hibbard The meeting was called to order at 8:44 a.m. at City Hall. 2. Approval of Minutes 2.1 Approve the minutes of the May 31, 2011 Pension Trustees meeting as submitted in written summation by the City Clerk. Trustee George N. Cretekos moved to approve the minutes of the May 31, 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 the new hires for acceptance in the Pension Plan as listed. Name, Job. Class, & Dept. /Div . Geoffrey Newton, Police Officer /Police Andrew Anderson, Police Officer /Police Robert Main, Police Officer /Police Justin Howard, Police Officer /Police Hire Date 5/23/11 5/23/11 5/23/11 5/23/11 Pension Elig. Date 5/23/11 5/23/11 5/23/11 5/23/11 Pension Trustees 2011 -07 -18 1 James Troutman, WWTP Operator Trainee /Public Utilities 5/23/11 Gregg Kunz, Custodial Worker /Marine & Aviation 4/4/11 Keri James, Service Dispatcher /Gas 5/23/11 5/23/11 5/23/11 * 5/23/11 Attachment number 1 Page 2 of 3 *originally hired as temporary on 4/4/11; transferred to permanent and pension eligible as of 5/23/11 Trustee Paul Gibson moved to approve the new hires for acceptance in the Pension Plan as listed. The motion was duly seconded and carried unanimously. 3.2 Approve the requests of employee Glen Altomare, Public Utilities Department; Robert Schneider, Public Utilities Department; Earl Barrett, Engineering Department; Robert Kinchen, Police Department, and Mark Trulock, Police Department, for a regular pension as provided by Sections 2.397 and 2.398 of the Employees Pension Plan. Glen Altomare, Utilities Mechanic, Public Utilities Department, was employed by the City on August 11, 1986, 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 $50,357 per year over the past five years, the formula for computing regular pensions, and Mr. Altomare's selection of the 100% Joint and Survivor Annuity, this pension will approximate $33,440 annually. Robert Schneider, Utilities Mechanic, Public Utilities Department, was employed by the City on February 25, 1991, and his pension service credit is effective on that date. His pension will be effective August 1, 2011. Based on an average salary of approximately $48,065 per year over the past five years, the formula for computing regular pensions, and Mr. Schneider's selection of the 50% Joint and Survivor Annuity, this pension will approximate $27,848 annually. Earl Barrett, Real Estate Services Coordinator, Engineering Department, was employed by the City on January 14, 1991, and his pension service credit is effective on that date. His pension will be effective August 1, 2011. Based on an average salary of approximately $60,040 per year over the past five years, the formula for computing regular pensions, and Mr. Barrett's selection of the 50% Joint and Survivor Annuity, this pension will approximate $35,868 annually. Robert Kinchen, Police Sergeant, Police Department, was employed by the City on November 3, 1989, 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 $87,635 per year over the past five years, the formula for Pension Trustees 2011 -07 -18 2 Attachment number 1 Page 3 of 3 computing regular pensions, and Mr. Weaver's selection of the Joint and Survivor Annuity, this pension will approximate $52,196 annually. Mark Trulock, Police Sergeant, Police Department, was employed by the City on May 20, 1988, and his pension service credit is effective on that date. His pension will be effective October 1, 2011. Based on an average salary of approximately $100,303 per year over the past five years, the formula for computing regular pensions, and Mr. Trulock's selection of the 100% Joint and Survivor Annuity, this pension will approximate $63,362 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 Sergeant as meeting the hazardous duty criteria. Mr. Altomare, Mr. Schneider, and Mr. Barrett qualify under the age 55 and twenty years of service criteria. Mr. Kinchen and Mr. Trulock qualify under the hazardous duty criteria. Trustee Bill Jonson moved to approve the requests of employee Glen Altomare, Public Utilities Department; Robert Schneider, Public Utilities Department; Earl Barrett, Engineering Department; Robert Kinchen, Police Department, and Mark Trulock, 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. 4. Other Business — None. 5. Adjourn The meeting was adjourned at 8:44 a.m. Chair Attest Employee's Pension Plan Trustees City Clerk Pension Trustees 2011 -07 -18 3 Pension Trustees Agenda Council Chambers - City Hall SUBJECT / RECOMMENDATION: Approve the new hires for acceptance in the Pension Plan as listed. SUMMARY: Name, Job. Class, & Dept./Div. Pension Hire Date Elig. Date Meeting Date:8 /15/2011 Sherman Young, Police Officer/Police 5/23/11 5 /23 /11\Nathaniel Bowne, Custodial Worker/Parks & Recreation 11/15/04 4/9/11 * Matthew Jackson, Planner II/Planning & Development 5/31/11 5/31/11 *originally hired as part -time on 11/15 04; transferred to full -time and pension eligible as of 4/9/11 Review Approval: Cover Memo Pension Trustees Agenda Council Chambers - City Hall Meeting Date:8 /15/2011 SUBJECT / RECOMMENDATION: Approve the requests of employee Dirk Curls, Police Department; Stephen Doherty, Engineering Department; and Marlinda Neal, Customer Service Department, for a regular pension as provided by Sections 2.397 and 2.398 of the Employees' Pension Plan. SUMMARY: Dirk Curls, Police Sergeant, Police Department, was employed by the City on January 7, 1985, and his pension service credit is effective on that date. His pension will be effective October 1, 2011. Based on an average salary of approximately $87,439 per year over the past five years, the formula for computing regular pensions, and Mr. Curls' selection of the 75% Joint & Survivor Annuity, this pension will approximate $64,641 annually. Stephen Doherty, Engineering Specialist I, Engineering Department, was employed by the City on August 19, 1985, and his pension service credit is effective on that date. His pension will be effective September 1, 2011. Based on an average salary of approximately $60,730 per year over the past five years, the formula for computing regular pensions, and Mr. Doherty's selection of the Life Annuity, this pension will approximate $47,636 annually. Marlinda Neal, Senior Customer Service Representative, Customer Service Department, was employed by the City on August 17, 1981, and her pension service credit is effective on that date. Her pension will be effective September 1, 2011. Based on an average salary of approximately $45,253 per year over the past five years, the formula for computing regular pensions, and Ms. Neal's selection of the 10 -year Certain & Life Annuity, this pension will approximate $37,036 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 Sergeant as meeting the hazardous duty criteria. Mr. Doherty qualifies under the age 55 and twenty years of service criteria. Ms. Neal qualifies under the 30 years of service criteria. Mr. Curls qualifies under the hazardous duty criteria. Review Approval: Cover Memo PREFERENCE #1 PREFERENCE #2 CITY OF CLEARWATER EMPLOYEES' SEPARATION PAY PREFERENCES 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. 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 tac m oaXchecke num er . 1 Termination date will be the final day of extended time. Pensiona0enefits will begin the following month. 1, Ti ,C k 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 # 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 I g 3, 3 vacation 7FrO' O sick 3..-c-3 floaters bonus hours I understand that my preference cannot be changed once this form is signed and that my decision is irrevocable. 4.14{ jWITNESSES: EMPLOYEE'S SIGNATURE: Y. SOCIAL SECURITY #• ADDRESS• PHONE: — DATE- S-/oc "/1/ Revised 1/02 Form #9900 -0008 File Name: Employee Separation Pay Pref CITY OF CLEARWATER PENSION ENTITLEMENT OPTION REQUEST FORM SWORN POLICE AND FIRE PERSONNEL do hereby apply for retirement under the City of Clearwater General Employees' Pension Plan. Job Classification. --Po 1t CC ce9_ i eav+-i- Department: ?e 1 ce Division: Benefits Date: //71 FS Date of Hire. Date of Birth: 5 / a7 / Resignation Date: Spouse's Name: 61 14t... 0 ✓ Is Spouse's Date of Birth: /d' (03 Sex: &M F /4 73 ig 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 Page 2 of 15 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 Si rvivnr 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)] Option 3 - 10 Year Certain &I ife 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. 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)] ber 1 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. The beneficiary can be changed at any time. [Section 2.398 (b) (2) (a) (3)] Option 7 — 66 2!3% 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 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 irrevocabf achment number 1 Page 3 of 15 If taking Option 1 sign below: Option #: _L 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 If taking Option 2 sign below: Option #: _2_ Description: Life Annuity Employee's Signature: Date: If taking Option 3, 4, 5, 6, or 7 fill in beneficiary information and sign below: Option #: 5 Description. —1 S 40 <-6) e'n+ *- Svir■ti o✓ e) My designated beneficiary is: Name: eIc nt_ (fkarkS Date of Birth: 4 t/ 13 Sex M Social Security Number: _ - Phone Number: Address: 1 Employee's Signature: Date: S/27/4 STATE OF FLORIDA COUNTY OF PINELLAS Rev. 4/08 Form #9900 -0053 The foreg in 7 iqstrument was a�, owleF1ged beJ�QQre me this s }%/ by &tv15 personally known to me or who has provided as identifi -on -Aj d ho di (Signature) tu% id My CommissiC -STATE CbSoTi L. FLORIDA . Ford Commission # DD763426 Expires: MAY 15, 2012 BONDED THRU ATLANTIC BONDING CO., INC. File Name: Pension Entitlement Option Form Police & Fire who is Notary Public Name of Notary Printed Estimated Pension Worksheet Dirk Curls GROSS CALENDAR PENSION YEAR EARNINGS LAST DATE PAID: 9/30/2011 2008 $86,990.78 BENEFITS DATE 1/7/1985 2009 $90,456.00 Attachment number 1 Page 4 of 15 CREDITED SERVICE 26.7306 2009 $90,456.00 2010 $89,393.85 2011 $79,899.13 estimated $437,195.76 (5 Year Total) 5/ $87,439.15 (Yearly Avg) 12/ $7,286.60 (Monthly Avg) x 0.0275 (Benefit Rate) x 26.7306 (Yrs of Service) $5,356.31 (Est Mtly Pension) Prepared by: Date: Deborah Ford 5/26/2011 City of Clearwater Employees' Pension Plan Actuarial Equivalence Factors Police and Fire Members Only Employee Name: Dirk Curls Employee Date of Birth: 5 27 1961 Marital Status: m Spouse Date of Birth: 4 18 1963 Beneficiary Date of Birth: 4 18 1963 Benefit Commencement Date : 10 1 2011 27- May -11 sm clract03 Version: August 9, 2000 Attachment number 1 Page 5 of 15 Estimated Monthly Normal Retirement Benefit: $5,356.31 Estimated Monthly Actuarial Equivalent Adjustment Factors: Benefit J &S Annuity 1.00000 $5,356.31 Life Annuity 1.07045 $5,733.67 10 Year Certain 1.06102 $5,683.16 50% J &S 1.02638 $5,497.62 67% J &S 1.01249 $5,423.19 75% J &S 1.00568 $5,386.73 100% J &S 0.98580 $5,280.23 PREFERENCE #1 PREFERENCE #2 CITY OF CLEARWA TER EMPLOYEES' SEPARATION PAY PREFERENCES 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. 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 �1 brii r l-ilper 1 begin the following month. age 6 0 15 i, �ey�he ✓1 A Oke , 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 38, 5,1I X7,.0/l-sick /5-6 floaters /10Z- g bonus hours I understand that my preference cannot be changed once this form is signed and that my decision is irrevocable. W NESSES: EMPLOYEE'S SIGNATURE- SOCIAL SECURITY #: ss. Set -� )7 —L9aS PHONE: 7 DATE• if, ces (,))11,/ii Revised 1/02 Form #9900 -0008 File Name: Employee Separation Pay Pref CITY OF CLEARWATER PENSION ENTITLEMENT OPTION REQUEST FORM of Clearwater G neral Employees' Pension PI do hereby apply for retirement under the City Job Classification: E►r1 ✓1.eke- e C i s.4— ( Sex: Department: EV1 9416 t o iv-) Division: o t '{- ,'a,/N Benefits Date: U 1°1 r8S Date of Hire: 19 1 S. Date of Birth: j1 loi S I �S Resignation Date: 8' i 9 /i/ Spouse's Name: C�-( r Spouse's Date of Birth: /0/07 1 /Sk Sex: M au men iiirnber 1 Page 7 of 15 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)] 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 altemative 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. If taking Option 1 sign below: 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 Attachment nu Page 8 of 15 If taking Option 2 sign below: Option #: 2 Employee's Signature: Description: Life Annuity Date: 4 /1a hi If taking Option 3, 4, 5, or 6 fill in beneficiary information and sign below: Option #: Description: My designated beneficiary is: Name: Date of Birth: Sex M F Social Security Number: Phone Number: Address: Employee's Signature: Date: STATE OF FLORIDA The fore oing instrument was acknowledged before me this COUNTY OF PINELLAS Rev. 4/08 Form #9900 -0009 by § epke O1e/ who is personally known to me or who has provided �J as ide lcati; n and who •. d /dk nit -k-,»n oat \4111 v �! (ignat re ^\tee L (oJ L_R 1 Notary Public Name of Notary Printed My Commission expires: NOTARY PUBLIGSTATF. nF FrORIIDA Deborah L. Ford Commission #DD763426 Expires: MAY 15, 2012 BONDED THRU ATLANTIC SONDINO CO., INC. File Name: Pension Entitlement Option Form mber 1 Estimated Pension Worksheet Stephen Doherty GROSS CALENDAR PENSION YEAR EARNINGS LAST DATE PAID: 8/19/2011 2006 $19,909.89 estimated BENEFITS DATE 8/19/1985 2007 $58,689.96 CREDITED SERVICE 26.0000 2008 $60,414.21 Prepared by: Deborah Ford Date: 6/16/11 Attachment number 1 Page 9 of 15 2009 $62,545.69 2010 $61,020.18 2011 $41,071.28 estimated $303,651.21 (5 Year Total) 5/ $60,730.24 (Yearly Avg) 12/ $5,060.85 (Monthly Avg) x 0.0275 (Benefit Rate) x 26.0000 (Yrs of Service) $3,618.51 (Est Mtly Pension) City of Clearwater Employees' Pension Plan Actuarial Equivalence Factors 16- Jun -11 sm ESTIMATE clract0l Version: Employee Name: Stephen Doherty 1-4 -96 Employee Date of Birth: 11 25 1955 Marital Status: m Spouse Date of Birth: 10 21 1958 Beneficiary Date of Birth: 10 21 1958 Benefit Commencement Date : 9 1 2011 Attachment number 1 Page 10 of 15 Estimated Monthly Normal Retirement Benefit: $3,618.51 Estimated Monthly Actuarial Equivalent Adjustment Factors: Benefit Option 1 J &S Annuity 1.00000 $3,618.51 Option 2 Life Annuity 1.09705 $3,969.67 Option 3 10 Year Certain 1.07951 $3,906.23 Option 4 50% J &S 1.03431 $3,742.66 Option 5 75% J &S 1.00556 $3,638.63 Option 6 100% J &S 0.97836 $3,540.22 ESTIMATE PREFERENCE #1 PREFERENCE #2 CITY OF CLEARWATER EMPLOYEES' SEPARATION PAY PREFERENCES 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. 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 f al�'fTlber 1 begin the following month. �' �5 I, iCt 6not Veasi , an employee of the City of Clearwater, hereby apply for pension benefits under the City's Employees' Pension Plan. ► 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 /'v. vacation v-S' / sick floaters �° - bonus hours I understand that my preference cannot be changed once this form is signed and that my decision is irrevocable. WI NESSES: Revised 1/02 Form #9900 -0008 EMPLOYEE'S SIGNATURE ' r n "`` ) SOCIAL SECURITY #: )tOU ‘--?ctlw\ eitavWco el- 3 37 SS PHONE: -7°1--7/ti LI?" G 3 y y. DATE. A311/ File Name: Employee Separation Pay Pref Attachment nu CITY OF CLEARWATER PENSION ENTITLEMENT OPTION REQUEST FORM I, Mar I6,1CCS ; /Oral of Clearwater General Employees' Pension Plan. Job Classificatio pji� S. QvtLVYNC.V- Department: wS‘-r) 'elf" 2r v tic—C,_ Benefits Date: $ 61 PI Date of Birth: Division: Date of Hire: Resignation Date: do hereby apply for retirement under the City Sex: M C, 11 Spouse's Name: Spouse's Date of Birth: Sex: M F Page 12 of 15 The type of pension for which 1 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)] mber 1 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. If taking Option 1 sign below: 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 Attachment nu Page 13 of 15 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 #: 3. Description: /U Yeav C rI-c d'n a- Lr c rit,t'1c My desigripted be efic�i ry is J Name: K �e4 — / uv► ✓• Date of Birth: o) / f 3 /SG Se0 F ilfe✓ /VII Social Security Number: Phone Number: 7017 3 - 0 3y y Address: /10 (p .0 l en .8 /u f4 11, a /CQ►ru004-er/ FL 3 3 7S5 Employee's Signature: 6...-/Y1 lam"' r ` Date: Co L-31/1 STATE OF FLORIDA The foregoing instrument was acknowledged before me this COUNTY OF PINELLAS Rev. 4/08 Form #9900 -0009 fc?- 3 111 by nctr I t'n ( 1'UCO-t, who is personally known to me or who has provided as iden y cati and who .1 • /diI no ta e oath '•ignature My Commission expires: ,;OT ??YPUB • 4.11 •I IA •A • 71. • a1 • rd 7,63426 © S; 2012 a0 ib.: J THRti ATLANTIC BONNiN Notary Public Name of Notary Printed File Name: Pension Entitlement Option Form mber 1 Estimated Pension Worksheet Marlinda Neal LAST DATE PAID: BENEFITS DATE CREDITED SERVICE 8/31/2011 8/17/1981 30.0389 Prepared by: Deborah Ford Date: 6/23/11 CALENDAR YEAR GROSS PENSION EARNINGS 2006 $43,662.42 2007 $44,829.65 2008 $44,506.87 2009 $46,927.21 2010 $46,337.78 $226,263.93 5/ $45,252.79 12/ $3,771.07 x 0.0275 x 30.0389 $3,115.17 Attachment number 1 Page 14 of 15 (5 Year Total) (Yearly Avg) (Monthly Avg) (Benefit Rate) (Yrs of Service) (Est Mtly Pension) City of Clearwater Employees' Pension Plan Actuarial Equivalence Factors 23- Jun -11 sm ESTIMATE clract0l Version: Employee Name: Marlinda Neal 1-4 -96 Employee Date of Birth: 3 4 1962 Marital Status: s Spouse Date of Birth: Beneficiary Date of Birth: 2 13 1956 Benefit Commencement Date : 9 1 2011 Estimated Monthly Normal Retirement Benefit: $3,111.13 Actuarial Equivalent Adjustment Factors: Attachment number 1 Page 15 of 15 Estimated Monthly Benefit Option 1 J &S Annuity 1.00000 $3,111.13 Option 2 Life Annuity 1.00000 $3,111.13 Option 3 10 Year Certain 0.99203 $3,086.33 Option 4 50% J &S 0.97387 $3,029.84 Option 5 75% J &S 0.96131 $2,990.77 Option 6 100% J &S 0.94907 $2,952.69 ESTIMATE Pension Trustees Agenda Council Chambers - City Hall Meeting Date:8 /15/2011 SUBJECT / RECOMMENDATION: Approve the request of employee Brian Murphree, Parks and Recreation Department, and Steven DeSimone, Gas Department, to vest their pensions as provided by Section 2.397 of the Employees' Pension Plan. SUMMARY: Brian Murphree, Landscape Manager, Parks and Recreation Department, was employed by the City on November 20, 2000, and began participating in the Pension Plan on that date. Mr. Murphree terminated from City employment on June 17, 2011. Steven DeSimone, Gas Technician III, Gas Department, was employed by the City on July 16, 1990, and began participating in the Pension Plan on that date. Mr. DeSimone terminated from City employment on June 23, 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. Murphree would have completed at least 20 years of service and reached age 55 on July 24, 2028. His pension will be effective August 1, 2028. Mr. DeSimone would have completed at least 20 years of service and reached age 55 on September 12, 2016. His pension will be effective October 1, 2016. Review Approval: Cover Memo APPLICATION FOR VESTED RIGHTS PENSION tr' vl vee. `�✓ p , 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 Plan) Oeuember avia0000to (date of resignation or change of status) '- vi ,gyp I 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 The date I will begin to receive my pension will be j a� lg.3 U US- Ile ac^5. Attachment number 1 Page 1 of 2 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 an othe type of pension from the City. Signature ROIL ICS i- `\eCVCji (V) , Department/Division ctr'ofSc Job► Classification (J STATE OF FLORIDA COUNTY OF PINELLAS Social Security Number Col Street Address Loo, ?77O City, State, Zip Code The foregoing instrument was acknowledged before f me this 0 day of ‹ru by ritrl 1 fU(10Jvee_ who is personally know to me or who has provided as identification ,20 t( and who did /did not take an oath. )e.eoor�.R L- �K Rev. 4/09 Notary Public ame of Notary Printed My commission explrP��gARY puBue STATE OFFt6MDA Deborah L. Ford Commission #DD763426 Expires: MAY 15, 2012 BONDED THRU ATLANTIC BONDING CO., INC. Vested Pension Form APPLICATION FOR VESTED RIGHTS PENSION c-f-C U eln e SI /II 0 , being a person leaving employment g me p y nt 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 Plan) (rc., I / (o $ I q 90, to (date of resignation or change of status) 3, 01 0 //. 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 C' 7-nvY) ,F / f r i/o / 969 1. i� The date I will begin to receive my pension will be OCI J J t r 1 dG / Attachment number 1 Page 2 of 2 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 aas Departm ent/Division i_ /, Job Classification STATE OF FLORIDA COUNTY OF PINELLAS Rev. 4/09 Social Security Number 9318VQv) Mien CJ Street Address Sy-,'n 8,.// FL 3c/6 oe- amity, State,�Zip Code The foregoing instrument was acknowledged before me this o�,3 day of 0.1/nL , 20 /1 by S11-c 'e k J S1 YY) C 1 Q who is personally know to me or who has provided as identification and who did /did not take an oath. PeAkaAe ota ry Public r LA/ L 4✓Aame of Notary Printed My commission expires: NOTARY PUBLIC-STATE OF ? CommlbsOSion D L!o!26 # Ford �A gonna) nnitt ATLARTICBOIVDnvc ea, LW. Vested Pension Form