07/16/2012
PENSION TRUSTEES AGENDA
Location: Council Chambers - City Hall
Date: 7/16/2012- 1:00 PM
1. Call to Order
2. Approval of Minutes
2.1Approve the minutes of the June 18, 2012 Pension Trustees meeting as submitted in written summation by
the City Clerk.
Attachments
3. Pension Trustee Items
3.1Approve the request of new hires for acceptance into the Pension Plan as listed.
Attachments
3.2Approve the request of employee Eileen Karner of the Police Department; Raymond Talbot of the Public
Utilities Department; Kevin Tucker of the Planning and Development Department; Vickie Davenport of
the Human Resources Department; Forrest Draxten of the Parks and Recreation Department; Edward
Burke of the Parks and Recreation Department; and George Puopolo of the Solid Waste/General Services
Department, for a regular pension as provided by Sections 2.397 and 2.398 of the Employees Pension
Plan.
Attachments
4. Other Business
5. Adjourn
Meeting Date:
7/16/2012
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve the minutes of the June 18, 2012 Pension Trustees meeting as submitted in written summation by the City Clerk.
SUMMARY:
Review Approval:
Cover Memo
Item # 1
Attachment number 1 \nPage 1 of 6
TRUSTEES OF THE EMPLOYEES’ PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
June 18, 2012
Present:Chair/Trustee George N. Cretekos, Trustee Doreen Hock-DiPolito,
Chair/Trustee George N. Cretekos, Trustee Doreen HockDiPolito,
DiPolito,
-
Trustee Paul Gibson, Trustee Bill Jonson, and Trustee Jay Polglaze.
Trustee Paul Gibson, Trustee Bill Jonson, and Trustee Jay Polglaze. Trustee Paul Gibson, Trustee Bill Jonson, and Trustee Jay Polglaze.
Also Present:William B. Horne II -City Manager, Jill S. Silverboard -Assistant City
City Manager, Jill S. Silverboard City Manager, Jill S. Silverboard Assistant City Assistant City
-
Manager, Rod Irwin - Assistant City Manager, Pamela K. Akin - City
City City
City Manager, Pamela K. Akin City Manager, Pamela K. Akin
- -
Attorney, Rosemarie Call - City Clerk, and Nicole Sprague - Official
Nicole Sprague Nicole Sprague Official Official
and
City Clerk,
- -
Records and Legislative Services Coordinator.
Records and Legislative Services CoordinatorRecords and Legislative Services Coordinator
.
To provide continuity for research, items are in agenda order although not
To provide continuity for research, items are in agenda order although not To provide continuity for research, items are in agenda order although not
necessarily discussed in that order.
Unapproved
1. Call to Order –Chair George N. Cretekos
Chair George N. CretekosChair George N. Cretekos
The meeting was called to order at 9:06 a.m. at City Hall.
The meeting was called to order at 9:06 a.m. at City Hall.The meeting was called to order at 9:06 a.m. at City Hall.
2. Approval of Minutes
Approval of Minutes
Approval of Minutes
2.1 Approve the minutes of the May 14, 2012 Pension Trustees meeting as
Approve the minutes of the May 14, 2012 Pension Trustees meeting as Approve the minutes of the May 14, 2012 Pension Trustees meeting as
submitted in writtensummation by the City Clerk.
submitted in writtensubmitted in writtensummation by the City Clerk.summation by the City Clerk.
Trustee Bill Jonson moved to approve the minutes of the May 14, 2012 Pension
Trustee Bill Jonson moved to approve the minutes of the May 14, 2012 Pension Trustee Bill Jonson moved to approve the minutes of the May 14, 2012 Pension
Trustees meeting as submitted in written summation by the City Clerk. The motion was
Trustees meeting as submitted in written summation by the City Clerk. The motion was Trustees meeting as submitted in written summation by the City Clerk. The motion was
duly seconded and carried unanimously.
duly seconded and carried unanimously.duly seconded and carried unanimously.
3. Pension Trustee Items
3. Pension Trustee ItemsTrustee Items
3.
3.1 Approve the new hires for acceptance into the Pension Plan as listed.
3.1 3.1 Approve the new hires for acceptance into the Pension Plan as listed.Approve the new hires for acceptance into the Pension Plan as listed.
Pension
Name, Job. Class, & Dept./Div . Hire Date Elig. Date
Name, Job. Class, & Dept./Div Name, Job. Class, & Dept./Div
Andrea Fisher, Parking Enf. Specialist/Engineering 4/9/12 4/9/12
Andrea Fisher, Parking Enf. Andrea Fisher, Parking Enf.
John Ryder, SW Equip. Oper./SW-General Services 4/10/12 4/10/12
John Ryder, SW Equip. Oper./SWJohn Ryder, SW Equip. Oper./SW
Tracy Loibl, Crime Scene Technician/Police 4/23/12 4/23/12
Tracy Loibl, Crime Scene TechTracy Loibl, Crime Scene Tech
Dustin Purcell, Parks Services Tech. I/Parks & Rec. 4/23/12 4/23/12
Mark Parry, Planner III/Planning & Development 4/23/12 4/23/12
Terrance Elkins, Parks Service Tech. I/Parks & Rec. 4/23/12 4/23/12
Pension Trustees 2012-06-181
Item # 1
Attachment number 1 \nPage 2 of 6
Trustee Doreen Hock-DiPolito moved to approve the new hires for acceptance into the
Pension Plan as listed. The motion was duly seconded and carried unanimously.
3.2 Approve the request of employee Karen Dombrowski, Police Department;
Approve the request of employee Karen Dombrowski, Police Department; Approve the request of employee Karen Dombrowski, Police Department;
Steven Jackson, Solid Waste/General Services Department; Donald Ford, Police
Steven Jackson, Solid Waste/General Services Department; Donald Ford, Police Steven Jackson, Solid Waste/General Services Department; Donald Ford, Police
Department; E. Joanne Bunton, Library Department; Robert Pagano, Police
Robert Pagano, Police Robert Pagano, Police
Department; Michael Sahr, Police Department; John Zegzdryn, Police
Department; Michael Sahr, Police Department; John Zegzdryn, Police Department; Michael Sahr, Police Department; John Zegzdryn, Police
Department; and George Koder, Police Department, for a regular pension as
Department; and George Koder, Police Department, for a regular pension as Department; and George Koder, Police Department, for a regular pension as
provided by Sections 2.397 and 2.398 of the Employees’ Pension Plan.
’ ’
provided by Sections 2.397 and 2.398 of the Employeesprovided by Sections 2.397 and 2.398 of the EmployeesPension Plan. Pension Plan.
Karen Dombrowski, Administrative Support Manager, Police Department, was
Dombrowski, Administrative Support Manager, Police Department, was Dombrowski, Administrative Support Manager, Police Department, was
employed by the City on April 12, 1982, and her pension service credit is effective
employed by the City on April 12, 1982, and her pension service credit is effective employed by the City on April 12, 1982, and her pension service credit is effective
on that date. Her pension will be effective August 1, 2012.Based on an average
on that date. Her pension will be effective August 1, 2012.Based on an average Based on an average
salary of approximately $61,460 per year over the past five years, the formula for
$61,460 per year over the past five years, the formula for $61,460 per year over the past five years, the formula for
computing regular pensions, and Ms. Dombrowski's selection of the Joint and
computing regular pensions, and Ms. Dombrowski's selection of the Joint and computing regular pensions, and Ms. Dombrowski's selection of the Joint and
Survivor Annuity, this pension will approximate $51,197 annually.
Survivor Annuity, this pension will approximate $51,197 annually.Survivor Annuity, this pension will approximate $51,197 annually.
Steven Jackson, Production Control Coordinator, Solid Waste/General Services
Steven Jackson, Production Control Coordinator, Solid Waste/General Services Steven Jackson, Production Control Coordinator, Solid Waste/General Services
Department, was employed by the City on November 16, 1981, and his pension
Department, was employed by the City on November 16, 1981, and his pension Department, was employed by the City on November 16, 1981, and his pension
service credit is effective on that date. His pension will be effective October 1,
service credit is effective on that date. His pension will be effective October 1, service credit is effective on that date. His pension will be effective October 1,
2012.Based on an average salary of approximately $65,817 per year over the
Based on an average salary of approximately $65,817 per year over thBased on an average salary of approximately $65,817 per year over th
2012.
past five years, the formula for computing regular pensions, and Mr. Jackson's
past five years, the formula for computing regular pensions, and Mr. Jackson's past five years, the formula for computing regular pensions, and Mr. Jackson's
selection of the 100% Joint and Survivor Annuity, this pension will approximate
selection of the 100% Joint and Survivor Annuity, this pension will approximate selection of the 100% Joint and Survivor Annuity, this pension will approximate
$55,453 annually.
$55,453 annually.$55,453 annually.
Donald Ford, Custodial Worker, Police Department, was employed by the City on
Donald Ford, Custodial Worker, Police Department, was employed by the City oDonald Ford, Custodial Worker, Police Department, was employed by the City o
May 4, 1992, and his pension service credit is effective on August 3, 1992. His
May 4, 1992, and his pension service credit is effective on August 3, 1992. His May 4, 1992, and his pension service credit is effective on August 3, 1992. His
pension will be effective September 1, 2012.Based on an average salary of
pension will be effective September 1, 2012.pension will be effective September 1, 2012.
approximately $29,379 per year over the past five years, the formula for
approximately $29,379 per year over the past five years, the formula for approximately $29,379 per year over the past five years, the formula for
computing regular pensions, and Mr. Ford's selection of the 100% Joint and
computing regular pensions, and Mr. Ford's selection of the 100% Joint and computing regular pensions, and Mr. Ford's selection of the 100% Joint and
Survivor Annuity, this pension will approximate $15,581 annually.
Survivor Annuity, this pension will approximate $15,581 annually.Survivor Annuity, this pension will approximate $15,581 annually.
E. Joanne Bunton, Library Assistant, Library Department, was employed by the
E. Joanne Bunton, Library Assistant, Library Department, was employed by the E. Joanne Bunton, Library Assistant, Library Department, was employed by the
City on April 23, 2001, and her pension service credit is effective on April 20,
City on April 23, 2001, and her pension service credit is effective on April 20, City on April 23, 2001, and her pension service credit is effective on April 20,
2002. Her pension will be effective July 1, 2012.Based on an average salary of
2002. Her pension will be effective July 1, 2012.2002. Her pension will be effective July 1, 2012.
approximately $23,997 per year over the past five years, the formula for
approximately $23,997 per year over the past five years, the formula for approximately $23,997 per year over the past five years, the formula for
computing regular pensions, and Ms. Bunton's selection of the Joint and Survivor
computing regular pensions, and Ms. Bunton's selection of the Joint and Survivor computing regular pensions, and Ms. Bunton's selection of the Joint and Survivor
Annuity, this pension will approximate $6,726 annually.
nuity, this pension will approximate $6,726 annually.nuity, this pension will approximate $6,726 annually.
Robert Pagano, Police Aide, Police Department, was employed by the City on
May 24, 1999, and his pension service credit is effective on September 21, 2002.
Pension Trustees 2012-06-182
Item # 1
Attachment number 1 \nPage 3 of 6
His pension will be effective October 1, 2012.Based on an average salary of
approximately $24,503 per year over the past five years, the formula for
computing regular pensions, and Mr. Pagano's selection of the Joint and Survivor
Annuity, this pension will approximate $6,738 annually.
Michael Sahr, Police Major, Police Department, was employed by the City on July
Sahr, Police Major, Police Department, was employed by the City on July
Sahr, Police Major, Police Department, was employed by the City on July
12, 1982, and his pension service credit is effective on that date. His pension will
12, 1982, and his pension service credit is effective on that date. His pension will 12, 1982, and his pension service credit is effective on that date. His pension will
be effective June 1, 2012.Based on an average salary of approximately $99,311
Based on an average salary of approximately $99,311 Based on an average salary of approximately $99,311
per year over the past five years, the formula for computing regular pensions, and
per year over the past five years, the formula for computing regular pensions, and per year over the past five years, the formula for computing regular pensions, and
Mr. Sahr's selection of the 100% Joint and Survivor Annuity, this pension will
Mr. Sahr's selection of the 100% Joint and Survivor Annuity, this pension will Mr. Sahr's selection of the 100% Joint and Survivor Annuity, this pension will
approximate $80,520 annually.
John Zegzdryn, Police Sergeant, Police Department, was employed by the City on
John Zegzdryn, Police Sergeant, Police Department, was employed by the City on John Zegzdryn, Police Sergeant, Police Department, was employed by the City on
November 4, 1985, and his pension service credit is effective on that date. His
ember 4, 1985, and his pension service credit is effective on that date. His ember 4, 1985, and his pension service credit is effective on that date. His
pension will be effective May 1, 2012.Based on an average salary of
Based on an average salary of Based on an average salary of
pension will be effective May 1, 2012.
approximately $89,077 per year over the past five years, the formula for
approximately $89,077 per year over the past five years, the formula for approximately $89,077 per year over the past five years, the formula for
computing regular pensions, and Mr. Zegzdryn's selection of the 100% Joint and
computing regular pensions, and Mr. Zegzdryn's selection of the 100% Joint and computing regular pensions, and Mr. Zegzdryn's selection of the 100% Joint and
Survivor Annuity, this pension will approximate $63,918 annually.
Survivor Annuity, this pension will approximate $63,918 annually.Survivor Annuity, this pension will approximate $63,918 annually.
George Koder, Police Lieutenant, Police Department, was employed by the City
George Koder, Police Lieutenant, Police Department, was employed by the City George Koder, Police Lieutenant, Police Department, was employed by the City
on December 30, 1991, and his pension service credit is effective on that date.
on December 30, 1991, and his pension service credit is effective on that date. on December 30, 1991, and his pension service credit is effective on that date.
His pension will be effective June 1, 2012.Based on an average salary of
His pension will be effective June 1, 2012.His pension will be effective June 1, 2012.Based on an average salary of Based on an average salary of
approximately $103,102 per year over the past five years, the formula for
approximately $103,102 per year over the past five years, the formula for approximately $103,102 per year over the past five years, the formula for
computing regular pensions, and Mr. Koder's selection of the 100% Joint and
computing regular pensions, and Mr. Koder's selection of the 100% Joint and computing regular pensions, and Mr. Koder's selection of the 100% Joint and
Survivor Annuity, this pension will approximate $57,258 annually.
Survivor Annuity, this pension will approximate $57,258 annually.Survivor Annuity, this pension will approximate $57,258 annually.
Section 2.397 provides for normal retirement eligibility when a participant has
Section 2.397 provides for normal retirement eligibility when a participant has Section 2.397 provides for normal retirement eligibility when a participant has
completed thirty years of credited service, has reached age 55 and completed
completed thirty years of credited service, has reached age 55 and completed completed thirty years of credited service, has reached age 55 and completed
twenty years of credited service, or has reached age65 and completed ten years
twenty years of credited service, or has reached agetwenty years of credited service, or has reached age
of credited service. Section 2.397 also provides for normal retirement eligibility
of credited service. Section 2.397 also provides for normal retirement eligibility 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
when a participant has completed twenty years of credited service or has reached 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 ofemployment
age 55 and completed ten years of credited service in a type ofage 55 and completed ten years of credited service in a type of
described as "hazardous duty" and further defines service as a Police Major,
described as "hazardous duty" and further defines service as a Police Major, described as "hazardous duty" and further defines service as a Police Major,
Police Sergeant, and Police Lieutenant as meeting the hazardous duty criteria.
Police Sergeant, and Police Lieutenant as meeting the hazardous duty criteria. Police Sergeant, and Police Lieutenant as meeting the hazardous duty criteria.
Ms. Dombrowski and Mr. Jackson qualify under the thirty years of service criteria.
Ms. Dombrowski and Mr. Jackson qualify under the thirty years of service criteria. Ms. Dombrowski and Mr. Jackson qualify under the thirty years of service criteria.
Mr.Ford qualifies under the age 55 and twenty years of service criteria. Ms.
Mr.Mr.Ford qualifies under the age 55 and twenty years of service criteria. Ms. Ford qualifies under the age 55 and twenty years of service criteria. Ms.
Bunton and Mr. Pagano qualify under the age 65 and 10 years of service criteria.
Bunton and Mr. Pagano qualify under the age 65 and 10 years of service criteria. Bunton and Mr. Pagano qualify under the age 65 and 10 years of service criteria.
Mr. Sahr, Mr. Zegzdryn, and Mr. Koder qualify under the hazardous duty criteria.
Mr. Sahr, Mr. Zegzdryn, and Mr. Koder qualify under the hazardous duty criteria.Mr. Sahr, Mr. Zegzdryn, and Mr. Koder qualify under the hazardous duty criteria.
Trustee Jay Polglaze moved to approve the request of employee Karen Dombrowski,
Trustee Jay Polglaze moved to approve the request of employee Karen Dombrowski, Trustee Jay Polglaze moved to approve the request of employee Karen Dombrowski,
Police Department; Steven Jackson, Solid Waste/General Services Department; Donald
Police Department; Steven Jackson, Solid Waste/General Services Department; Donald Police Department; Steven Jackson, Solid Waste/General Services Department; Donald
Ford, Police Department; E. Joanne Bunton, Library Department; Robert Pagano,
Ford, Police Department; E. Joanne Bunton, Library Department; Robert Pagano,
Police Department; Michael Sahr, Police Department; John Zegzdryn, Police
Department; and George Koder, Police Department, for a regular pension as provided
Pension Trustees 2012-06-183
Item # 1
Attachment number 1 \nPage 4 of 6
by Sections 2.397 and 2.398 of the Employees’ Pension Plan.The motion was duly
seconded and carried unanimously.
3.3 Approve the recommended pension plan administrative expenditures for fiscal
Approve the recommended pension plan administrative expenditures for fiscal
year 2013,totaling $332,000.
The Employees' Pension Plan does not have a legally required annual budget.
The Employees' Pension Plan does not have a legally required annual budget. The Employees' Pension Plan does not have a legally required annual budget.
However, the Trustees must approve all expenditures. The following are routine
However, the Trustees must approve all expenditures. The following are routine However, the Trustees must approve all expenditures. The following are routine
expenditures that staff is requesting approval of for the sake of administrative
expenditures that staff is requesting approval of for the sake of expenditures that staff is requesting approval of for the sake of administrative administrative
efficiency.
The recommended expenditures for fiscal 2013, as detailed on the attachment,
The recommended expenditures for fiscal 2013, as detailed on the attachment, The recommended expenditures for fiscal 2013, as detailed on the attachment,
reflect a $3,500, or 1.04%, decrease from the fiscal 2012 expenditures of
reflect a $3,500, or 1.04%, decrease from the fiscal 2012 expenditures of reflect a $3,500, or 1.04%, decrease from the fiscal 2012 expenditures of
$335,500. This decrease is due to a net decrease in General Fund employee
$335,500. This decrease is due to a net decrease in General Fund employee $335,500. This decrease is due to a net decrease in General Fund employee
costs to administer the plan.
ts to administer the plan.
Printing and binding expenditures are for the State statutorily required annual
Printing and binding expenditures are for the State statutorily required annual Printing and binding expenditures are for the State statutorily required annual
information distribution to pension plan members.
information distribution to pension plan members. information distribution to pension plan members.
Postage expenditures are for necessary mailings, including the annual information
Postage expenditures are for necessary mailings, including the annual information Postage expenditures are for necessary mailings, including the annual information
distribution to plan members.
o plan members. o plan members.
distribution t
Membership dues reflect annual dues for the Florida Public Pension Trust
Membership dues reflect annual dues for the Florida Public Pension Trust Membership dues reflect annual dues for the Florida Public Pension Trust
Association.
Association. Association.
Training and travel are for the estimated costs of pension training, including
Training and travel are for the estimated costs of pension training, including Training and travel are for the estimated costs of pension training, including
fiduciary training for trustees and Pension Advisory Committee (PAC) members.
fiduciary training for trustees and Pension Advisory Committee (PAC) memfiduciary training for trustees and Pension Advisory Committee (PAC) mem
This is a not-to-exceed amount given the uncertainty regarding which trustees and
This is a nottoexceed amount given the uncertainty regarding which trustees and exceed amount given the uncertainty regarding which trustees and
--
PAC members will elect to attend conferences during the year.
PAC members will elect to attend conferences during the year. PAC members will elect to attend conferences during the year.
Reimbursement to the General Fund is for the cost of the oversight and
Reimbursement to the General Fund is for the cost of the oversight and Reimbursement to the General Fund is for the cost of the oversight and
administration of the Plan, and is recognized as revenue to the General Fund.
administration of the Plan, and is recognized as revenue to the General Fund. administration of the Plan, and is recognized as revenue to the General Fund.
This reimbursement covers the services provided by Human Resources, Payroll,
This reimbursement covers the services provided by Human Resources, Payroll, This reimbursement covers the services provided by Human Resources, Payroll,
and Finance personnel.
and Finance personnel.and Finance personnel.
The firm of Klausner, Kaufman, Jensen and Levinson serves as the plan's
The firm of Klausner, Kaufman, Jensen and Levinson serves as the plan's The firm of Klausner, Kaufman, Jensen and Levinson serves as the plan's
pension attorney. Annual attorney feesalso include medical bills for medical
pension attorney. Annual attorney feespension attorney. Annual attorney fees
services authorized by the Pension Advisory Committee. Medical services totaled
services authorized by the Pension Advisory Committee. Medical services totaled services authorized by the Pension Advisory Committee. Medical services totaled
$10,056 for fiscal year 2011, and current fiscal year 2012 (thru May 31) total
$10,056 for fiscal year 2011, and current fiscal year 2012 (thru May 31) total $10,056 for fiscal year 2011, and current fiscal year 2012 (thru May 31) total
$1,750.We are including budget for a Referendum for proposed pension plan
$1,750.We are including budget for a Referendum for proposed pension plan
changes.
Pension Trustees 2012-06-184
Item # 1
Attachment number 1 \nPage 5 of 6
Money manager, safekeeping, actuary, and pension investment consulting fees
are all governed by contracts approved by the Trustees and are not included in
this approved budget.
Trustee Paul Gibson moved to approve the recommended pension plan administrative
Trustee Paul Gibson moved to approve the recommended pension plan administrative
Trustee Paul Gibson moved to approve the recommended pension plan administrative
expenditures for fiscal year 2013, totaling $332,000.The motion was duly seconded
The motion was duly seconded The motion was duly seconded
and carried unanimously.
3.4 Approve the termination of Aletheia Research and Management, a large cap
Approve the termination of Aletheia Research and Management, a large cap Approve the termination of Aletheia Research and Management, a large cap
value manager for the pension plan; approve the transfer of the terminated
value manager for the pension plan; approve the transfer of the terminated value manager for the pension plan; approve the transfer of the terminated
manager’s funds to the plans other large cap value manager, the Northern Trust
s funds to the plans other large cap value manager, the Northern Trust s funds to the plans other large cap value manager, the Northern Trust
Russell 1000 Value Index Fund; and authorize staff to conduct a search for a
Russell 1000 Value Index Fund; and authorize staff to conduct a search for a Russell 1000 Value Index Fund; and authorize staff to conduct a search for a
new large cap value manager.
new large cap value manager.
The pension plan's investment committee is recommending the termination of
The pension plan's investment committee is recommending the termination of The pension plan's investment committee is recommending the termination of
Aletheia Research and Management on the basis of poor performance. Per the
Aletheia Research and Management on the basis of poor performance. Per the Aletheia Research and Management on the basis of poor performance. Per the
pension plan's investment policy, managers are expected to perform in the upper
pension plan's investment policy, managers are expected to perform in the upper pension plan's investment policy, managers are expected to perform in the upper
thstth
th
50percentile (i.e. 1 st to 50percentile) of comparable money managers over a
percentile (i.e. 1to 50percentile) of comparable money managers over a percentile) of comparable money managers over a
minimum of a three-yearperiod and a maximum of a five-yearperiod. The large
period and a maximum of a period and a maximum of a ff
minimum of a threeiveiveperiod. The large period. The large
yearyearyear
--
cap value market performance results for Aletheia as of March 31, 2012, as
cap value market performance results for Aletheia as of March 31, 2012, as cap value market performance results for Aletheia as of March 31, 2012, as
reported by the plan's performance measurement consultant, Cap Trust, are as
reported by the plan's performance measurement consultant, Cap Trust, are as reported by the plan's performance measurement consultant, Cap Trust, are as
follows:
follows:
follows:
Three-year Investment Return As Of Indicated Date (%):
Threeyear Investment Return As Of Indicated Date (%)year Investment Return As Of Indicated Date (%)
-
3/12 12/11 9/11 6/11 3/11
3/12
12/11
3/12
Aletheia
Aletheia
Research 19.03 11.50 (2.07) 0.72 2.38
Research
R1000 Value Benchmark 22.82 11.55 (1.52) 2.28 0.61
R1000 Value BenchmarkR1000 Value Benchmark
Three-year Peer Group Rankings asOf Indicated Date (percentile):
ThreeThreeyear Peer Group Rankings
-
3/12 12/11 9/11 6/11 3/11
Pension Trustees 2012-06-185
Item # 1
Attachment number 1 \nPage 6 of 6
ththndthrd
Aletheia Research 88 86 92 88 73
ththththth
R1000 Value Benchmark 68 85 89 79 88
As part of the termination process of Aletheia staff will do some rebalancing of the
As part of the termination process of Aletheia staff will do some rebalancing of the As part of the termination process of Aletheia staff will do some rebalancing of the
total portfolio allocation,with the balance of the monies transferred to the plan's
with the balance of the monies transferred to the plan's with the balance of the monies transferred to the plan's
other large cap value manager, the Northern Trust Russell 1000 Value Index
other large cap value manager, the Northern Trust Russell 1000 Value Index other large cap value manager, the Northern Trust Russell 1000 Value Index
Fund.
Staff will work with Cap Trust, the pension plan's performance measurement
Staff will work with Cap Trust, the pension plan's performance measurement Staff will work with Cap Trust, the pension plan's performance measurement
consultant, to conduct a search for a newlarge cap value manager.
large cap value manager.large cap value manager.
consultant, to conduct a search for a new
In response to questions, Cash Investment Manager Steve Moskun said a large cap
In response to questions, Cash Investment Manager Steve Moskun said a large cap In response to questions, Cash Investment Manager Steve Moskun said a large cap
value fund refers to the investment in large companies with underpriced stockvalue.
in large companies with underpriced stockin large companies with underpriced stockvalue
investment
.
The plan needs a large cap value manager who will do better than the benchmark. Mr.
The plan needs a large cap value manager who will do better than the benchmark. Mr. The plan needs a large cap value manager who will do better than the benchmark. Mr.
Moskun reviewed the manager selection process.
Moskun reviewed the manager selection process.Moskun reviewed the manager selection process.
Trustee Bill Jonson moved to approve the termination of Aletheia Research and
Trustee Bill Jonson moved to approve the termination of Aletheia Research and Trustee Bill Jonson moved to approve the termination of Aletheia Research and
Management, a large cap value manager for the pension plan; approve the transfer of
Management, a large cap value manager for the pension plan; approve the transfer of Management, a large cap value manager for the pension plan; approve the transfer of
the terminated manager’sfunds to the plans other large cap value manager, the
er’s
the terminated funds to the plans other large cap value manager, the funds to the plans other large cap value manager, the
manag
Northern Trust Russell 1000 Value Index Fund; and authorize staff to conduct a search
Northern Trust Russell 1000 Value Index Fund; and authorize staff to conduct a search Northern Trust Russell 1000 Value Index Fund; and authorize staff to conduct a search
for a new large cap value manager.The motion was duly seconded and carried
for a new large cap value manager.for a new large cap value manager.The motion was duly seconded and carried The motion was duly seconded and carried
unanimously.
unanimously.unanimously.
4. Other Business–None.
Other BusinessOther Business
4. None.None.
––
5. Adjourn
5. Adjourn
5.
The meeting was adjourned at 9:20a.m.
The meeting was adjourned at The meeting was adjourned at 9:20
a.m.
Chair
Attest
Employees’ Pension Plan Trustees
City Clerk
Pension Trustees 2012-06-186
Item # 1
Meeting Date:
7/16/2012
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve the request of new hires for acceptance into the Pension Plan as listed.
SUMMARY:
Pension
Name, Job. Class, & Dept./Div. Hire Date Elig. Date
Holly Quick, Police Info Technician/Police Dept. 05/07/12 05/07/12
Sotirios Kambourolias, Engineering Technician/Gas Dept 05/07/12 05/07/12
Colleen Hanko, Police Communication Operator/Police 05/07/12 05/07/12
Frances Leong, Economic Dev Specialist/Economic Dev 05/07/12 05/07/12
Scott Burrows, Police Communication Operator/Police 05/07/12 05/07/12
Renata Thomas, Police Communication Operator/Police 05/07/12 05/07/12
Michael Bostaph, Heavy Equipment Operator/Public Utilities 05/07/12 05/07/12
Christopher Williams, Police Comm Operator/Police 05/07/12 05/07/12
Maria Rosero, Custodian, Parks and Recreation Dept 03/12/12 05/07/12 *
Sean Maxfield, Custodian, Parks and Recreation Dept 05/19/12 05/19/12
Barbara Johnson, Dev Review Tech I, Planning and Dev 05/21/12 05/21/12
*Employee was originally hired as a part time employee on 3/12/12. Changed to full time employee and pension eligible on 05/07/12.
Review Approval:
Cover Memo
Item # 2
Meeting Date:
7/16/2012
Pension Trustees Agenda
Council Chambers - City Hall
SUBJECT / RECOMMENDATION:
Approve the request of employee Eileen Karner of the Police Department; Raymond Talbot of the Public Utilities Department; Kevin
Tucker of the Planning and Development Department; Vickie Davenport of the Human Resources Department; Forrest Draxten of the
Parks and Recreation Department; Edward Burke of the Parks and Recreation Department; and George Puopolo of the Solid
Waste/General Services Department, for a regular pension as provided by Sections 2.397 and 2.398 of the Employees Pension Plan.
SUMMARY:
Eileen Karner, Police Information Technician II, Police Department
, was employed by the City on April 9, 2001, and her pension
service credit is effective on that date. Her pension will be effective August 1, 2012.
Based on an average salary of approximately $29,598.59 per year over the past five years, the formula for computing regular pensions,
and Ms. Karners selection of the 100% Joint and Survivor Annuity, this pension will approximate $8954.00 annually.
Raymond Talbot, Water Distribution Operator, Public Utilities Department
, was employed by the City on October 14, 1985, and
his pension service credit is effective on that date. His pension will be effective October 1, 2012.
Based on an average salary of approximately $44,742.01 per year over the past five years, the formula for computing regular pensions,
and Mr. Talbots selection of the Joint and Survivor Annuity, this pension will approximate $33,101 annually.
Kevin, Tucker, Building Construction Inspector, Planning and Development Department
, was employed by the City on April 18,
1983, and his pension service credit is effective on that date. His pension will be effective September 1, 2012.
Based on an average salary of approximately $54,371.18 per year over the past five years, the formula for computing regular pensions,
and Mr. Tuckers selection of the Joint and Survivor Annuity, this pension will approximate $43,913 annually.
Vickie DavenportHuman Resources Technician, Human Resources Department,
, as employed by the City on May 15, 1989, and
her pension service credit is effective on June 17, 1991. Her pension will be effective June 1, 2012.
Based on an average salary of approximately $45,878.20 per year over the past five years, he formula for computing regular pensions,
and Ms. Davenports selection of the Joint and Survivor Annuity, this pension will approximate $26,439 annually.
Forrest Draxten, Equipment Operator, Parks and Recreation Department
, was employed by the City on August 10, 1992, and his
pension service credit is effective on that date. His pension will be effective September 1, 2012.
Based on an average salary of approximately $37,706.82 per year over the past five years, the formula for computing regular pensions,
and Mr. Draxtens selection of the 50% Joint and Survivor Annuity, this pension will approximate $19,948 annually.
Edward Burke, Parks Service Supervisor I, Parks and Recreation Department
, was employed by the City on April 28, 1996, and
his pension service credit is effective on that date. His pension will be effective July 1, 2012.
Based on an average salary of approximately $50,548.22 per year over the past five years, the formula for computing regular pensions,
and Mr. Burkes selection of the 100% Joint and Survivor Annuity, this pension will approximate $35,586 annually.
George Puopolo, Solid Waste Supervisor II, Solid Waste/General Services Department
, was employed by the City on July 12,
1982, and his pension service credit is effective on that date. His pension will be effective August 1, 2012.
Cover Memo
Based on an average salary of approximately $60,723.24 per year over the past five years, the formula for computing regular pensions,
and Mr. Puopolos selection of the 100% Joint and Survivor Annuity, this pension will approximate $48,745 annually.
Item # 3
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. Ms. Karner
qualifies under the age 65 and 10 years of service criteria. Mr. Talbot, Mr. Tucker, Ms. Davenport, Mr. Draxten and Mr. Burke qualify
under the age 55 and twenty years of service criteria. Mr. Puopolo qualifies under the thirty years of service criteria.
Review Approval:
Cover Memo
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