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01/14/20131. Call to Order PENSION TRUSTEES AGENDA Location: Council Chambers - City Hall Date: 1/14/2013- 1:00 PM 2. Approval of Minutes 2.1 Approve the minutes of the December 17, 2012 Pension Trustees meeting as submitted in written summation by the City Clerk. � Attachments 3. Pension Trustee Items 3.1 Approve the request of the new hires for acceptance into the Pension Plan as listed. 6� Attachments 3.2 Approve the request of employees Robert Kimball of the General Services Department, James Lightfoot of the Parks and Recreation Department, Louis A. Corona II of the Police Department, Charles Williamson of the General Services Department, and Faye Wilkinson of the Police Department for a regular pension as provided by Sections 2397 and 2.398 of the Employees' Pension Plan. 6� Attachments 3.3 Approve the request of employee Scott Yates of the Information Technology Department and Donna Matheson of the General Services/Solid Waste Department to vest their pension as provided by Section 2.397 of the Employees' Pension Plan. �- Attachments 4. Other Business 5. Adjourn Pension Trustees Agenda Council Chambers - City Hall Meeting Date:l/14/2013 SUBJECT / RECOMMENDATION: Approve the minutes of the December 17, 2012 Pension Trustees meeting as submitted in written summation by the City Clerk. SUMMARY: Review Approval: Cover Memo ��11�:�) Attachment number 1 \nPage 1 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES CITY OF CLEARWATER � ��� � Present Also Present Chair/Trustee George N. Cretekos, Trustee Paul Gibson, Doreen Hock-DiPolito, Trustee Bill Jonson, and Trustee � Polglaze. William B. Horne II - City Manager, Jill S. Silverboard - A: Manager, Rod Irwin - Assistant City Manager; Pamela K, Attorney, Rosemarie Call - City Clerk, and Nicole Spr��u; Records and Legislative Services Coordinator. To provide continuity for research, items are listed in age necessarily discussed in that order. Unapproved 1. Call to Order — Chair G The meeting was called to ord 2. Approval of Minu tes of Trustee Bill Jonson mou Trustees meeting as sul duly seconded and carri Pension Trustee appro�� d in writt animous Name, Job. Class, & DeptJDiv . Pension Trustees 2012-12-17 G'� :�E�j ough n stees meetina as inutes of the November 13, 2012 Pension nmation by the City Clerk. The motion was Pension Hire Date Eli�. Date 1 Item # 1 Nikolas Papadoupolos, Parking Tech, Engineering Dept Robert Skinner, Parking Technician, Engineering Department Carlos Cardenas, Electrician, General Services Darryl Scott, Solid Waste Worker, Solid Waste Dept Tayna Reed, Police Officer, Police Department Tomislav Marjanovic, Police Officer, Police Department Michael Leonardo, Police Officer, Police Department Kelly Adkisson, Admin. Analyst, Police Department Robert Willms, Parks Service Tech I, Parks and Recreation Jameel Zabadi, Public Utilities Tech I, Public Utilities Daniel King, Public Utilities Technician I, Public Utilities *Employee originally hired on 6/23/97, rehired on 10/22/12 10/22/12. Trustee Doreen Hock-DiPolito moved to approve the request acceptance into the pension plan as listed. The motion was � unanimously. 3.2 Approve the request of Based on an a five years, the of the Joint and annually. � 10/Ol/12 10/Ol/12 10/08/12 10/08/12 10/22/12 10/22/12 10/22/12 Attachment number 1 \nPage 2 10/Ol/12 10/Ol/12 10/08/12 10/08/12 10/22/12 10/22/12 10/22/12 10/22/12* 1Q/�2/ 12 l U/22/12 1Q/22/12 � i�I22/12 nd �s p�ns�on eligible on �f the new hires for uly seconded and carried , Fleet M�:�i�anic, Solid Waste/General Seruices Department, was e City on flecember 17, 1979, anc! his pensi+�n service credit is t date. His p�nsion will be effectiue January 1, 2013. v�rage salary ofi �pproximately $52,318.21 per year over the past formula for computir�g; regular pensions, and Mr. Logan's selection Surviuc�r Annuity, this pension will approximate $47.494.80 Section 2.397 provides for normal retirement eligibility when a participant has completed thirty y�ars �f credited service, has reached age 55 and completed twenty years of credited service, or has reached age 65 and completed ten years of credited seruic�:. Mr. Logan qualifies under the thirty years of service criteria Trustee Jay Pol�l�ze`moved to approve the request of employee Stephen Logan of the General S�rvi�es 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. Pension Trustees 2012-12-17 2 Item # 1 Attachment number 1 \nPage 3 3.3 Approve the request of emplovee Linda McPherson of the Solid Waste/General Services Department to vest her pension as provided bv Section 2.397 of the Emplovees Pension Plan. T Linda McPherson, Senior Accountant, Solid Waste/General Services Department, was employed by the City on January 8, 1996, and began participating in the Pension Plan on August 14, 1999. Ms. McPherson will be terrninating from City employment on December 14, 2012. The Employees' Pension Plan provides that should an emp1�� employee of the City of Clearwater or change status from fu11= after completing ten or more years of creditable service (pens such employee shall acquire a vested interest in the retiremer pension payments commence on the first of the month follQwii which the employee normally would have been eligible for'reti Section 2�397 provides for normal retirement eli�ibil reached age 55 and completed twenty y�:ars of crec 30 years of credited service, or has reached age 65 credited service. Ms. McPherson would have compl service and will reach age 65 Qn;September 25, �Q' effective October 1, 2014. �cfion 2.397 of fh rried unanimous . • .. . - . movea ta appra :ral Services D� rmployees Pen ct� h�rina Mann ate officia plan's large �rmance. Tt ✓e the requesfi partment to ve Rion Plan. The cute sam 1► .Fi7 -L�_Tit•:I nefits. Vesi ie month in �en a partic�p�ant nas s�rvice, has complefi cc2mpleted ten y�:ars at least 10 years ofi er aension will be of ploye� Linda McPherson of p�nsion as provided by �r� was duly seconded and IC��17[�111�.�, :-��-� ae manager was terminated earlier this year due to poor were transferred into the Northern Trust Russell 1000 �/alue Index Fund pending the hiring of replacement manager(s). The plan's Pensic�n Inu�:�#ment Committee determined a preference for a replacement large cap ualu� manager or managers that would provide above average downside prote�tion in declining markets, while providing a competitive return during markets. The Committee requested Cap Trust, the plan's investment perFormance consultant, to conduct a manager search with this guidance. The screening process and the due diligence review produced a short list of three managers, as Pension Trustees 2012-12-17 3 Item # 1 Attachment number 1 \nPage 4 follows, that were interviewed by the Pension Investment Committee. Eagle Capital Management Manning and Napier O'Shaughnessy Asset Management The Committee elected to hire both Eagle Capital Management and Manning and Napier to fill the large cap value space. The managers are very different in style, qualitative versus quantitative, and are non-correlated. Each �f the new managers will get about $30 million to manage with a like amount rem�ining in i�� NQrkhern Trust Russell 1000 value index fund. Eagle Capital charc�es an annual management fee of 1% on the first $5 million and 0.75% c�n balances c�uer $5 million, payable quarterly in arrears. Eagle's process is a v�:ry fundam�ntal, bottoms up approach, which requires a highly labor-intensive process (expen�iue), to identify buying opportunities. Eagle's fee is about average f�ar this style of manager. Manning and Napier charges an annual managernent fiee of 0.35°/o ` payable semi-annually in advance. Manning's process is highly quantitative and computer driven (cheaper) at the level of identifying buying opportunifi�s. Manning is a very large organization and is able to spread the�e ��sts across a larger client basis. Manning's fee is slightly less than th�;average fQr � manager of this style. The Pension Investment Committee feel� fihat hiring these two large cap ualue managers, with significantly different styles and down-side protection and cornpetitive up-side rE the plan. In response to questions, Trustees h�ue �errninated r�preseniative ,lohn Griffi1 place for several years wi the Plan's portfolio is�larg� Trustee Bill Jonson move+ Capital Management as 1< authorize the appropriate" c�rr.ied unanimously. iirt '..I�•Fi�� �ieve the desired e best interest of Investment Manager Steve Moskun said the cap value managers in 2012: Cap Trust said t�e organization IoQks fca�' man�gers that have been in � consister�t,long-term perFormance. Mr. Moskun said 12% of cap. tQ,approve cQn#racts hiring Manning and Napier; and Eagle ge cap value m+�ney managers for the pension plan, and f�icials to execute same. The motion was duly seconded and ods, per the Experience Investiqation completed ith and Comaanv for the five-vear aeriod endina December It is recommended to have a pension plan experience study conducted by an actuarial firm at least every five years to assure that reasonable and relevant assumptions and methods are in effect to calculate the annual actuarially required Pension Trustees 2012-12-17 4 Item # 1 Attachment number 1 \nPage 5 contribution necessary to properly fund the plan. It has been approximately six years since completion of the last experience study for the Clearwater Employees' Pension Plan. The Plan's actuaries, Gabriel Roeder Smith and Company (GRS), have completed an Experience Investigation study for the pension plan and have provided recommendations of changes to the assumptions and methods used in the plan's annual actuarial valuation. The net effect of all proposed changes increases the annu to the plan by an estimated $1,665,000, or 2.28% of cover changes include changes to the salary increase assumptic future employee terminations, assumed rates of future re#ii of future disability, assumed mortality rates, and a chang�;; assumption, as listed on the attachment. These changes � more detail by the actuary in the Experience Investigation : ents Staff recommends approval of all recommended changes to m� determine the pension plan liability and required fundin� levels, professional advice of the plan's actuaries. GRS representative Steve Palmquist study. In response to questions, Mr. Society of Actuaries is in th� place by 2014. The quist said Trustee Doreen Hock-pi changes to plan actuari� completed by Gabriel Rc Glecember 31, 2011. Th of tI��:Exp�rience I �ntribution te�e ra#es of urned rates nenfi r�:#urn �ibed �n �� rately estiaation ist said RP 20QQ is the latest rncarkality table. The of creating a. new mortality table, which will be in �r��rease in the salary increase co�r�lates to the length irt�estment rate return assum.ptiQn is currently 7.5% nen�k expenses, which are �pproximately half of 1%. Mr. rn�nds a 7% net investm�nt rate return assumption. noved #c� accept the actuary's recommendations for �ptions and methods, per the Experience Investigation mith and �ornpany for the five-year period ending �n was duly seconded and carried unanimously. Pension Trustees 2012-12-17 5 Item # 1 Attachment number 1 \nPage 6 � r' • The meeting was adjourned at 1:54 p.m. Employees' Pens Pension Trustees 2012-12-17 6 I[�'ii�:�il Pension Trustees Agenda Council Chambers - City Hall SUBJECT / RECOMMENDATION: Approve the request of the new hires for acceptance into the Pension Plan as listed. SUMMARY: Name, Job. Class, & Dept./Div. Hire Date Eli�. Date Brandon Dragustine, Service Dispatcher, Gas Department 11/03/12 11/03/12 Emery Rumsey, Fleet Mechanic, General Services Department 11/OS/12 11/OS/12 Sean Deeran, Field Service Rep, Customer Service Department 11/13/12 11/13/12 Katrina Ragan, Library Assistant, Library Department 11/17/12 11/17/12 Zorana Kojic, Industrial Pretreatment Tech, Public Utilities Dept 11/19/12 11/19/12 Review Approval: Meeting Date:l/14/2013 Cover Memo ��11�:�� Pension Trustees Agenda Council Chambers - City Hall Meeting Date:l/14/2013 SUBJECT / RECOMMENDATION: Approve the request of employees Robert Kimball of the General Services Department, James Lightfoot of the Parks and Recreation Department, Louis A. Corona II of the Police Department, Charles Williamson of the General Services Department, and Faye Wilkinson of the Police Department for a regular pension as provided by Sections 2397 and 2398 of the Employees' Pension Plan. SUMMARY: Robert Kimball, Fleet Mechanic, Solid Waste/General Services Department, was employed by the City on October 27, 1980, and his pension service credit is effective on that date. His pension will be effective January 1, 2013. Based on an average salary of approximately $58,22931 per year over the past five years, the formula for computing regular pensions, and Mr. Kimball selection of the Joint and Survivor Annuity, this pension will approximate $51,633.24 annually. James Lightfoot, Recreation Programmer, Parks and Recreation Department, was employed by the City on September 8, 1979, and his pension service credit is effective on that date. His pension will be effective February 1, 2013. Based on an average salary of approximately $43,569.96 per year over the past five years, the formula for computing regular pensions, and Mr. Lightfoot's selection of the 50% Joint and Survivor Annuity, this pension will approximate $39,160.20 annually. Louis A. Corona II, Police Social Services Specialist, Police Department, was employed by the Ciry on November 30, 1992, and his pension service credit is effective on that date. His pension will be effective January 1, 2013. Based on an average salary of approximately $ 52,787.99 per year over the past five years, the formula for computing regular pensions, and Mr. Corona's selection of the 100% Joint and Survivor Annuity, this pension will approximate $28,720.56 annually. Charles Williamson, Licensed Electrician, General Services Department, was employed by the City on December 12, 1983, and his pension service credit is effective on that date. His pension will be effective December 1, 2012. Based on an average salary of approximately $55,287.46 per year over the past five years, the formula for computing regular pensions, and Mr. Williamson's selection of the 100% Joint and Survivor Annuity, this pension will approximate $43,145.52 annually. Faye Wilkinson, Police Officer, Police Department, was employed by the City on November 7, 1988, and her pension service credit is effective on that date. Her pension will be effective December 1, 2012. Based on an average salary of approximately $73,873.26 per year over the past five years, the formula for computing regular pensions, and Ms. Wilkinson's selection of the Life Annuity, this pension will approximate $49,152.48 annually. Section 2397 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 quali�es under the age 65 and 10 years of service criteria. Mr. Corona and Mr. Williamson qualify under the age 55 and twenty years of service criteria. Mr. Kimball and Mr. Lightfoot qualify under the thirty years of service criteria. Section 2397 also provides for narmal 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 dury" and further de�nes service as a Police Major, Police Sergeant, and Police Lieutenant as meeting the hazardous duty criteria. Ms. Wilkinson qualifies under the hazardous dury criteria. Cover Memo Item # 3 Review Approval: � , ; u -�� �_� � � .:� {,� � ��_.� ���r' �� � ��. i �,. . r. ■���." � �a, »� ' ���F����l�� �� �ra���ay�e� ��� ����i�+�; � 1ur�p ��m pa�rn�r�� ��� v��ati�r�, �6���ira� hc�i6day° ��y, si�k� ����i� i�c�r�tiv�, �aorr�s �ays {if �t�������i��, �s�c� �d� �f ��cru�d sic�. �e�v� �# ��e ti�� c�� s��a�at9�� �rc�m the �ity. 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V�� ��, ���.�3� l��'9:�f Y .SJLd �4, C�7�.�� �4, ���e�� �49���.�� Pension Trustees Agenda Council Chambers - City Hall Meeting Date:l/14/2013 SUBJECT / RECOMMENDATION: Approve the request of employee Scott Yates of the Information Technology Department and Donna Matheson of the General Services/Solid Waste Department to vest their pension as provided by Section 2397 of the Employees' Pension Plan. SUMMARY: Donna Matheson, Staff Assistant, Solid Waste/General Services Department, was employed by the City on November 8, 2001, and began participating in the Pension Plan on that date. Ms. Matheson terminated from City employment on October 31, 2012. 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 ar more years of creditable service (pension participation), such employee shall acquire a vested interest in the retirement bene�ts. 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 2397 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. Matheson would have completed at least 20 years of service and will reach age 55 on November 8, 2021. Her pension will be effective December 1, 2021. Scott Yates, Senior Systems Programmer, Information Technology Department, was employed by the City on August 17, 1998, and began participating in the Pension Plan on that date. Mr. Yates terminated from City employment on November 9, 2012. 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 ar more years of creditable service (pension participation), such employee shall acquire a vested interest in the retirement bene�ts. 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 2397 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. Yates would have completed at least 20 years of service and will reach age 55 on November 13, 2018. His pension will be effective December 1, 2018. 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