06/18/2013 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
June 18, 2013
Present: Chair/Trustee George N. Cretekos, Trustee Paul Gibson, Trustee
Doreen Hock-DiPolito, Trustee Bill Jonson, and Trustee Jay E.
Polglaze.
Also Present: William B. Horne II - City Manager, Jill Silverboard -Assistant City
Manager, Rod Irwin - Assistant City Manager, Pamela K. Akin - City
Attorney, Rosemarie Call - City Clerk, and Nicole Sprague - Official
Records and Legislative Services Coordinator.
To provide continuity for research, items are in agenda order although not
necessarily discussed in that order.
1. Call to Order - Chair George N. Cretekos
The meeting was called to order at 9:50 a.m. at City Hall.
2. Approval of Minutes
2.1 Approve the minutes of the May 13, 2013 Pension Trustees meeting as
submitted in written summation by the City Clerk.
Trustee Doreen Hock-DiPolito moved to approve the minutes of the May 13, 2013
Pension Trustees meeting as submitted in written summation by the City Clerk. The
motion was duly seconded and carried unanimously.
3. Citizens to be Heard re Items Not on the Agenda - None.
4. Pension Trustee Items
4.1 Approve the request of the new hires for acceptance into the Pension Plan as
listed.
Pension
Name, Job. Class, & Dept./Div. Hire Date Eliq. Date
Shannon Hight, Fire Medic, Clwtr Fire and Rescue Dept. 04/06/2013 04/06/2013
William Billups, Fire Medic, Clwtr Fire and Rescue Dept. 04/06/2013 04/06/2013
Michael Remillet, Fire Medic, Clwtr Fire and Rescue Dept. 04/06/2013 04/06/2013
Elizabeth Pierce, Fire Medic, Clwtr Fire and Rescue Dept. 04/06/2013 04/06/2013
James Desaulniers, Fire Medic, Clwtr Fire and Rescue Dept. 04/06/2013 04/06/2013
Pension Trustees 6/18/2013 1
Justin Smith, Fire Medic, Clearwater Fire and Rescue Dept. 04/06/2013 04/06/2013
Justin Suhanovsky, Fire Medic, Clwtr Fire and Rescue Dept. 04/06/2013 04/06/2013
Logan Cruz, Fire Medic, Clearwater Fire and Rescue Dept. 04/06/2013 04/06/2013
Yusupha Touroy, Stormwater Technician I, Engineering Dept. 04/06/2013 04/06/2013
Amanda Kirkpatrick, Rec Leader I, Parks and Rec Dept. 04/06/2013 04/06/2013
Kelly Pierce, Police Comm Oper Trainee, Police Dept. 04/22/2013 04/22/2013
Daniel Knight, Cust Service Rep, Customer Service Dept. 04/22/2013 04/22/2013
Korey Glass, Solid Waste Worker, Solid Waste Dept. 04/22/2013 04/22/2013
Jesus Rolden Trejo, Tradesworker, General Services Dept. 04/22/2013 04/22/2013
Leviticus McKinnon, Sold Waste Worker, Solid Waste Dept. 04/22/2013 04/22/2013
Trustee Jay Polglaze moved to approve the request of the new hires for acceptance into
the Pension Plan as listed. The motion was duly seconded and carried unanimously.
4.2 Approve the recommended pension plan expenditures for fiscal year 2014,
totaling $321,000.
The Employees' Pension Plan does not have a legally required annual budget.
However, the Trustees must approve all expenditures. The following are routine
expenditures that staff is requesting approval of for administrative efficiency. The
recommended expenditures for fiscal year 2014 reflect an $11,000, or 3.3%,
decrease from the fiscal year 2013 expenditures of$332,000. This decrease is
primarily due to elimination of$15,000 included in the 2013 expenditures for the
pension plan referendum.
Training and travel are for the estimated costs of pension training and related
travel, including fiduciary training for the trustees and Pension Advisory
Committee (PAC) members. This is a not-to-exceed amount given uncertainty
regarding the number of trustees and PAC members that may elect to attend
training conferences.
Reimbursement to the General Fund is for the cost of oversight and
administration of the Plan, recognized as revenue to the General Fund. The
reimbursement is for services provided by Human Resources, Payroll, and
Finance personnel. The firm of Klausner, Kaufman, Jensen and Levinson
serves as the Plan's pension attorney. Annual attorney fees also include medical
bills for medical services authorized by the PAC. Money manager, performance
measurement consulting, safekeeping, and actuary fees are all governed by
contracts separately approved by the Trustees, and are not included in this
agenda item amount.
Pension Trustees 6/18/2013 2
Trustee Paul Gibson moved to approve the recommended pension plan expenditures
for fiscal year 2014, totaling $321,000. The motion was duly seconded and carried
unanimously.
4.3 Approve the request of the following employees Ozell George, Engineering
Department; Marjorie Doucette, Finance Department; Robert Barry, Parks and
Recreation and Brian Dewitt, Police Department; for a regular pension as
Provided by Sections 2.416 and 2.424 of the Employees Pension Plan.
Ozell George, Stormwater Supervisor II, Engineering Department, was employed
by the City on April 5, 1982 and his pension service credit is effective on that date.
His pension will be effective June 1, 2013. Based on an average salary of
approximately $67,937.31 per year over the past five years, the formula for
computing regular pensions and Mr. George's selection of the 75% Joint and
Survivor, this pension will approximate $45,747.12 annually.
Marjorie Doucette, Payroll Services Manager, Finance Department, was
employed by the City on June 24, 1985 and her pension service credit is effective
on that date. Her pension will be effective July 1, 2013. Based on an average
salary of approximately $75,443.52 per year over the past five years, the formula
for computing regular pensions and Ms. Doucette's selection of the Joint and
Survivor Annuity, this pension will approximate $62,258.16 annually.
Robert Barry, Administrative Support Manager, Parks and Recreation
Department, was employed by the City on September 24, 1979 and his pension
service credit is effective on that date. His pension will be effective July 1, 2013.
Based on an average salary of approximately $65,287.81 per year over the past
five years, the formula for computing regular pensions and Mr. Barry's selection of
the Joint and Survivor Annuity, this pension will approximate $60,615.24 annually.
Brian Dewitt, Police Officer, Police Department was employed by the City on July
8, 1993 and his pension service credit is effective on that date. His pension will be
effective August 1, 2013. Based on an average salary of approximately
$72,963.19 per year over the past five years, the formula for computing regular
pensions and Mr. Dewitt's selection of the 100% Joint and Survivor Annuity, this
pension will approximate $39,569.28 annually.
Section 2.416 provides for normal retirement eligibility for non-hazardous duty
employees hired prior to the effective date of this reinstatement (January 1, 2013),
a member shall be eligible for retirement following the earlier of the date on which
a participant has reached the age of 55 years and completed twenty years of
credited service; the date on which a participant has reached age sixty-five years
and completed ten years of credited service; or the date on which a member has
completed thirty years of service regardless of age. For non-hazardous duty
Pension Trustees 6/18/2013 3
employees hired on or after the effective date of this restatement, a member shall
be eligible for retirement following the earlier of the date on which a participant
has reached the age of sixty years and completed twenty-five years of credited
service; or the date on which a participant has reached the age of sixty-five years
and completed ten years of credited service. Mr. George, Ms. Doucette and Mr.
Barry meet the non-hazardous duty criteria.
Section 2.416 provides for normal retirement eligibility for hazardous duty
employees, a member shall be eligible for retirement following the earlier of the
date on which the participant has completed twenty years of credited service
regardless of age, or the date on which the participant has reached fifty-five years
and completed ten years of credited service. Mr. Dewitt meets the hazardous duty
criteria.
Trustee Bill Jonson moved to approve the request of the following employees Ozell
George, Engineering Department; Marjorie Doucette, Finance Department; Robert
Barry, Parks and Recreation and Brian Dewitt, Police Department; for a regular pension
as provided by Sections 2.416 and 2.424 of the Employees Pension Plan. The motion
was duly seconded and carried unanimously.
4.4 Approve the request of employee Christopher L. Housholder of the Police
Department to vest his pension as provided by Section 2.397 of the Employees
Pension Plan.
Christopher L. Housholder, Police Officer, Police Department, was employed by
the City on April 29, 1996, and began participating in the Pension Plan on that
date. Mr. Housholder terminated from City employment on April 10, 2013.
Pension Trustees 6/18/2013 4
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 2.416 provides for hazardous duty normal retirement eligibility when a
participant has completed twenty years of credited service regardless of their age,
or the date on which the participant has reached the age of fifty -five years and
completed ten years of credited service. Mr. Housholder would have completed at
least 20 years of service on April 29, 2016.
Trustee Jay Polglaze moved to approve the request of employee Christopher L.
Housholder of the Police Department to vest his pension as provided by Section 2.397
of the Employees Pension Plan. The motion was duly seconded and carried
unanimously.
5. Other Business
Finance Director Jay Ravins said recently approved state legislation requiring the
disclosure of additional information of the City's pension plan. The disclosure must be
submitted to the State annually. Additional disclosures include using a specific mortality
table and impact of a 200 -basis point decrease on the plan's interest rate assumption,
requiring the actuary to provide an additional calculation based on a 5% return
assumption. The mortality table required by the State is older than the one used
currently by the plan, which is more current and conservative. Mr. Ravins said the
additional disclosures have no impact on the Plan's funding or financial statements.
6. Adjourn
The meeting adjourned at 10:00 a.m.
Attest
City Clerk
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Chair
Employees' Pension Plan Trustees
Pension Trustees 6/18/2013