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08/02/2004 Pension Trustees Agenda Date: 08/02/2004 Location: Council Chambers - City Hall Call to Order Approval of Minutes 06-14-2004 07 -12-2004 Special Meeting 07-15-2004 Pension Trustee Items 1. Accept the employees listed below into membership in the City of Clearwater's Employees' Pension Plan. 2. Susan Doel, Library Department; Michael Metcalf, Police Department; and William Gillette, Fire Department, be granted regular pensions under Section(s) 2.393 and 2.397 of the Employees' Pension Plan as approved by the Pension Advisory Committee. 3. Catherine Nalven, Police Department, be allowed to vest her pension under Section(s) 2.397 and 2.398 of the Employees' Pension Plan as approved by the Pension Advisory Committee. 4. Approve the recommended administrative expenditures for fiscal year 2004-05 totaling $298,500. Other Business Adjourn f :~. Pension Trustee Cover Memorandum Trackinq Number: 723 Actual Date: 08/02/2004 Subiect / Recommendation: Accept the employees listed below into membership in the City of Clearwater's Employees' Pension Plan. Summary: Pension Elig. Name, Job. Class, & Dept.jDiv. Hire Date Date Diane Faulk, Police Communications Operator Trainee/Police 5/17/04 5/17/04 Victor Demicco, Police Officer/Police 5/17/04 5/17/04 Terrance Woulard, Solid Waste Worker/Solid Waste 6/1/04 6/1/04 Barry Slack, Solid Waste Worker/Solid Waste 6/1/04 6/1/04 Erick Colindres, Solid Waste Worker/Solid Waste 6/1/04 6/1/04 James Hawkins, Parks Service Technician I/Parks & Recreation 6/14/04 6/14/04 Jeffrey Walker, Plans Examiner/Development Services 6/14/04 6/14/04 Martin Bollinger, Police Communications Operator Trainee/Police 6/14/04 6/14/04 Sean Hailey, Police Communications Operator Trainee/Police 6/14/04 6/14/04 Eric Lewis, Parks Service Technician I/Parks & Recreation 6/28/04 6/28/04 Kerry Nelson, Gas Technician I/Gas 6/28/04 6/28/04 Rebecca Melendez, Human Resources Analyst/Human Resources 6/28/04 6/28/04 Oriqinatinq: Human Resources Review Approval Cvndie Goudeau 07-21-2004 16:44:20 f :~. Pension Trustee Cover Memorandum Trackinq Number: 721 Actual Date: 08/02/2004 Subiect / Recommendation: Susan Doel, Library Department; Michael Metcalf, Police Department; and William Gillette, Fire Department, be granted regular pensions under Section(s) 2.393 and 2.397 of the Employees' Pension Plan as approved by the Pension Advisory Committee. Summary: Susan Doel, Administrative Analyst, Library Department, was employed by the City on June 7, 1971, and her pension service credit is effective on April 13, 1972. Her pension will be effective September 1, 2004. Based on an average salary of approximately $44,396 per year over the past five years, the formula for computing regular pensions, and Ms. Doel's selection of the Joint & Survivor Annuity, this pension will approximate $39,523 annually. Michael Metcalf, Police Officer, Police Department, was employed by the City on April 12, 1982, and his pension service credit is effective on that date. His pension will be effective August 1, 2004. Based on an average salary of approximately $60,718 per year over the past five years, the formula for computing regular pensions, and Mr. Metcalf's selection of the 100% Joint & Survivor Annuity, this pension will approximate $36,729 annually. William Gillette, Firefighter/Lead Medic, Fire Department, was employed by the City on August 6, 1979, and his pension service credit is effective on that date. His pension will be effective August 1, 2004. Based on an average salary of approximately $57,625 per year over the past five years, the formula for computing regular pensions, and Mr. Gillette's selection of the Life Annuity, this pension will approximate $40,238 annually. These pensions were approved by the Pension Advisory Committee on July 15, 2004. Section 2.393 (p) provides for normal retirement eligibility when a participant has reached age 55 and completed twenty years of credited service, has completed thirty years of credited service, or has reached age 65 and completed ten years of credited service. Section 2.393 Oriqinatinq: Human Resources Review Approval Cvndie Goudeau 07-21-2004 16:45:26 Regular Pensions Page 2 August 16, 2004 also (p) provides for normal retirement eligibility when a participant has completed twenty years of credited service in a type of employment described as "hazardous duty" and further specifically defines service as a Police Officer and Firefighter/Lead Medic as meeting the hazardous duty criteria. Ms. Doel qualifies under the 30 years of service criteria. Mr. Metcalf and Mr. Gillette qualify under the hazardous duty criteria. f :~. Pension Trustee Cover Memorandum Trackinq Number: 722 Actual Date: 08/02/2004 Subiect / Recommendation: Catherine Nalven, Police Department, be allowed to vest her pension under Section(s) 2.397 and 2.398 of the Employees' Pension Plan as approved by the Pension Advisory Committee. Summary: Catherine Nalven, Police Officer, Police Department, was employed by the City on September 24, 1990, and began participating in the Pension Plan on November 1, 1990. Ms. Nalven will terminate from City employment on August 31, 2004. The Employees' Pension Plan provides that should an employee cease to be an employee of the City of Clearwater after completing ten or more years of creditable service (pension participation), then 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 2.393 also (p) provides for normal retirement eligibility when a participant has completed twenty years of credited service in a type of employment described as "hazardous duty" and further specifically defines service as a Police Officer as meeting the hazardous duty criteria. Ms. Nalven would have completed 20 years of service on November 1, 2010. Her pension will be effective December 1, 2010. This pension was approved by the Pension Advisory Committee on July 15, 2004. Oriqinatinq: Human Resources Review Approval Cvndie Goudeau 07-21-2004 16:46:23 f :~. Pension Trustee Cover Memorandum Trackinq Number: 693 Actual Date: 08/02/2004 Subiect / Recommendation: Approve the recommended administrative expenditures for fiscal year 2004-05 totaling $298,500. Summary: The Employees' Pension Plan does not have a legal requirement to have a budget. The Trustees must approve all expenditures. The following are routine expenditures that staff is requesting approval for the sake of efficiency. These expenditures involve routine business matters and are mostly small dollar amounts. Medical Bills are the medical services that the Pension Advisory Committee authorizes. Travel is for two trips. The first is for attendance for two people at a training seminar and a due diligence visit. The second trip is for training for two people with our custodian, Northern Trust. Printing and Binding is for the statutorily required annual information distribution to the members of the pension plan. Training is for the mandatory training required by state statute. Included with these numbers the annual authorization for our pension attorneys, Klausner & Kaufman. Money Manager, Safekeeping, and Pension Administration fees are all set by contracts approved by the Trustees and are not included here. Reimbursement to the General Fund and the Self Insurance Fund is for the cost of oversight of the Plan and is recognized as revenue to the funds. This reimbursement covers the services provided by Human Resources Department(some of these employees are paid out of the Self Insurance Fund), Payroll and Finance Departments. Oriqinatinq: Finance Review Approval Maraie Simmons 06-30-2004 10: 51 :04 Cvndie Goudeau 07-22-2004 08:58:37 Bill Horne 07-22-2004 00:28:51 Tina Wilson 06-30-2004 11:31:01 Garrv Brumback 07-21-2004 09:06: 19 City of Clearwater Employees' Pension Plan Administrative Expenses Fiscal Year 2004-2005 Description Amount Printing Misc Training Travel Expense Medical Bills $ Reimbursement to Self Insurance Fund Physicals Reimbursement to General Fund Klausner & Kaufman 750 750 2,500 4,500 7,000 24,000 35,000 84,000 140,000 $ 298,500