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08/15/2006 . . . TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES CITY OF CLEARWATER August 15,2006 Present: Frank Hibbard Carlen Petersen Hoyt Hamilton William C. Jonson John Doran Chair Trustee Trustee Trustee Trustee Also Present: William B. Horne, II Garry Brumback Pamela K. Akin Cynthia E. Goudeau Brenda Moses City Manage Assistant City Manager City Attorney City Clerk Board Reporter The Chair called the meeting to order at 10: 19 a.m. at City Hall. To provide continuity for research, items are in agenda order although not necessarily discussed in that order. 2. Approval of Minutes: 2.1 Approve the minutes of the July 18. 2006. Pension Trustees Meetina as submitted in written summation by the City Clerk. Trustee Hamilton moved to approve the minutes of the July 18, 2006, meeting, as recorded and submitted in written summation by the City Clerk to each Trustee. The motion was duly seconded and carried unanimously. 3. Pension Trustees Items: 3.1. Accept listed employees into membership in the City of Clearwater's Employees' Pension Plan. Date Allan Sychowski, Fire Inspector/Fire, Daniel Crider, Rec. Programmer/Parks & Rec., Lawrence Downing, Police Officer/Police, Arthur Sarrach, Pub. Util. Tech. I/PU, Raymond Joline, Pks. Ser. Tech. I/P&R, Douglass Bailey, Police Officer/Police, Jason Lambe, Police Officer/Police, Bradlee Starks, Police Officer/Police, James Hersh, Drftg & Map Tech/Engineering, Eric Holmes, Pks. Ser. Tech. IIParks & Rec., Timothy Booth, Pub. Util. Tech. I/PU, Maurice Bryant, Pub. Ser. Tech. liPS, Gabriel Nunez, Police Officer/Police, William Nahorodny, Police Officer/Police, Timothy McClintick, Rec. Prog.lParks & Rec., Marcos Valdez, Police Officer/Police, Robert Reedy, Jr., Survey Assistant I/Eng., Nicholas Niski, Pks Ser. Tech. I/Pks. & Rec., Robert Wells, Solid Waste Wkr/Solid Waste * , April Troyer, Library Assistant/Library ** , Jamaar Jackson, Solid Waste Wkr/Solid Waste *** , Michelle Benjamin, Survey Asst. I/Eng., Chaki Hurdle, Solid Waste Wkr/Solid Waste, Harold Godfrey, Gas Technician I/Gas, Ned Pedersen, Human Resource Analyst/HR, Bonnie Potters, Librarian Pension Trustees 2006-08-15 . III/Library, Tiffany Adams, Fire Medic/Fire, Guy Carosa, Fire Medic/Fire, Monica Juarbe, Fire Medic/Fire, Aaron Reilly, Fire Medic/Fire, Jason Samanipour, Fire Medic/Fire, Edward Schultz/Fire Prevention Insp.lFire, Kristina Ward-Connole, Fire Medic/Fire *. * originally employed as temporary on 1/23/06; made permanent and pension eligible as of 6/12/06 ** originally employed as part-time on 8/22/05; transferred to full-time and pension eligible as of 6/10/06 *** originally employed as temporary on 3/13/06; made permanent and pension eligible as of 6/12/06. Trustee Jonson moved to accept the listed employees into membership in the City of Clearwater's Employees' Pension Plan. The motion was duly seconded and carried unanimously. 3.2. Robert Brumback. Solid Waste/General Services Department; Lisa Hebert. Police Department; and Rosanne Beck. Police Department. be aranted reaular pensions under Section(s) 2.393 and 2.397 of the Employees' Pension Plan as approved by the Pension Advisory Committee. . Robert M. Brumback, Solid Waste/General Services Director, Solid Waste/General Services Department, was employed by the City on January 4, 1982, and his pension service credit is effective on November 30, 1989. His pension will be effective July 1, 2006. Based on an average salary of approximately $95,795 per year over the past five years, the formula for computing regular pensions, and Mr. Brumback's selection of the Joint & Survivor Annuity, this pension will approximate $43,687 annually. Lisa L. Hebert, Police Officer, Police Department, was employed by the City on May 25, 1981, and her pension service credit is effective on that date. Her pension will be effective July 1,2006. Based on an average salary of approximately $57,709 per year over the past five years, the formula for computing regular pensions, and Ms. Hebert's selection of the 100% Joint & Survivor Annuity, this pension will approximate $38,479 annually. Rosanne Beck, Police Officer, Police Department, was employed by the City on October 24, 1983, and her pension service credit is effective on that date. Her pension will be effective August 1, 2006. Based on an average salary of approximately $83,531 per year over the past five years, the formula for computing regular pensions, and Ms. Beck's selection of the 10-Year Certain & Life Annuity, this pension will approximate $52,182 annually. These pensions were approved by the Pension Advisory Committee on July 20, 2006. Section 2.393 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 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 Officer as . Pension Trustees 2006-08-15 2 . meeting the hazardous duty criteria. Mr. Brumback qualifies under the age 65 and ten years of service criteria. Ms. Hebert and Ms. Beck qualify under the hazardous duty criteria. Trustee Petersen moved that Robert Brumback, Solid Waste/General Services Department; Lisa Hebert, Police Department; and Rosanne Beck, Police 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. The motion was duly seconded and carried unanimously. 3.3. Henry Propheter. Police Department. be allowed to vest his pension under Section(s) 2.397 and 2.398 of the Emplovees' Pension Plan as approved bv the Pension Advisory Committee. Henry Propheter, Systems Programmer, Police Department, was employed by the City on July 27,1988, and began participating in the Pension Plan on that date. Mr. Propheter terminated from City employment on June 13, 2006. . 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), 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 (p) 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. Propheter would have completed at least 20 years of service and reached age 55 on August 26, 2008. His pension will be effective September 1, 2008. This pension was approved by the Pension Advisory Committee on July 20, 2006. Trustee Doran moved that Henry Propheter, Police Department, be allowed to vest his pension under Section(s) 2.397 and 2.398 of the Employees' Pension Plan as approved by the Pension Advisory Committee. The motion was duly seconded and carried unanimously. 3.4 Approve the recommended administrative expenditures totalina $396.850 for fiscal year 2006-07. 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. Printing and binding is for the statutorily required annual information distribution to the members of the pension plan. Postage is for certified mailings required under a new rule passed by the Pension Trustees. Membership dues are for the annual dues for the Florida Public Pension Trust Association. Training is the estimated amount for the mandatory training required by state statute. Travel is the estimated cost for training and due diligence visits. Klausner & Kaufman is the pension attorney firm. Annual attorney's fees also include medical bills that are for the medical services authorized by the Pension Advisory Committee. This is a not to exceed amount. Reimbursement to the General . Pension Trustees 2006-08-15 3 . Fund and the Self Insurance Fund is for the cost of the oversight of the Plan and is recognized as revenue to the funds. This reimbursement covers the services provided by Human Resources, Payroll, and Finance Departments. Referendum costs were deferred from last year. Costs are as follows; November or March election ballot (piggyback with County) estimated at $10,000, Stand alone election ballot estimated $60,000. Money manager, safekeeping, actuary, and pension administration fees are all set by contracts approved by the Trustees and are not included here. In response to a question, Finance Department Accountant Joyce Hunt said medical bills and attorney fees are commingled. Staff will provide Council with estimated totals for each item. Trustee Hamilton moved to approve the recommended administrative expenditures totaling $396,850 for Fiscal Year 2006-07. The motion was duly seconded. In response to a question, Finance Director Margie Simmons said staff has budgeted $120,000 in anticipation of a referendum next year; if unspent, would go back into the pension fund. Upon the vote being taken, the motion carried unanimously. 4. Other Business: None. . 5. Adjourn: The meeting adjourned at 10:23 a.m. ~ /U/~ ~ir Employee's Pension Plan Trustees . Pension Trustees 2006-08-15 4