11/14/2006
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
November 14, 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
Rosemarie Call
City Manager
Assistant City Manager
City Attorney
City Clerk
Management Analyst
The Chair called the meeting to order at 1 :38 p.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 October 16. 2006 Pension Trustees Meetina as submitted in
written summation bv the City Clerk.
Trustee Petersen moved to approve the minutes of the October 16, 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 Trustee Items
3.1 Accept the emplovees listed below into membership in the Citv of Clearwater's Emplovees'
Pension Plan.
Pension Elig. Name, Job. Class, & Dept./Div. Hire Date Date
Elizabeth Daly, PI Specialist/Fire 9/5/06 9/5/06
lavale Smith, SWWorker/Solid Waste 8n/06 8n/06
Ronnie Melton, Pier 60 Supr/Mar & Av. 7/17/067/17/06
Charles Brown, Pks Ser Tech I/P&R 7/24/067/24/06
Justyna Buszewski, Planner IIPlanning 8/21/06 8/21/06
Veteran Nix, SW Worker/Solid Waste 8/29/06 9/18/06 *
Andrew Biscardi, Gas Technician I/Gas 9/5/06 9/5/06
Alcides Ramos, SW Worker/Solid Waste 9/18/06 9/18/06
Michael Stephenson, SW Wkr/Solid Waste 9/18/06 9/18/06
Charles Floyd, Gas Technician I/Gas 9/18/06 9/18/06
Benton Rothermel, Survey Asst I/Eng. 9/18/06 9/18/06
Dustin Cox, Pks Ser Tech I/P&R 9/18/069/18/06
Amanda Barnhart, Util. Chem.lPub Uti I. 9/18/06 9/18/06
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Philip McGrath, Survey Asst I/Eng. 9/18/06 9/18/06
* originally employed as temporary; changed to full-time and pension eligible as of
9/18/06.
Trustee Doran 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 Marcia Charlton. Marine & Aviation Department: John A. Johnson. Public Utilities
Department: and Peter C. Werbstein. Public Utilities Department. be aranted reaular pensions
under Section(s) 2.393 and 2.397 of the Emplovees' Pension Plan as approved bv the Pension
Advisory Committee.
Marcia Charlton, Administrative Analyst, Marine & Aviation Department, was employed
by the City on October 3, 1983, and her pension service credit is effective on that date. Her
pension will be effective October 1, 2006. Based on an average salary of approximately
$43,072 per year over the past five years, the formula for computing regular pensions, and Ms.
Charlton's selection of the Joint & Survivor Annuity, this pension will approximate $27,230
annually.
John A. Johnson, Wastewater Treatment Plant Operator A, Public Utilities Department,
was employed by the City on January 20, 1986, and his pension service credit is effective on
that date. His pension will be effective January 1, 2006. Based on an average salary of
approximately $47,095 per year over the past five years, the formula for computing regular
pensions, and Mr. Johnson's selection of the 100% Joint & Survivor Annuity, this pension will
approximate $26,616 annually.
Peter C. Werbstein, Public Utilities Specialist, Public Utilities Department, was employed
by the City on September 14, 1981, and his pension service credit is effective on that date. His
pension will be effective October 1, 2006. Based on an average salary of approximately
$47,755 per year over the past five years, the formula for computing regular pensions, and Mr.
Werbstein's selection of the Joint & Survivor Annuity, this pension will approximate $32,886
annually.
These pensions were approved by the Pension Advisory Committee on October 12,
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. Ms. Charlton, Mr.
Johnson, and Mr. Werbstein qualify under the age 55 and twenty years of service criteria.
Trustee Hamilton moved to grant Marcia Charlton, Marine & Aviation Department; John
A. Johnson, Public Utilities Department; and Peter C. Werbstein, Public Utilities Department
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.
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3.3 Holly L. May. Librarv Department. and Elizabeth L. Garrett. Police Department. be allowed
to vest their pensions under Section(s) 2.397 and 2.398 of the Employees' Pension Plan as
approved by the Pension Advisorv Committee.
Holly L. May, Librarian II, Library Department, was employed by the City on January 19,
1981, and began participating in the Pension Plan on that date. Ms. May terminated from City
employment on September 29, 2006.
Elizabeth L. Garrett, Police Information Technician I, Police Department, was employed
by the City on January 27, 1988, and began participating in the Pension Plan on that date. Ms.
Garrett terminated from City employment on October 27,2006.
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.
Ms. May would have completed at least 30 years of service on January 19, 2011. Her
pension will be effective February 1, 2011. Ms. Garrett would have completed at least 20 years
of service and reached age 55 on January 27, 2008. Her pension will be effective February 1 ,
2008. These pensions were approved by the PAC on October 12, 2006.
Trustee Jonson moved to allow Holly L. May, Library Department, and Elizabeth L.
Garrett, Police Department, to vest their pensions 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.
4. Other Business:
Finance Director Margie Simmons reported that Pension Plan money manager
Putnam's performance has been unacceptable and the firm is for sale. Staff has moved plan
investments from the firm and in December will present action to terminate the contract.
5 Adjourn:
The meeting adjourned at 1:41 p.m.
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Pension Trustees 2006-11-14