05/17/1993 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
May 17, 1993
The City Commission, meeting as the Board of Trustees of the Employees Pension Fund, met in regular session at City Hall, Monday, May 17, 1993 at 9:08 A.M., with the following members
present:
Rita Garvey Chairperson
Richard Fitzgerald Trustee
Sue Berfield Trustee
Arthur X. Deegan, II Trustee
Fred Thomas Trustee
Also Present were:
Michael J. Wright City Manager
Milton A. Galbraith, Jr. City Attorney
Cynthia E. Goudeau City Clerk
ITEM #2 - Minutes:
Trustee Berfield moved to approve the minutes of the May 3, 1993, meeting. The motion was duly seconded and carried unanimously.
ITEM #3 - Request for Acceptance into Membership:
The City Manager presented the recommendation of the Pension Advisory Committee to approve membership for the employee(s) listed below:
a) Ethridge J. Hall
b) Ramon J. Cosme
Trustee Fitzgerald moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #4 - Request for Pension to be Vested:
The City Manager presented the recommendation of the Pension Advisory Committee that Margaret Watson be approved to vest her pension under the provisions of Section 2.407 of the Employees'
Pension Plan.
Margaret Watson was employed on May 14, 1976, as a part-time employee and has been a participant in the Pension Plan since April 5, 1977. Ms. Watson resigned from City employment effective
May 7, 1993. As of her resignation in May, Ms. Watson will have approximately 17 years of service and 16 years of pension participation.
The Employees' Pension Plan provides that should an employee cease to be an employee of the City of Clearwater after completing ten (10) or more years of creditable service (pension
participation), then such employee shall acquire a vested interest in the retirement benefits. Vested pension payments commence at the time the employee normally would have been eligible
for retirement. Ms. Watson would have completed 20 years and 11 months of service and be 55 years of age on March 10, 1998. Ms. Watson's vested pension benefits will be scheduled to
begin on March 11, 1998, at the beginning of the day. Pension will be paid based on 16 years of service utilizing the following formula: years of service times average salary for last
five years of service times 2.5% The cost of financing this pension at the time Ms. Watson is eligible will be approximately $93,776.48.
Trustee Berfield moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Other Business: - None.
ITEM #6 - Adjournment:
The meeting adjourned at 9:10 a.m.