03/04/1996 TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
March 4, 1996
The City Commission, meeting as the Board of Trustees of the Employees' Pension Fund, met in regular session at City Hall, Monday, March 4, 1996 at 9:00 A.M., with the following members
present:
Rita Garvey Chairperson
Sue Berfield Trustee
Fred Thomas Trustee
J. B. Johnson Trustee
Robert Clark Trustee
Also Present were:
Elizabeth M. Deptula City Manager
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
ITEM #2 - Minutes:
Trustee Berfield moved to approve the minutes of the February 12, 1996, 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) Michele Berman
b) Brian Blanco
c) Keisha Bradley
d) Albert Craig
e) Shawn Meeks
f) Michael Ogliaruso
g) Sherilla Pittman
h) James Sokol
I) William Whitstine
m) Michael Whittaker
Trustee Berfield moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #4 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Charlie Brinson be granted a regular pension under Section(s) 2.393 and 2.397 of the Employees' Pension
Plan.
Charlie Brinson was employed on July 21, 1959, and began participating as a full-time employee in the Pension Plan on that date. His retirement was effective on February 23, 1996.
Mr. Brinson’s pension was approved by the PAC on February 8, 1996. Section 2.393 (p) defines normal retirement date as when a participant reaches age 55 and has completed twenty years
of credited service or when the participant has completed thirty years of credited service regardless of age. Mr. Brinson is eligible under either criteria.
Based on an average salary of approximately $35,946 over the past five years, the formula for computing regular pensions, and Mr. Brinson’s selection of the 50% Joint & Survivor Annuity,
this pension will approximate $37,885 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension
will be approximately $478,340. The estimated pension cost (cash payout over the life of the pensioner and his spouse) is $1,174,445.
Trustee Johnson moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Malcolm G. Blankenship be granted a regular pension under Section(s) 2.393 and 2.397 of the Employees'
Pension Plan.
Malcolm G. Blankenship was employed on April 30, 1958, and began participating as a full-time employee in the Pension Plan on that date. His retirement will be effective on March 29,
1996.
Mr. Blankenship’s pension was approved by the PAC on February 8, 1996. Section 2.393 (p) defines normal retirement date as when a participant reaches age 55 and has completed twenty
years of credited service or when the participant has completed thirty years of credited service regardless of age. Mr. Blankenship is eligible under either criteria.
Based on an average salary of approximately $40,996 over the past five years, the formula for computing regular pensions, and Mr. Blankenship’s selection of the 100% Joint & Survivor
Annuity, this pension will approximate $39,643 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this
pension will be approximately $503,762. The estimated pension cost (cash payout over the life of the pensioner and his spouse) is $1,149,653.
Trustee Berfield moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #6 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Clarence L. Fails be granted a regular pension under Section(s) 2.393 and 2.397 of the Employees'
Pension Plan.
Clarence L. Fails was employed on August 18, 1965, and began participating as a full-time employee in the Pension Plan on that date. His retirement was effective on January 30, 1996.
Mr. Fails’ pension was approved by the PAC on February 8, 1996. Section 2.393 (p) defines normal retirement date as when a participant reaches age 55 and has completed twenty years
of credited service or when the participant has completed thirty years of credited service regardless of age. Mr. Fails is eligible under either criteria.
Based on an average salary of approximately $31,890 over the past five years, the formula for computing regular pensions, and Mr. Fails’ selection of the 100% Joint & Survivor Annuity,
this pension will approximate $26,266 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension
will be approximately $356,595. The estimated pension cost (cash payout over the life of the pensioner and his spouse) is $971,854.
Trustee Clark moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #7 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Richard P. Evans be granted a regular pension under Section(s) 2.393 and 2.397 of the Employees'
Pension Plan.
Richard P. Evans was employed on August 27, 1973, and his pension service credit is effective on that date. His retirement was effective on February 29, 1996.
Mr. Evans’ pension was approved by the PAC on February 8, 1996. Section 2.393 (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 firefighter as meeting the hazardous duty criteria.
Based on an average salary of approximately $51,430 over the past five years, the formula for computing regular pensions, and Mr. Evans’ selection of the 100% Joint & Survivor Annuity,
this pension will approximate $30,571 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension
will be approximately $406,708. The estimated pension cost (cash payout over the life of the pensioner and his spouse) is $1,039,400.
Trustee Thomas moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #8 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that William D. Cantlin be granted a regular pension under Section(s) 2.393 and 2.397 of the Employees'
Pension Plan.
William D. Cantlin was employed on March 8, 1976, and began participating as a full-time employee in the Pension Plan on September 11, 1976. At the time of Mr. Cantlin’s employment,
pension deductions for employees were not immediately commenced. Subsequently, when employees were provided an opportunity to make up pension contributions, Mr. Cantlin did not elect
to do so. His retirement will be effective on November 13, 1996.
Mr. Cantlin’s pension was approved by the PAC on February 8, 1996. Section 2.393 (p) defines normal retirement date as when a participant reaches age 55 and has completed twenty years
of credited service or when the participant has completed thirty years of credited service regardless of age. Mr. Cantlin is eligible under the age 55 and twenty years of service criteria.
Based on an average salary of approximately $50,155 over the past five years, the formula for computing regular pensions, and Mr. Cantlin’s selection of the 100% Joint & Survivor Annuity,
this pension will approximate $27,009 annually. Charts from Finance which take into consideration mortality rates and age reflect the "present value cost of financing" this pension
will be approximately $355,265. The estimated pension cost (cash payout over the life of the pensioner and his spouse) is $1,062,363.
Trustee Johnson moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #9 - Other Business:
H. M. Laursen, Human Resources Director, reported an opinion from Assistant City Attorney Leslie Dougall-Sides indicates regular pensions need to come to the Trustees for approval.
ITEM #10 - Adjournment: - 9:04 a.m.