09/29/1997TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
September 29, 1997
Present: Rita Garvey Chair
J. B. Johnson Trustee
Robert Clark Trustee
Ed Hooper Trustee
Karen Seel Trustee
Michael J. Roberto City Manager
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
Patricia O. Sullivan Board Reporter
The Chair called the meeting to order at 9:02 a.m. at City Hall.
To provide continuity for research, items are in agenda order although not necessarily discussed in that order.
ITEM #2 - Approval of Minutes
Trustee Hooper moved to approve the minutes of the September 2, 1997, meeting, as recorded and submitted in written summation by the City Clerk to each Trustee. 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) Kenneth Cotton
b) Michael Vaillancourt
c) Tim Keene
d) James Jackson
e) Robert Carpenter
f) David Veile
g) Jere Jones
h) Kelly Myrick
i) Jeanmarie Kabala
j) Allen Mardis
k) Johnnie McFarlane
l) Shawna Service
Trustee Hooper 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 John P. Geisel, Jr. and Donald A. Meerians be granted regular pensions under Section(s) 2.393 and
2.397 of the Employees' Pension Plan.
John P. Geisel, Jr. was employed on October 2, 1967, and his pension service credit is effective that date. His pension will be effective on November 1, 1997. Based on an average
salary of approximately $43,188 per year over the past 5 years, the formula for computing regular pensions, and Mr. Geisel’s selection of the Life Annuity, this pension will approximate
$39,863 annually.
Donald A. Meerians was employed on July 3, 1978, and his pension service credit is effective that date. His retirement will be effective on August 1, 1998. Based on an average salary
of approximately $58,074 per year over the past 5 years, the formula for computing regular pensions, and Mr. Meerians’ selection of the Joint & Survivor Annuity, this pension will approximate
$31,945 annually.
On September 11, 1997, the PAC (Pension Advisory Committee) approved pensions for Messrs. Geisel and Meerians. Section 2.393 (p) provides for normal retirement eligibility when a participant
has reached age 55 and completed 20-years of credited service or has completed 30-years of credited service. Mr. Geisel qualifies under the 30-years of credited service criteria and
Mr. Meerians qualifies under the age 55 and 20-years of service criteria.
Trustee Clark moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #5 - Request to Vest Pension:
The City Manager presented the recommendation of the Pension Advisory Committee that Terence C. Jennings be allowed to vest his pension under Section(s) 2.397 and 2.398 of the Employees'
Pension Plan
Terence C. Jennings was employed on March 15, 1976, and his pension service credit is effective on that date. Mr. Jennings resigned effective November 3, 1997, at which time he will
have approximately 21½ years of service and pension participation. The Pension Plan permits employees who have completed 10 or more years of creditable service (pension participation)
to acquire a vested interest in the retirement benefits. Vested pension payments commence at the time an employee normally would have been eligible for retirement. Mr. Jennings would
have completed at least 20-years of service and reached age 55 on June 26, 2005. On September 11, 1997, the PAC approved his request to vest his pension to be effective July 1, 2005.
Trustee Johnson moved to accept the recommendation of the Pension Advisory Committee. The motion was duly seconded and carried unanimously.
ITEM #6 - Other Business - None.
ITEM #7 - Adjournment:
The meeting adjourned at 9:03 a.m.