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11/03/1997TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING CITY OF CLEARWATER November 3, 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 9:00 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 29, 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) Todd Kuhnel b) Levi Oatley c) Stephen Finney d) Isaac Hinson e) Diane Bennett f) Brian Sweeney g) Kathy Wight Trustee Johnson 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 Elizabeth M. Deptula, Donald W. Andrus, John W. Rooks, Jr., and Jerry Karlik be granted regular pensions under Section(s) 2.393 and 2.397 of the Employees' Pension Plan. Elizabeth M. Deptula was employed on January 17, 1977, and her pension service credit is effective July 30, 1977. Her pension will be effective on March 1, 1998. Based on an average salary of approximately $81,990 per year over the past five years, the formula for computing regular pensions, and Ms. Deptula’s selection of the Joint & Survivor Annuity, this pension will approximate $46,379 annually. Donald W. Andrus was employed on August 31, 1970, and his pension service credit is effective on that date. His retirement will be effective on January 1, 1999. Based on an average salary of approximately $37,319 per year over the past five years, the formula for computing regular pensions, and Mr. Andrus’ selection of the Joint & Survivor Annuity, this pension will approximate $29,058 annually. John W. Rooks, Jr. was employed on February 14, 1977, and his pension service credit is effective on that date. His retirement will be effective on May 1, 1998. Based on an average salary of approximately $44,931 per year over the past five years, the formula for computing regular pensions, and Mr. Rooks’ selection of the 100% Joint & Survivor Annuity, this pension will approximate $25,691 annually. Ms. Deptula’s, Mr. Andrus’, and Mr. Rooks’ pensions were approved by the PAC on October 9, 1997. Section 2.393 (p) provides for normal retirement eligibility when a participant has reached age 55 and has completed twenty years of credited service or has completed thirty years of credited service. Ms. Deptula, Mr. Andrus, and Mr. Rooks qualify under the age 55 and twenty years of service criteria. Jerry Karlik was employed on October 24, 1977, and his pension service credit is effective on that date. His retirement will be effective on March 1, 1998. Mr. Karlik’s pension was approved by the PAC on October 9, 1997. Based on an average salary of approximately $40,184 per year over the past five years, the formula for computing regular pensions, and Mr. Karlik’s selection of the 100% Joint & Survivor Annuity, this pension will approximate $22,122 annually 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 Police Officer as meeting the hazardous duty criteria. Mr. Karlik qualifies under the hazardous duty 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 Brian T. Cullen be allowed to vest his pension under Section(s) 2.397 and 2.398 of the Employees' Pension Plan. Brian T. Cullen was employed on July 28, 1975, and his pension service credit is effective on that date. Mr. Cullen resigned effective September 26, 1997. As of his resignation, Mr. Cullen had approximately 22 years of service and pension participation. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater after completing 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. Mr. Cullen would have completed 30 years of service on July 27, 2005. His request to vest his pension was approved by the PAC on October 9, 1997, and will be effective August 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 9:02 a.m.