08/31/1998TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
August 31, 1998
Present: Rita Garvey Chair
Ed Hooper Vice-Chair/Trustee
J. B. Johnson Trustee
Robert Clark Trustee
Karen Seel Trustee
Michael J. Roberto City Manager
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
Gwen Legters Board Reporter
The Chair called the meeting to order at 10:17 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 Johnson moved to approve the minutes of the July 13, 1998, 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 - Accept Actuary’s Report for Employees’ Pension Plan for plan year beginning 1/1/98
The 1/1/98 actuarial report for the Employees’ Pension Plan requires a City contribution of $1,299,185. However, the City Ordinance governing the plan requires the City contribute
at least 7% of the compensation of all employees participating in the plan (estimated at $3,309,684).
The difference between the required contribution of $3,309,684 and the actuarial determined contribution of $1,299,185 will be added to the existing credit balance, currently at $3,932,987.
The new credit balance is estimated to be $5,943,486.
The funded status of the plan increased from 151% at 1/1/97 to 165% at 1/1/98.
The plan experienced a third year of excellent investment performance. The performance for the last 3 years (1995, 1996, and 1997, respectively) has been 23.36%, 14.80%, and 17.49%.
Trustee Hooper moved to accept the Actuary’s Report for the Employees’ Pension Plan for the plan year beginning 1/1/98. The motion was duly seconded and carried unanimously.
ITEM #4 - Other Business - None.
ITEM #5 - Adjournment:
The meeting adjourned at 10:18 a.m.