07/12/1999
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
July 12, 1999
Present: Brian J. Aungst Chair
Ed Hooper Vice-Chair/Trustee
J. B. Johnson Trustee
Robert Clark Trustee
Ed Hart Trustee
Also Present: Michael J. Roberto City Manager
Pamela K. Akin City Attorney
Lee Dehner Pension Trustees Attorney
Cynthia E. Goudeau City Clerk
Patricia O. Sullivan Board Reporter
The Chair called the meeting to order at 1:24 p.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 June 14, 1999, meeting, and
special meetings of June 7, 1999 and June 17, 1999, as recorded and submitted in written
motioncarried
summation by the City Clerk to each Trustee. The was duly seconded and
unanimously.
ITEM #3 - Request for Acceptance into Membership:
The City Manager presented the recommendation of the Pension Advisory Committee
to approve membership for the employees listed below:
Jarred Stiff
Steve Ussery
Shoba Sridaran
Florence Reichert
Randy Higgins
Trustee Johnson moved to accept the recommendation of the Pension Advisory
motioncarried
Committee. The was duly seconded and unanimously.
ITEM #4 - Request for Pension:
The City Manager presented the recommendation of the Pension Advisory Committee
William Weller regular pension
that be granted a under Section(s) 2.393 and 2.397 of the
Employees' Pension Plan.
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William Weller was employed on May 10, 1976, and his pension service credit is
effective on November 6, 1976. His pension will be effective August 1, 1999. On June 17,
1999, the PAC (Pension Advisory Committee) approved this pension. Based on an average
salary of approximately $43,099 per year over the past five years, the formula for computing
regular pensions, and Mr. Weller's selection of the Joint & Survivor Annuity, this pension will
approximate $26,925 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. Weller qualifies under the hazardous duty criteria.
Trustee Clark moved to accept the recommendation of the Pension Advisory
motioncarried
Committee. The was duly seconded and unanimously.
ITEM #5 - Death Benefit to be granted:
The City Manager presented the recommendation of the Pension Advisory Committee
Jacqueline Pedley, widow of James Pedley
that , be granted a death benefit under Section
2.397 of the Employees' Pension Plan.
James Pedley was employed on January 16, 1989, and his pension service credit is
effective on that date. Mr. Pedley passed away on May 19, 1999. Jacqueline Pedley, widow
of James Pedley, applied for death benefits on June 1, 1999. Mr. and Mrs. Pedley were
legally married on April 16, 1983, thereby entitling her to death benefits under provisions of the
Employees' Pension Plan. On June 17, 1999, the PAC approved Mrs. Pedley's request for
death benefits. The amount of Mrs. Pedley's pension will be computed by the Finance
Department at a later date. This pension will be effective June 1, 1999. Based on an average
salary of approximately $35,557 per year over the past five years, this pension will
approximate $10,115 annually.
Trustee Johnson moved to accept the recommendation of the Pension Advisory
motioncarried
Committee. The was duly seconded and unanimously.
ITEM #6 - Approve recommended mid-year adjusted administrative expenditure budget for FY
(fiscal year) 1998/99, totaling $78,865 for the City's Employees' Pension Plan
The proposed mid-year budget for FY (fiscal year) 1989/99 was presented. Charges
include: 1) medical bills for services authorized by the PAC (Pension Advisory Committee); 2)
travel and training for a Pension Investment Committee visit to the Pension Plan’s performance
measurement firm, Callan, and attendance at a Callan training seminar, and a due diligence
visit to one of the money managers; and 3) printing and binding for statutorily required annual
information distribution to Plan members.
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Fees, established by Trustee approved contracts for the Money Manager, Safekeeping
Service, Pension Administrator, and Actuary, are not included in this administrative budget.
Reimbursement to the General Fund covers costs related to overseeing the Plan and issuing
pension checks.
All expenditures are expected to be covered by the approved budget except: 1) Human
Resources is providing more services than anticipated, increasing the General Fund
reimbursement by $16,615, to a total of $42,615 (Legal - $3,000; Finance - $18,000; & Human
Resources - $21,415) and 2) an estimated $25,000 to cover costs associated with providing
the Pension fund with its own attorney for the remainder of the fiscal year.
Trustee Hooper moved to approve the recommended mid-year adjusted administrative
expenditure budget for FY 1998/99, totaling $78,865 for the City's Employees' Pension Plan.
motioncarried
The was duly seconded and unanimously.
ITEM #7 - Other Business:
In response to a question, Pension Trustees Attorney Lee Dehner said recent
legislative changes are agendaed for discussion at the July 14, 1999, PAC meeting.
ITEM #8 - Adjournment:
The meeting adjourned at 1:27 p.m.
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