05/13/2002
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
May 13, 2002
Present: Brian J. Aungst Chair
Whitney Gray Vice-Chair/Trustee
Hoyt Hamilton Trustee
Frank Hibbard Trustee
William C. Jonson Trustee – arrived 1:12 p.m.
Also Present: William B. Horne II City Manager
Pamela K. Akin City Attorney
Margie Simmons Finance Director
Lee Dehner Pension Trustees Attorney
Cynthia E. Goudeau City Clerk
Brenda Moses Board Reporter
The Chair called the meeting to order at 1:16 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: 04/29/02
Trustee Jonson moved to approve the minutes of the April 29, 2002, meeting, as
motion
recorded and submitted in written summation by the City Clerk to each Trustee. The
carried
was duly seconded and unanimously.
ITEM #3 - Request for acceptance into membership:
The Finance Director presented the recommendation of the Pension Advisory
Committee to approve membership for the employees listed below:
Peggy Franco, Michael Kennedy, Nathan Bergstrom, Scott Boltz, Carlos Bonilla,
Jennifer Shaw, James Hardin, Joseph Mack, Joseph Taylor, Calvin Peterson, Michele
Bergeron, Melvin Maciolek, and Kevin Richendollar.
Trustee Hamilton moved to accept the recommendation of the Pension Advisory
motioncarried
Committee. The was duly seconded and unanimously.
ITEM #4 - Approve expenditure in the amount of $9,500 to AON Consulting Inc. for pension
consulting services
On March 18, 2002, the Trustees approved an expenditure of $30,000 to Price
Waterhouse, LLP for pension actuary and consulting services related to potential changes to
the Pension Plan. The $30,000 expenditure to Price Waterhouse, LLP covers all the pension
actuary and consulting services related to the potential changes to the Pension Plan except for
the comparative pension analysis update. It will cost $9,500 to conduct a current comparative
pension analysis.
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In 1999, AON Consulting completed a comprehensive survey for the City that
compared the relative net value of current and proposed (e.g., 1.5% COLA) hazardous duty
and non-hazardous pension benefits to those provided by selected government agencies in
North/Central Florida and the Tampa Bay area. The survey results indicated that the City’s
hazardous duty employees were ranked in the first quartile or third (Fire) and fourth (Police)
respectively, out of the 19 surveyed agencies. By comparison, the City’s non-hazardous
employees were ranked in the third quartile or sixth out of the 10 surveyed agencies.
City staff is in the process of reviewing and commencing collective bargaining
negotiations with the City’s 5 employee organizations over the proposed changes to the
Pension Plan. Staff intends to bring forward the proposed changes to the Pension Plan to the
PAC and Trustees in June and July 2002. As part of the staff analysis of the proposed
changes, AON Consulting will conduct an updated comparative analysis of the relative net
value of the current and proposed hazardous duty and non-hazardous pension benefits to
those provided by selected government agencies in North/Central Florida and the Tampa Bay
area.
Trustee Gray moved to approve an expenditure in the amount of $9,500 to AON
motioncarried
consulting, Inc. for pension consulting services. The was duly seconded and
unanimously.
ITEM #5 - Other Business:
Ms. Simmons requested a special Pension Trustees meeting be scheduled to discuss
pension changes. Discussion ensued and consensus was to schedule the meeting at 9:00
a.m. on July 19, 2002.
ITEM #6 - Adjourn
The meeting adjourned at 1:21 p.m.
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