09/15/2003
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
September 15, 2003
Present: Brian Aungst Chair
Hoyt Hamilton Vice-Chair/Trustee
Whitney Gray Trustee
William C. Jonson Trustee
Frank Hibbard Trustee
Also Present: William B. Horne II City Manager
Pamela K. Akin City Attorney
Joe Roseto Human Resources Director
Cynthia E. Goudeau City Clerk
Patricia O. Sullivan Board Reporter
The Chair called the meeting to order at 9:33 a.m. at City Hall.
To provide continuity for research, items are in agenda order although not
necessarily discussed in that order.
2 - Approval of Minutes:
Trustee Jonson moved to approve the minutes of the August 18, 2003, meeting, as
motion
recorded and submitted in written summation by the City Clerk to each Trustee. The
carried
was duly seconded and unanimously.
3 - Approve the recommended administrative expenditures for Fiscal Year 2003/04 totaling
$151,250 for the City of Clearwater Employees’ Pension Plan.
The Employees’ Pension Plan does not have a legal requirement to have a budget.
The Trustees must approve all expenditures. For the sake of efficiency, staff requests
approval of the following routine expenditures. These expenditures involve routine and small
dollar amounts.
Medical Bills is the medical services that the PAC (Pension Advisory Committee)
authorizes. Travel is for the following two trips: 1) attendance by two people at a training
seminar and a due diligence visit and 2) training for two people with the new custodian,
Northern Trust. Printing and Binding is for statutorily required annual information distribution to
members of the Pension Plan. Training is for mandatory training required by state statute.
Money Manager, Safekeeping Service, and Pension Administrator fees are all set by contracts
approved by the Trustees and are not included in this administrative budget. Reimbursement
to the General Fund and Self Insurance Fund is for the cost of oversight of the Plan and is
recognized as revenue to the General Fund and Self Insurance Fund.
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Medical Bills $ 6,000
Physicals 35,000
Travel Expenses 4,500
Training 2,500
Printing 750
Miscellaneous 500
Reimbursement to General Fund 79,000
Reimbursement to Self Insurance Fund 23,000
$151,250
In response to a question, Fiscal Manager Margie Simmons said some of the staff in
Human Resources are paid out of the Insurance Fund.
Trustee Jonson moved to approve the recommended administrative expenditures for
Fiscal Year 2003/04 totaling $151,250 for the City of Clearwater Employees’ Pension Plan.
motion carried
The was duly seconded and unanimously.
4 – Approve the contract with the firm of Charles D. Hyman & Company for consulting services
with an annual cost of $15,000.
As directed by the Trustees on June 16, 2003, staff has negotiated a contract with
Charles D. Hyman and Company for pension plan consulting services. The contract provides
for pension plan consulting services (i.e. strategic and tactical asset mix, diversification
guidance, economic and market analysis) to the Pension Plan at an annual cost of $15,000,
paid quarterly.
Trustee Hamilton moved to approve the contract with the firm of Charles D. Hyman &
Company for consulting services with an annual cost of $15,000 and that the appropriate
motion carried
officials be authorized to execute same. The was duly seconded and
unanimously.
5 - Other Business
In response to a question regarding correspondence related to a recent PAC (Pension
Advisory Committee) hearing, Human Resources Director Joe Roseto said the PAC decision is
final. The City Attorney said the Pension Trustees do not have the authority to act on PAC
disability rulings.
6 - Adjournment
The meeting adjourned at 9:38 a.m.
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