12/15/2003
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
CITY OF CLEARWATER
December 15, 2003
Present: Brian Aungst Chair
Hoyt Hamilton Vice-Chair/Trustee
Whitney Gray Trustee
Frank Hibbard Trustee
William C. Jonson Trustee
Also Present: William B. Horne II City Manager
Garry Brumback Assistant City Manager
Pamela K. Akin City Attorney
Joe Roseto Human Resources Director
Cynthia E. Goudeau City Clerk
Brenda Moses Board Reporter
The Chair called the meeting to order at 9:34 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: November 17, 2003
Trustee Hibbard moved to approve the minutes of the December 15, 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. Request for acceptance into membership: Michael Franco, Kyle Kilian, Vincent Jones,
James Weinreich, Demetrius Brown, Nicole Anderson, Gary Martinez, Mitch Arnold, Amanda
Seibel, Chris Hicks, Kerri Leeman, Jeff Mahar, and Timothy Smith.
Human Resources Director Joe Roseto presented the recommendation of the PAC
(Pension Advisory Committee) to approve membership for employees: Michael Franco, Kyle
Kilian, Vincent Jones, James Weinreich, Demetrius Brown, Nicole Anderson, Gary Martinez,
Mitch Arnold, Amanda Seibel, Chris Hicks, Kerri Leeman, Jeff Mahar, and Timothy Smith.
Trustee Gray moved to accept the recommendation of the Pension Advisory Committee.
motioncarried
The was duly seconded and unanimously.
4. Regular Pension(s) to be granted: James W. Thomas & Gordon Yaudes
Mr. Roseto presented the recommendation of the Pension Advisory Committee that
James W. Thomas and Gordon Yaudes be granted regular pensions under Section(s) 2.393
and 2.397 of the Employees' Pension Plan as approved by the Pension Advisory Committee.
James W. Thomas, Police Officer, Police Department, was employed by the City on
October 26, 1987, and his pension service credit is effective on that date. His pension will be
effective November 1, 2003. Based on an average salary of approximately $44,398 per year
Pension Trustees 2003-12-15 1 12/15/03
over the past five years, the formula for computing regular pensions, and Mr. Thomas’ selection
of the Life Annuity, this pension will be approximately $22,114 annually.
Gordon Yaudes, Fire Assistant Chief, Fire Department, was employed by the City on
February 14, 1977, and his pension service credit is effective on that date. His pension will be
effective November 1, 2003. Based on an average salary of approximately $68,456 per year
over the past five years, the formula for computing regular pensions, and Mr. Yaudes' selection
of the 75% Joint & Survivor Annuity, this pension will be approximately $50,494 annually.
The Pension Advisory Committee (PAC) approved these pensions on November 13,
2003. Section 2.393 (p) provides for normal retirement eligibility when a participant has reached
age 55 and completed 20 years of credited service, has completed 30 years of credited service,
or has reached age 65 and completed 10 years of credited service. Section 2.393 also (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 Fire Assistant Chief as meeting the hazardous duty criteria. It also provides
for early retirement for hazardous duty employees at age 55 with at least 10 years of service.
Mr. Thomas qualifies for hazardous duty early retirement. Mr. Yaudes qualifies under the
hazardous duty criteria.
Trustee Hamilton moved to grant regular pensions for James W. Thomas and Gordon
motion
Yaudes as approved by the Pension Advisory Committee. The was duly seconded and
carried
unanimously.
5. Approve the expenditure of $400 for membership in the Florida Public Pension Trustees
Association.
The Florida Public Pension Trustees Association (FPPTA) is a non-profit organization
that is dedicated to the goal of educating public pension trustees. FPPTA holds two schools
and one conference a year.
The plan's pension attorney, Klausner & Kaufman is very active in FPPTA. As staff
becomes aware of other similar organizations that are of benefit to the Pension Plan,
authorization to join the organization(s) will be brought forward for Trustee approval.
Trustee Jonson moved to approve the expenditure of $400 for membership in the Florida
motioncarried
Public Pension Trustees Association. The was duly seconded and
unanimously.
6. Other Business
Finance Director Margie Simmons said there has been discussion at the Pension
Advisory Committee meetings regarding investment firms. Invesco has been a concern,
however, there has been no impact on City funds. Should a change be made, Invesco would be
given a 30-day notice and funds would be put with Lehman Brothers.
Pension Trustees 2003-12-15 2 12/15/03
In response to a question, Ms. Simmons encouraged Commissioners to attend the
Pension Investment Training tomorrow afternoon. The meeting would provide four hours of
investment education on-site.
7. Adjourn
The meeting adjourned at 9:39 a.m.
Pension Trustees 2003-12-15 3 12/15/03