06/13/2005
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING MINUTES
CITY OF CLEARWATER
June 13, 2005
Present: William C. Jonson Vice-Chair/Trustee
Hoyt Hamilton Trustee
Carlen Petersen Trustee
John Doran Trustee
Absent: Frank Hibbard Chair/Trustee
Also Present: Garry Brumback Assistant City Manager
Pamela K. Akin City Attorney
Cynthia E. Goudeau City Clerk
Patricia O. Sullivan 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.
Approval of Minutes:
Trustee Petersen moved to approve the minutes of the May 16, 2005, meeting, as
motion
recorded and submitted in written summation by the City Clerk to each Trustee. The
carried
was duly seconded and unanimously.
Pension Trustee Items
1 - Accept the employees listed below into membership in the City of Clearwater's Employees'
Pension Plan: Bryan Adamson, Travis Yancey, Catalina Horak, Charles Jeffries, Jr., Jason
Harbert, Charlie Sims, Cristina Carosella, Rick Jackson, Joseph Deegan, Adam Morris, Sharen
Jarzen, Rosanne Lacey, James Ream, Jason Kutch, Michael Sciortino, Sebastian Dembek,
and John Knight.
Trustee Hamilton move to accept the listed employees into membership in the City of
motion carried
Clearwater's Employees' Pension Plan. The was duly seconded and
unanimously.
2 - Sandy I. Thompson, Police Department; Douglas Barry, Police Department; and Barbara
Sexsmith, Development and Neighborhood Services Department, be granted regular pensions
under Section(s) 2.393 and 2.397 of the Employees’ Pension Plan as approved by the
Pension Advisory Committee.
Sandy Thompson, Police Sergeant, Police Department, was employed by the City on
January 7, 1985, and his pension service credit is effective on that date. His pension will be
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effective June 1, 2005. Based on an average salary of approximately $76,718 per year over
the past five years, the formula for computing regular pensions, and Mr. Thompson’s selection
of the 100% Joint & Survivor Annuity, this pension will approximate $42,529 annually.
Douglas Barry, Police Sergeant, Police Department, was employed by the City on
October 13, 1980, and his pension service credit is effective on that date. His pension will be
effective July 1, 2005. Based on an average salary of approximately $76,094 per year over
the past five years, the formula for computing regular pensions, and Mr. Barry’s selection of
the 100% Joint & Survivor Annuity, this pension will approximate $50,935 annually.
Barbara Sexsmith, License Inspector, Development & Neighborhood Services
Department, was employed by the City on February 14, 1972, and her pension service credit is
effective on August 14, 1972. Her pension will be effective July 1, 2005. Based on an
average salary of approximately $45,388 per year over the past five years, the formula for
computing regular pensions, and Ms. Sexsmith’s selection of the 75% Joint & Survivor Annuity,
this pension will approximate $41,310 annually.
Trustee Petersen moved that Sandy I. Thompson, Police Department; Douglas Barry,
Police Department; and Barbara Sexsmith, Development and Neighborhood Services
Department, be granted regular pensions under Section(s) 2.393 and 2.397 of the Employees’
motion
Pension Plan as approved by the Pension Advisory Committee. The was duly
carried
seconded and unanimously.
3 - Thomas Wilson, Gas Department, be allowed to vest his pension under Section(s) 2.397
and 2.398 of the Employees’ Pension Plan as approved by the Pension Advisory Committee.
Thomas Wilson, Gas Technician II, Gas Department, was employed by the City on
November 5, 1990, and began participating in the Pension Plan on that date. Mr. Wilson
terminated from City employment on January 3, 2005.
The Employees’ Pension Plan provides that should an employee cease to be an
employee of the City of Clearwater after completing ten or more years of creditable service
(pension participation), such employee shall acquire a vested interest in the retirement
benefits. Vested pension payments commence on the first of the month following the month in
which the employee normally would have been eligible for retirement. Section 2.393 (p)
provides for normal retirement eligibility when a participant has reached age 55 and completed
twenty years of credited service, has completed 30 years of credited service, or has reached
age 65 and completed ten years of credited service.
Mr. Wilson would have completed at least 20 years of service and reached age 55 on
November 5, 2010. His pension will be effective December 1, 2010. This pension was
approved by the Pension Advisory Committee on May 12, 2005.
Trustee Doran moved that Thomas Wilson, Gas Department, be allowed to vest his
pension under Section(s) 2.397 and 2.398 of the Employees’ Pension Plan as approved by the
motion carried
Pension Advisory Committee. The was duly seconded and unanimously.
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4 - Approve chanoino allowable pension investment to be set bv State Statute and forward to
City Council and voters for approval in a referendum.
During implementation of the changes that the Trustees directed with the adoption of
the Asset Allocation Study, it became apparent that the investments listed in allowable
investments bore a striking resemblance to that of State Statute. The Pension Plan's attorney
has recommended, rather than adopting our own list of allowable Investments, that the
Trustees and voters use the investments that are allowed by State Statute. The Trustees can
restrict the investments with the Investment Policy.
Trustee Hamilton rnove to approve changing allowable pension investment to be set by
State Statute and forward to City Council and voters for approval in a referendum. The motion
was duly seconded and carried unanimously.
Other Business - None.
Adjourn
The meeting adjourned at 1:19 p.m.
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