10/13/2014 Pension Trustees Meeting Minutes October 13, 2014
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
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Meeting Minutes
Monday, October 13, 2014
1 :00 PM
Council Chambers
Pension Trustees
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City of Clearwater
Pension Trustees Meeting Minutes October 13, 2014
Roll Call
Present 5 - Chair George N. Cretekos, Trustee Doreen Hock-DiPolito, Trustee
Jay E. Polglaze, Trustee Bill Jonson, and Trustee Hoyt Hamilton
Also Present: William B. Horne 11 - City Manager, Jill S. Silverboard - Assistant City
Manager, Rod Irwin - Assistant City Manager, Pamela K. Akin - City
Attorney, and Rosemarie Call - City Clerk
To provide continuity for research, items are listed in agenda order although not necessarily
discussed in that order.
1. Call To Order— Chair Cretekos
The meeting was called to order at 1:03 p.m.
2. Approval of Minutes
2.1 Approve the minutes of the September 15, 2014 Pension Trustees meeting as
submitted in written summation by the City Clerk.
Trustee Hock-DiPolito moved to approve the minutes of the
September 15, 2014 Pension Trustees meeting as submitted in
written summation by the City Clerk. The motion was duly
seconded and carried unanimously.
3. Citizens to be Heard Regarding Items Not on the Agenda — None.
4. New Business Items
4.1 Approve the new hires for acceptance into the Pension Plan as listed.
Name, Job. Class, & Dept./Div. Pension Elig.
Date
Stacie VanNostrand, Devel Review Tech I, Planning and Dev. Dept. 07/28/2014
Patrick Shackton, Parks Service Technician I, Parks and Rec Dept 08/04/2014
James Pleasant, Recreation Leader, Parks & Recreation Department 08/09/2014
Kelly Callihan, Communications Operator, Police Department 08/11/2014
Tracy Garcia, Communications Operator Trainee, Police Department 08/11/2014
Gregory Seymour, Communications Operator, Police Department 08/11/2014
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City of Clearwater
Pension Trustees Meeting Minutes October 13, 2014
Kevin Kerrigan, Industrial Pretreatment Technician, Public Util Dept 08/11/2014
Sharon McAtee-Knight, Accounting Clerk, Finance Department 08/18/2014
Tina Burdo, Customer Service Representative, Customer Service Dept 08/25/2014
Paul Chouinard, Construction Inspector 2, Engineering Department 08/25/2014
Leigh Anne McLain, Service Dispatcher, Gas Department 08/25/2014
Christopher Brown, Gas Technician I, Gas Department 08/25/2014
Jhimmy Vargas-Salinas, Public Utilities Technician I, Public Util Dept 08/25/2014
Seth Eigenmann, Parks Service Technician I, Parks and Rec Dept 08/25/2014
Cedric Foster, Parks Service Technician I, Parks and Recreation Dept 08/25/2014
Trustee Hamilton moved to approve that the new hires be accepted
into the Pension Plan as listed. The motion was duly seconded and
carried unanimously.
4.2 Approve the following request of employees Patricia Cooke, Police Department, Allen
Del Prete, Human Resources Department, Charles Kindred, Solid Waste General
Services Department, Karen Miles, Finance Department, and Tina Wilson, Office of
Management and Budget, for a regular pension as provided by Sections 2.416 and
2.424 of the Employees' Pension Plan.
Patricia Cooke, Police Office Specialist, Police Department, was employed by
the City on July 24, 1995 and her pension service credit is effective on that
date. Her pension will be effective October 1, 2014. Based on an average
salary of approximately $34,929.43 over the past five years, the formula for
computing regular pensions and Ms. Cooke's selection of the Single Life
Annuity, this pension benefit will be approximately $18,418.68 annually.
Allen Del Prete, Human Resources Manager, Human Resources Department,
was employed by the City on February 11, 1991 and his pension service credit
is effective on that date. His pension will be effective October 1, 2014. Based
on an average salary of approximately $74,987.60 over the past five years, the
formula for computing regular pensions and Mr. Del Prete's selection of the
10-Year Certain and Life Annuity, this pension benefit will be approximately
$48,160.92 annually.
Charles Kindred, Fleet Mechanic, Solid Waste General Services Department,
was employed by the City on April 28, 1986 and his pension service credit is
effective on that date. His pension will be effective February 1, 2015. Based
on an average salary of approximately $61,922.36 over the past five years, the
formula for computing regular pensions and Mr. Kindred's selection of the
Single Life Annuity with a 10% Partial Lump Sum Distribution, this pension
benefit will be approximately $44,044.68 annually.
Karen Miles, Accounting Manager, Finance Department, was employed by the
City on September 22, 1986 and her pension service credit is effective on that
date. Her pension will be effective October 1, 2014. Based on an average
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City of Clearwater
Pension Trustees Meeting Minutes October 13, 2014
salary of approximately $81,443.29 over the past five years, the formula for
computing regular pensions and Ms. Miles' selection of the Single Life Annuity,
this pension benefit will be approximately $63,540.60 annually.
Tina Wilson, Budget Director, Office of Management and Budget, was
employed by the City on September 10, 1984 and her pension service credit is
effective on that date. Her pension will be effective October 1, 2014. Based on
an average salary of approximately $108,851.94 over the past five years, the
formula for computing regular pensions and Ms. Wilson's selection of the
Single Life Annuity, this pension benefit will be approximately $89,886
annually.
Section 2.416 provides for normal retirement eligibility for non-hazardous duty
employees hired prior to the effective date of this reinstatement (January 1,
2013), a member shall be eligible for retirement following the earlier of the date
on which a participant has reached the age of fifty-five years and completed
twenty years of credited service; the date on which a participant has reached
age sixty-five years and completed ten years of credited service; or the date on
which a member has completed thirty years of service regardless of age. For
non-hazardous duty employees hired on or after the effective date of this
restatement, a member shall be eligible for retirement following the earlier of
the date on which a participant has reached the age of sixty years and
completed twenty-five years of credited service; or the date on which a
participant has reached the age of sixty-five years and completed ten years of
credited service. Ms. Cooke, Mr. Del Prete, Mr. Kindred, Ms. Miles and Ms.
Wilson have met the non-hazardous duty criteria.
Section 2.416 provides for normal retirement eligibility for hazardous duty
employees, a member shall be eligible for retirement following the earlier of the
date on which the participant has completed twenty years of credited service
regardless of age, or the date on which the participant has reached fifty-five
years and completed ten years of credited service.
Trustee Jonson moved to approve the following request of
employees Patricia Cooke, Police Department, Allen Del Prete,
Human Resources Department, Charles Kindred, Solid Waste
General Services Department, Karen Miles, Finance Department,
and Tina Wilson, Office of Management and Budget, for a regular
pension as provided by Sections 2.416 and 2.424 of the Employees'
Pension Plan. The motion was duly seconded and carried
unanimously.
4.3 Recommend approval of the following request of employees Nancy Oakley, Parks and
Recreation Department, Samuel Taylor, Police Department and David Weitzel, Parks
and Recreation Department, to vest their pensions as provided by Section 2.419 of
the Employees' Pension Plan.
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City of Clearwater
Pension Trustees Meeting Minutes October 13, 2014
Nancy Oakley, Accountant, Parks and Recreation Department, was employed
by the City on May 3, 2004, and began participating in the Pension Plan on that
date. Ms. Oakley terminated from City employment on August 9, 2014.
Samuel Taylor, Senior Communications Operator, Police Department, was
employed by the City on January 12, 2004 and began participating in the
Pension Plan on that date. Mr. Taylor terminated from City employment on
August 23, 2014.
David Weitzel, Recreation Program Support Technician, Parks and Recreation
Department, was employed by the City on January 3, 2000 and began
participating in the Pension Plan on that date. Mr. Weitzel will terminate from
City employment on October 25, 2014.
The Employees' Pension Plan provides that should an employee cease to be
an employee of the City of Clearwater or change status from full-time to
part-time 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 2.416 provides for normal retirement eligibility for non-hazardous duty
employees hired prior to the effective date of this reinstatement (January 1,
2013), a member shall be eligible for retirement following the earlier of the date
on which a participant has reached the age of fifty-five years and completed
twenty years of credited service; the date on which a participant has reached
age sixty-five years and completed ten years of credited service; or the date on
which a member has completed thirty years of service regardless of age. For
non-hazardous duty employees hired on or after the effective date of this
restatement, a member shall be eligible for retirement following the earlier of
the date on which a participant has reached the age of sixty years and
completed twenty-five years of credited service; or the date on which a
participant has reached the age of sixty-five years and completed ten years of
credited service. Ms. Oakley, Mr. Taylor and Mr. Weitzel will meet the
non-hazardous duty criteria and begin collecting pensions in December 2023,
February 2034 and November 2017, respectively.
Section 2.416 provides for normal retirement eligibility for hazardous duty
employees, a member shall be eligible for retirement following the earlier of the
date on which the participant has completed twenty years of credited service
regardless of age, or the date on which the participant has reached fifty-five
years and completed ten years of credited service.
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City of Clearwater
Pension Trustees Meeting Minutes October 13, 2014
Trustee Hock-DiPolito moved to approve the following request of
employees Nancy Oakley, Parks and Recreation Department,
Samuel Taylor, Police Department and David Weitzel, Parks and
Recreation Department, to vest their pensions as provided by
Section 2.419 of the Employees' Pension Plan. The motion was
duly seconded and carried unanimously.
4.4 Approve an amendment to the agreement with Gabriel Roeder Smith and Company
for actuarial services for the Pension Plan, to extend the agreement for two years, to
December 31, 2016, add additional services for an additional not-to-exceed amount of
$71,500, and authorize the appropriate officials to execute same.
In December 2009, the Trustees approved a five-year actuarial services
agreement with Gabriel Roeder Smith and Company for the pension plan,
expiring December 31, 2014.
The agreement also included annual actuarial services for the City's Other
Post Employment Benefits (OPEB) liability. Those services and costs were
separately approved by the City Council in December 2009.
Staff recommends extension of the agreement due to the required
implementation of GASB Statements 67 and 68 effective with fiscal years 2014
and 2015. These implementations require significant assistance from the
Plan's actuary and staff believes it is the Plan's best interests to continue with
the existing actuary during the transition period.
The total not-to-exceed amount includes the following services:
$20,500 - annual actuarial valuation as of 1/01/2015
$21,000 - annual actuarial valuation as of 1/01/2016 (prior year increased by
CPI not to exceed $21,000)
$ 9,000 - actuarial valuation as of 9/30/2014 for implementation of GASB 67
and 68
$ 5,500 - actuarial valuation as of 9/30/2015 per GASB 68 requirement
$ 5,500 - actuarial valuation as of 9/30/2016 per GASB 68 requirement
$10,000 - contingency for miscellaneous consulting fees @ $5,000 per year
$71,500 Requested not-to-exceed
The City Council will be considering a similar amendment to the OPEB portion
of the agreement on the Council agenda this week, with those costs to be paid
from City funds.
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City of Clearwater
Pension Trustees
5. Adjourn
Meeting Minutes October 13, 2014
APPROPRIATION CODE AND AMOUNT:
0646- 07410- 530100- 585 - 000 -0000
Trustee Hamilton moved to approve an amendment to the
agreement with Gabriel Roeder Smith and Company for actuarial
services for the Pension Plan, to extend the agreement for two
years, to December 31, 2016, add additional services for an
additional not -to- exceed amount of $71,500, and authorize the
appropriate officials to execute same. The motion was duly
seconded and carried unanimously.
The meeting adjourned at 1:08 p.m.
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Chair
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City Clerk
City of Clearwater
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