03/16/2015Monday, March 16, 2015
1:00 PM
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
Pension Trustees
Meeting Agenda
March 16, 2015Pension Trustees Meeting Agenda
1. Call To Order
2. Approval of Minutes
2.1 Approve the minutes of the February 17, 2015 Pension Trustees meeting as
submitted in written summation by the City Clerk.
3. Citizens to be Heard Regarding Items Not on the Agenda
4. New Business Items
4.1 Approve the new hires for acceptance into the Pension Plan as listed.
4.2 Approve the following request of employees Lynne Pulizotto, Planning and
Development Services Department, and James Wood, Solid Waste General
Services Department, for a regular pension as provided by Sections 2.416 and
2.424 of the Employees’ Pension Plan.
4.3 Approve the following request of employee Brian Jerard, Police Department, to
vest his pension as provided by Section 2.419 of the Employees’ Pension Plan.
5. Adjourn
Page 2 City of Clearwater Printed on 3/11/2015
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#15-1113
Agenda Date: 3/16/2015 Status: Agenda ReadyVersion: 1
File Type: MinutesIn Control: Pension Trustees
Agenda Number: 2.1
SUBJECT/RECOMMENDATION:
Approve the minutes of the February 17, 2015 Pension Trustees meeting as submitted in
written summation by the City Clerk.
SUMMARY:
APPROPRIATION CODE AND AMOUNT:
USE OF RESERVE FUNDS:
Page 1 City of Clearwater Printed on 3/11/2015
Pension Trustees Meeting Minutes February 17, 2015
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
Meeting Minutes
Tuesday, February 17, 2015
9:00 AM
Pension Trustees
Page 1 City of Clearwater Draft
Pension Trustees Meeting Minutes February 17, 2015
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 – City Manager, Jill Silverboard – Assistant City Manager, Rod Irwin - Assistant City Manager, Pamela K. Akin - City Attorney, Rosemarie Call - City Clerk, Nicole Sprague - Official Records and Legislative Services Coordinator
To provide continuity for research, items are listed in agenda order although not necessarily
discussed in that order.
Unapproved
1. Call To Order – Chair Cretekos
The meeting was called to order at 9:04 a.m. at City Hall. 2. Approval of Minutes
2.1 Approve the minutes of the January 12, 2015 Pension Trustees meeting as submitted
in written summation by the City Clerk.
Trustee Hamilton moved to approve the minutes of the January 12,
2015 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
Benjamin Leeper, Public Utilities Specialist, Public Utilities Department 12/15/2014
Lucas Moody, Drafting and Mapping Technician, Engineering
Department
12/15/2014
David Pearson, Library Assistant, Library Department 12/29/2014
Page 2 City of Clearwater Draft
Pension Trustees Meeting Minutes February 17, 2015 Donald Robinson, AmeriCorps Clearwater Coordinator, Police
Department
12/29/2014
Trustee Jonson moved to approve the new hires for acceptance
into the Pension Plan as listed. The motion was duly seconded and
carried unanimously.
4.2 Approve the following request of employees Stephen Langevin, Fire Department;
Barbara Moon, Parks and Recreation Department; and Mark Teunis, Police
Department, for a regular pension as provided by Sections 2.416 and 2.424 of the
Employees’ Pension Plan.
Stephen Langevin, Firefighter - Driver/Operator, Fire Department, was
employed by the City on March 9, 1981, 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 $75,857.54 over the past five years, the
formula for computing regular pensions and Mr. Langevin’s selection of the
100% Joint and Survivor Annuity, this pension benefit will be approximately
$68,665.44 annually.
Barbara Moon, Aquatic Programmer, Parks and Recreation Department, was
employed by the City on January 10, 1994, and her pension service credit is
effective on that date. Her pension will be effective February 1, 2015.Based on
an average salary of approximately $45,601.84 over the past five years, the
formula for computing regular pensions and Ms. Moon’s selection of the Single
Life Annuity, this pension benefit will be approximately $26,408.28 annually.
Mark Teunis, Police Major, Police Department, was employed by the City on
July 19, 1982, and his pension service credit is effective on that date. His
pension will be effective January 1, 2015.Based on an average salary of
approximately $97,598.03 over the past five years, the formula for computing
regular pensions and Mr. Teunis’ selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $85,050.84 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
Page 3 City of Clearwater Draft
Pension Trustees Meeting Minutes February 17, 2015
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. Moon has 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. Mr. Langevin and Mr.
Teunis have met the hazardous duty criteria.
Trustee Hock-DiPolito moved to approve the following request of
employees Stephen Langevin, Fire Department; Barbara Moon,
Parks and Recreation Department; and Mark Teunis, Police
Department, 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 Approve a one-year funding extension for Hancock Timberland XI LP through March
31, 2016.
In the first quarter of 2012 the Employees’ Pension Plan made a funding
commitment of $8 million to Hancock Timberland XI LP. There was an initial
funding period of two years with a one-year extension exercisable at Hancock’s
option, which Hancock did exercise. The extended three-year funding period
expires March 31, 2015. To date the plan has funded $4.1 million of the $8
million commitment.
Hancock has requested an additional one-year extension of the funding period
from the participants in the venture. For the funding period to be extended,
two-thirds of the participants have to approve the extension by February 28,
2015.
When the pension plan added timber to the portfolio the demand for timberland
was not as great as it is now. Recently a significant number of pension plans
have added timber investments, causing an increasingly competitive
timberland market. Both Hancock and Molpus (the Plan’s other timber
manager) are very concerned about the price they pay for timberland. Both
timber managers have indicated they will not overpay for timberland.
Consequently during the past year or so they have been slow to acquire
Page 4 City of Clearwater Draft
Pension Trustees Meeting Minutes February 17, 2015
additional timberlands.
Since inception, Hancock Timberland XI LP has produced at return of 7.26%
versus a benchmark of 9.18%. Given the “J” curve with this type of investment
(lower return during early years), the 7.26% is very acceptable.
The funds that were carved out for Hancock currently reside with Security
Capital, the plan’s real estate investment trust (REIT) money manager.
Cap Trust, the plan’s investment advisor, recommends approval of the one
year extension. Stu Kaufman, the plan’s attorney, has no legal objections to
the extension.
Trustee Polglaze moved to approve a one-year funding extension
for Hancock Timberland XI LP through March 31, 2016. The motion
was duly seconded and carried unanimously. 5. Adjourn
The meeting adjourned at 9:06 a.m.
Chair
Employees’ Pension Plan Trustees
Attest
City Clerk
Page 5 City of Clearwater Draft
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#14-981
Agenda Date: 3/16/2015 Status: Agenda ReadyVersion: 3
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.1
SUBJECT/RECOMMENDATION:
Approve the new hires for acceptance into the Pension Plan as listed.
SUMMARY:
Pension
Name, Job. Class, & Dept./Div.Elig. Date
Donald Ross, Building Construction Inspector, Planning and Dev Dept 1/12/2015
Daniel Simpson, Engineering Specialist II, Engineering Dept 1/12/2015
John Ryder, Solid Waste Equipment Operator, Solid Waste Dept 1/12/2015*
Julia Daniel, Accounting Clerk, General Services Department 1/12/2015**
Richard Phillips, Fleet Mechanic, General Services Department 1/12/2015
* John Ryder was previously employed with the City of Clearwater, resigned effective
08/22/14, rescinded resignation and was rehired 01/12/15; he will be eligible for pension as of
01/12/15.
** Julia Daniel was hired as a seasonal employee 12/22/14, then transferred to a full-time
permanent position as of 01/12/15; she will be eligible for the pension as of 01/12/15.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
Page 1 City of Clearwater Printed on 3/11/2015
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#14-979
Agenda Date: 3/16/2015 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.2
SUBJECT/RECOMMENDATION:
Approve the following request of employees Lynne Pulizotto, Planning and Development
Services Department, and James Wood, Solid Waste General Services Department, for a
regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
SUMMARY:
Lynne Pulizotto, Customer Service Representative, Planning and Development Services
Department, was employed by the City on November 20, 2000 and her pension service credit
is effective on that date. Her pension will be effective March 1, 2015. Based on an average
salary of approximately $27,813.07 over the past five years, the formula for computing regular
pensions and Ms. Pulizotto’s selection of the 50% Joint and Survivor Annuity, this pension
benefit will be approximately $10,299.48 annually.
James Wood, Building and Maintenance Superintendent, Solid Waste General Services
Department, was employed by the City on April 20, 1987, and his pension service credit is
effective on that date. His pension will be effective April 1, 2015. Based on an average salary
of approximately $82,376.59 over the past five years, the formula for computing regular
pensions and Mr. Wood’s selection of the 50% Joint and Survivor Annuity, this pension benefit
will be approximately $60,092.16 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. Pulizotto and Mr. Wood have met the non-hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
Page 1 City of Clearwater Printed on 3/11/2015
File Number: ID#14-979
Page 2 City of Clearwater Printed on 3/11/2015
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#14-980
Agenda Date: 3/16/2015 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.3
SUBJECT/RECOMMENDATION:
Approve the following request of employee Brian Jerard, Police Department, to vest his
pension as provided by Section 2.419 of the Employees’ Pension Plan.
SUMMARY:
Brian Jerard, Police Officer, Police Department, was employed by the City on December 2,
2002 and began participating in the Pension Plan on that date. Mr. Jerard terminated from
City employment on January 10, 2015.
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 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. Mr.
Jerard will meet the hazardous duty criteria and begin collecting pension in January 2023.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
Page 1 City of Clearwater Printed on 3/11/2015