02/16/2016Tuesday, February 16, 2016
9:00 AM
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
Council Chambers
Pension Trustees
Meeting Agenda
February 16, 2016Pension Trustees Meeting Agenda
1. Call To Order
2. Approval of Minutes
2.1 Approve the minutes of the January 19, 2016 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 Randall Britt, Public Utilities
Department, Cindy Geary, Gas Department, Bradley Golomb, Fire
Department, Wilfred Jones, Solid Waste General Services Department,
Thomas F. Miller, Police Department, Larry Roberts, Engineering Department,
Brian Stratton, Public Utilities Department; and Rodney Wilt, Fire 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 Christopher Topping, Solid Waste
General Services 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 2/11/2016
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#16-2081
Agenda Date: 2/16/2016 Status: Agenda ReadyVersion: 1
File Type: MinutesIn Control: Pension Trustees
Agenda Number: 2.1
SUBJECT/RECOMMENDATION:
Approve the minutes of the January 19, 2016 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 2/11/2016
Pension Trustees Meeting Minutes January 19, 2016
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
Meeting Minutes
Tuesday, January 19, 2016
9:00 AM
Council Chambers
Pension Trustees
Page 1 City of Clearwater Draft
Pension Trustees Meeting Minutes January 19, 2016
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, Rosemarie Call – City Clerk, Nicole Sprague – Official
Records and Legislative Services Coordinator
To provide continui ty 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 10:49 a.m. at City Hall. 2. Approval of Minutes
2.1 Approve the minutes of the December 14, 2015 Pension Trustees Meeting as
submitted in written summation by the City Clerk.
Trustee Hock-DiPolito moved to approve the minutes of the
December 14, 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 Classification/Department Pension Eligibility Date Alex McFarlane, Engineering Technician, Gas Department 10/27/2015 Meredith Kambic *, Librarian I, Library Department 10/31/2015 Ryan Gibbs **, Police Officer, Police Department 10/31/2015 Jerramee King, Parks Service Technician I, Parks and Recreation 11/02/2015 Travis Presley, Parks Service Technician I, Parks and Recreation 11/02/2015 Gerard Burney, Parks Service Technician I, Parks and Recreation 11/02/2015 Jeff Buffie, Engineering Technician, Gas Department 11/02/2015 Page 2 City of Clearwater Draft
Pension Trustees Meeting Minutes January 19, 2016 Pablo Benitez, Gas Technician I, Gas Department 11/02/2015 Dieunice Deris, Human Resources Analyst, Human Resources 11/02/2015 Christin Harris ***, Code Enforcement Inspector, Planning and Dev. 11/02/2015 Breanna Reed, Police Communication Operator Trainee, Police Dept. 11/02/2015 Raquel Pioquinto Pena, Police Comm. Trainee, Police Department 11/02/2015 Maria Scott, Solid Waste Accounts Coordinator, Solid Waste Department 11/02/2015 Mario Parades, Graphics Designer, Public Communications 11/16/2015 Tarik Jones ****, Solid Waste Worker, Solid Waste Department 11/16/2015 * Meredith Kambic was employed in temporary positions from 2/25/2014 to 11/25/2014 and from 8/11/2015 to 10/02/2015. She was hired into a part time position 10/03/2015 and then a full time position 10/31/2015. She will be eligible for pension as of 10/31/2015. ** Ryan Gibbs was employed as a Police Cadet from 10/19/2015 to 10/30/2015. He was promoted into a Police Officer position effective 10/31/2015 and will be eligible for pension as of 10/31/2015. *** Christin Harris was previously employed with the City of Clearwater from 2/27/2012 to 3/30/2014. She was rehired 11/2/2015 and will be eligible for pension as of 11/2/2015. **** Tarik Jones was employed in a temporary part time position from 4/11/2003 to 11/04/2003. He was hired into a full time position effective 11/17/2003 and resigned effective 6/13/2015. He was rehired 11/16/2015 and will be eligible for pension as of 11/16/2015.
Trustee Polglaze 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 employee Robin Gomez, City Auditor, to vest his
pension as provided by Section 2.419 of the Employees’ Pension Plan.
Robin Gomez, City Auditor, was employed by the City on September 16, 1996,
and began participating in the Pension Plan on that date. Mr. Gomez
terminated from city employment on November 25, 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 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 Page 3 City of Clearwater Draft
Pension Trustees Meeting Minutes January 19, 2016
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. Mr. Gomez will meet the non-hazardous duty criteria and
begin collecting a pension in October 2026.
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 Hamilton moved to approve the following request of
employee Robin Gomez, City Auditor, to vest his pension as
provided by Section 2.419 of the Employees’ Pension Plan. The
motion was duly seconded and carried unanimously.
4.3 Approve the following request of employees Paul Chute, Public Utilities Department,
and Leonard Merritt, Police Department, for a regular pension as provided by Sections
2.416 and 2.424 of the Employees’ Pension Plan.
Paul Chute, Wastewater Treatment Plant Oper B, Public Utilities Department,
was employed by the City on October 21, 1991, and his pension service credit
is effective on that date. His pension will be effective December 1, 2015.
Based on an average salary of approximately $43,364.14 over the past five
years, the formula for computing regular pensions and Mr. Chute’s selection of
the 100% Joint and Survivor Annuity, this pension benefit will be approximately
$24,601.80 annually.
Leonard Merritt, Police Officer, Police Department, was employed by the City
on February 6, 1995, and his pension service credit is effective on that date.
His pension will be effective January 1, 2016. Based on an average salary of
approximately $74,207.40 over the past five years, the formula for computing
regular pensions and Mr. Merritt’s selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $41,570.04 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
Page 4 City of Clearwater Draft
Pension Trustees Meeting Minutes January 19, 2016
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. Mr. Chute 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. Merritt has met the
hazardous duty criteria.
Trustee Jonson moved to approve the following request of
employees Paul Chute, Public Utilities Department, and Leonard
Merritt, 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.
4.4 Approve the Charter for the City of Clearwater Employees’ Pension Investment
Committee.
The proposed Charter codifies the structure, responsibilities, and authority of
the pension investment committee.
The committee meets quarterly and serves as an advisory committee making
investment-related recommendations to the Pension Trustees. The committee
is also responsible for performance monitoring of the plan’s money managers.
The committee consists of the City’s Finance Director, Assistant Finance
Director, Accounting Manager, Debt Manager, one citizen appointed by
Council, and representatives from each of the employee unions.
Trustee Hock-DiPolito moved to approve the Charter for the City of
Clearwater Employees’ Pension Investment Committee. The motion
was duly seconded and carried unanimously.
4.5 Approve agreement hiring IFM Global Infrastructure (US), L.P. as an infrastructure
money manager for the pension plan, and authorize the appropriate officials to
execute same.
The Pension Investment Committee instructed the plan’s investment
Page 5 City of Clearwater Draft
Pension Trustees Meeting Minutes January 19, 2016
consultant, CapTrust, to conduct a manager search for an infrastructure money
manager.
It is expected that the infrastructure asset class will further diversify the plan’s
portfolio, and reduce volatility due to relatively stable cash flow streams and
low correlation to the equity and fixed income portfolio investments.
Additionally, infrastructure assets are viewed as an attractive investment for
the plan due to stable demand and cash flows per “captive” customer bases;
assets with long life spans matching the plan’s long term investment strategy;
increased global demand for privatization of infrastructure due to demand
growth and lack of public funding; and relatively high barriers to entry for
investors.
The committee invited a short list of three firms for oral presentations: JP
Morgan, IFM Investors, and UBS Global Asset Management, and chose IFM
Investors IFM Global Infrastructure (US), L.P. for recommendation to the
Trustees.
The proposed investment is $30 million, representing approximately 3.5% of
the plan’s portfolio, to be funded by a reduction in exposure to equities.
IFM’s US LP fund has returns (net of fees) of 8.5% for one year; 6.5% for three
years; and 8.3% since inception in 2004, as of September 30, 2015.
Sector allocations of the fund include airports, electricity transmission and
distribution, water and wastewater, electricity generation, pipelines and related
infrastructure, telecommunications, and steam and hot water supply. Recent
geographic allocations were approximately 70% international and 30% in the
United States.
Management fees are 0.97% of the portfolio value, with additional performance
fees of 20% of the net realized and unrealized appreciation in excess of 8%
annually, calculated over rolling three-year periods.
The Plan’s Pension Attorney, Stu Kaufman with Klausner, Kaufman, Jensen
and Levinson, has reviewed the agreements and his recommended changes
have been incorporated.
In response to a question, Finance Director Jay Ravins said the
proposed rate is the standard fee. IFM proposed the lowest fee rate.
Trustee Polglaze moved to approve agreement hiring IFM Global
Infrastructure (US), L.P. as an infrastructure money manager for the
pension plan, and authorize the appropriate officials to execute
same. The motion was duly seconded and carried unanimously.
Page 6 City of Clearwater Draft
Pension Trustees Meeting Minutes January 19, 2016
5. Adjourn
The meeting adjourned at 10:54 a.m.
Chair
Employees’ Pension Plan Trustees
Attest
City Clerk
Page 7 City of Clearwater Draft
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#15-2034
Agenda Date: 2/16/2016 Status: Agenda ReadyVersion: 2
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:
Name Job Classification Department Pension Eligibility Date
Jason Slanina Marine Facility Operator Marine and Aviation 11/28/2015
Coral Raymer Customer Service Representative Customer Service 11/30/2015
Kyle Gaynes Maintenance Worker General Services 11/30/2015
Samantha Trinh Librarian I Library Department 11/30/2015
Eleni Protopapadakis Police Communications Operator Trainee Police Department 11/30/2015
Judith Thompson Senior Accountant Finance Department 12/07/2015
Quang Trinh Network Analyst Information Technology 12/14/2015
Terrence Blackwell *Solid Waste Worker Solid Waste Department 12/14/2015
Bonita Amen **Legal Staff Assistant Legal Department 12/14/2015
Myrakale Sharp Customer Service Representative Customer Service 12/28/2015
Lelia Peterson Recreation Specialist Parks and Recreation 12/28/2015
Aaron Goodwine ***Solid Waste Equipment Operator Solid Waste Department 12/28/2015
* Terrence Blackwell was employed in a temporary position from 09/08/2015 to 12/13/2015. He was hired into a
full time position 12/14/2015 and will be eligible for pension as of 12/14/2015.
** Bonita Amen was employed in a part time position from 12/15/2014 to 12/13/2015. She was hired into a full time
position 12/14/2015 and will be eligible for pension as of 12/14/2015.
*** Aaron Goodwine was previously employed with the City of Clearwater, resigned effective 07/25/2015, rescinded
resignation and was rehired 12/28/2015; he will be eligible for pension as of 12/28/2015.
APPROPRIATION CODE AND AMOUNT:
n/a
USE OF RESERVE FUNDS:
n/a
Page 1 City of Clearwater Printed on 2/11/2016
Interoffice Correspondence Sheet
TO:Pension Advisory Committee
FROM:Joseph Roseto, Human Resources Director
SUBJECT:Recommendation for Acceptance into Pension Plan
DATE:
Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as
listed.
Name Job Classification Department
Pension
Eligibility
Date
Jason Slanina Marine Facility Operator Marine and Aviation 11/28/2015
Coral Raymer Customer Service Representative Customer Service 11/30/2015
Kyle Gaynes Maintenance Worker General Services 11/30/2015
Samantha Trinh Librarian I Library Department 11/30/2015
Eleni Protopapadakis Police Communications Operator Trainee Police Department 11/30/2015
Judith Thompson Senior Accountant Finance Department 12/07/2015
Quang Trinh Network Analyst Information Technology 12/14/2015
Terrence Blackwell *Solid Waste Worker Solid Waste Department 12/14/2015
Bonita Amen **Legal Staff Assistant Legal Department 12/14/2015
Myrakale Sharp Customer Service Representative Customer Service 12/28/2015
Lelia Peterson Recreation Specialist Parks and Recreation 12/28/2015
Aaron Goodwine ***Solid Waste Equipment Operator Solid Waste Department 12/28/2015
* Terrence Blackwell was employed in a temporary position from 09/08/2015 to 12/13/2015. He was hired into a
full time position 12/14/2015 and will be eligible for pension as of 12/14/2015.
** Bonita Amen was employed in a part time position from 12/15/2014 to 12/13/2015. She was hired into a full
time position 12/14/2015 and will be eligible for pension as of 12/14/2015.
*** Aaron Goodwine was previously employed with the City of Clearwater, resigned effective 07/25/2015,
rescinded resignation and was rehired 12/28/2015; he will be eligible for pension as of 12/28/2015.
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#15-2043
Agenda Date: 2/16/2016 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.2
SUBJECT/RECOMMENDATION:
Approve the following request of employees Randall Britt, Public Utilities Department, Cindy
Geary, Gas Department, Bradley Golomb, Fire Department, Wilfred Jones, Solid Waste
General Services Department, Thomas F. Miller, Police Department, Larry Roberts,
Engineering Department, Brian Stratton, Public Utilities Department; and Rodney Wilt, Fire
Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’
Pension Plan.
SUMMARY:
Randall Britt, Public Utilities Tech III, Public Utilities Department, was employed by the City on
September 12, 1988, and his pension service credit is effective on that date. His pension will
be effective February 1, 2016. Based on an average salary of approximately $56,375.71 over
the past five years, the formula for computing regular pensions and Mr. Britt’s selection of the
Joint and Survivor Annuity, this pension benefit will be approximately $42,453.24 annually.
Cindy Geary, Senior Staff Assistant, Gas Department, was employed by the City on August
30, 1999, and her pension service credit is effective on that date. Her pension will be effective
March 1, 2016. Based on an average salary of approximately $32,835.01 over the past five
years, the formula for computing regular pensions and Ms. Geary’s selection of the Life
Annuity, this pension benefit will be approximately $14,901.36 annually.
Bradley Golomb, Fire Medic, Fire Department, was employed by the City on January 15, 1990,
and his pension service credit is effective on that date. His pension will be effective February
1, 2016. Based on an average salary of approximately $72,286.81 over the past five years,
the formula for computing regular pensions and Mr. Golomb’s selection of the 100% Joint and
Survivor Annuity, this pension benefit will be approximately $50,784.48 annually.
Wilfred Jones, Solid Waste Equipment Operator, Solid Waste General Services Department,
was employed by the City on September 5, 1995, and his pension service credit is effective on
that date. His pension will be effective January 1, 2016. Based on an average salary of
approximately $38,287.48 over the past five years, the formula for computing regular pensions
and Mr. Jones’ selection of the 75% Joint and Survivor Annuity with a 10% Partial Lump Sum,
this pension benefit will be approximately $18,457.20 annually.
Thomas F. Miller, Police Officer, Police Department, was employed by the City on July 26,
1982, and his pension service credit is effective on that date. His pension will be effective
Page 1 City of Clearwater Printed on 2/11/2016
File Number: ID#15-2043
February 1, 2016. Based on an average salary of approximately $89,264.70 over the past five
years, the formula for computing regular pensions and Mr. Miller’s selection of the 100% Joint
and Survivor Annuity, this pension benefit will be approximately $80,286.00 annually.
Larry Roberts, Street Sweeper Operator, Engineering Department, was employed by the City
on April 4, 1988, and his pension service credit is effective on that date. His pension will be
effective February 1, 2016. Based on an average salary of approximately $48,051.52 over the
past five years, the formula for computing regular pensions and Mr. Robert’ selection of the 66
2/3% Joint and Survivor Annuity, this pension benefit will be approximately $37,374.96
annually.
Brian Stratton, Water Distribution Operator, Public Utilities Department, was employed by the
City on September 23, 1985, and his pension service credit is effective on that date. His
pension will be effective January 1, 2016. Based on an average salary of approximately
$44,390.23 over the past five years, the formula for computing regular pensions and Mr .
Stratton’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be
approximately $38,113.68 annually.
Rodney Wilt, Fire Lieutenant, Fire Department, was employed by the City on October 5, 1987,
and his pension service credit is effective on that date. His pension will be effective February
1, 2016. Based on an average salary of approximately $81,467.52 over the past five years,
the formula for computing regular pensions and Mr. Wilt’s selection of the 100% Joint and
Survivor Annuity, this pension benefit will be approximately $61,896.00 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. Mr. Britt, Ms Geary, Mr. Jones, Mr. Roberts and Mr. Stratton 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. Mr.
Golomb, Mr. Miller and Mr. Wilt have met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
Page 2 City of Clearwater Printed on 2/11/2016
File Number: ID#15-2043
Page 3 City of Clearwater Printed on 2/11/2016
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#15-2023
Agenda Date: 2/16/2016 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.3
SUBJECT/RECOMMENDATION:
Approve the following request of employee Christopher Topping, Solid Waste General
Services Department, to vest his pension as provided by Section 2.419 of the Employees’
Pension Plan.
SUMMARY:
Christopher Topping, Tradesworker, Solid Waste General Services, was employed by the City
on November 17, 2003 and began participating in the Pension Plan on that date. Mr. Topping
terminated from City employment on January 1, 2016.
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. Mr. Topping will meet the non-hazardous duty criteria and begin collecting a
pension in March 2022.
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.
APPROPRIATION CODE AND AMOUNT:
N/A
Page 1 City of Clearwater Printed on 2/11/2016
File Number: ID#15-2023
USE OF RESERVE FUNDS:
N/A
Page 2 City of Clearwater Printed on 2/11/2016