06/13/2016 Pension Trustees Meeting Minutes June 13, 2016
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
9 '
e
Meeting Minutes
Monday, June 13, 2016
1 :00 PM
Council Chambers
Pension Trustees
Page 1
City of Clearwater
Pension Trustees Meeting Minutes June 13, 2016
Roll Call
Present 5 - Chair George N. Cretekos, Trustee Doreen Caudell, Trustee Bob
Cundiff, Trustee Hoyt Hamilton, and Trustee Bill Jonson
Also Present—William B. Horne — City Manager, Jill Silverboard —Assistant City
Manager, Pamela K. Akin — City Attorney, Rosemarie Call — City
Clerk, Nicole Sprague — Official Records and Legislative Services
Coo rd in ator
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 1:44 p.m. at City Hall.
2. Approval of Minutes
2.1 Approve the minutes of the May 16, 2016 Pension Trustees Meeting as submitted in
written summation by the City Clerk.
Trustee Jonson moved to approve the minutes of the May 16, 2016
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
Jenae Swann */Recreation Leader/Parks and Recreation 04/02/2016
Ernesto Vildostegui **/Wastewater Treatment Plant Operator Trainee/Public Utilities 04/02/2016
Marilyn John/Librarian II/Library 04/04/2016
Jason Alber/Drafting & Mapping Technician/Engineering 04/04/2016
Lisa Weber/Accounting Technician/Gas Department 04/04/2016
John San Antonio/Fleet Mechanic/General Services 04/04/2016
Page 2
City of Clearwater
Pension Trustees Meeting Minutes June 13, 2016
Kelsey Viars/Police Officer/Police Department 04/18/2016
Langston Woodie/Police Officer/Police Department 04/18/2016
Matthew Prianciani/Police Officer/Police Department 04/18/2016
Kyle McCall/Police Communications Operator Trainee/Police Department 04/18/2016
Nicholas Lawn/Economic Development Specialist/Economic Development& Housing 04/18/2016
Matthew Fretwell/Field Service Representative I/Customer Service 04/18/2016
Ronan Thomas/Stormwater Technician I/Engineering 04/18/2016
Cody Foster/Gas Technician I/Gas Department 04/18/2016
Brett Jennings ***/Gas Technician I/Gas Department 04/18/2016
Phillip Greene/Gas Technician I/Gas Department 04/18/2016
Kyle Lantz/Systems Analyst/Information Technology 04/18/2016
Dominic Sharp ****/Solid Waste Worker/Solid Waste 04/18/2016
Dale Evans/Parks Service Technician I/Parks and Recreation 04/18/2016
*Jenae Swann was employed in a seasonal position from 05/30/2015 to 01/08/2016, and then
rehired into a part time position on 01/09/2016. She was hired into a full time full time position
on 04/02/2016 and will be eligible for pension as of 04/02/2016.
** Ernesto Vildostegui was employed in a seasonal part-time positions from 03/06/2011 to
04/05/2012, 05/08/2012 to 11/30/2012, and 07/13/2015 to 11/27/2015. He was employed in a
part time position from 11/28/2015 to 04/01/2016 and then hired into a full time position on
04/02/2016. He will be eligible for pension as of 04/02/2016.
***Brett Jennings was previously employed with the City of Clearwater. He was initially in a
temporary position from 11/23/2009 to 02/28/2010, and was then hired into a full time position
03/01/2010. He resigned effective 08/17/2012, and was rehired 04/18/2016. He is eligible for
pension as of 04/18/2016.
**** Dominic Sharp was employed in a temporary position from 02/22/2016 to 04/17/2016. He
was hired into a full time full time position on 04/18/2016 and will be eligible for pension as of
04/18/2016.
Trustee Caudell 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 Gary Kepner, Solid Waste General
Services Department and Shari Lepper, Human Resources Department, to vest their
pensions as provided by Section 2.419 of the Employees' Pension Plan.
Gary Kepner, Solid Waste Supervisor I, Solid Waste General Services
Department, was employed by the City on October 13, 1997, and began
participating in the Pension Plan on that date. Mr. Kepner terminated from city
employment on April 9, 2016.
Shari Lepper, Human Resources Office Assistant, Human Resources
Department, was employed by the City on June 16, 2003, and began
participating in the Pension Plan on that date. Ms. Lepper changed status
from full-time to part-time on October 4, 2014.
The Employees' Pension Plan provides that should an employee cease to be
Page 3
City of Clearwater
Pension Trustees Meeting Minutes June 13, 2016
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. Kepner will meet the non-hazardous duty criteria and
begin collecting a pension in November 2019. Ms. Lepper will meet the
non-hazardous duty criteria and begin collecting a pension in July 2023.
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 Cundiff moved to approve the following request of
employees Gary Kepner, Solid Waste General Services Department
and Shari Lepper, Human Resources Department, to vest their
pensions as provided by Section 2.419 of the Employees' Pension
Plan. The motion was duly seconded and carried unanimously.
4.3 Approve changes to the City of Clearwater Employees' Pension Statement of
Investment Objectives and Guidelines (Investment Policy) to add scrutinized
companies restrictions required by Florida Statutes; update portfolio asset allocation
limits; update investment performance benchmark indexes and benchmarks; increase
allowable leverage for real estate money managers; and to make grammatical and
other minor changes as recommended by the Plan's Investment Committee.
Page 4
City of Clearwater
Pension Trustees
5. Adjourn
Attest
City Clerk
City of Clearwater
Meeting Minutes June 13, 2016
consultant, CapTrust; the Plan's pension attorney, Klausner, Kaufman, Jensen
& Levinson; and the Plan's Investment Committee for necessary revisions.
A significant change to the policy is the addition of "scrutinized companies"
restrictions per Florida Statutes Section 215.473(t), as recommended by the
pension attorney.
Updates have also been made to several performance measurement indexes
and asset allocation limits.
The average debt leverage limit for real estate money managers has been
increased from 40% to 50% to reflect the recent addition of core plus real
estate as an investment category.
Grammatical corrections and other minor changes have been made upon
recommendations of the investment consultant, pension attorney, and Pension
Investment Committee.
Trustee Hamilton moved to approve changes to the City of
Clearwater Employees' Pension Statement of Investment
Objectives and Guidelines (Investment Policy) to add scrutinized
companies restrictions required by Florida Statutes; update
portfolio asset allocation limits; update investment performance
benchmark indexes and benchmarks; increase allowable leverage
for real estate money managers; and to make grammatical and
other minor changes as recommended by the Plan's Investment
Committee. The motion was duly seconded and carried
unanimously.
The meeting adjourned at 1:48 p.m.
cp(ict\cr?e fio)
Chair
Employees' Pension Plan Trustees
ge 5