08/15/2016Monday, August 15, 2016
1:00 PM
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
Council Chambers
Pension Trustees
Meeting Agenda
August 15, 2016Pension Trustees Meeting Agenda
1. Call To Order
2. Approval of Minutes
2.1 Approve the minutes of the July 21, 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 Anne Downes Blackburn,
Planning and Development Department, Randall Coffin, Engineering
Department, Charles Gibson, Fire Department, Paul Henderson, Engineering
Department, William Peterson, Finance Department, and Curtis Walser, Public
Utilities for a regular pension as provided by Sections 2.416 and 2.424 of the
Employees’ Pension Plan.
5. Adjourn
Page 2 City of Clearwater Printed on 8/9/2016
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#16-2691
Agenda Date: 8/15/2016 Status: Agenda ReadyVersion: 1
File Type: MinutesIn Control: Pension Trustees
Agenda Number: 2.1
SUBJECT/RECOMMENDATION:
Approve the minutes of the July 21, 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 8/9/2016
Pension Trustees Meeting Minutes July 21, 2016
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
Meeting Minutes
Thursday, July 21, 2016
6:00 PM
Council Chambers
Pension Trustees
Page 1 City of Clearwater Draft
Pension Trustees Meeting Minutes July 21, 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
Coordinator, and Joe Roseto – Human Resources Director
To provide continui ty for research, items are listed in agenda order although not
ne cessarily discussed in that order.
Draft
1. Call To Order – Chair Cretekos
The meeting was called to order at 6:14 p.m. at City Hall.
2. Approval of Minutes
2.1 Approve the minutes of the June 13, 2016 Pension Trustees Meeting as submitted in
written summation by the City Clerk.
Trustee Jonson moved to approve the minutes of the June 13, 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
Theresa Hughes, Field Service Representative I, Customer Service 05/02/2016
Christopher Bennett, Solid Waste Equipment Operator, Solid Waste 05/02/2016
Michael Dominguez, Solid Waste Equipment Operator, Solid Waste 05/02/2016
Lloyd Briscoe, Solid Waste Equipment Operator, Solid Waste 05/02/2016
Page 2 City of Clearwater Draft
Pension Trustees Meeting Minutes July 21, 2016
Andrea Moreira, Aquatic Programmer, Parks and Recreation 05/02/2016
Sharon Hollifield *, Code Enforcement Inspector, Planning and Dev. 05/02/2016
Michael Robinson **, Librarian I, Library 05/15/2016
Nathan Huffman, Public Utilities Technician I, Public Utilities
05/16/2016
Jasia Shaver, Accounting Clerk, Finance 05/16/2016
Anelise Wilhelm, Senior Systems Programmer, IT 05/16/2016
Zane Liebrum, Parks Service Technician I, Parks and Recreation 05/16/2016
Michael Bryant ***, Parking Technician, Engineering
05/16/2016
* Sharon Hollifield was employed in a part time position from 02/08/2016 to
05/01/2016, and then hired into a full time position on 05/02/2016. She will be
eligible for pension as of 05/02/2016.
** Michael Robinson was employed in a part time position from 11/18/2013 to
05/14/2016, and then hired into a full time position on 05/15/2016. He will be
eligible for pension as of 05/15/2016.
** Michael Bryant was employed in a part time position from 02/08/2016 to
05/13/2016, and then hired into a full time position on 05/14/2016. He will be
eligible for pension as of 05/14/2016.
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 Thomas Carrick, Planning and
Development Department, John Fellenbaum, Police Department, Ann Galluccio,
Library Department, Joanne Hilbert, Police Department, Dina Hyson, Human
Resources Department, Danny Jones, Fire Department, and Mark Smyth, Fire
Department for a regular pension as provided by Sections 2.416 and 2.424 of the
Employees’ Pension Plan.
Thomas Carrick, Assist Building Official, Planning and Development
Department, was employed by the City on April 15, 1996, and his pension
service credit is effective on that date. His pension will be effective June 1,
2016. Based on an average salary of approximately $62,715.85 over the past
five years, the formula for computing regular pensions and Mr. Carrick’s
selection of the Life Annuity with a 10% Partial Lump Sum, this pension benefit
will be approximately $31,229.64 annually. Page 3 City of Clearwater Draft
Pension Trustees Meeting Minutes July 21, 2016
John Fellenbaum, Police Officer, Police Department, was employed by the City
on July 8, 1996, and his pension service credit is effective on that date. His
pension will be effective August 1, 2016. Based on an average salary of
approximately $89,017.88 over the past five years, the formula for computing
regular pensions and Mr. Fellenbaum’s selection of the Joint and Survivor
Annuity with a 10% Partial Lump Sum, this pension benefit will be
approximately $44,070.00 annually.
Ann Galluccio, Library Assistant, Library Department, was employed by the
City on January 27, 2003, and her pension service credit is effective on that
date. Her pension will be effective August 1, 2016. Based on an average
salary of approximately $26,159.29 over the past five years, the formula for
computing regular pensions and Ms. Galluccio’s selection of the Life Annuity,
this pension benefit will be approximately $9,673.56 annually.
Joanne Hilbert, Police Communication Operator, Police Department, was
employed by the City on December 12, 1988, and her pension service credit is
effective on that date. Her pension will be effective July 1, 2016. Based on an
average salary of approximately $54,360.85 over the past five years, the
formula for computing regular pensions and Ms. Hilbert’s selection of the 100%
Joint and Survivor Annuity, this pension benefit will be approximately
$37,843.80 annually.
Dina Hyson, Human Resources Manager, Human Resources Department, was
employed by the City on October 9, 1992, and her pension service credit is
effective on that date. Her pension will be effective August 1, 2016. Based on
an average salary of approximately $78,290.95 over the past five years, the
formula for computing regular pensions and Ms. Hyson’s selection of the 10
Year Certain and Life Annuity, this pension benefit will be approximately
$50,631.60 annually.
Danny Jones, Fire Assistant Chief, Fire Department, was employed by the City
on May 4, 1987, and his pension service credit is effective on that date. His
pension will be effective June 1, 2016. Based on an average salary of
approximately $113,486.65 over the past five years, the formula for computing
regular pensions and Mr. Jones’ selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $88,185.24 annually.
Mark Smyth, Fire Lieutenant, Fire Department, was employed by the City on
April 1, 1981, and his pension service credit is effective on that date. His
pension will be effective June 1, 2016. Based on an average salary of
approximately $82,257.01 over the past five years, the formula for computing
regular pensions and Mr. Smyth’s selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $77,508.96 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
Page 4 City of Clearwater Draft
Pension Trustees Meeting Minutes July 21, 2016
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. Carrick, Ms. Galluccio, Ms. Hilbert and Ms. Hyson 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. Fellenbaum, Mr. Jones
and Mr. Smyth have met the hazardous duty criteria.
Trustee Cundiff moved to Approve the following request of employees
Thomas Carrick, Planning and Development Department; John
Fellenbaum, Police Department; Ann Galluccio, Library Department;
Joanne Hilbert, Police Department; Dina Hyson, Human
Resources Department; Danny Jones, Fire Department; and Mark
Smyth, Fire 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 the City of Clearwater Employees’ Pension Plan as lead plaintiff in litigation
against CBL and Associates Properties, Inc. regarding investment losses to the Plan;
retain Kessler Topaz Meltzer and Check, LLP as legal counsel in this regard and
authorize staff to negotiate a retainer agreement with Kessler Topaz Meltzer and
Check, LLP.
In December 2011, the Pension Trustees approved a contract retaining
Kessler Topaz Meltzer & Check, LLP (Kessler) to provide monitoring of
securities in the Plan’s investment portfolio in connection with potential claims
for damages suffered by the Pension Plan. There is no cost to the plan for the
ongoing monitoring services.
Kessler has recommended that the Pension Plan apply for lead plaintiff status
in a litigation action against CBL & Associates Properties, Inc (CBL), a
Delaware corporation headquartered in Chattanooga, Tennessee. CBL
operates as a real estate investment trust (REIT) and owns 147 properties,
including 91 regional malls/open-air centers, in 31 states. Page 5 City of Clearwater Draft
Pension Trustees Meeting Minutes July 21, 2016
A May 24, 2016 report in the Wall Street Journal (WSJ) disclosed that CBL is
under investigation by the Federal Bureau of Investigation (FBI) and the U.S.
Securities and Exchange Commission (SEC) in connection with providing false
information to lenders. The WSJ also reported that FBI and SEC officials are
questioning CBL’s relationship with Senator Robert Corker, who has made
millions of dollars in profits trading in CBL’s stock. On this news, the price of
CBL’s stock experience a single day price decline of 8.3%. The City of
Clearwater Employees’ Pension Plan sustained estimated losses of $616,000.
Pursuing lead plaintiff status will serve to ensure the Trustees and Plan
administrators are fulfilling their fiduciary responsibilities, while conveying a
clear message to the public and corporate world that the City is doing its due
diligence in protecting Plan assets.
The retainer agreement will stipulate that the cost of litigation will result in no
out-of-pocket costs to the Plan, with legal fees paid on a contingency basis
only.
The pension plan’s attorneys, Klausner, Kaufman, Jensen, & Levinson, as well
as the plan’s investment consultant, CapTrust, concur with pursuing lead
plaintiff status.
Trustee Hamilton moved to Approve the City of Clearwater Employees’
Pension Plan as lead plaintiff in litigation against CBL and Associates
Properties, Inc. regarding investment losses to the Plan;
retain Kessler Topaz Meltzer and Check, LLP as legal counsel in this
regard and authorize staff to negotiate a retainer agreement with
Kessler Topaz Meltzer and Check, LLP. The motion was duly seconded
and carried unanimously.
5. Adjourn
The meeting adjourned at 6:18 p.m.
Chair
Employees’ Pension Plan Trustees
Attest
City Clerk
Page 6 City of Clearwater Draft
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#16-2568
Agenda Date: 8/15/2016 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
Seth Stiers Police Officer Police Department 05/31/2016
Nathan Legg Custodial Worker Marine and Aviation 06/11/2016
Mark Bentoski Police Officer Police Department 06/13/2016
Dylan Drummond Police Officer Police Department 06/13/2016
Howard Brewer Police Communications Operator Trainee Police Department 06/13/2016
Kathleen Selby Accounting Technician Public Utilities 06/13/2016
Derreck Nelson Utilities Mechanic Public Utilities 06/13/2016
Ismet Balovski Water Distribution Operator Trainee Public Utilities 06/13/2016
Christopher Johnson Traffic Signal Technician Engineering 06/13/2016
Lawrence Young Neighborhood Services Coordinator Planning and Development 06/13/2016
Brighid McCann *Library Assistant Library 06/13/2016
Michael Bourne Field Service Representative 1 Customer Service 6/27/2016
Felix Madera Ortiz Traffic Signal Technician Engineering 6/27/2016
Todd Berry Traffic Signal Technician Engineering 6/27/2016
James Garvey Police Service Technician Police 6/27/2016
Briana Howard Police Communications Operator Trainee Police Department 6/27/2016
Hannah Eddy Police Communications Operator Trainee Police Department 6/27/2016
Raul Garcia Public Utilities Technician I Public Utilities 6/27/2016
Graydon Vest Utilities Mechanic Public Utilities 6/27/2016
John Zeiders Solid Waste Worker Solid Waste 6/27/2016
Justin West **Beach Lifeguard Parks and Recreation 6/27/2016
* Brighid McCann was employed in a part time temporary position from 05/26/2015 to 10/02/2015, and a part time
position from 10/03/2015 to 06/10/2016. She was hired into a full time position on 06/11/2016 and will be eligible
for pension as of 06/11/2016.
** Justin West was employed in part time temporary positions from 11/30/2013 to 07/29/2014, 11/01/2014 to
07/21/2015, and 10/31/2015 to 6/23/2016. He was hired into a full time position on 06/25/2016 and will be eligible
for pension as of 06/25/2016.
APPROPRIATION CODE AND AMOUNT:
n/a
Page 1 City of Clearwater Printed on 8/9/2016
File Number: ID#16-2568
USE OF RESERVE FUNDS:
n/a
Page 2 City of Clearwater Printed on 8/9/2016
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
Seth Stiers Police Officer Police Department 05/31/2016
Nathan Legg Custodial Worker Marine and Aviation 06/11/2016
Mark Bentoski Police Officer Police Department 06/13/2016
Dylan Drummond Police Officer Police Department 06/13/2016
Howard Brewer Police Communications Operator Trainee Police Department 06/13/2016
Kathleen Selby Accounting Technician Public Utilities 06/13/2016
Derreck Nelson Utilities Mechanic Public Utilities 06/13/2016
Ismet Balovski Water Distribution Operator Trainee Public Utilities 06/13/2016
Christopher Johnson Traffic Signal Technician Engineering 06/13/2016
Lawrence Young Neighborhood Services Coordinator Planning and Development 06/13/2016
Brighid McCann *Library Assistant Library 06/13/2016
Michael Bourne Field Service Representative 1 Customer Service 6/27/2016
Felix Madera Ortiz Traffic Signal Technician Engineering 6/27/2016
Todd Berry Traffic Signal Technician Engineering 6/27/2016
James Garvey Police Service Technician Police 6/27/2016
Briana Howard Police Communications Operator Trainee Police Department 6/27/2016
Hannah Eddy Police Communications Operator Trainee Police Department 6/27/2016
Raul Garcia Public Utilities Technician I Public Utilities 6/27/2016
Graydon Vest Utilities Mechanic Public Utilities 6/27/2016
John Zeiders Solid Waste Worker Solid Waste 6/27/2016
Justin West **Beach Lifeguard Parks and Recreation 6/27/2016
* Brighid McCann was employed in a part time temporary position from 05/26/2015 to 10/02/2015, and a part time position from
10/03/2015 to 06/10/2016. She was hired into a full time position on 06/11/2016 and will be eligible for pension as of 06/11/2016.
** Justin West was employed in part time temporary positions from 11/30/2013 to 07/29/2014, 11/01/2014 to 07/21/2015, and
10/31/2015 to 6/23/2016. He was hired into a full time position on 06/25/2016 and will be eligible for pension as of 06/25/2016.
Cover Memo
City of Clearwater City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
File Number: ID#16-2569
Agenda Date: 8/15/2016 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.2
SUBJECT/RECOMMENDATION:
Approve the following request of employees Anne Downes Blackburn, Planning and
Development Department, Randall Coffin, Engineering Department, Charles Gibson, Fire
Department, Paul Henderson, Engineering Department, William Peterson, Finance
Department, and Curtis Walser, Public Utilities for a regular pension as provided by Sections
2.416 and 2.424 of the Employees’ Pension Plan.
SUMMARY:
Anne Downes Blackburn, Development Review Tech II, Planning and Development
Department, was employed by the City on November 14, 1988, and her pension service credit
is effective on that date. Her pension will be effective August 1, 2016. Based on an average
salary of approximately $54,298.87 over the past five years, the formula for computing regular
pensions and Ms. Downes Blackburn ’s selection of the 100% Joint and Survivor Annuity, this
pension benefit will be approximately $32,418.60 annually.
Randall Coffin, Stormwater Tech III, Engineering Department, was employed by the City on
July 11, 1994, and his pension service credit is effective on that date. His pension will be
effective August 1, 2016. Based on an average salary of approximately $46,140.55 over the
past five years, the formula for computing regular pensions and Mr. Coffin’s selection of the
Life Annuity, this pension benefit will be approximately $27,981.96 annually
Charles Gibson, Fire Medic Lt, Fire Department, was employed by the City on July 24, 1995,
and his pension service credit is effective on that date. His pension will be effective August 1,
2016. Based on an average salary of approximately $87,706.73 over the past five years, the
formula for computing regular pensions and Mr. Gibson’s selection of the Life Annuity, this
pension benefit will be approximately $53,121.00 annually.
Paul Henderson, Traffic Signal Technician, Engineering Department, was employed by the
City on June 16, 1986, and his pension service credit is effective on that date. His pension will
be effective July 1, 2016. Based on an average salary of approximately $55,084.42 over the
past five years, the formula for computing regular pensions and Mr. Henderson’s selection of
the 100% Joint and Survivor Annuity, this pension benefit will be approximately $42,102.84
annually.
William Peterson, Risk Management Specialist, Finance Department, was employed by the
City on July 24, 2006, and his pension service credit is effective on that date. His pension will
Page 1 City of Clearwater Printed on 8/9/2016
File Number: ID#16-2569
be effective August 1, 2016. Based on an average salary of approximately $49,435.48 over
the past five years, the formula for computing regular pensions and Mr. Peterson’s selection of
the 100% Joint and Survivor Annuity, this pension benefit will be approximately $11,199.36
annually.
Curtis Walser, Water Distribution Operator, Public Utilities Department, was employed by the
City on July 14, 1986, and his pension service credit is effective on that date. His pension will
be effective August 1, 2016. Based on an average salary of approximately $47,548.43 over
the past five years, the formula for computing regular pensions and Mr. Walser’s selection of
the 100% Joint and Survivor Annuity, this pension benefit will be approximately $38,146.68
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. Downes Blackburn, Mr. Coffin, Mr. Henderson, Mr. Peterson and Mr .
Walser meet 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.
Gibson has met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
Page 2 City of Clearwater Printed on 8/9/2016