12/12/2016 Pension Trustees Meeting Minutes December 12, 2016
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
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Meeting Minutes
Monday, December 12, 2016
1 :00 PM
Council Chambers
Pension Trustees
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City of Clearwater
Pension Trustees Meeting Minutes December 12, 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 — Deputy 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 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 1:42 p.m. at City Hall.
2. Approval of Minutes
2.1 Approve the minutes of the November 15, 2016 Pension Trustees Meeting as
submitted in written summation by the City Clerk.
Trustee Cundiff moved to approve the minutes of the November 15,
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
Catherine Cotton *, Fire Inspector II, Fire 10/03/2016
Jordan Tellone, Fire Medic, Fire 10/03/2016
James Griffin, Fire Medic, Fire 10/03/2016
Chase Westbrook, Fire Medic, Fire 10/03/2016
Logan Chaple, Fire Medic, Fire 10/03/2016
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City of Clearwater
Pension Trustees Meeting Minutes December 12, 2016
Michael McKnight, Fire Medic, Fire 10/03/2016
Jack Cresap, Fire Medic, Fire 10/03/2016
George Lewis-Saldana, Fire Medic, Fire 10/03/2016
Derek Silver, Fire Medic, Fire 10/03/2016
Patrick Curry, Fire Medic, Fire 10/03/2016
Chris Smaha, Fire Medic, Fire 10/03/2016
Eric Rodriguez, Fire Medic, Fire 10/03/2016
Carlos Rivera, Fire Medic, Fire 10/03/2016
Jason Lubecki, Parks Service Technician I, Parks and Rec. 10/03/2016
Karlen Harrison Kane **, Librarian I, Library 10/15/2016
Amanda DeWitt***, Library Assistant, Library 10/15/2016
Danielle Jansen ****, Library Assistant, Library 10/15/2016
Sarah Jameson *****, Librarian I, Library 10/15/2016
Chris Lanni, Parks Service Technician I, Parks and Rec. 10/17/2016
Garrett Banks, Police Officer, Police 10/17/2016
James Brady, Police Officer, Police 10/17/2016
Jesse Leeman, Police Officer, Police 10/17/2016
Christopher Roberts, Police Officer, Police 10/17/2016
Cody Steele, Police Officer, Police 10/17/2016
James "Ethan" Yazinski, Police Officer, Police 10/17/2016
Michael Bright, Solid Waste Worker, Solid Waste 10/17/2016
Ryan Alexander, Waste Water Treatment Plant Oper., Public Utilities 10/17/2016
Hector Noyas, Fire Inspector II, Fire 10/24/2016
* Catherine Cotton was previously employed from 01/23/2006 to 12/27/2006.
She was rehired on 10/03/2016 and will be eligible for pension on 10/03/2016.
** Karlen Harrison Kane was employed in a part time position from 11/16/2015
to 10/14/2016 and hired into a full time position on 10/15/2016. She will be
eligible for pension as of 10/15/2016.
***Amanda DeWitt was employed in a temporary position from 12/07/2015 to
03/30/2016 and apart time position from 04/02/2016 to 10/14/2016. She was
hired into a full time position on 10/15/2016 and will be eligible for pension as
of 10/15/2016.
**** Danielle Jansen was employed in a temporary position from 05/27/2015 to
08/072015 and apart time position from 08/08/2015 to 10/14/2016. She was
hired into a full time position on 10/15/2016 and will be eligible for pension as
of 10/15/2016.
***** Sarah Jameson was employed in a part time position from 09/08/2014 to
10/14/2016. She was hired into a full time position on 10/15/2016 and will be
eligible for pension as of 10/15/2016.
Trustee Hamilton moved to approve the new hires for acceptance
into the Pension Plan as listed. The motion was duly seconded and
carried unanimously.
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City of Clearwater
Pension Trustees Meeting Minutes December 12, 2016
4.2 Approve the following request of employee Richard Riley, Fire Department to vest his
pension as provided by Section 2.419 of the Employees' Pension Plan.
Richard Riley, Fire Division Chief, Fire Department, was employed by the City
on May 23, 2005, and began participating in the Pension Plan on that date.
Mr. Riley terminated from City employment on October 10, 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.
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. Riley will meet the
hazardous duty criteria and begin collecting pension in April 2020.
Trustee Caudell moved to approve the following request of
employee Richard Riley, Fire Department 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 William Harding, Police Department,
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City of Clearwater
Pension Trustees Meeting Minutes December 12, 2016
Christopher Squitieri, Police Department, and Christopher White, Police Department
for a regular pension as provided by Sections 2.416 and 2.424 of the Employees'
Pension Plan.
William Harding, Police Officer, Police Department, was employed by the City
on July 15, 2002, and his pension service credit is effective on that date. His
pension will be effective November 1, 2016. Based on an average salary of
approximately $71,663.95 over the past five years, the formula for computing
regular pensions and Mr. Harding's selection of the Life Annuity, this pension
benefit will be approximately $28,968.48 annually.
Christopher Squitieri, Police Sergeant, Police Department, was employed by
the City on January 17, 1990, and his pension service credit is effective on that
date. His pension will be effective December 1, 2016. Based on an average
salary of approximately $94,916.67 over the past five years, the formula for
computing regular pensions and Mr. Squitieri's selection of the 100% Joint and
Survivor Annuity, this pension benefit will be approximately $68,707.44
annually.
Christopher White, Police Sergeant, 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 November 1, 2016. Based on an average
salary of approximately $82,952.85 over the past five years, the formula for
computing regular pensions and Mr. White's selection of the 100% Joint and
Survivor Annuity, this pension benefit will be approximately $48,631.20
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.
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
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City of Clearwater
Pension Trustees Meeting Minutes December 12, 2016
years and completed ten years of credited service. Mr. Harding, Mr. Squitieri
and Mr. White have met the hazardous duty criteria.
Trustee Cundiff moved to approve the following request of
employees William Harding, Police Department, Christopher
Squitieri, Police Department, and Christopher White, 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 Award a contract for pension plan actuarial services for the five-year period ending
December 31, 2021 to Gabriel, Roeder, Smith and Company for a not-to-exceed
amount of$165,850 and authorize the appropriate officials to execute same.
Annually, the pension plan requires an actuarial valuation of the plan to
determine the City's funding contribution, as well as annual benefit statements
to be provided to all employees participating in the plan. In addition, a separate
actuarial valuation is required annually for financial reporting per Governmental
Accounting Standards Board (GASB) requirements. The State of Florida also
requires separate annual reporting from the actuary per Chapter 112.664
Florida Statutes. Finally, the pension plan ordinance requires an actuarial
"experience study" at least every six years, analyzing the mortality, service,
and compensation experience to determine whether related actuarial
assumptions require adjustment.
Request for Proposal (RFP) 50-16 was issued in September 2016, with
proposals received in October. The RFP selection committee consisting of the
HR Director, HR Manager, Finance Director, Finance Assistant Director, and
the Senior Pension Payroll Analyst, unanimously chose Gabriel, Roeder, Smith
& Company (GRS) from the five respondents for pension plan actuarial
services. GRS has been the actuary for the pension plan since January 2010.
The annual fee for the actuarial valuation for funding purposes, along with
employee benefit statements, will be $18,500. The annual fee for the actuarial
valuation for GASB-required financial reporting purposes is $5,500. The fee for
annual reporting required per Chapter 112.664 Florida Statutes will be $3,000.
Finally, the experience study fee is $22,500.
Subsequent fees will be adjusted annually for inflation, not to exceed 3%
annually. As needed, additional services will be provided per various hourly
rates provided in the agreement fee schedule, to be adjusted annually.
APPROPRIATION CODE AND AMOUNT:
Funds are available in cost code 646-07410-530100-585-000-0000 to fund this
agreement.
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City of Clearwater
Pension Trustees
5. Adjourn
Meeting Minutes
December 12, 2016
In response to questions, Finance Director Jay Ravins said the City
Charter requires actuarial firms to be rotated every five years. Prior
to 2010, Price Waterhouse Coopers was the Plan's actuarial firm.
Trustee Jonson moved to award a contract for pension plan
actuarial services for the five -year period ending December 31,
2021 to Gabriel, Roeder, Smith and Company for a not -to- exceed
amount of $165,850 and authorize the appropriate officials to
execute same. The motion was duly seconded and carried
unanimously.
Attest
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City Clerk
City of Clearwater
The meeting adjourned at 1 :48 p.m.
-- qW (A QnCr e \aos
Chair
Employees' Pension Plan Trustees
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