01/17/2017 Pension Trustees Meeting Minutes January 17, 2017
City of Clearwater
City Hall
112 S. Osceola Avenue
Clearwater, FL 33756
9 '
e
Meeting Minutes
Tuesday, January 17, 2017
9:00 AM
Council Chambers
Pension Trustees
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City of Clearwater
Pension Trustees Meeting Minutes January 17, 2017
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 9:21 a.m. at City Hall.
2. Approval of Minutes
2.1 Approve the minutes of the December 12, 2016 Pension Trustees Meeting as
submitted in written summation by the City Clerk.
Trustee Jonson moved to approve the minutes of the December 12,
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
Daniel Ruben, Parks Service Tech I, Parks and Recreation 10/31/2016
Ernest Franks, Public Utilities Tech I, Public Utilities 11/14/2016
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City of Clearwater
Pension Trustees Meeting Minutes January 17, 2017
David Vincent, Fleet Mechanic, General Services 11/14/2016
Ronald Testa, Building Inspection Technician, Planning and Dev. 11/14/2016
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 Jana Hofferle, Engineering Department
and Catalina Tefft, Finance Department, to vest their pensions as provided by Section
2.419 of the Employees' Pension Plan.
Jana Hofferle, Parking Enforcement Supervisor, Engineering Department, was
employed by the City on August 19, 1996, and began participating in the
Pension Plan on that date. Ms. Hofferle terminated from city employment on
November 23, 2016.
Catalina H. Tefft, Procurement Analyst, Finance Department, was employed by
the City on March 21, 2005, and began participating in the Pension Plan on
that date. Ms. Tefft terminated from city employment on December 15, 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
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City of Clearwater
Pension Trustees Meeting Minutes January 17, 2017
participant has reached the age of sixty-five years and completed ten years of
credited service. Ms. Hofferle will meet the non-hazardous duty criteria and
begin collecting a pension in September 2026. Ms. Tefft will meet the
non-hazardous duty criteria and begin collecting a pension in September 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 Cundiff moved to approve the following request of
employees Jana Hofferle, Engineering Department and Catalina
Tefft, Finance 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 the following request of employee Kathleen LaTerza, Parks and Recreation
Department for a regular pension as provided by Sections 2.416 and 2.424 of the
Employees' Pension Plan.
Kathleen LaTerza, Recreation Program Coordinator, Parks and Recreation
Department, was employed by the City on December 1, 1986, and her pension
service credit is effective on that date. Her pension will be effective January 1,
2017.
Based on an average salary of approximately $70,218.79 over the past five
years, the formula for computing regular pensions and Ms. LaTerza's selection
of the Life Annuity, this pension benefit will be approximately $58,075.32
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. LaTerza has met the non-hazardous duty criteria.
Section 2.416 provides for normal retirement eligibility for hazardous duty
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City of Clearwater
Pension Trustees Meeting Minutes January 17, 2017
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 Kathleen LaTerza, Parks and Recreation 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 revised pension plan expenditures for fiscal year 2017, increasing the
previously approved $338,900 by $5,000 for actuarial consulting services and $2,000
for pension benefits calculator software license, for a revised total of$345,900.
The Trustees previously approved fiscal year 2017 pension plan routine
administration expenditures of$338,900. This item is requesting approval of a
revised total due to the addition of actuarial consulting services ($5,000) and
annual licensing for the pension benefits software ($2,000).
The previous actuarial services agreement and related purchase order
included, in addition to fees for the annual actuarial valuations, estimated
actuarial consulting services and the software license in a total not-to-exceed
amount approved by the Trustees. The new agreement not-to-exceed amount,
approved by the Trustees in December, includes the fees for annual actuarial
valuations/reporting only. We are consequently requesting approval of a
$5,000 contingency for hourly actuarial consulting services and $2,000 for the
Gabriel Roeder Smith (GRS) pension benefit calculator software license during
fiscal year 2017.
The hourly consulting services and the software license, while provided by
Gabriel Roeder Smith, are separate services from the annual actuarial
valuations that we feel should be disclosed and approved annually by the
Trustees.
APPROPRIATION CODE AND AMOUNT:
0646-xxxxx-5xxxxx (various pension plan expenditure codes)
In response to questions, Finance Director Jay Ravins said expenditures
include the pension attorney fees, which are used on an as needed
basis and not through an annual contractual amount. The item before
the Trustees does not include the actuarial contract that was approved
in December.
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City of Clearwater
Pension Trustees
5. Adjourn
Attest
Meeting Minutes January 17, 2017
Trustee Jonson moved to approve revised pension plan
expenditures for fiscal year 2017, increasing the previously
approved $338,900 by $5,000 for actuarial consulting services and
$2,000 for pension benefits calculator software license, for a
revised total of $345,900. The motion was duly seconded and
carried unanimously.
The meeting adjourned at 9:26 a.m.
forte \c •-c O5
Chair
mployees' Pension Plan Trustees
City Clerk
City of Clearwater
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