10/12/2020 Pension Trustees Meeting Minutes October 12, 2020
City of Clearwater
Main Library- Council Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
m
ap
® e
Meeting Minutes
Monday, October 12, 2020
9:00 AM
Main Library - Council Chambers
Pension Trustees
Page 1
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
To ensure public safety and comply with the Governor's Safer at Home order in response to the
COVID-19 virus, the Clearwater Pension Trustees will hold a public meeting on Monday, October 12,
2020 at 9:00 a.m. using communications media technology.
Pursuant to Executive Order No. 20-69, issued by the Office of Governor Ron DeSantis on March 20,
2020, municipalities may conduct meetings of their governing boards without having a quorum of its
members present physically or at any specific location, and utilizing communications media technology
such as telephonic or video conferencing, as provided by Section 120.54(5)(b)2, Florida Statutes.
Rollcall
Present 5 - Chair Frank Hibbard, Trustee David Allbritton, Trustee Hoyt Hamilton,
Trustee Kathleen Beckman, and Trustee Mark Bunker
Also Present—William B. Horne II — City Manager, Micah Maxwell — Assistant
City Manager, Michael Delk — Assistant City Manager, Pamela
K. Akin — City Attorney, Rosemarie Call — City Clerk, Nicole
Sprague — Official Records and Legislative Services
Coordinator and Jennifer Poirrier— 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 Hibbard
The meeting was called to order at 9:53 a.m. using communications
media technology.
2. Approval of Minutes
2.1 Approve the minutes of the August 17, 2020 Pension Trustees Meeting as submitted in
written summation by the City Clerk.
Trustee Hamilton moved to approve the minutes of the August
17, 2020 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
Page 2
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
4.1 Approve pension plan expenditures for Fiscal Year 2021 totaling not-to-exceed
$381,300.
The Employees' Pension Plan does not have a legally required budget, however
all expenditures must be approved by the Trustees. The following are routine
administrative expenditures that staff is requesting approval of for administrative
efficiency.
The recommended expenditures for fiscal year 2021 reflect a $600, or 0.2%
increase over the approved fiscal 2020 expenditures. This net increase results
from increases in administrative services provided by Human Resources,
Payroll, and Information Technology, offset by decreased costs for Accounting,
Finance, and actuary fees.
Training and travel are the estimated costs of pension training and related
travel, including fiduciary training for the Trustees and Pension Advisory
Committee (PAC) members. This is a not-to-exceed amount given uncertainty
regarding the number of Trustees and PAC members that may elect to pursue
training.
Expenditures for physicals are per the pension ordinance requirement that new
employees must pass a comprehensive physical exam to be accepted into the
pension plan.
Reimbursements to the General Fund and Central Insurance Fund are for the
cost of oversight and administration of the Plan. The reimbursements are for
services provided by Human Resources, Payroll, and Finance personnel, along
with related operating expenditures.
The firm of Klausner, Kaufman, Jensen and Levinson currently serves as the
Plan's pension attorneys. Annual attorney fees also include medical bills for
medical services authorized by the PAC, as well as attorney fees for disability
cases and hearings.
Money manager, performance measurement consulting, custodial/safekeeping,
and actuary fees (other than actuary hourly consulting and special projects) are
all governed by contracts separately approved by the Trustees and are not
included in this agenda item total.
APPROPRIATION CODE AND AMOUNT:
646xxxx-5xxxxx (various pension plan expenditure codes)
Trustee Hamilton moved to approve pension plan expenditures
for Fiscal Year 2021 totaling not-to-exceed $381,300. The motion
was duly seconded and carried unanimously.
Page 3
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
4.2 Approve an agreement with Northern Trust Investments, Inc. for investment in the
Northern Trust Collective Russell 1000 Growth Index large cap growth equity fund and
authorize the appropriate officials to execute the same.
The Pension Investment Committee is recommending the addition of a large
cap growth equity index fund, to complement the current large cap growth
equity fund actively managed by Voya.
The addition of this index fund increases the diversification of the large cap
growth equity category by allocating a portion of the current actively managed
monies to a passive index fund with lower management fees.
The Pension Investment Committee unanimously recommends Northern Trust
Collective Russell 1000 Growth Index Fund for an initial investment of$30
million, or approximately 2.7% of the total plan investment portfolio.
As of June 30, 2020, Northern Trust Collective Russell 1000 Growth Index Fund
historical performance has been as follows:
Russell 1000
Performance Growth Index
Last 3 years 18.95% 18.99%
Last 5 years 15.87% 15.89%
Last 10 years 17.25% 17.23%
Investment manager fees will be 3 basis points (0.03%) with a cap on
administrative fees of 1 basis point (0.01%).
The pension plan's attorney, Klausner, Kaufman, Jensen and Levinson, has
reviewed and approved the fourth amendment to the Collective Custody
Agreement and the Equilend Notice and Consent required to execute this
agreement.
APPROPRIATION CODE AND AMOUNT:
6467410-530100 $12,000 annually
In response to a question, Finance Director Jay Ravins said the Large
Cap Growth category has always been seen as the one category in the
Plan that would be passively invested. It is an efficient area of the market
and difficult for money managers to earn out of. He said the current
manager for the past 5 years has been underperforming in the index;
staff believed it was justified to move a portion of the allocation to a
passive investment. Mr. Ravins said staff is watching Voya and will
proceed with a search if they continue to underperform.
Trustee Hamilton moved to approve an agreement with Northern
Page 4
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
Trust Investments, Inc. for investment in the Northern Trust
Collective Russell 1000 Growth Index large cap growth equity
fund and authorize the appropriate officials to execute the same.
The motion was duly seconded and carried unanimously.
4.3 Approve the new hires for acceptance into the Pension Plan as listed.
Name/Job Classification/Department Pension
Eligibility
Date
Kaleigh Williamson, Parking Citation Assistant, Engineering/parking 3/2/2020
Michelle Quinzi, Sr. Accounting Technician, Finance 3/2/2020
Elizabeth Kastel, Accounting Technician, Parks and Recreation 3/2/2020
Alec Gibbons, Parks Service Technician, Parks and Recreation 3/2/2020
Julian Cooney, Water Dist. Operator Trainee, Public Utilities 3/2/2020
Jeffrey Barnes, Utilities Electronics Technician, Public Utilities 3/2/2020
James Lee, Parks Service Technician, Parks and Recreation 3/2/2020
Ainsworth Johnson, Aquatics Coordinator, Parks and Recreation 3/14/2020
Tracy Wilson, Recreation Leader, Parks and Recreation 3/16/2020
Shawn Campbell, Parks Service Technician, Parks and Recreation 3/16/2020
Vincent Marsilia, Utility Dispatcher, Gas 3/30/2020
Robert Napper, Public Information Coordinator, Public Communications 3/30/2020
Cedrick Gaynor, Parks Heavy Equipment Operator, Parks and Recreation 3/30/2020
Nicole Groh, Senior Staff Assistant, Economic Dev& Housing 3/30/2020
Leduan Viamonte, Utilities Electronics Technician, Public Utilities 4/13/2020
Matthew Cargnel, Wastewater Treatment Plant Op. Trainee, Public Utilities 4/13/2020
Patrick Wright, Solid Waste Worker, Solid Waste 4/13/2020
Billey Kutscher, Water Distribution Operator Trainee, Public Utilities 4/27/2020
Dustin Dean, Solid Waste Equipment Oper, Solid Waste 4/27/2020
Gregory Fawcett, Fleet Mechanic, General Services 5/11/2020
Andrew Mallon, Fleet Mechanic, General Services 5/11/2020
Tiffany Collins, Solid Waste Worker, Solid Waste 5/11/2020
Trustee Hamilton moved to approve the new hires for acceptance
into the Pension Plan as listed. The motion was duly seconded
Page 5
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
and carried unanimously.
4.4 Approve the new hires for acceptance into the Pension Plan as listed.
Name/Job Classification/Department Pension
Eligibility Date
Alphonso Gwyn, Public Utilities Supervisor, Public Utilities 6/22/2020
Jarod Graves, Marine Facility Operator, Marine &Aviation 8/1/2020
Patrick Cox, Parks Service Technician, Parks and Recreation 7/20/2020
Bradley Davis, Parks Service Technician, Parks and Recreation 7/20/2020
Maria Stocks, Police Telecommunicator Trainee, Police 7/6/2020
Kaleah Dunbar, Police Telecommunicator Trainee, Police 7/6/2020
Daniel Trueblood, Utilities Electronics Technician, Public Utilities 7/20/2020
Jeremy Hautajarvi, Utilities Electronics Technician, Public Utilities 7/20/2020
Tyson Mason, Tradesworker, Marine &Aviation 8/3/2020
Shannon Beckett, Marine Facility Operator, Marine&Aviation 8/1/2020
Pierre LaBrie, Marine Facility Operator, Marine &Aviation 8/16/2020
Jarvis Sheeler, Parks Service Foreman, Parks and Recreation 8/17/2020
Nils Lang, Recreation Leader, Parks and Recreation 8/15/2020
Trustee Hamilton moved to approve the new hires for acceptance
into the Pension Plan as listed. The motion was duly seconded
and carried unanimously.
4.5 Approve the following request of employees Andrea Beane, Engineering Department,
Darla Collamore, Police Department, Judith Crawford, Public Utilities, Brian Deimling,
Customer Service Department, Roberta Gluski, Engineering Department, Rodney
Johnson, Police Department, William Keller, Fire Department, Nat Medlin, Police
Department and Jeffrey Nolan, Information Tech Department for a regular pension as
provided by Sections 2.416 and 2.424 of the Employees' Pension Plan.
Andrea Beane, Senior Accountant, Engineering Department, was employed by
the City on July 13, 1998, and her pension service credit is effective on March
13, 2000. Her pension will be effective June 1, 2020. Based on an average
salary of approximately $59,419.81 over the past five years, the formula for
computing regular pensions and Ms. Beane's selection of the 50% Joint and
Page 6
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
Survivor Annuity, this pension benefit will be approximately $24,590.40 annually.
Darla Collamore, Police Officer, Police Department, was employed by the City
on May 22, 2000, and her pension service credit is effective on that date. Her
pension will be effective June 1, 2020. Based on an average salary of
approximately $84,008.87 over the past five years, the formula for computing
regular pensions and Ms. Collamore's selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $45,521.16 annually.
Judith Crawford, Administrative Assistant, Public Utilities Department, was
employed by the City on August 28, 2000, and her pension service credit is
effective on that date. Her pension will be effective June 1, 2020. Based on an
average salary of approximately $60,172.62 over the past five years, the formula
for computing regular pensions and Ms. Crawford's selection of the Life Annuity,
this pension benefit will be approximately $32,626.08 annually.
Brian Deimling, Customer Service Specialist, Customer Service Department,
was employed by the City on March 22, 1982, and his pension service credit is
effective on that date. His pension will be effective May 1, 2020. Based on an
average salary of approximately $50,162.27 over the past five years, the formula
for computing regular pensions and Mr. Deimling's selection of the 66-2/3%
Joint and Survivor Annuity, this pension benefit will be approximately $45,840.60
annually.
Roberta Gluski, Senior Development Review Tech, Engineering Department,
was employed by the City on December 3, 1984, and her pension service credit
is effective on that date. Her pension will be effective April 1, 2020. Based on an
average salary of approximately $54,324.83 over the past five years, the formula
for computing regular pensions and Ms. Gluski's selection of the Joint and
Survivor Annuity, this pension benefit will be approximately $52,777.32 annually.
Rodney Johnson, Police Lieutenant, Police Department, was employed by the
City on May 22, 2000, and his pension service credit is effective on that date.
His pension will be effective July 1, 2020. Based on an average salary of
approximately $108,655.14 over the past five years, the formula for computing
regular pensions and Mr. Johnson's selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $58,741.68 annually.
William Keller, Fire Lieutenant, Fire Department, was employed by the City on
November 2, 1992, and his pension service credit is effective on that date. His
pension will be effective April 1, 2020. Based on an average salary of
approximately $101,061.45 over the past five years, the formula for computing
regular pensions and Mr. Keller's selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $73,300.92 annually.
Nat Medlin, Police Officer, Police Department, was employed by the City on
June 24, 1996, and his pension service credit is effective on that date. His
pension will be effective July 1, 2020. Based on an average salary of
approximately $92,319.36 over the past five years, the formula for computing
regular pensions and Mr. Medlin's selection of the 10 Year Certain and Life
Page 7
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
Annuity, this pension benefit will be approximately $59,802.48 annually.
Jeffrey Nolan, Senior Network Analyst, Information Tech Department, was
employed by the City on May 21, 2001, and his pension service credit is
effective on that date. His pension will be effective May 1, 2020. Based on an
average salary of approximately $57,575.05 over the past five years, the formula
for computing regular pensions and Mr. Nolan's selection of the Life Annuity, this
pension benefit will be approximately $29,994.96 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
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. Beane, Ms. Crawford, Mr. Deimling, Ms. Gluski, and Mr. Nolan 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. Ms. Collamore, Mr.
Johnson, Mr. Keller and Mr. Medlin have met the hazardous duty criteria.
Trustee Hamilton moved to approve the following request of
employees Andrea Beane, Engineering Department, Darla
Collamore, Police Department, Judith Crawford, Public Utilities,
Brian Deimling, Customer Service Department, Roberta Gluski,
Engineering Department, Rodney Johnson, Police Department,
William Keller, Fire Department, Nat Medlin, Police Department
and Jeffrey Nolan, Information Tech 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.
Page 8
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
4.6 Approve the following request of employees Michael Aleksa, Fire Department, Sean
Allaster, Police Department, Michael England, Marine and Aviation Department, Michael
Hutto, Fire Department, Clifford Norris, Parks and Recreation Department, Sharon
Rodriguez, Police Department, John Schauder, Marine and Aviation Department, and
Daniel Tupponce, Police Department, for a regular pension as provided by Sections
2.416 and 2.424 of the Employees' Pension Plan.
Michael Aleksa, Firefighter/Driver-Operator, Fire Department, was employed by
the City on March 4, 1996, and his pension service credit is effective on that
date. His pension will be effective August 1, 2020. Based on an average salary
of approximately $75,063.31 over the past five years, the formula for computing
regular pensions and Mr. Aleksa's selection of the 10 Year Certain and Life
Annuity with a 10% partial lump sum, this pension benefit will be approximately
$45,346.20 annually.
Sean Allaster, Police Sergeant, Police Department, was employed by the City
on July 6, 1990, and his pension service credit is effective December 27, 1994.
His pension will be effective September 1, 2020. Based on an average salary of
approximately $118,040.40 over the past five years, the formula for computing
regular pensions and Mr. Allaster's selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $81,798.84 annually.
Michael England, Marine Facility Operator, Marine and Aviation Department,
was employed by the City on November 29, 1993, and his pension service
credit is effective on April 18, 1994. His pension will be effective July 1, 2020.
Based on an average salary of approximately $44,478.70 over the past five
years, the formula for computing regular pensions and Mr. England's selection
of the Life Annuity, this pension benefit will be approximately $32,036.76
annually.
Michael Hutto, Fire Medic, Fire Department, was employed by the City on July
19, 1999, and his pension service credit is effective on that date. His pension
will be effective September 1, 2020.
Based on an average salary of approximately $95,822.85 over the past five
years, the formula for computing regular pensions and Mr. Hutto's selection of
the Life Annuity with a 30% partial lump sum, this pension benefit will be
approximately $41,692.08 annually.
Clifford Norris, Recreation Supervisor, Parks and Recreation Department, was
employed by the City on April 3, 1980, and his pension service credit is effective
on June 10, 2010. His pension will be effective August 1, 2020. Based on an
average salary of approximately $68,946.87 over the past five years, the formula
for computing regular pensions and Mr. Norris' selection of the 10 Year Certain
and Life Annuity, this pension benefit will be approximately $18,374.52 annually.
Sharon Rodriguez, Custodial Worker, Police Department, was employed by the
City on July 24, 1995, and her pension service credit is effective on October 11,
Page 9
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
1995. Her pension will be effective August 1, 2020. Based on an average salary
of approximately $33,237.37 over the past five years, the formula for computing
regular pensions and Ms. Rodriguez's selection of the Life Annuity, this pension
benefit will be approximately $22,672.92 annually.
John Schauder, Marine Facility Operator, Marine and Aviation Department, was
employed by the City on March 21, 1994, and his pension service credit is
effective on November 27, 1995. His pension will be effective August 1, 2020.
Based on an average salary of approximately $42,132.86 over the past five
years, the formula for computing regular pensions and Mr. Schauder's selection
of the Life Annuity, this pension benefit will be approximately $28,528.68
annually.
Daniel Tupponce, Police Officer, Police Department, was employed by the City
on October 2, 1995, and his pension service credit is effective on that date. His
pension will be effective August 1, 2020. Based on an average salary of
approximately $84,279.76 over the past five years, the formula for computing
regular pensions and Mr. Tupponce's selection of the 100% Joint and Survivor
Annuity, this pension benefit will be approximately $56,291.04 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 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. England, Mr. Norris, Sharon Rodriguez, and Mr. Schauder
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. Aleksa, Mr. Allaster, Mr.
Hutto and Mr. Tupponce have met the hazardous duty criteria.
Trustee Allbritton moved to approve the following request of
Page 10
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
employees Michael Aleksa, Fire Department, Sean Allaster, Police
Department, Michael England, Marine and Aviation Department,
Michael Hutto, Fire Department, Clifford Norris, Parks and
Recreation Department, Sharon Rodriguez, Police Department,
John Schauder, Marine and Aviation Department, and Daniel
Tupponce, 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.
4.7 Approve the following request of employee Douglas Ambrose, Police Department to vest
their pension as provided by Section 2.419 of the Employees' Pension Plan.
Douglas Ambrose, Police Officer, Police Department, was employed by the City
on June 11, 2007 and began participating in the Pension Plan on that date. Mr.
Ambrose terminated from City employment on June 2, 2020.
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 2.417 provides for early retirement eligibility for hazardous duty
employees. Mr. Ambrose will meet the early retirement criteria and begin
collecting pension in November 2020.
Trustee Hamilton moved to approve the following request of
employee Douglas Ambrose, Police Department to vest their
pension as provided by Section 2.419 of the Employees' Pension
Page 11
City of Clearwater
Pension Trustees Meeting Minutes October 12, 2020
Plan. The motion was duly seconded and carried unanimously.
4.8 Approve the following request of employee Christopher Nelson, Fire Department, to vest
his pension as provided by Section 2.419 of the Employees' Pension Plan.
Christopher Nelson, Firefighter, Fire Department, was employed by the City on
May 3, 2004, and began participating in the Pension Plan on that date. Mr.
Nelson terminated from City employment on May 29, 2020. 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. Nelson will meet the
hazardous duty criteria and begin collecting a pension in October 2021.
Trustee Hamilton moved to approve the following request of
employee Christopher Nelson, 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.
5. Director's Report - None.
Page 12
City of Clearwater
Pension Trustees
6. Adjourn
Meeting Minutes October 12, 2020
The meeting adjourned at 10:03 a.m.
j
4'r
City of Clearwater
Employees' Pension Plan Trustees
Page 13