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10/12/2020Monday, October 12, 2020 9:00 AM City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Main Library - Council Chambers Pension Trustees Meeting Agenda October 12, 2020Pension Trustees Meeting Agenda 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. The meeting will be held through the Zoom platform and will be broadcast live on the city's website (https://www.myclearwater.com/government/council-meeting-streaming-videos), o n F a c e b o o k ( w w w . f a c e b o o k . c o m / c i t y o f c l e a r w a t e r ) a n d o n Y o u T u b e (www.youtube.com/myclearwater) as well as the following public access TV channels: Spectrum Channel 638, Frontier Channel 30 and WOW! Channel 15. Citizens wishing to provide comments on an agenda item are encouraged to do so in advance through written comment. The City has established the following four options to ensure public comment for a virtual meeting: 1)eComments via Granicus - eComments is integrated with the published meeting agenda. Individuals may review the agenda item details and indicate their position on the item. You will be prompted to set up a user profile to allow you to comment, which will become part of the official public record. The eComment period is open from the time the agenda is published. Comments received during the meeting will become part of the official record, if posted prior to the closing of public comment. The City Clerk will read received comments into the record. 2)Email – Individuals may submit written comments or videos to ClearwaterCouncil@myclearwater.com. All comments received by 5 p.m. the day before the meeting (October 11) will become part of the official record. The City Clerk will read received comments into the record. 3)Call-in - During the meeting individuals will be able to call in to 562-4646 and be placed on-air to speak to an individual item. 4)Council Chambers - Additionally, like any other council meeting, the public may provide public comment at the Main Library, Council Chambers, 100 N Osceola Avenue. Due to COVID-19, all speakers desiring to appear in person will be subject to all applicable emergency measures in place to prevent the further spread of COVID-19. Speakers who appear in person will be subject to screening for symptoms of COVID-19. Any persons exhibiting any symptoms of COVID-19 will not be permitted to enter council chambers but will be able to participate through the remote options described above. Individuals with disabilities who need reasonable accommodations to effectively participate in this meeting are asked to contact the City Clerk at (727)562-4092 or rosemarie.call@myclearwater.com in advance. 1. Call To Order 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. 3. Citizens to be Heard Regarding Items Not on the Agenda Page 2 City of Clearwater Printed on 10/6/2020 October 12, 2020Pension Trustees Meeting Agenda 4. New Business Items 4.1 Approve pension plan expenditures for Fiscal Year 2021 totaling not-to-exceed $381,300. 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. 4.3 Approve the new hires for acceptance into the Pension Plan as listed. 4.4 Approve the new hires for acceptance into the Pension Plan as listed. 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. 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. 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. 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. 5. Director's Report 6. Adjourn Page 3 City of Clearwater Printed on 10/6/2020 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-8044 Agenda Date: 10/12/2020 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the minutes of the August 17, 2020 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 10/6/2020 Pension Trustees Meeting Minutes August 17, 2020 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, August 17, 2020 9:00 AM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes August 17, 2020 Page 2 City of Clearwater 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 August 17, 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. Roll Call 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. Unapproved 1. Call to Order – Chair Hibbard The meeting was called to order at 9:00 a.m. via communications media technology. 2. Approval of Minutes 2.1 Approve the June 15, 2020 Pension Trustees Meeting Minutes as submitted in written summation by the City Clerk. Trustee Hamilton moved to approve the June 15, 2020 Pension Trustees Meeting Minutes 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 Accept the January 1, 2020 Annual Actuarial Valuation for the Employees’ Pension Plan. Draft Pension Trustees Meeting Minutes August 17, 2020 Page 3 City of Clearwater Per the actuarial valuation report dated January 1, 2020, a minimum city employer contribution of $11.52 million, or 12.72% of covered payroll, is required for fiscal year 2021. This is an increase of approximately $1.81 million over the fiscal 2020 required contribution of $9.71 million, which represented 11.48% of covered payroll. In prior years, the actuary has simply calculated a single average employer contribution rate for all employees in the plan. Due to recently negotiated enhancements to pension benefits for Police participants, it was necessary to engage the actuary to calculate separate employer contributions for police officers, firefighters, and non-public safety participants. Per this calculation, the required employer contributions by group are as follows: Police $ 4,872,378 23.55% Fire $ 3,115,146 18.64% Non-public safety $ 3,534,489 6.64% Total $11,522,013 12.72% The calendar year 2019 investment return was 20.20%, versus an assumed rate of 6.75% for 2019. The five-year smoothed actuarial investment rate of return was 7.39% versus the 6.75% assumption. Calendar 2015 through 2019 investment returns were (-0.28%), 6.70%, 16.01%, (-2.48%), and 20.20%, respectively. As previously approved by the Trustees, the assumed rate of return was lowered to 6.65% as of January 1, 2020. This change increased the Fiscal Year 2021 employer contribution by $411,325, which represented 0.45% of covered payroll. The assumed rate of return is scheduled to be lowered in two additional increments - to 6.55% in 2021, and to 6.50% effective January 1, 2022. The plan experienced a net actuarial experience gain of $1.19 million for the year. The gain was primarily due to investment returns, partially offset by higher than expected salary increases (8.84% versus 4.35% expected) and a lower than expected mortality rate. The plan’s funded ratio at January 1, 2020 was 102.60% (including the credit balance in the assets) versus 104.09% for the prior year. The actuarial value of assets exceeds the market value of assets by $76.7 million as of January 1, 2020. The plan’s credit balance, which reflects actual contributions in excess of actuarially required contributions in prior years, increased from $26.61 million to $28.96 million during calendar 2019, primarily due to interest earned on the credit balance. This credit balance is available as a “rainy day” fund to subsidize volatile required employer contributions during investment market downturns. The Plan is highly leveraged on investment returns in comparison to most pension plans, which means changes in investment earnings can cause significant increases in required employer contributions. This year-to-year Draft Pension Trustees Meeting Minutes August 17, 2020 Page 4 City of Clearwater volatility is offset by setting aside excess earnings in the credit balance during periods of positive investment returns. Actuary Pete Strong provided a PowerPoint presentation. In response to questions, Mr. Strong said the rolling 5-year smoothing period is a normal smoothing method. The State of Florida allows smoothing and 99% of the pension plans smooth out the volatility in the market. The maximum smoothing period in the state of Florida is 5 years. The City's pension plan is tied for the best in Florida; most pension plans are funded in the 70% to 90% range. Mr. Strong said the City's plan is 100% funded and ranks in the top 10% nationwide. The non investment administrative cash flow on page C3 is the sum of all contributions from the City and employees minus all benefit payments that went out. Trustee Hamilton moved to accept the January 1, 2020 Annual Actuarial Valuation for the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 4.2 Determine Trustees’ expected rate of return for pension plan investments for the current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). Florida Statutes 112.661(9) requires filing of an annual determination of expected rates of return for the pension plan with the Florida Department of Management Services, with the plan’s sponsor, and with the consulting actuary. Staff is recommending the currently adopted plan investment rate of return assumptions including 6.65%, net of investment-related fees, as the expected annual rate of return for the current year; 6.55% for the next year; and 6.50% for all years thereafter. Trustee Hamilton moved to determine Trustees’ expected rate of return for pension plan investments for the current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). The motion was duly seconded and carried unanimously. 4.3 Appoint Sheldon Goldberg to the Pension Investment Committee with a term to expire August 31, 2022. Draft Pension Trustees Meeting Minutes August 17, 2020 Page 5 City of Clearwater APPOINTMENT WORKSHEET BOARD: Pension Investment Committee TERM: 2 years APPOINTED BY: City Council (Pension Trustees) RESIDENCY REQUIREMENT: City of Clearwater CONTACT: Jay Ravins, Finance Dir. APPTS. NEEDED: 1 THE FOLLOWING PENSION INVESTMENT COMMITTEE MEMBER HAD A TERM THAT EXPIRED AND NOW REQUIRES REPLACEMENT BY A NEW APPOINTEE: 1. Nino Accetta - 2717 Via Cipriani, 33764 - Banking Original Appointment: 6/12/17 Interest in reappointment: No (term expired 6/30/19) THE NAME BELOW IS BEING SUBMITTED FOR CONSIDERATION TO FILL THE ABOVE VACANCY: 1. Sheldon Goldberg - 2060 Marilyn St., #215, 33765 - Real Estate Broker (application on file for PAC) Trustee Hamilton moved to appoint Sheldon Goldberg to the Pension Investment Committee with a term to expire August 31, 2022. The motion was duly seconded and carried unanimously. 5. Director's Report – None. 6. Adjourn The meeting adjourned at 9:32 a.m. Chair Employees’ Pension Plan Trustees Attest City Clerk Draft Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-8314 Agenda Date: 10/12/2020 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Approve pension plan expenditures for Fiscal Year 2021 totaling not-to-exceed $381,300. SUMMARY: 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 $600, or 0.2% increase over the approved fiscal 2020 expenditures. This net increase results from increases in administrative services provided by Human Resources, Payroll, and Information Technology, offset by decreased costs for Accounting, Finance, and actuary fees. Training and travel are the estimated costs of pension training and related travel, including fiduciary training for the Trustees and Pension Advisory Committee (PAC) members. This is a not-to-exceed amount given uncertainty regarding the number of Trustees and PAC members that may elect to pursue training. Expenditures for physicals are per the pension ordinance requirement that new employees must pass a comprehensive physical exam to be accepted into the pension plan. Reimbursements to the General Fund and Central Insurance Fund are for the cost of oversight and administration of the Plan. The reimbursements are for services provided by Human Resources, Payroll, and Finance personnel, along with related operating expenditures. The firm of Klausner, Kaufman, Jensen and Levinson currently serves as the Plan’s pension attorneys. Annual attorney fees also include medical bills for medical services authorized by the PAC, as well as attorney fees for disability cases and hearings. Money manager, performance measurement consulting, custodial/safekeeping, and actuary fees (other than actuary hourly consulting and special projects) are all governed by contracts separately approved by the Trustees and are not included in this agenda item total. APPROPRIATION CODE AND AMOUNT: 646xxxx-5xxxxx (various pension plan expenditure codes) Page 1 City of Clearwater Printed on 10/6/2020 Description FY 2021 FY 2020 Increase/ (Decrease) % Increase/ Decrease 543400 Printing & binding 400$ 400$ -$ 0.0% 542500 Postage 400 400 - 0.0% 557100 Memberships 800 800 - 0.0% 548000 Misc 100 100 - 0.0% 557300 Training 4,000 4,000 - 0.0% 547200 Travel expense 3,000 3,000 - 0.0% 521500 Physicals 36,300 36,300 - 0.0% 590200 Reimbursement to General Fund/Central Ins. Fund (Human Resources)42,100 38,400 3,700 9.6% 590200 Reimbursement to General Fund (Accounting & Finance)18,500 20,800 (2,300) -11.1% 590200 Reimbursement to General Fund (Payroll & IT)105,500 98,800 6,700 6.8% 530100 Pension attorney 140,000 140,000 - 0.0% 530100 Annual software license - GRS benefit calculator 2,200 2,200 - 0.0% 530100 Consulting fees - pension buy-backs and other 28,000 35,500 (7,500) -21.1% Totals 381,300$ 380,700$ 600$ 0.2% General Fund Reimbursement HR 29,000$ 26,800$ 2,200$ 8.2% Acctg Finance 18,500 20,800 (2,300) -11.1% Payroll IT 105,500 98,800 6,700 6.8% General Fund Totals 153,000$ 146,400$ 6,600$ 4.5% Central Insurance Fund Reimbursement - HR 13,100$ 11,600$ 1,500$ 12.9% Combined General Fund and Central Insurance Fund HR 42,100$ 38,400$ 3,700$ 9.6% Acctg Finance 18,500 20,800 (2,300) -11.1% Payroll IT 105,500 98,800 6,700 6.8% 166,100$ 158,000$ 8,100$ 5.1% City of Clearwater Employees' Pension Plan Administrative Expenditures Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-8322 Agenda Date: 10/12/2020 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: 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. SUMMARY: 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 Page 1 City of Clearwater Printed on 10/6/2020 1 NTAC:3NS-20 FOURTH AMENDMENT TO THE COLLECTIVE FUND CUSTODY AGREEMENT This Fourth Amendment is made as of and effective __________________, 2020, amending the Collective Fund Custody Agreement dated May 30, 2003, as previously amended from time to time (the “Agreement”), between the City of Clearwater Employees’ Pension Fund and Northern Trust Investments, Inc. (formerly Northern Trust Investments, N.A.) (“NTI”): 1. The Agreement is hereby amended in the following particulars: Exhibit A attached to the Agreement, as well as any amendments thereto executed prior to the effective date of this Amendment, are hereby deleted and revoked, and in lieu thereof, the Exhibit A attached to this Amendment is adopted and incorporated in the Agreement, pursuant to sections 2(c) and 14 thereof. Exhibit B attached to the Agreement, as well as any amendments thereto executed prior to the effective date of this Amendment, are hereby deleted and revoked, and in lieu thereof, the Exhibit B attached to this Amendment is adopted and incorporated in the Agreement, pursuant to sections 9 and 14 thereof. 2. Except for this Fourth Amendment, the Agreement remains in full force and effect without change. IN WITNESS WHEREOF, the parties have caused this Fourth Amendment to be executed as of the day and year first written above. City of Clearwater Employees’ Pension Fund By: ______________________________ Name: Frank V Hibbard Title: Chairperson, Board of Trustees Date: ___________________________ Northern Trust Investments, Inc. By: Name: ___________________________ Title: Date: ____________________________ 2 NTAC:3NS-20 EXHIBIT A DESIGNATED COLLECTIVE FUNDS The Investment Fiduciary hereby designates the following collective funds for investment by the Trust from time to time in such proportions or amounts as the Investment Fiduciary shall direct in writing: • Northern Trust Collective Russell 1000 Growth Index Fund – Lending • Northern Trust Collective Russell 1000 Value Index Fund – Lending City of Clearwater Employees’ Pension Fund By: ______________________________ Name: __________________________ Title: Date: ___________________________ Northern Trust Investments, Inc. By: Name: ___________________________ Title: Date: ____________________________ 3 NTAC:3NS-20 EXHIBIT B FEES The Investment Fiduciary shall pay NTI a fee for account-level services rendered pursuant to the following fee schedule: • Northern Trust Collective Russell 1000 Growth Index Fund – Lending • Northern Trust Collective Russell 1000 Value Index Fund – Lending o Flat fee of three (3) basis points per year The account-level fees set forth above are in addition to the fund-level custody, fund administration services, and external audit services expressly set forth in the Fund Declarations for the Funds. To the extent that any Funds lend securities, NTI or its affiliate will invest cash collateral in an affiliated collective fund which imposes a fund-level investment management fee, custody and fund administrative fee and annual audit service fee as expressly set forth in the Fund Declarations for the Funds. Fees shall be calculated quarterly, based on the market value of assets held in the Account on the last day of each prior calendar quarter end. For the avoidance of doubt, fee calculations for the second calendar quarter will be based on the market value of assets held in the Account on the last day of March. Fees are charged quarterly based on one-fourth of the annual fee. Fees calculated for the initial funding quarter and, upon the termination of this Agreement by one of the parties, the final invoiced quarter, will each be prorated appropriately if investments are not held for the entire quarter. Investment Fiduciary agrees that fees for all Accounts governed by this Agreement shall be paid as follows (please check one): ____ Automatically debited from the Account ____ An invoice shall be sent to the Investment Fiduciary If one of the fee payment options above has not been selected, the second option shall be applied. City of Clearwater Employees’ Pension Fund By: ______________________________ Name: __________________________ Title: Date: ___________________________ Northern Trust Investments, Inc. By: Name: ___________________________ Title: Date: ____________________________ NOTICE AND CONSENT CONCERNING PARTICIPATION OF COMMON OR COLLECTIVE FUNDS IN EQUILEND IN ACCORDANCE WITH THE EQUILEND PROHIBITED TRANSACTION EXEMPTION To: The Authorizing Fiduciary of a Plan (as defined below) that intends to participate in one or more common or collective funds (each, a “Lending Fund” and collectively, the “Lending Funds”) for which Northern Trust Investments, Inc. (“NTI”) acts as trustee and for which The Northern Trust Company (“Northern”) acts as securities lending agent This Notice and Consent sets forth the rights of any Plan that intends to invest its assets in one or more Lending Funds with respect to transactions between EquiLend and the Lending Funds. EquiLend is a joint venture of various securities lending agents and securities borrowers, in which Northern has an equity interest.1 EquiLend provides two main services, an electronic trading platform (the “Platform”) and a data and market analysis tool (“DataLend”). The Platform was launched on June 25, 2002 and provides standard electronic methods for communicating securities available for borrowing, negotiating loans, and exchanging information needed to administer those loans. The Platform is intended to create operational efficiencies and reduce the potential risks of lending transactions by streamlining the trading, processing and monitoring of securities lending transactions. EquiLend is not itself a principal in any transaction but rather facilitates securities lending transactions between borrowers and agent lenders by providing access and connectivity between potential borrowers and agent lenders. The Lending Funds currently participate in the Platform. DataLend is a market analysis data tool which was launched in January 2013. It is designed to allow its users to view and analyze a broad range of transaction information including securities lending and borrowing data, reports, graphical interfaces and other benchmarking tools. To generate these tools, data from the Lending Funds’ securities lending transactions (conducted both on and off the Platform) is submitted to EquiLend by users of DataLend, including Northern (however, this data does not disclose the identity of any lending clients engaged in these transactions). Access to this DataLend information is intended to enhance agent lenders’ ability to evaluate the securities lending marketplace when making securities lending decisions on behalf of clients. The Lending Funds currently participate in DataLend. The services and products offered by EquiLend (including the Platform and DataLend) may be offered either directly to Northern clients or to Northern for the benefit of its clients and the Lending Funds. No Lending Fund is charged any additional fee for any EquiLend services or 1 EquiLend is a subsidiary of EquiLend Holdings L.L.C., which is a holding company owned by BlackRock Asset Management International Inc., Credit Suisse First Boston Next Fund, Inc., The Goldman Sachs Group, Inc., J.P. Morgan Clearing Corp., J.P. Morgan Strategic Securities Lending Corp., Merrill Lynch L.P. Holdings, Inc., Strategic Investments I, Inc. (Morgan Stanley), Northern Trust Corporation, SSB Investments, Inc. (State Street), and UBS Americas, Inc. products used by the Lending Funds; rather any fees charged by EquiLend, including fees for participation in the Platform and DataLend, are paid by Northern. As one of the equity owners of EquiLend, Northern has a financial interest in the successful operation of EquiLend. As a result, EquiLend has obtained Prohibited Transaction Exemption 2002-30 from the U.S. Department of Labor (as amended 2013-05), which (a) enables Northern (and the other securities lending agents with equity interests in EquiLend) to (i) utilize EquiLend’s Platform for lending the securities of Plans and (ii) utilize and provide client data to EquiLend for DataLend, and (b) permits EquiLend to sell or license ancillary products such as DataLend to Northern or to a Plan to which EquiLend is a party in interest. The final form of the exemption was originally published on June 6, 2002 in the Federal Register, and effective as of March 29, 2002. The final form of amendment to the exemption was published on March 29, 2013 in the Federal Register and is effective as of October 1, 2012. Pursuant to the exemption, Northern intends that all of the Lending Funds will participate in the Platform and DataLend. The relevant terms of the exemption are as follows: • An independent fiduciary of a Plan (an “Authorizing Fiduciary”) must approve, in advance, the participation of the Plan in a Lending Fund that utilizes the Platform, DataLend and the purchase or licensing of each ancillary product by Northern for the benefit of the Plan. In the case of participation in the Platform and/or DataLend, the Authorizing Fiduciary shall be deemed to have approved such participation unless the Authorizing Fiduciary objects to Northern within 30 days after delivery by Northern of information regarding the Platform and DataLend to the Authorizing Fiduciary, in which case the Plan will not be permitted to invest in the Lending Fund(s). • The Authorizing Fiduciary’s approval shall not be deemed to have been made unless Northern furnishes the Authorizing Fiduciary with (i) any reasonably available information requested by the Authorizing Fiduciary, and (ii) any reasonably available information that Northern believes to be necessary for the Authorizing Fiduciary to determine whether such authorization should be made, including the following: • Northern, as securities lending agent, has a financial interest in the successful operation of EquiLend; and • Northern intends to provide EquiLend with securities lending data based on off-Platform securities lending transactions conducted by Northern on behalf of the Lending Fund. • The Authorizing Fiduciary must be able to terminate, without penalty to the Plan, the participation of a Plan in the Platform, DataLend and/or the purchase or licensing of each lending-related product by Northern on behalf of a Plan by giving Northern five business days’ advance written notice. If the Authorizing Fiduciary terminates the Plan’s participation in the Platform or DataLend, the units of the Lending Fund(s) held by the Plan will be liquidated. In connection with the foregoing, Northern has provided the Authorizing Fiduciary with such reasonably available information as it reasonably believes is necessary for the Authorizing Fiduciary to determine whether Northern’s proposed use of the Platform on behalf of the Plan, Northern’s proposed use of DataLend on behalf of the Plan (including the provision of off- Platform securities lending data to EquiLend), and EquiLend’s sale or licensing of products to Northern should be authorized. In addition, Northern will provide any other reasonably available information that the Authorizing Fiduciary may reasonably request. As used in this Notice and Consent, (1) “Authorizing Fiduciary” shall mean a Plan fiduciary who is independent of and not affiliated with Northern and receives no direct or indirect consideration from Northern or an affiliate of Northern in connection with any securities lending transaction involving the Plan; and (2) “Plan” shall mean a “plan” within the meaning of section 3(3) of ERISA subject to Part 4 of Subtitle B of Title I of ERISA, a “plan” within the meaning of section 4975(e)(1) of the U.S. Internal Revenue Code of 1986 (as amended), or The Federal Thrift Savings Fund. By signing this Notice and Consent on behalf of the Plan, the Authorizing Fiduciary of the Plan hereby agrees to and approves the participation of the Plans in Lending Fund(s) that utilize the Platform, the participation of the Plans in Lending Fund(s) that utilize DataLend (including the provision of securities lending data based on off-Platform transactions) and the terms governing the sale or licensing of ancillary products by EquiLend to Northern, all as set forth in this Notice and Consent. Plan Name: City of Clearwater Employees’ Pension Plan By: , its Authorizing Fiduciary Name: Frank V. Hibbard Title: Chairperson, Board of Trustees Date: Formatted Table Formatted: Indent: Left: -0.01" COLLECTIVE FUND CUSTODY AGREEMENT This Collective Fund Custody Agreement is made as of this ;Sday of May, 2003, between CITY OF CLEARWATER (Florida) EMPLOYEES' PENSION FUND and Northern Trust Investments, Inc. ("NTI"), an Illinois trust company. 1. Appointment The Investment Fiduciary hereby appoints NTI as custodian to maintain in the name of the Trust a custody account for the purpose of facilitating investment in one or more collective funds maintained by NTI as collective fund trustee under the Plan and Declaration of Trust of the Northern Trust Global Investments Collective Fund Investment Trust for Employee Benefit Plans and the Declaration of Trust of the Northern Trust Global Investments-Quantitative Management Collective Funds Trust, as amended from time to time each, a "Declaration", collectively, the "Declarations"), or any collective fund maintained by any ofNTI's affiliates ("Fund"). A copy of each Declaration is attached as Exhibit A. 2. Collective Fund Investments a) NTI shall, as soon as practicable, invest the assets transferred to it from the Trust pursuant to separate written instruction from the Investment Fiduciary in one or more of the Funds identified on Exhibit B ("Designated Funds") in such amount or proportion as directed. b) If it is not practicable for NTI to immediately invest any cash received by it as directed, then NTI shall invest such cash in The Northern Trust Company Short-Term Investment Fund until investment in the Designated Fund is practicable. The Northern Trust Company Short-Term Investment Fund is a collective fund maintained by The Northern Trust Company as trustee. c) The Investment Fiduciary may change the Designated Funds from time-to-time by filing a new Exhibit B with NTI, provided that the timing of any such change must be in accordance with Fund rules. d) NTI shall have no responsibility or accountability for Trust assets until they are received by it. e) In the event of termination of this Agreement, Federal law precludes continued participation by the Trust Fund in any Designated Fund. Accordingly, NTI must withdraw the value ofthe Trust Fund's investment from all Designated Funds on the next valuation date as defined in the Declarations) immediately following the date of termination. Pursuant to the terms of the Declarations, NTI in its capacity as collective fund trustee retains and will exercise discretion, based solely on its own judgment, to pay over the value on such valuation date of the Trust Fund's investment in the Funds in cash, in-kind, or in any combination thereof to such entity as the Investment Fiduciary directs, Written notice of termination by either party is irrevocable. Following the valuation date after termination, participation in the NTI/NTI-QMCollective Fund Custody Agmt. Funds may continue only upon execution of a new agreement by the mvestment Fiduciary and NTI or its affiliate. 3. Collective Fund Withdrawals NTI shall make withdrawals from the Fund and shall distribute or invest assets so withdrawn pursuant to written direction of the mvestment Fiduciary. The mvestment Fiduciary understands that the collective fund trustee may require that part or all of any withdrawal from the Fund be made in-kind. 4. Representation and Warranties by mvestment Fiduciary The mvestment Fiduciary represents and warrants to NTI as follows: a) The mvestment Fiduciary is authorized to execute this Agreement under the terms of the Trust and applicable plans: b) The Trust is a retirement pension, profit sharing or stock bonus trust or collective trust fund composed of assets which are exempt from federal income taxation under Section 501 of the mternal Revenue Code of 1986, as amended ("Code"), by reason of qualifying under Section 401 (a) of the Code or is a governmental plan within the meaning of Section 414(d) of the Code: c) The agreement or legislation creating the Trust ("Trust Agreement") authorizes investment in collective funds and provides that any declaration pursuant to which the Fund is maintained is incorporated by reference in the Trust. Agreement and shall prevail over any contrary provisions of the Trust Agreement or this Agreement; and d) mvestment of Trust assets in the Fund pursuant to this Agreement is In accordance with applicable law and the terms of the applicable plan and Trust Agreement. The mvestment Fiduciary further warrants that the foregoing representations shall be deemed to be continuing so long as the trust participates in the Fund and that the Investment Fiduciary shall notify NTI in writing before or immediately upon the occurrence of any event which causes a change to the representations and warranties made hereunder. 5. Representation and Warranties by NTI NTI represents and warrants to the mvestment Fiduciary as follows: a) NTI has full power and authority to execute, deliver and perform this Agreement and has taken all necessary and proper action to authorize the execution and delivery ofthis Agreement; and b) NTI will perform its obligations hereunder in accordance with the terms of this Agreement; and 2- c) NTI acknowledges that, n its capacity as collective fund trustee, it is a fiduciary with respect to Trust assets invested in any Fund maintained under the Declarations. NTI further warrants that the foregoing representations shall be deemed to be continuing so long as the Trust participates in the Fund and that NTI shall notify the Investment Fiduciary in writing before or immediately upon the occurrence of any event which causes a change to the representations and warranties made hereunder. 6. Statements and Reports NTI shall deliver to the Investment Fiduciary the following statements and reports: a) Monthly statements of the Trust account showing all investments, receipts, disbursements and other transactions as of the close of business on the last business day of each month, with copies of such statements and reports delivered to the trustee of the Trust; b) Such periodic Fund statements as may be required under the Declaration governing the Fund; and c) Such additional reports or statements as may be agreed from time to time by the Investment Fiduciary and NT!. 7. Securities Lending Pursuant to the terms of the Declarations, certain of the Funds may lend securities Lending Funds"). Any such securities lending will be in accordance with Department of Labor Prohibited Transaction Class Exemptions 81-6 and 82-63. NTI's affiliate, The Northern Trust Company, has been appointed to serve as securities lending agent for the Lending Funds, with responsibility for administering the securities lending program. As compensation for such services, the Investment Fiduciary authorizes the payment by any Lending Fund in which Trust assets are invested of a monthly fee equal to 40% of the securities lending revenue earned by such Lending Fund (such revenue to be calculated net of rebates paid to the borrowers of securities and other expenses. If the Investment Fiduciary subsequently notifies NTI that it no longer desires Trust assets to be included in the securities lending program, NTI will cause such Trust assets to be redeemed from any Funds that lend securitieswithin thirty (30) days following its receipt of such notice. 8. Compensation and Reimbursement NTI shall be reimbursed for all extraordinary and non-recurring expenses incurred in the custody and protection of the account, including legal and accounting fees, and shall receive such reasonable compensation for its services as may be agreed by the parties in writing from time to time. The initial fees are set forth in Exhibit C to this Agreement. 9. Limitation on Custodian's Liability 3- NTI shall be entitled to rely upon any direction, notice or other communication or document it receives from the Investment Fiduciary pursuant to this Agreement and shall have no responsibility for any loss to the account that may result from acting in accordance with the terms of this Agreement. 10. Governing Law The terms and provisions of this Agreement shall be construed and governed in accordance with the laws of the State of Florida, to the extent that such laws are not preempted by the laws of the United States of America. The invalidity of any part of this Agreement shall not affect the remaining parts thereof. 11 Notices Notices or other communications relating to this Agreement shall be sent as follows: a) If to NTI: Northern Trust Investments, Inc. Attention: Michael L. Lucas 181 West Madison Street Chicago, IL 60603 b) If to the Investment Fiduciary: Mr. Steve Moskun, Cash and Investment Manager City of Clearwater Finance Department Municipal Services Building, 3rd Floor (East End) 100 S. Myrtle Ave. Clearwater, FL 33756 Tel: 727.562.4532 E-mail: smoskun@clearwater-fl.com 12. Entire Agreement This Agreement, together with the Declarations, embodies the entire agreement between the parties and supersedes any and all prior commitments, agreements, representations and understandings, whether written or oral, relating to the subject matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions ofthe parties hereto. 13. Amendment The provisions of this Agreement may be amended or waived only by an instrument in writing signed by the parties hereto. 14. Termination 4- Each of the parties hereto may terminate this Agreement by giving to the other party thirty (30) days written notice of such termination. 15. Assignment Neither the Investment Fiduciary nor NTI may assign this Agreement without the prior written consent of the other, except that NTI may assign its rights and delegate its duties hereunder to any corporation or entity which directly or indirectly is controlled by, or is under common control with, NT!. Any entity which shall by merger, consolidation, purchase or otherwise, succeed to substantially all the trust business of NTI shall, upon such succession and without any appointment or other action by the Investment Fiduciary, be and become successor custodian hereunder, upon notification to the Investment Fiduciary. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first written above. Approved to Form and Content: CITY OF CLEARWATER EMPLOYEES' PENSION FUND By Attest: TME~ Its: VlcePresldenl ~ 5- EXHIBIT B DESIGNATED COLLECTIVE FUNDS Margaret Simmons, Director of Finance; Jay Ravins, Assistant Finance Director; and Steve Moskun, Cash and Investment Manager on behalf of the CITY OF CLEARWATER Florida) EMPLOYEES' PENSION FUND hereby designates the following collective funds for investment by the Trust from time-to-time in such proportions or amounts as the Investment Fiduciary shall direct in writing: NTGI-QM Collective Daily Lehman Brothers Aggregate Index Fund-Lending Approved to Form and Content: CITY OF CLEARWATER EMPLOYEES' PENSION FUND By K/~ Brian J. /un~t~ L-.C-&d _~-- 6- EXHIBIT C FEES First $100 MM: Balance: Six (6) Basis Points One (1) Basis Point Approved to Form and Content: CITY OF CLEARWATER EMPLOYEES' PENSION FUND By ba;:s- Attest: NORTHE By: Year-end for Trust: July 31 7- Name of Plan Sponsor", "Employer Identification Number" and "three-digit plan number" as reported on Form 5500 and Form 5500-C/R at la, 1 b and 5c or on Form 5500EZ at la, 1b and 2c: Plan Sponsor: City of Clearwater (Florida) Employees' Pension Fund Employer Identification Number: Three-digit plan number _ _ _ Taxpayer ill Number for this trust: 59-6000289 Frequency for Account Statements: [X] MontWy Quarterly Semi-Annual Annual Statement to be mailed to: (limited to two (2) recipients) Steve Moskun. Cash and Investment Manager Investment Manager's Fees to be:Deducted from Account Six (6) Basis Points] Invoiced to Steve Moskun. Cash and Investment Manager The following are specimen signatures of persons from whom the Investment Manager may accept written direction with regard to this Account: 8- AMENDMENT TO COLLECTIVE FUND CUSTODY AGREEMENT The Collective Fund Custody Agreement between City of Clearwater (Florida) Employees' Pension Fund and Northern Trust Investments, Inc, now known as Northern Trust Investments, N.A. ("NTI") is hereby amended as follows: 1. By adding the following fund to the list of Designated Funds set forth in Exhibit B: NTGI-QM Collective Weekly Enhanced EAFE Index Fund-Lending 2. By adding the following new paragraph to the fee schedule contained in Exhibit C: Provided, however, that with respect to assets held in the NTGI-QM Collective Weekly Enhanced EAFE Fund-Lending, the applicable fee schedule shall be as follows: First $100 million 35 basis points Second $100 million 30 basis points Over $200 million 25 basis points RWATER EMPLOYEES' PENSION FUND BY See Attached Signature Page ATTEST: NORTHERN T~TMENTS' N.A. BY (JwJ: ITS V~(~ Prl~ ,J.~ rfJ-O ?:? 0:( Signature Page for Amendment to Collective Fund Custody Agreement BOARD OF TRUSTEES OF THE EMPLOYEES' PENSION PLAN OF THE CITY OF CLEARWATER, FLORIDA By: Attest: SECOND AMENDMENT TO THE COLLECTIVE FUND CUSTODY AGREEMENT ik. This Second Amendment is made as of and effective ~ ~ , 2007, amending the Collective Fund Custody Agreement dated May 30, 200j~ amended on July 27, 2004 (the "Agreement") by and between the City of Clearwater Employees' Pension Fund Investment Fiduciary"), and Northern Trust Investments, Inc. (now Northern Trust Investments, N.A.). 1. The Agreement is hereby amended in the following particulars: Exhibit A attached to the Agreement, as well as any amendments thereto executed prior to the effective date of this Amendment, are hereby deleted and revoked, and in lieu thereof, the Exhibit A attached to this Amendment is adopted and incorporated in the Agreement, pursuant to sections 2( c) and 14 thereof. Exhibit B attached to the Agreement, as well as any amendments thereto executed prior to the effective date of this Amendment, are hereby deleted and revoked, and in lieu thereof, the Exhibit B attached to this Amendment is adopted and incorporated in the Agreement, pursuant to sections 9 and 14 thereof. 2. Except for this first amendment and this Second Amendment, the Agreement remains in full force and effect without change. IN WITNESS WHEREOF, the parties have caused this Second Amendment to be executed as of the day and year first written above. BOARD OF TRUSTEES OF THE EMPLOYEES' PENSION PLAN OF THE CITY OF CLEARWATER, FLORIDA ~ By: ~r l./ Frank V. Hibbard Chairperson Attest: g. ynthl.3-E. Goudeau' _ ity~lerlt...... ." ,F G ~ ~SS 26 " 1 Northern Trust Investments, N.A. BY:~w...~~ Name:WtlMJM\ AA N(~811IU As its: VlG5l'~lD~ Date: RRe..tl.- U ~ UOl JES 4.5.07 C.~3~ 26-' - EXHIBIT A DESIGNATED COLLECTIVE FUNDS The City of Clearwater Employees' Pension Fund ("Investment Fiduciary") hereby designates the following collective funds for investment by the Fund from time to time in such proportions or amounts as the Investment Fiduciary shall direct in writing: NTGI-QM Collective Daily Aggregate Bond Index Fund - Lending NTGI-QM Collective Weekly Quant Enhanced EAFE Equity Fund - Lending NTGI-QM Collective Daily Russell 1000 Value Index Fund - Lending BOARD OF TRUSTEES OF THE EMPLOYEES' PENSION PLAN OF THE CITY OF CLEARWATER, FLORIDA By: ank V. Hibbard Chairperson Attest: ynthia E. Goudeau ./- ---. ity Clerk Northern Trust Investments, N.A. By: lJJ~ (,(,t. ~~ Name: W\MA.A41. M Nl~ U( As its: "lC-e' P~(l>e1-t1 Date: N?q,u,. U1 ?CIU7 JES 4.5.07 G: ~ s~- 26-v, ~ ~~ EXHIBIT B FEES For your services, you shall be compensated pursuant to the following fee schedule: NTGI-QM Collective Daily Aggregate Bond Index Fund - Lending o First $100 Million at six (4) basis points o Balance at two (2) basis points NTGI-QM Collective Weekly Quant Enhanced EAFE Equity Fund - Lending o First $100 Million at thirty-five (35) basis points o Next $100 Million at thirty (30) basis points o Balance at twenty-five (25) basis points NTGI-QM Collective Daily Russell 1000 Value Index Fund - Lending o First $50 Million at eight (8) basis points o Next $50 Million at six (6) basis points o Balance at three (3) basis points BOARD OF TRUSTEES OF THE EMPLOYEES' PENSION PLAN OF THE CITY OF CLEARWATER, FLORIDA ~ By: ~~ y cJ Frank V. Hibbard Chairperson Attest: Cynthia E. Goudeau ~--" City Clerk Northern Trust Investments, N.A. BY:W_UL.~~ Name: ~ A 111 M NJ.CAlE111 U As its: V lC6 P ~ IJlel{I Date: ---.MfJ-tt 1<0, -z,007 JES 4.5.07 THIRD AMENDMENT TO THE COLLECTIVE FUND CUSTODY AGREEMENT This Third Amendment is made as of and effective August 13, 2007, amending the Collective Fund Custody Agreement dated May 30,2003, as amended on July 27,2004 and May, 2007 (the "Agreement") by and between the City of Clearwater Employees' Pension Fund Investment Fiduciary"), and Northern Trust Investments, Inc. (now Northern Trust Investments, N.A.). 1. The Agreement is hereby amended in the following particulars: Exhibit A attached to the Agreement, as well as any amendments thereto executed prior to the effective date of this Amendment, are hereby deleted and revoked, and in lieu thereof, the Exhibit A attached to this Amendment is adopted and incorporated in the Agreement, pursuant to sections 2( c) and 14 thereof. Exhibit B attached to the Agreement, as well as any amendments thereto executed prior to the effective date of this Amendment, are hereby deleted and revoked, and in lieu thereof, the Exhibit B attached to this Amendment is adopted and incorporated in the Agreement, pursuant to sections 9 and 14 thereof. 2. Except for this first amendment and this Second Amendment, the Agreement remains in full force and effect without change. IN WITNESS WHEREOF, the parties have caused this Third Amendment to be executed as of the day and year first written above. City of Clearwater Employees' Pension Fund BOARD OF TRUSTEES OF THE EMPLOYEES' PENSION PLAN OF THE CITY OF CLEARWAT R, FLORIDA By: Frank V. Hibbard Chairperson Attest: ynthia E. Goudeau ity Clerk Northern Trust Investments, N.A. By: JjJ~ fAA. ~r~ Name: W\t.-l lAM ~ILl<:€11 '" As its: Vlee ff6cVel'Cf Date: f(li6l,tS"f '3) ~7 EXHIBIT A DESIGNATED COLLECTIVE FUNDS The City of Clearwater Employees' Pension Fund ("Investment Fiduciary") hereby designates the following collective funds for investment by the Fund from time to time in such proportions or amounts as the Investment Fiduciary shall direct in writing: NTGI-QM Collective Daily S&P500 Equity Index Fund - Lending NTGI-QM Collective Daily Russell 1000 Index Fund - Lending NTGI-QM Collective Daily Russell 1000 Growth Index Fund - Lending NTGI-QM Collective Daily Russell 1000 Value Index Fund - Lending NTGI-QM Collective Daily S&P MidCap 400 Equity Index Fund - Lending NTGI-QM Collective Daily S&P 500 Citigroup/Growth Equity Index Fund - Lending NTGI-QM Collective Daily S&P 500 CitigroupNalue Equity Index Fund - Lending NTGI-QM Collective Daily US MarketCap Equity Index Fund - Lending NTGI-QM Collective Daily Russell 3000 Index Fund -Lending NTGI-QM Collective Daily EAFE Index Fund - Lending NTGI-QM Collective Daily United Kingdom Index Fund - Lending NTGI-QM Collective Daily Continental Europe Index Fund - Lending NTGI-QM Collective Daily Japan Index Fund - Lending NTGI-QM Collective Daily Southwest Pacific Index Fund - Lending NTGI-QM Collective Daily Russell 2000 Index Fund - Lending NTGI-QM Collective Daily Russell 2000 Growth Index Fund - Lending NTGI-QM Collective Daily Russell 2000 Value Index Fund - Lending NTGI-QM Collective Daily Russell SmallCap Completeness Fund - Lending NTGI-QM Collective Daily SmallCap Equity Index Fund - Lending NTGI-QM Collective Daily All Country World Index (ACWI) ex-US Fund - Lending NTGI-QM Collective Daily Developed International Small Cap Equity Index Fund - Lending NTGI-QM Collective Daily Quant Index Plus S&P500 Equity Fund - Lending JES 6.28.07 NTGI-QM Collective Daily Emerging Markets Equity Index Fund - Lending NTGI-QM Collective Daily Global Real Estate Index Fund - Lending NTGI-QM Collective Daily Quant Enhanced Russell 1000 Fund - Lending NTGI-QM Collective Daily Quant Enhanced S&P 400 Equity Fund - Lending NTGI-QM Collective Weekly Quant Enhanced EAFE Fund - Lending NTGI-QM Collective Daily Structured Small Cap Fund - Lending NTGI-QM Collective Daily Quant Active SmallCap Value Equity Fund - Lending NTGI-QM Collective Daily Aggregate Bond Index Fund - Lending NTGI-QM Collective Daily Short Term Government Fund - Lending NTGI-QM Collective Daily Government/Credit Bond Index Fund - Lending NTGI-QM Collective Daily Intermediate Government/Credit Bond Index Fund - Lending NTGI-QM Collective Daily 1-10 Yr. Intermediate Credit Bond Index Fund - Lending NTGI-QM Collective Daily 1-10 Yr. Intermediate Government Bond Index Fund - Lending NTGI-QM Collective Daily Long Term Government/Credit Bond Index Fund - Lending NTGI-QM Collective Daily Long Term Government Bond Index Fund - Lending NTGI-QM Collective Daily Long Term Credit Bond Index Fund - Lending NTGI-QM Collective Daily Mortgage-Backed Securities Index Fund - Lending NTGI-QM Collective Daily TIPS Fund - Lending NTGI-QM Collective Daily Enhanced Fixed Income Fund - Lending NTGI-QM Collective Daily World Government Bond Index Fund - Lending NTGI Collective Weekly High Yield Fund - Non-Lending City of Clearwater Employees' Pension Fund BOARD OF TRUSTEES OF THE EMPLOYEES' PENSION PLAN OF THE CITY OF CLEARWATER, FLORIDA ~ By: -:/~ / J Frank V. Hibbard Chairperson Attest: Cynthia E. Goudeau ity Clerk JES 6.28.07 Northern Trust Investments, N.A. By: Name: .JI{lU lAM M. WlCIt-&'1 Ul Asits:-1lW f(l.65\J)~l Date: Au..6:iL~ 3 UO 7 I ' JES 6.28.07 EXHIBIT B FEES For your services, you shall be compensated pursuant to the following fee schedule: NTGI-QM Collective Daily S&P500 Equity Index Fund - Lending NTGI-QM Collective Daily Russell 1000 Index Fund - Lending NTGI-QM Collective Daily Russell 1000 Growth Index Fund - Lending NTGI-QM Collective Daily Russell 1000 Value Index Fund - Lending NTGI-QM Collective Daily S&P MidCap 400 Equity Index Fund - Lending NTGI-QM Collective Daily S&P 500 Citigroup/Growth Equity Index Fund - Lending NTGI-QM Collective Daily S&P 500 Citigroup/Value Equity Index Fund - Lending o First $50 Million at four (4) basis points o Next $50 Million at three (3) basis points o Balance at two (2) basis points NTGI-QM Collective Daily US MarketCap Equity Index Fund - Lending NTGI-QM Collective Daily Russell 3000 Index Fund -Lending NTGI-QM Collective Daily EAFE Index Fund - Lending NTGI-QM Collective Daily United Kingdom Index Fund - Lending NTGI-QM Collective Daily Continental Europe Index Fund - Lending NTGI-QM Collective Daily Japan Index Fund - Lending NTGI-QM Collective Daily Southwest Pacific Index Fund - Lending o First $50 Million at five (5) basis points o Next $50 Million at four (4) basis points o Balance at three (3) basis points NTGI-QM Collective Daily Russell 2000 Index Fund - Lending NTGI-QM Collective Daily Russell 2000 Growth Index Fund - Lending NTGI-QM Collective Daily Russell 2000 Value Index Fund - Lending NTGI-QM Collective Daily Russell SmallCap Completeness Fund - Lending NTGI-QM Collective Daily SmallCap Equity Index Fund - Lending o First $50 Million at seven (7) basis points o Next $50 Million at five (5) basis points o Balance at four (4) basis points NTGI-QM Collective Daily All Country World Index (ACWI) ex-US Fund - Lending o First $50 Million at eight (8) basis points o Next $50 Million at six (6) basis points o Balance at four (4) basis points JES 6.28.07 NTGI-QM Collective Daily Developed International Small Cap Equity Index Fund - Lending NTGI-QM Collective Daily Quant Index Plus S&P500 Equity Fund - Lending NTGI-QM Collective Daily Emerging Markets Equity Index Fund - Lending NTGI-QM Collective Daily Global Real Estate Index Fund - Lending o First $SO Million at twenty (20) basis points o Next $SO Million at ten (10) basis points o Balance at five (S) basis points NTGI-QM Collective Daily Quant Enhanced Russell 1000 Fund - Lending NTGI-QM Collective Daily Quant Enhanced S&P 400 Equity Fund - Lending o First $SO Million at twenty-five (2S) basis points o Next $SO Million at twenty (20) basis points o Balance at fifteen (1S) basis points NTGI-QM Collective Weekly Quant Enhanced EAFE Fund - Lending NTGI-QM Collective Daily Structured Small Cap Fund - Lending o First $SO Million at thirty-five (3S) basis points o Next $SO Million at thirty (30) basis points o Balance at twenty-five (2S) basis points NTGI-QM Collective Daily Quant Active Smallcap Value Equity Fund - Lending o First $SO Million at fifty (SO) basis points o Next $SO Million at forty-five (4S) basis points o Balance at forty (40) basis points NTGI-QM Collective Daily Aggregate Bond Index Fund - Lending NTGI-QM Collective Daily Short Term Government Fund - Lending NTGI-QM Collective Daily Government/Credit Bond Index Fund - Lending NTGI-QM Collective Daily Intermediate Government/Credit Bond Index Fund - Lending NTGI-QM Collective Daily 1-10 Yr. Intermediate Credit Bond Index Fund - Lending NTGI-QM Collective Daily 1-10 Yr. Intermediate Government Bond Index Fund - Lending NTGI-QM Collective Daily Long Term Government/Credit Bond Index Fund - Lending NTGI-QM Collective Daily Long Term Government Bond Index Fund - Lending NTGI-QM Collective Daily Long Term Credit Bond Index Fund - Lending NTGI-QM Collective Daily Mortgage-Backed Securities Index Fund - Lending NTGI-QM Collective Daily TIPS Fund - Lending o First $100 Million at four (4) basis points o Balance at one (1) basis point JES 6.28.07 NTGI-QM Collective Daily Enhanced Fixed Income Fund - Lending NTGI-QM Collective Daily World Government Bond Index Fund - Lending o First $50 Million at fifteen (15) basis points o Next $50 Million at eight (8) basis points o Balance at four (4) basis points NTGI Collective Weekly High Yield Fixed Income Fund - Non-Lending o Flat 65 basis points City of Clearwater Employees' Pension Fund BOARD OF TRUSTEES OF THE EMPLOYEES' PENSION PLAN OF THE CITY OF CLEARWATER, FLORIDA ~ By: ~~ / Frank V. Hibbard Chairperson Attest: By:VVl. C. Cynthia E. Goudeau City Clerk Northern Trust Investments, N .A. Name: vi, u"L A-A,{ M tJ'lGlLe-j U{ As its: V l W P fZGS l beNT Date: /11Acr-lt~ 1" ~ ~ 7 JES 6.28.07 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-7937 Agenda Date: 10/12/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: 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 Operator 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 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 1 City of Clearwater Printed on 10/6/2020 File Number: ID#20-7937 Page 2 City of Clearwater Printed on 10/6/2020 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Jennifer Poirrier, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: June 18, 2020 Subject/Recommendation: Recommend approval of 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 Operator 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 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-8196 Agenda Date: 10/12/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: 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 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 1 City of Clearwater Printed on 10/6/2020 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Jennifer Poirrier, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: August 24, 2020 Subject/Recommendation: Recommend approval of 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 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-7939 Agenda Date: 10/12/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.5 SUBJECT/RECOMMENDATION: 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. SUMMARY: 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 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. Page 1 City of Clearwater Printed on 10/6/2020 File Number: ID#20-7939 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 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. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 10/6/2020 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-8198 Agenda Date: 10/12/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.6 SUBJECT/RECOMMENDATION: 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. SUMMARY: 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 Page 1 City of Clearwater Printed on 10/6/2020 File Number: ID#20-8198 $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, 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 (60) 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. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 10/6/2020 File Number: ID#20-8198 Page 3 City of Clearwater Printed on 10/6/2020 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-7938 Agenda Date: 10/12/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.7 SUBJECT/RECOMMENDATION: 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. SUMMARY: 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. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 1 City of Clearwater Printed on 10/6/2020 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#20-8197 Agenda Date: 10/12/2020 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.8 SUBJECT/RECOMMENDATION: 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. SUMMARY: 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. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 1 City of Clearwater Printed on 10/6/2020