06/12/2023Monday, June 12, 2023
1:00 PM
City of Clearwater
Main Library - Council Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
Main Library - Council Chambers
Pension Trustees
Meeting Agenda
June 12, 2023Pension Trustees Meeting Agenda
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1. Call To Order
2. Approval of Minutes
2.1 Approve the minutes of the April 17, 2023 Pension Trustees Meeting as
submitted in written summation by the City Clerk.
3. Citizens to be Heard Regarding Items Not on the Agenda
4. New Business Items
4.1 Accept the January 1, 2023 Annual Actuarial Valuation for the Employees’
Pension Plan.
4.2 Approve the new hires for acceptance into the Pension Plan as listed.
4.3 Approve the following request of employees James Halios, Parks and
Recreation Department, Matthew Jackson, CRA Department, and Marianne
Paz, Parks and Recreation Department to vest their pension as provided by
Section 2.419 of the Employees’ Pension Plan.
Page 2 City of Clearwater Printed on 6/6/2023
June 12, 2023Pension Trustees Meeting Agenda
4.4 Approve the following request of Lyle Adams, Parks and Recreation
Department, David Bruneau, Police Department, Jimmie Evans, Public Works
Department, Bryan Karnes, Police Department, Jeffrey Mahar, Parks and
Recreation Department, Estrella Murphy, Police Department, Kurt Rodriguez,
Police Department, and Thomas Wilcox, Solid Waste Department, for a
regular pension as provided by Sections 2.416 and 2.424 of the Employees’
Pension Plan.
4.5 Determine Trustees’ expected rate of return for pension plan investments for
current year, each of the next several years, and for the long term thereafter, in
accordance with Florida Statutes 112.661(9).
5. Adjourn
Page 3 City of Clearwater Printed on 6/6/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0530
Agenda Date: 6/12/2023 Status: Agenda ReadyVersion: 1
File Type: MinutesIn Control: Pension Trustees
Agenda Number: 2.1
SUBJECT/RECOMMENDATION:
Approve the minutes of the April 17, 2023 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 6/6/2023
Pension Trustees Meeting Minutes April 17, 2023
Page 1 City of Clearwater
City of Clearwater
Main Library - Council Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
Meeting Minutes
Monday, April 17, 2023
9:00 AM
Main Library - Council Chambers
Pension Trustees
Draft
Pension Trustees Meeting Minutes April 17, 2023
Page 2 City of Clearwater
Roll Call
Present 5 - Chair Brian Aungst Sr., Trustee Katleen Beckman, Trustee Mark
Bunker, Trustee David Allbritton, and Trustee Lina Teixeira
Also Present – Jennifer Poirrier – City Manager, Michael Delk – Assistant City Manager, David Margolis - City Attorney, Rosemarie Call – City Clerk, Nicole Sprague – Deputy City Clerk, and Billie Kirkpatrick – Human Resources Director
Unapproved 1. Call to Order – Chair Aungst, Sr.
The meeting was called to order at 9:00 a.m. 2. Approval of Minutes
2.1 Approve the minutes of the February 13, 2023 Pension Trustees Meeting as submitted in
written summation by the City Clerk.
Trustee Beckman moved to approve the minutes of the February
13, 2023 Pension Trustees Meeting as submitted in written
summation by the City Clerk. The motion was duly seconded and
carried unanimously.
3. Citizens to be Heard Regarding Items Not on the Agenda – None. 4. New Business Items 4.1 Approve the new hires for acceptance into the Pension Plan as listed.
Name/ Job Classification/ Department Pension Eligibility Date
Adrian Christian, Parks Service Technician, Parks & Recreation 01/03/2023
Andre Stanley, Solid Waste Equipment Operator, Solid Wase 01/03/2023
Andre Turner, Utilities Mechanic, Public Utilities 01/03/2023
Brendan West, Fleet Mechanic, General Services 01/03/2023
Dylan Mayeux, Sr. Real Estate Coordinator, Economic Dev. 01/03/2023
Eric Goehring, Traffic Signal Technician, Public Works 01/03/2023
Madison Booth, Police Telecommunicator, Police Department 01/03/2023
Marque Chestine, Solid Waste Equipment Operator, Solid Wase 01/03/2023
Monica Pummer, Police Records Specialist, Police Department 01/03/2023
Philopateer Hanna, Sr. Engineering Specialist, Public Works 01/03/2023 Draft
Pension Trustees Meeting Minutes April 17, 2023
Page 3 City of Clearwater
Scotty Hougham, Fleet Mechanic, General Services 01/03/2023
Carl Giardino, Police Cadet, Police Department 01/14/2023
Michael McCafferty, Custodial Worker, Parks & Recreation 01/14/2023
Olsi Sumulla, Parking, Facility & Security Aide, Marine & Aviation 01/14/2023
Alice Kelly, Development Review Technician, Planning & Dev. 01/17/2023
Alvin Pinero, Police Telecommunicator, Police Department 01/17/2023
Austin Repko, Parks Service Technician, Parks & Recreation 01/17/2023
Brian Solka, Management Analyst, Police Department 01/17/2023
Caridas Burchfield, Compliance Coordinator, Public Utilities 01/17/2023
Christopher Elliott, Police Cadet, Police Department 01/17/2023
Erika Escamilla, Neighborhood Coordinator, Office of Innovation 01/17/2023
Fufuoa Vang, Police Cadet, Police Department 01/17/2023
John Riedle, Plumber, General Services 01/17/2023
Kaitlyn Klein,,Police Telecommunicator, Police Department 01/17/2023
Kim Rizzo, Personnel/Payroll Technician, Parks & Recreation 01/17/2023
Marissa Myers, Police Telecommunicator, Police Department 01/17/2023
Matthew Hocalar, Skilled Tradesworker, Parks & Recreation 01/17/2023
Matthew Peacock, Police Telecommunicator, Police Department 01/17/2023
Philip Philebaum, Meter Reader, Finance/UCS 01/17/2023
Robert Kasmer, Real Estate Services Coordinator, Public Works 01/17/2023
Rocco Russo, Police Cadet, Police Department 01/17/2023
Thomas Heath, Lead Engineering Specialist, Public Works 01/17/2023
Zaccheus Jammer, Library Assistant, Library 01/17/2023
Brian Palmese, Fleet Mechanic, General Services 01/30/2023
Edmundo Chirinos, Fleet Mechanic, General Services 01/30/2023
Gregory Art, Parking Attendant, Public Works/Parking 01/30/2023
Jamyn Brown, Solid Waste Worker, Solid Waste 01/30/2023
Jordan Bailey, Police Officer, Police Department 01/30/2023
Jose Deleon, Police Officer, Police Department 01/30/2023
Lane Lightfoot, Police Officer, Police Department 01/30/2023
Miguel Marcos, Tree Trimmer, Public Works 01/30/2023
Timothy Lovely, Police Officer, Police Department 01/30/2023
Abraham Adger, Waste Water Treatment Plant Oper Tr, Public Util. 02/13/2023
Adrian Gonzalez-Rodriguez, Senior Engineering Spec., Public Util. 02/13/2023
Anthony Stamatoplos, Librarian, Library 02/13/2023
Courtney Gwyn, Risk Management Specialist, Finance/Risk 02/13/2023
David Spielvogel, Recreation Coordinator, Parks & Recreation 02/13/2023
Domingo Vega, Streets & Sidewalks Technician, Public Works 02/13/2023
Frank Ciafone, WWTP Operator A, Public Utilities 02/13/2023
Jamie Gaubatz, Senior Accountant, Public Works 02/13/2023
Jerome Dennis, Solid Waste Worker, Solid Waste 02/13/2023
Kerry Vash, Librarian -FT, Library 02/13/2023
Raymond Johnson, Utilities Electronics Technician, Public Utilities 02/13/2023
Troy Schermer, Customer Service Representative, Finance/UCS 02/13/2023 Draft
Pension Trustees Meeting Minutes April 17, 2023
Page 4 City of Clearwater
Trustee Bunker moved to approve the new hires for acceptance
into the Pension Plan as listed. The motion was duly seconded
and carried unanimously.
4.2 Approve the following request of employees James Benwell, Public Works Department,
Christopher Johnson, Fire Department and Antonio Notardonato, General Services
Department to vest their pension as provided by Section 2.419 of the Employees’
Pension Plan.
James Benwell, CAD & GIS Technician, Public Works Department, was
employed by the City on May 20, 2013, and his pension service credit is
effective on that date. Mr. Benwell terminated from City employment on
November 4, 2022.
Christopher Johnson, Fire Medic/LT, Fire Department, was employed by the
City on October 12, 2009, and his pension service credit is effective on that
date. Mr. Johnson terminated from City employment on February 1, 2023.
Antonio Notardonato, Fleet Mechanic Supervisor, General Servies Department,
was employed by the City on March 12, 2012 and his pension service credit is
effective on that date. Mr. Notardonato terminated from City employment on
November 29, 2022.
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 55 years and completed 20 years
of credited service; the date on which a participant has reached age 65 years
and completed 10 years of credited service; or the date on which a member
has completed 30 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 60 years and completed 25 years of credited
service; or the date on which a participant has reached the age of 65 years and
completed 10 years of credited service. Mr. Benwell will meet the
non-hazardous duty criteria and begin collecting a pension in August of 2046. Draft
Pension Trustees Meeting Minutes April 17, 2023
Page 5 City of Clearwater
Mr. Notardonato will meet the non-hazardous duty criteria and begin collecting a
pension in August of 2030.
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 20 years of credited service
regardless of age, or the date on which the participant has reached 55 years
and completed 10 years of credited service. Mr. Johnson will meet the
hazardous duty criteria and begin collecting a pension in November of 2029
Trustee Teixeira moved to approve the following request of
employees James Benwell, Public Works Department,
Christopher Johnson, Fire Department and Antonio Notardonato,
General Services Department to vest their pension as provided
by Section 2.419 of the Employees’ Pension Plan. The motion was
duly seconded and carried unanimously.
4.3 Approve the following request of James Atherholt, Parks and Recreation Department,
William Brown, Parks and Recreation Department, Kevin Boaden, Fire Department,
Catherine Borden, Public Utilities Department, Michael Dellavolpe, Fire Department,
William Fry, Fire Department, Robert Furman, Police Department, Jay Gibson, Public
Works Department, Deborah Lemon, Parks and Recreation Department, Steven
McKinney, Solid Waste Department, Terri Ralat, Solid Waste Department, Edward
Schultz, Fire Department, Michael Whittaker, Public Works Department, Steven
Wilensky, Fire Department and Julie Wykoff, Library Department for a regular pension as
provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan.
James Atherholt. Recreation Center Manager, Parks and Recreation
Department, was employed by the City on December 14, 1992, and his pension
service credit is effective on that date. His pension will be effective March 1,
2023. Based on an average salary of approximately $70,604.32 over the past
five years, the formula for computing regular pensions and Mr. Atherholt’s
selection of the Single Life Annuity, this pension benefit will be approximately
$58,663.80 annually.
William Brown, Senior Parks Service Technician, Parks and Recreation
Department, was employed by the City on April 28, 1986, and his pension
service credit is effective on that date. His pension will be effective March 1,
2023. Based on an average salary of approximately $47,707.07 over the past
five years, the formula for computing regular pensions and Mr. Brown’s
selection of the Single Life Annuity with the 10% partial lump sum, this pension
benefit will be approximately $42,936.48 annually.
Draft
Pension Trustees Meeting Minutes April 17, 2023
Page 6 City of Clearwater
Kevin Boaden, Firefighter/Driver Operator, Fire Department, was employed by
the City on April 17, 2000, and his pension service credit is effective on that
date. His pension will be effective February 1, 2023. Based on an average
salary of approximately $109,140.15 over the past five years, the formula for
computing regular pensions and Mr. Boaden’s selection of the Joint and
Survivor Annuity with the 20% partial lump sum, this pension benefit will be
approximately $54,691.32 annually.
Catherine Borden, Wstwtr Trtmnt Plant Oper Chief, Public Utilities Department,
was employed by the City on November 15, 1993, and her pension service
credit is effective on June 23, 2006. Her pension will be effective February 1,
2023. Based on an average salary of approximately $78,645.85 over the past
five years, the formula for computing regular pensions and Ms. Borden’s
selection of the Single Life Annuity, this pension benefit will be approximately
$35,769.60 annually.
Michael Dellavolpe, Firefighter/Driver Operator, Fire Department, was employed
by the City on March 10, 2003, and his pension service credit is effective on that
date. His pension will be effective February 1, 2023. Based on an average
salary of approximately $87,818.16 over the past five years, the formula for
computing regular pensions and Mr. Dellavolpe’s selection of the Single Life
Annuity with the 20% partial lump sum, this pension benefit will be
approximately $38, 940.02 annually.
William Fry, Fire Lieutenant, Fire Department, was employed by the City on
August 7, 1995, and his pension service credit is effective on that date. His
pension will be effective February 1, 2023.
Based on an average salary of approximately $108,381.34 over the past five
years, the formula for computing regular pensions and Mr. Fry’s selection of the
50% Joint and Survivor Annuity with the 30% partial lump sum, this pension
benefit will be approximately $57,782.76 annually.
Robert Furman, Police Sergeant, Police Department, was employed by the City
on July 20, 1998, and his pension service credit is effective on that date. His
pension will be effective March 1, 2023. Based on an average salary of
approximately $120,152.86 over the past five years, the formula for computing
regular pensions and Mr. Furman’s selection of the Joint and Survivor Annuity,
this pension benefit will be approximately $81,274.32 annually.
Jay Gibson, Traffic Sign & Marketing Technician, Public Works Department,
was employed by the City on February 1, 1999, and his pension service credit is
effective on that date. His pension will be effective February 1, 2023. Based on
an average salary of approximately $46,205.72 over the past five years, the
formula for computing regular pensions and Mr. Gibson’ s selection of the
Single Life Annuity, this pension benefit will be approximately $30,485.16
annually. Draft
Pension Trustees Meeting Minutes April 17, 2023
Page 7 City of Clearwater
Deborah Lemon, Senior Recreation Leader, Parks and Recreation Department,
was employed by the City on April 15, 2002, and her pension service credit is
effective on March 22, 2003. Her pension will be effective March 1, 2023. Based
on an average salary of approximately $38,812.02 over the past five years, the
formula for computing regular pensions and Ms. Lemon’s selection of the Single
Life Annuity, this pension benefit will be approximately $21,269.52 annually.
Steven McKinney, Solid Waste Equipment Operator, Solid Waste Department,
was employed by the City on March 22, 1993, and his pension service credit is
effective on that date. His pension will be effective April 1, 2023. Based on an
average salary of approximately $55,460.88 over the past five years, the formula
for computing regular pensions and Mr. McKinney’s selection of the 10 Year
Certain and Life Annuity, this pension benefit will be approximately $45,484.80
annually.
Terri Ralat, Solid Waste Operations Supervisor, Solid Waste Department, was
employed by the City on June 10, 1996, and her pension service credit is
effective on that date. Her pension will be effective February 1, 2023. Based on
an average salary of approximately $57,901.00 over the past five years, the
formula for computing regular pensions and Ms. Ralat’s selection of the Single
Life Annuity with the 10% partial lump sum, this pension benefit will be
approximately $38,083.32 annually.
Edward Schultz, Fire Inspector II, Fire Department, was employed by the City
on June 26, 2006, and his pension service credit is effective on that date. His
pension will be effective July 1, 2023. Based on an average salary of approximately $96,707.52 over the past five years, the formula for computing regular pensions and Mr. Schultz’s selection of the 100% Joint and Survivor Annuity, this pension benefit
will be approximately $43,464.12 annually.
Michael Whittaker, Traffic Sign Technician, Public Works Department, was
employed by the City on January 8, 1996, and his pension service credit is
effective on that date. His pension will be effective February 1, 2023. Based on
an average salary of approximately $60,845.67 over the past five years, the
formula for computing regular pensions and Mr. Whittaker’s selection of the
Single Life Annuity, this pension benefit will be approximately $45,270.84
annually
Steven Wilensky, Firefighter/Driver Operator, Fire Department, was employed
by the City on March 10, 2003, and his pension service credit is effective on that
date. His pension will be effective March 1, 2023. Based on an average salary
of approximately $80,953.44 over the past five years, the formula for computing
regular pensions and Mr. Wilensky’s selection of the 50% Joint and Survivor
Annuity with the 30% partial lump sum, this pension benefit will be
approximately $30,466.08 annually.
Draft
Pension Trustees Meeting Minutes April 17, 2023
Page 8 City of Clearwater
Julie Wykoff, Library Assistant, Library Department, was employed by the City
on October 11, 1999, and her pension service credit is effective on that date.
Her pension will be effective February 1, 2023. Based on an average salary of
approximately $35,332.37 over the past five years, the formula for computing
regular pensions and Ms. Wykoff’s selection of the Single Life Annuity, this
pension benefit will be approximately $22,617.60 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 55 years and completed 20 years of credited
service; the date on which a participant has reached age 65 years and completed
10 years of credited service; or the date on which a member has completed 30
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 60
years and completed 25 years of credited service; or the date on which a
participant has reached the age of 65 years and completed 10 years of credited service. Mr. Atherholt, Mr. Brown, Ms. Borden, Mr. Gibson, Ms. Lemon, Mr. McKinney, Ms. Ralat, Mr. Whittaker and Ms. Wykoff 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 20 years of credited
service regardless of age, or the date on which the participant has reached 55 years
and completed 10 years of credited service. Mr. Boaden, Mr. Dellavolpe, Mr. Fry,
Mr. Furman, Mr. Schultz, and Mr. Wilensky has met the hazardous duty criteria.
Trustee Allbritton moved to approve the following request of
James Atherholt, Parks and Recreation Department, William
Brown, Parks and Recreation Department, Kevin Boaden, Fire
Department, Catherine Borden, Public Utilities Department,
Michael Dellavolpe, Fire Department, William Fry, Fire
Department, Robert Furman, Police Department, Jay Gibson,
Public Works Department, Deborah Lemon, Parks and Recreation
Department, Steven McKinney, Solid Waste Department, Terri
Ralat, Solid Waste Department, Edward Schultz, Fire
Department, Michael Whittaker, Public Works Department,
Steven Wilensky, Fire Department and Julie Wykoff, Library
Department for a regular pension as provided by Sections 2.416
and 2.424 of the Employees’ Pension Plan. The motion was duly
seconded and carried unanimously.
4.4 Annual review of the Employees’ Pension Plan investment performance for the calendar Draft
Pension Trustees Meeting Minutes April 17, 2023
Page 9 City of Clearwater
and plan year ended December 31, 2022.
Annually a presentation of the Plan’s calendar year investment performance is
made to the Trustees. For calendar 2022, the Plan realized an investment
return of negative 14.9%, versus the plan’s benchmark of negative 10.41%. It
was a difficult year for markets in general, and some of the plan’s typically
strongest performing money managers underperformed during 2022.
For the last three calendar years, the plan had an average annualized return of
3.77%, versus a benchmark of 4.52%; and for the last five calendar years, the
plan had an annualized return of 5.51% versus a benchmark of 5.12%.
The investment committee, with the assistance of the Plan’s investment
consultant, CapTrust Advisors, meets on at least a quarterly basis to monitor
asset allocation and money manager performance, and will continue to
recommend money manager terminations, replacements, and/or additions
when appropriate.
Finance Director Jay Ravins reviewed the investment performance for
the calendar and plan year ending December 31, 2022.
In response to questions, Mr. Ravins said Boston Partners are relatively
new and had a -6.98% return, versus their index of -12%. Boston Partners
significantly outperformed in the one year. He said they were hired in
April 2022. Regarding the energy sector, the gains are based on crude
oil and petroleum prices. Over time, renewable energy will be a larger
component for the energy sector. USAA outperformed, as they primarily
invest in government-owned office space. USAA have invested in a lot of
federal offices and their values have rebounded significantly.
5. Director's Report – None. 6. Adjourn
The meeting adjourned at 9:14 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#23-0655
Agenda Date: 6/12/2023 Status: Agenda ReadyVersion: 1
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.1
SUBJECT/RECOMMENDATION:
Accept the January 1, 2023 Annual Actuarial Valuation for the Employees’ Pension Plan.
SUMMARY:
Per the actuarial valuation report dated January 1, 2023, a minimum City employer contribution
of $13.54 million, or 13.4% of covered payroll, is required for fiscal year 2023. This is an
increase of approximately $751 thousand over the final fiscal 2022 required contribution of
$12.79 million, which represented 13.59% of covered payroll.
The final fiscal 2022 required contribution of $12.79 million, or 13.59% of payroll, was a $1.09
million increase over the original fiscal 2022 required contribution of $11.70 million (12.44% of
payroll), due to benefit increases provided to Fire and non-public safety employees during fiscal
2022.
The breakout of the fiscal 2023 required contribution by group is as follows:
Police $ 5,128,167 22.03%
Fire $ 4,156,894 21.71%
Non-public safety $ 4,253,423 7.26%
Total $13,538,484 13.40%
The calendar year 2022 investment return was (-14.02%), versus an assumed rate of 6.50%.
The five-year smoothed actuarial investment rate of return was 6.08% versus the 6.50%
assumption. Calendar 2018 through 2022 investment returns were (-2.48%), 20.20%, 15.12%,
12.90%, and (-14.02%), respectively. As previously approved by the Trustees, the assumed
rate of return was reduced to 6.50% effective January 1, 2022.
The plan experienced a net actuarial experience loss of $21.9 million for the year. The loss was
due to salary increases of 9.16% versus an assumption of 4.32%; as well as mortality
experience loss and investment return loss. Salary increases were impacted by additional
FTE’s, promotions, and contractual salary increases.
The plan’s funded ratio at January 1, 2023 was 111.98% (including the credit balance) versus
113.67% for the prior year. The actuarial value of assets exceeds the market value of assets by
$112.3 million as of January 1, 2023. This difference will be a gradual “hit” to the plan over
subsequent years, in the absence of offsetting gains. The net effect would be an increase in the
required employer contribution of approximately 0.9% of covered payroll.
The plan’s credit balance, which reflects actual contributions in-excess of actuarially required
contributions in prior years, increased from $33.82 million to $35.64 million during calendar
2022, primarily due to interest earned on the credit balance. This credit balance is available to
subsidize volatile employer contribution requirements during future investment market
downturns.
Page 1 City of Clearwater Printed on 6/6/2023
City of Clearwater Employees’
Pension Plan
Actuarial Valuation Report as of January 1, 2023
Annual Employer Contribution for the Fiscal Year
Ending September 30, 2024
May 15, 2023
Board of Trustees
City of Clearwater Employees’ Pension Plan
Clearwater, Florida
Dear Board Members:
The results of the January 1, 2023 Annual Actuarial Valuation of the City of Clearwater Employees’
Pension Plan are presented in this report.
This report was prepared at the request of the Board and is intended for use by the Retirement System
and those designated or approved by the Board. This report may be provided to parties other than the
System only in its entirety and only with the permission of the Board. GRS is not responsible for
unauthorized use of this report.
The purposes of the valuation are to measure the System’s funding progress and to determine the
employer contribution rate for the fiscal year ending September 30, 2024. This report should not be
relied on for any purpose other than the purposes described herein. Determinations of financial
results, associated with the benefits described in this report, for purposes other than those identified
above may be significantly different.
The contribution rate in this report is determined using the actuarial assumptions and methods
disclosed in Section B of this report. This report includes risk metrics in Section A, but does not include
a robust assessment of future experience not meeting the actuarial assumptions. A robust assessment
of risks was outside the scope of this assignment.
This valuation assumed the continuing ability of the plan sponsor to make the contributions necessary
to fund this Plan. A determination regarding whether or not the plan sponsor is actually able to do so is
outside our scope of expertise and was not performed.
The findings in this report are based on data or other information through December 31, 2022. The
valuation was based upon information furnished by the City concerning Retirement System benefits,
financial transactions, plan provisions and active members, terminated members, retirees and
beneficiaries. We checked for internal and year-to-year consistency, but did not audit the data. We
are not responsible for the accuracy or completeness of the information provided by the City.
In addition, this report was prepared using certain assumptions approved by the Board as authorized
under the Florida and prescribed by the Florida Statutes as described in the section of this report
entitled Actuarial Assumptions and Methods. The prescribed assumptions are the assumed mortality
rates detailed in the Actuarial Assumptions and Methods section in accordance with Florida Statutes,
Chapter 112.63. All actuarial assumptions used in this report are reasonable for purposes of this
valuation.
Board of Trustees
May 15, 2023
Page ii
This report was prepared using our proprietary valuation model and related software which in our
professional judgment has the capability to provide results that are consistent with the purposes of the
valuation and has no material limitations or known weaknesses. We performed tests to ensure that
the model reasonably represents that which is intended to be modeled.
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement systems. To the best of our knowledge the information contained in this report is accurate
and fairly presents the actuarial position of the Retirement System as of the valuation date. All
calculations have been made in conformity with generally accepted actuarial principles and practices,
with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable
statutes.
Peter N. Strong and Trisha Amrose are members of the American Academy of Actuaries. These
actuaries meet the Academy’s Qualification Standards to render the actuarial opinions contained
herein. The signing actuaries are independent of the plan sponsor.
This actuarial valuation and/or cost determination was prepared and completed by us or under our direct
supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results
are complete and accurate. In our opinion, the techniques and assumptions used are reasonable, meet
the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally
accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan
and/or paid from the plan’s assets for which liabilities or current costs have not been established or
otherwise taken into account in the valuation. All known events or trends which may require a material
increase in plan costs or required contribution rates have been taken into account in the valuation.
Gabriel, Roeder, Smith & Company will be pleased to review this valuation and Report with the Board of
Trustees and to answer any questions pertaining to the valuation.
Respectfully submitted,
GABRIEL, ROEDER, SMITH & COMPANY
Peter N. Strong, FSA, MAAA Trisha Amrose, MAAA
Enrolled Actuary No. 23-6975 Enrolled Actuary No. 23-8010
City of Clearwater Employees’ Pension Plan
TABLE OF CONTENTS
Section Title Page
A Discussion of Valuation Results
1. Discussion of Valuation Results A-1
2. Risks Associated with Measuring the Accrued
Liability and Actuarially Determined Contribution A-5
B Valuation Results
1. Participant Data B-1
2. Actuarially Determined Contribution (ADC) B-3
3. Actuarial Value of Benefits and Assets B-5
4. Calculation of Employer Normal Cost B-7
5. Reconciliation of Credit Balance B-9
6. Liquidation of the Unfunded Actuarial
Accrued Liability B-10
7. Actuarial Gains and Losses B-15
8. Recent History of Valuation Results B-21
9. Recent History of Contributions B-22
10. Actuarial Assumptions and Cost Method B-23
11. Glossary of Terms B-34
C Pension Fund Information
1. Statement of Plan Assets at Market Value C-1
2. Reconciliation of Plan Assets C-2
3. Development of Actuarial Value of Assets C-3
4. Allocation of Plan Assets C-4
5. Investment Rate of Return C-5
D Financial Accounting Information
1. FASB No. 35 D-1
E Miscellaneous Information
1. Reconciliation of Membership Data E-1
2. Active Participant Distribution E-2
3. Inactive Participant Distribution E-6
F Summary of Plan Provisions F-1
SECTION A
DISCUSSION OF VALUATION RESULTS
City of Clearwater Employees’ Pension Plan A-1
DISCUSSION OF VALUATION RESULTS
Comparison of Required Employer Contributions
The required employer contribution developed in this year's valuation is compared below to
last year's results:
Required Employer/State Contribution $13,550,484 $12,799,094 $751,390
As % of Covered Payroll 13.41 %13.61 %(0.20)%
Estimated State Contribution 12,000 12,000 0
As % of Covered Payroll 0.01 %0.02 %(0.01)%
Required Employer Contribution 13,538,484 12,787,094 751,390
As % of Covered Payroll 13.40 %13.59 %(0.19)%
Credit Balance 35,638,663 33,820,230 1,818,433
For FYE 9/30/2024 For FYE 9/30/2023
Based onBased on
Increase
Valuation*
1/1/20221/1/2023
Valuation (Decrease)
*Based on results from August 26, 2022 Actuarial Impact Statement.
Required Employer Contribution by Group
The required employer contribution for each group developed in this year's valuation is shown
below:
Required Employer Contribution
by Group
Non-Hazardous $4,253,423 $4,109,664 $143,759
As % of Covered Payroll 7.26 %7.50 %(0.24)%
Hazardous Police 5,128,167 4,776,753 351,414
As % of Covered Payroll 22.03 %22.27 %(0.24)%
Hazardous Fire 4,156,894 3,900,677 256,217
As % of Covered Payroll 21.71 %21.89 %(0.18)%
Total 13,538,484 12,787,094 751,390
As % of Covered Payroll 13.40 %13.59 %(0.19)%
For FYE 9/30/2024 For FYE 9/30/2023
Valuation (Decrease)
Based on
1/1/2023 Increase
Based on
1/1/2022
Valuation*
*Based on results from August 26, 2022 Actuarial Impact Statement.
City of Clearwater Employees’ Pension Plan A-2
The contribution has been adjusted for interest on the basis that payments are made
uniformly during the first two quarters of the City’s fiscal year. The required employer contribution
has been computed under the assumption that the amount to be received from the State on behalf of
police officers and firefighters in 2023 and 2024 will be $12,000. If the actual payment from the State
falls below this amount, then the City must increase its contribution by the difference.
The actual Employer and State contributions during the year ending December 31, 2022 were
$12,407,212 and $12,000, respectively, for a total of $12,419,212, compared to the required
contribution of $12,799,094. The remaining contribution of $379,882 was made from the credit
balance.
The minimum required City contribution is 7% of covered payroll.
Revisions in Benefits
Two ordinances were adopted since the prior valuation which had an actuarial impact on the
Plan:
Ordinance No. 9634-22 was adopted on November 3, 2022. This ordinance amended the Plan
by providing a 1.5% Cost of Living Adjustment (COLA) annually on all benefits for Firefighters,
including any benefits accrued after January 1, 2013. For any non-grandfathered members (not
eligible for normal retirement on January 1, 2013), there will be a five-year delay (after the retirement
date) until this COLA is applied to benefits accrued after January 1, 2013. This change applies to all
Firefighters who are actively employed on or after October 1, 2022.
Ordinance No. 9620-22 was adopted on November 17, 2022. This ordinance amended the
Plan by reducing the service requirement for Non-Hazardous Duty members to become 100% vested
from 10 years to 5 years of Credited Service and increasing the benefit multiplier prospectively for
post-December 31, 2012 Non-Hazardous Duty hires from 2% to 2.5% for Credited Service accrued
after September 30, 2022.
The impact of the above changes in benefits was measured in the Actuarial Impact
Statements dated July 29, 2022 and August 26, 2022. The prior year results in this valuation report (as
of January 1, 2022) reflect these changes.
Revisions in Actuarial Assumptions or Methods
There were no changes in actuarial assumptions or methods since the prior valuation.
For informational purposes, if this year’s valuation had been completed using the mortality
rates assumed prior to January 1, 2016 (the RP-2000 Combined Healthy Participant Mortality Table for
males and females with mortality improvements projected with Scale BB) rather than the mortality
rates used by the FRS as mandated by the Florida Statutes, the required City contribution for FY 2024
would have been $14,393,869, or 14.25% of covered payroll, and the funded ratio (excluding the
credit balance) as of January 1, 2023 would have been 105.41%.
City of Clearwater Employees’ Pension Plan A-3
Actuarial Experience
There was a net actuarial experience loss of $21,868,907 during the year, which means that
actual experience was less favorable than expected. The loss is predominantly due to liability-related
experience losses resulting from salary increase experience (salaries increased by 9.16% on average
versus an expected average increase of 4.32%) and mortality experience (an actual decrease in annual
retirement benefits of $760,803 versus an expected decrease of $1,160,759). Additionally, there was
a recognized investment return (on the smoothed actuarial value of assets) below the assumed rate
of 6.5%. The investment return on the market value of assets was -14.02%, and the investment
return was 6.08% based on the actuarial value of assets.
Under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may
not reduce the contribution required to fund the Normal Cost. As a result, since the annual
payment to amortize the UAL is below $0 as of January 1, 2023, the actuarial experience loss had no
effect on the required employer contribution. The actuarial experience loss did cause the Plan’s
funded ratio to decrease by approximately 2%.
Analysis of Change in Employer Contribution
The components of change in the required City contribution are as follows:
Contribution Rate Last Year 13.59 %
Change in Benefits 0.00
Change in Assumptions and Methods 0.00
Amortization Payment on UAAL 0.00
Normal Cost (0.04)
Experience Gain/Loss 0.00
Change in Administrative Expenses (0.16)
Change in State Revenue 0.01
Contribution Rate This Year 13.40 Funded Ratio
One measure of the Plan’s funding progress is the ratio of the actuarial value of assets to the
actuarial accrued liability. Including the credit balance in the actuarial value of assets, the funded
ratio is 111.98% this year compared to 113.67% last year. Not including the credit balance in the
actuarial value of assets, the funded ratio is 108.81% this year compared to 110.53% last year.
Variability of Future Contribution Rates
The Actuarial Cost Method used to determine the contribution rate is intended to produce
contribution rates which are generally level as a percent of payroll. Even so, when experience
differs from the assumptions, as it often does, the employer’s contribution rate can vary
significantly from year-to-year.
City of Clearwater Employees’ Pension Plan A-4
The Actuarial Value of Assets exceeds the Market Value of Assets by $112,302,482 as of the
valuation date (see Section C). This difference will be gradually recognized in the absence of
offsetting gains. In turn, the computed employer contribution rate will increase by about 0.9% of
covered payroll.
Relationship to Market Value
If Market Value had been the basis for the valuation, the City contribution rate would have
been 14.28% of covered payroll, and the funded ratio (excluding the credit balance) would have
been 98.81%. The funded ratio based on the market value of assets (excluding the credit balance)
last year was 125.54%. In the absence of other gains and losses, the City contribution rate should
increase to that level over the next several years.
Conclusion
The remainder of this Report includes detailed actuarial valuation results, financial
information, miscellaneous information and statistics, and a summary of plan provisions.
City of Clearwater Employees’ Pension Plan A-5
RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY AND
ACTUARIALLY DETERMINED CONTRIBUTION
The determination of the accrued liability and the actuarially determined contribution requires the
use of assumptions regarding future economic and demographic experience. Risk measures, as
illustrated in this report, are intended to aid in the understanding of the effects of future
experience differing from the assumptions used in the course of the actuarial valuation. Risk
measures may also help with illustrating the potential volatility in the accrued liability and the
actuarially determined contribution that result from the differences between actual experience and
the actuarial assumptions.
Future actuarial measurements may differ significantly from the current measurements presented
in this report due to such factors as the following: plan experience differing from that anticipated by
the economic or demographic assumptions; changes in economic or demographic assumptions due
to changing conditions; increases or decreases expected as part of the natural operation of the
methodology used for these measurements (such as the end of an amortization period, or
additional cost or contribution requirements based on the Plan’s funded status); and changes in
plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis
of the potential range of such future measurements.
Examples of risk that may reasonably be anticipated to significantly affect the plan’s future financial
condition include:
1. Investment risk – actual investment returns may differ from the expected returns;
2. Contribution risk – actual contributions may differ from expected future contributions. For
example, actual contributions may not be made in accordance with the plan’s funding policy
or material changes may occur in the anticipated number of covered employees, covered
payroll, or other relevant contribution base;
3. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting
in actual future accrued liability and contributions differing from expected;
4. Longevity risk – members may live longer or shorter than expected and receive pensions for
a period of time other than assumed;
5. Other demographic risks – members may terminate, retire or become disabled at times or
with benefits other than assumed resulting in actual future accrued liability and
contributions differing from expected.
The effects of certain trends in experience can generally be anticipated. For example if the
investment return since the most recent actuarial valuation is less (or more) than the assumed rate,
the cost of the plan can be expected to increase (or decrease). Likewise if longevity is improving (or
worsening), increases (or decreases) in cost can be anticipated.
The computed contribution rate shown on page 1 may be considered as a minimum contribution
rate that complies with the Board’s funding policy. The timely receipt of the actuarially determined
contributions is critical to support the financial health of the plan. Users of this report should be
aware that contributions made at the actuarially determined rate do not necessarily guarantee
benefit security.
City of Clearwater Employees’ Pension Plan A-6
Plan Maturity Measures
Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying
few benefits may experience little investment risk. An older plan with a large number of members
in pay status and a significant trust may be much more exposed to investment risk. Generally
accepted plan maturity measures include the following:
1/1/2023 1/1/2022
Ratio of the market value of assets to total payroll 11.34 14.62
Ratio of actuarial accrued liability to payroll 11.12 11.45
Ratio of actives to retirees and beneficiaries 1.04 1.09
Ratio of net cash flow to market value of assets (3.39)%(2.80)%
Ratio of Market Value of Assets to Payroll
The relationship between assets and payroll is a useful indicator of the potential volatility of
contributions. For example, if the market value of assets is 2.0 times the payroll, a return on assets
5% different than assumed would equal 10% of payroll. A higher (lower) or increasing (decreasing)
level of this maturity measure generally indicates a higher (lower) or increasing (decreasing)
volatility in plan sponsor contributions as a percentage of payroll.
Ratio of Actuarial Accrued Liability to Payroll
The relationship between actuarial accrued liability and payroll is a useful indicator of the potential
volatility of contributions for a fully funded plan. A funding policy that targets a funded ratio of
100% is expected to result in the ratio of assets to payroll and the ratio of liability to payroll
converging over time.
The ratio of liability to payroll may also be used as a measure of sensitivity of the liability itself. For
example, if the actuarial accrued liability is 2.5 times the payroll, a change in liability 2% other than
assumed would equal 5% of payroll. A higher (lower) or increasing (decreasing) level of this
maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in liability
(and also plan sponsor contributions) as a percentage of payroll.
Ratio of Actives to Retirees and Beneficiaries
A young plan with many active members and few retirees will have a high ratio of active to retirees.
A mature open plan may have close to the same number of actives to retirees resulting in a ratio
near 1.0. A super-mature or closed plan may have significantly more retirees than actives resulting
in a ratio below 1.0.
Ratio of Net Cash Flow to Market Value of Assets
A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow
means existing funds are being used to make payments. A certain amount of negative net cash flow
is generally expected to occur when benefits are prefunded through a qualified trust. Large
negative net cash flows as a percent of assets may indicate a super-mature plan or a need for
additional contributions.
City of Clearwater Employees’ Pension Plan A-7
Additional Risk Assessment
Additional risk assessment is outside the scope of the annual actuarial valuation. Additional
assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a
comparison of the present value of accrued benefits at low-risk discount rates with the actuarial
accrued liability.
SECTION B
VALUATION RESULTS
City of Clearwater Employees’ Pension Plan B-1
ACTIVE MEMBERS
Number 1,506 1,079 238 189
Covered Annual Payroll $101,042,598 $58,617,837 $23,273,028 $19,151,733
Average Annual Payroll $67,093 $54,326 $97,786 $101,332
Average Age 43.6 45.0 38.9 41.2
Average Past Service 10.2 9.9 10.4 11.9
Average Age at Hire 33.4 35.1 28.5 29.3
RETIREES & BENEFICIARIES
Number 1,324 844 286 194
Annual Benefits $53,432,370 $29,870,641 $14,276,958 $9,284,771
Average Annual Benefit $40,357 $35,392 $49,919 $47,860
Average Age 68.4 70.1 64.5 66.9
DISABILITY RETIREES
Number 123 32 50 41
Annual Benefits $4,429,372 $716,793 $2,187,645 $1,524,934
Average Annual Benefit $36,011 $22,400 $43,753 $37,194
Average Age 65.0 71.9 59.7 66.0
TERMINATED VESTED MEMBERS
Number 82 65 9 8
Annual Benefits $1,755,469 $1,246,814 $313,273 $195,382
Average Annual Benefit $21,408 $19,182 $34,808 $24,423
Average Age 49.0 50.2 45.1 43.7
January 1, 2023
Total Hazardous Fire
PARTICIPANT DATA
Non-Hazardous Hazardous Police
City of Clearwater Employees’ Pension Plan B-2
ACTIVE MEMBERS
Number 1,510 1,083 232 195
Covered Annual Payroll $94,070,686 $54,799,503 $21,449,955 $17,821,228
Average Annual Payroll $62,298 $50,600 $92,457 $91,391
Average Age 44.1 45.6 39.4 41.0
Average Past Service 10.6 10.3 10.9 11.6
Average Age at Hire 33.5 35.3 28.5 29.4
RETIREES & BENEFICIARIES
Number 1,263 805 273 185
Annual Benefits $50,117,248 $27,967,892 $13,384,612 $8,764,744
Average Annual Benefit $39,681 $34,743 $49,028 $47,377
Average Age 68.1 69.9 64.0 66.5
DISABILITY RETIREES
Number 127 34 51 42
Annual Benefits $4,317,063 $750,101 $2,064,856 $1,502,106
Average Annual Benefit $33,993 $22,062 $40,487 $35,764
Average Age 65.5 71.1 61.9 65.4
TERMINATED VESTED MEMBERS
Number 79 58 13 8
Annual Benefits $1,669,968 $1,091,817 $382,769 $195,382
Average Annual Benefit $21,139 $18,824 $29,444 $24,423
Average Age 49.0 50.9 44.7 42.7
PARTICIPANT DATA - PRIOR YEAR
January 1, 2022
Total Non-Hazardous Hazardous Police Hazardous Fire
City of Clearwater Employees’ Pension Plan B-3
A.Valuation Date
B.ADC to Be Paid During
Fiscal Year Ending 9/30/2024 9/30/2024 9/30/2024 9/30/2024
C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during
first two quarters first two quarters first two quarters first two quarters
of fiscal year of fiscal year of fiscal year of fiscal year
D.Annual Payment to Amortize
Unfunded Actuarial Liability $0 *$0 *$0 *$0 *
E.Employer Normal Cost 12,723,459 3,993,824 4,821,753 3,907,882
F.ADC if Paid on the Valuation
Date: D+E 12,723,459 3,993,824 4,821,753 3,907,882
G.ADC Adjusted for Frequency of
Payments 13,550,484 4,253,423 5,135,167 4,161,894
H.ADC as % of Covered Payroll 13.41 %7.26 %22.06 %21.73 %
I.Assumed Rate of Increase in Covered
Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 %
J.Covered Payroll for Contribution Year 101,042,598 58,617,837 23,273,028 19,151,733
K.ADC for Contribution Year: H x J 13,550,484 4,253,423 5,135,167 4,161,894
L.Estimate of State Revenue in
Contribution Year 12,000 0 7,000 5,000
M.Required Employer Contribution (REC)
in Contribution Year 13,538,484 4,253,423 5,128,167 4,156,894
N.REC as % of Covered Payroll in
Contribution Year: M ÷ J 13.40 %7.26 %22.03 %21.71 %
O.Credit Balance 35,638,663 17,647,814 10,470,543 7,520,306
January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023
ACTUARIALLY DETERMINED CONTRIBUTION (ADC)
Total Non-Hazardous Hazardous Police Hazardous Fire
* The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida
Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount
required to fund the Normal Cost.
City of Clearwater Employees’ Pension Plan B-4
A.Valuation Date
B.ADC to Be Paid During
Fiscal Year Ending 9/30/2023 9/30/2023 9/30/2023 9/30/2023
C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during
first two quarters first two quarters first two quarters first two quarters
of fiscal year of fiscal year of fiscal year of fiscal year
D.Annual Payment to Amortize
Unfunded Actuarial Liability $0 **$0 **$0 **$0 **
E.Employer Normal Cost 12,017,928 3,858,839 4,491,787 3,667,302
F.ADC if Paid on the Valuation
Date: D+E 12,017,928 3,858,839 4,491,787 3,667,302
G.ADC Adjusted for Frequency of
Payments 12,799,094 4,109,664 4,783,753 3,905,677
H.ADC as % of Covered Payroll 13.61 %7.50 %22.30 %21.92 %
I.Assumed Rate of Increase in Covered
Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 %
J.Covered Payroll for Contribution Year 94,070,686 54,799,503 21,449,955 17,821,228
K.ADC for Contribution Year: H x J 12,799,094 4,109,664 4,783,753 3,905,677
L.Estimate of State Revenue in
Contribution Year 12,000 0 7,000 5,000
M.Required Employer Contribution (REC)
in Contribution Year 12,787,094 4,109,664 4,776,753 3,900,677
N.REC as % of Covered Payroll in
Contribution Year: M ÷ J 13.59 %7.50 %22.27 %21.89 %
O.Credit Balance 33,820,230 16,984,270 9,956,043 6,879,917
ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - PRIOR YEAR*
January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022
Total Non-Hazardous Hazardous Police Hazardous Fire
* Based on results from August 26, 2022 Actuarial Impact Statement.
** The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the
Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the
amount required to fund the Normal Cost.
City of Clearwater Employees’ Pension Plan B-5
A.Valuation Date
B.Actuarial Present Value of All Projected
Benefits for
1.Active Members
a. Service Retirement Benefits $ 454,853,649 $ 196,302,621 $ 138,832,511 $ 119,718,517
b. Vesting Benefits 46,541,808 34,218,439 7,412,388 4,910,981
c. Disability Benefits 25,160,725 4,216,023 12,502,005 8,442,697
d. Preretirement Death Benefits 5,963,171 3,740,983 1,158,778 1,063,410
e. Return of Member Contributions 2,429,514 1,176,681 769,368 483,465
f. Total 534,948,867 239,654,747 160,675,050 134,619,070
2.Inactive Members
a. Service Retirees & Beneficiaries 694,228,568 369,720,677 202,345,021 122,162,870
b. Disability Retirees 58,681,569 7,550,037 31,468,648 19,662,884
c. Terminated Vested Members 19,994,031 12,869,182 4,499,387 2,625,462
d. Total 772,904,168 390,139,896 238,313,056 144,451,216
3. Total for All Members 1,307,853,035 629,794,643 398,988,106 279,070,286
C.Actuarial Accrued (Past Service) Liability 1,123,775,534 563,994,021 331,082,157 228,699,356
D.Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 1,043,838,470 519,294,723 314,127,896 210,415,851
E.Plan Assets
1.Market Value 1,146,071,970 581,344,059 335,888,864 228,839,047
2. Actuarial Value 1,258,374,452 638,309,400 368,802,288 251,262,764
3. Actuarial Value Excluding Credit Balance 1,222,735,789 620,661,586 358,331,745 243,742,458
F.Actuarial Present Value of Projected
Covered Payroll 862,486,031 469,557,019 224,809,250 168,119,762
G.Actuarial Present Value of Projected
Member Contributions 76,828,058 37,564,560 22,451,522 16,811,976
H.Accumulated Value of Active Member
Contributions 66,164,180 34,538,637 16,837,687 14,787,856
I.Unfunded Actuarial Accrued Liability (UAAL)
Based on EAN Method = C. - E.3.(98,960,255) (56,667,565) (27,249,588) (15,043,102)
J.Funded Ratio = E.2. / C.111.98%113.18%111.39%109.87%
K.Funded Ratio Excluding Credit Balance = E.3. / C.108.81%110.05%108.23%106.58%
Total Non-Hazardous Hazardous Police Hazardous Fire
ACTUARIAL VALUE OF BENEFITS AND ASSETS
January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023
City of Clearwater Employees’ Pension Plan B-6
A.Valuation Date
B.Actuarial Present Value of All Projected
Benefits for
1.Active Members
a. Service Retirement Benefits $ 438,323,325 $ 195,166,973 $ 132,183,013 $ 110,973,339
b. Vesting Benefits 43,070,172 31,931,079 6,508,958 4,630,135
c. Disability Benefits 23,332,405 4,061,301 11,265,294 8,005,810
d. Preretirement Death Benefits 5,628,580 3,518,110 1,104,571 1,005,899
e. Return of Member Contributions 2,250,755 1,101,724 660,464 488,567
f. Total 512,605,237 235,779,187 151,722,300 125,103,750
2.Inactive Members
a. Service Retirees & Beneficiaries 658,612,846 350,400,869 191,505,262 116,706,715
b. Disability Retirees 56,500,520 7,991,817 28,967,229 19,541,474
c. Terminated Vested Members 18,806,373 11,230,679 5,149,000 2,426,694
d. Total 733,919,739 369,623,365 225,621,491 138,674,883
3. Total for All Members 1,246,524,976 605,402,552 377,343,791 263,778,633
C.Actuarial Accrued (Past Service) Liability 1,076,740,942 543,888,550 316,534,086 216,318,306
D.Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 1,003,226,826 503,811,878 300,722,551 198,692,397
E.Plan Assets
1.Market Value 1,375,042,294 700,679,655 401,162,327 273,200,312
2. Actuarial Value 1,223,966,639 623,696,104 357,086,693 243,183,842
3. Actuarial Value Excluding Credit Balance 1,190,146,409 606,711,834 347,130,650 236,303,925
F.Actuarial Present Value of Projected
Covered Payroll 795,615,409 435,945,720 201,307,080 158,362,609
G.Actuarial Present Value of Projected
Member Contributions 70,786,350 34,875,657 20,081,329 15,829,364
H.Accumulated Value of Active Member
Contributions 66,538,014 35,807,548 16,617,258 14,113,208
I.Unfunded Actuarial Accrued Liability (UAAL)
Based on EAN Method = C. - E.3.(113,405,467) (62,823,284) (30,596,564) (19,985,619)
J.Funded Ratio = E.2. / C.113.67%114.67%112.81%112.42%
K.Funded Ratio Excluding Credit Balance = E.3. / C.110.53%111.55%109.67%109.24%
Total Non-Hazardous Hazardous Police Hazardous Fire
ACTUARIAL VALUE OF BENEFITS AND ASSETS - PRIOR YEAR*
January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022
* Based on results from August 26, 2022 Actuarial Impact Statement.
City of Clearwater Employees’ Pension Plan B-7
A.Valuation Date
B.Normal Cost for
1.Service Retirement Benefits $15,054,225 $5,434,913 $5,222,811 $4,396,501
2.Vesting 3,056,844 2,104,368 550,416 402,060
3.Disability Benefits 2,274,475 340,029 1,117,387 817,059
4.Death Benefits 268,819 159,713 52,376 56,730
5.Refund of Contributions 784,038 538,155 136,716 109,167
6.Total for Future Benefits 21,438,401 8,577,178 7,079,706 5,781,517
7.Assumed Amount for
Administrative Expenses 208,594 106,073 60,983 41,538
8.Total Normal Cost 21,646,995 8,683,251 7,140,689 5,823,055
C.Expected Member Contributions 8,923,536 4,689,427 2,318,936 1,915,173
D.Employer Normal Cost: B8 - C 12,723,459 3,993,824 4,821,753 3,907,882
E. Employer Normal Cost as % of
Covered Payroll 12.59%6.81%20.72%20.40%
CALCULATION OF EMPLOYER NORMAL COST
ENTRY AGE NORMAL METHOD
Total Non-Hazardous Hazardous Police Hazardous Fire
January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023
City of Clearwater Employees’ Pension Plan B-8
A.Valuation Date
B.Normal Cost for
1.Service Retirement Benefits $14,064,080 $5,127,343 $4,841,561 $4,095,176
2.Vesting 2,837,514 1,966,591 502,014 368,909
3.Disability Benefits 2,091,005 320,374 1,008,502 762,129
4.Death Benefits 242,443 139,521 49,375 53,547
5.Refund of Contributions 745,111 519,100 124,682 101,329
6.Total for Future Benefits 19,980,153 8,072,929 6,526,134 5,381,090
7.Assumed Amount for
Administrative Expenses 332,822 169,870 96,974 65,978
8.Total Normal Cost 20,312,975 8,242,799 6,623,108 5,447,068
C.Expected Member Contributions 8,295,047 4,383,960 2,131,321 1,779,766
D.Employer Normal Cost: B8 - C 12,017,928 3,858,839 4,491,787 3,667,302
E. Employer Normal Cost as % of
Covered Payroll 12.78%7.04%20.94%20.58%
Total Non-Hazardous Hazardous Police Hazardous Fire
CALCULATION OF EMPLOYER NORMAL COST - PRIOR YEAR
ENTRY AGE NORMAL METHOD
January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022
* Based on results from August 26, 2022 Actuarial Impact Statement.
City of Clearwater Employees’ Pension Plan B-9
Total Non-Hazardous Hazardous Police Hazardous Fire
$33,820,230 $16,984,270 $9,956,043 $6,879,917
-12,787,094 -4,109,664 -4,776,753 -3,900,677
+12,407,212 +3,669,231 +4,644,110 +4,093,871
+2,198,315 +1,103,977 +647,143 +447,195
35,638,663 17,647,814 10,470,543 7,520,306
Interest on Credit Balance
Credit Balance at End of Year
Credit Balance at Beginning of Year
Required Employer Contribution
Employer Contribution Made
Reconcilation of Credit Balance
City of Clearwater Employees’ Pension Plan B-10
LIQUIDATION OF THE
UNFUNDED ACTUARIAL ACCRUED LIABILITY (UAAL)
UAAL Amortization Period and Payments - Non-Hazardous
Date
Established Source Amount
Years
Remaining Amount Payment
1/1/2015 Fresh Start (2,679,461)$ 15 (4,614,696)$ (460,832)$
1/1/2016 (Gain)/Loss 244,325 8 391,609 60,391
1/1/2016 Assumption Change (2,200,261) 18 (3,514,942) (316,360)
1/1/2017 (Gain)/Loss (9,301,995) 9 (13,860,202) (1,955,239)
1/1/2017 Assumption Change 156,236 19 232,342 20,323
1/1/2018 (Gain)/Loss (5,692,965) 10 (7,914,577) (1,033,760)
1/1/2019 (Gain)/Loss 2,983,422 11 3,871,977 472,836
1/1/2019 Assumption Change 12,955,157 21 16,795,155 1,397,441
1/1/2020 (Gain)/Loss (611,097) 12 (741,367) (85,322)
1/1/2020 Assumption Change 5,818,657 22 7,055,033 574,281
1/1/2021 (Gain)/Loss (26,810,531) 13 (30,440,659) (3,323,679)
1/1/2021 Assumption Change (4,671,812) 23 (5,303,664) (423,102)
1/1/2022 (Gain)/Loss (32,781,512) 14 (34,919,852) (3,637,582)
1/1/2022 Assumption Change 2,972,002 24 3,165,709 247,899
1/1/2022 Plan Amendment 2,698,651 16 2,874,640 276,337
1/1/2023 (Gain)/Loss 10,255,929 15 10,255,929 1,024,175
(46,665,255) (56,667,565) (7,162,193)
Original UAAL Current UAAL
City of Clearwater Employees’ Pension Plan B-11
UAAL Amortization Period and Payments - Hazardous Police
Date
Established Source Amount
Years
Remaining Amount Payment
1/1/2015 Fresh Start (1,506,064)$ 15 (2,344,854)$ (234,161)$
1/1/2016 (Gain)/Loss 137,330 8 191,568 29,542
1/1/2016 Assumption Change (1,236,717) 18 (1,800,112) (162,018)
1/1/2017 (Gain)/Loss (5,228,439) 9 (6,837,693) (964,584)
1/1/2017 Assumption Change 87,817 19 119,236 10,430
1/1/2018 (Gain)/Loss (3,199,886) 10 (3,932,084) (513,588)
1/1/2019 (Gain)/Loss 1,676,914 11 1,935,114 236,311
1/1/2019 Assumption Change 7,281,798 21 8,649,683 719,697
1/1/2020 (Gain)/Loss (343,483) 12 (372,400) (42,859)
1/1/2020 Plan Amendment 5,717,584 7 5,979,690 1,023,742
1/1/2020 Assumption Change 3,552,608 22 3,952,769 321,756
1/1/2021 (Gain)/Loss (10,424,892) 13 (11,855,642) (1,294,464)
1/1/2021 Assumption Change (5,894,181) 23 (6,699,694) (534,471)
1/1/2022 (Gain)/Loss (20,293,771) 14 (21,625,492) (2,252,716)
1/1/2022 Assumption Change 1,909,879 24 2,034,937 159,351
1/1/2023 (Gain)/Loss 5,355,386 15 5,355,386 534,798
(22,408,117) (27,249,588) (2,963,234)
Original UAAL Current UAAL
City of Clearwater Employees’ Pension Plan B-12
UAAL Amortization Period and Payments - Hazardous Fire
Date
Established Source Amount
Years
Remaining Amount Payment
1/1/2015 Fresh Start (1,027,124)$ 15 (1,774,770)$ (177,232)$
1/1/2016 (Gain)/Loss 93,658 8 150,794 23,254
1/1/2016 Assumption Change (843,431) 18 (1,351,473) (121,638)
1/1/2017 (Gain)/Loss (3,565,754) 9 (5,335,612) (752,687)
1/1/2017 Assumption Change 59,890 19 89,328 7,814
1/1/2018 (Gain)/Loss (2,182,297) 10 (3,046,097) (397,865)
1/1/2019 (Gain)/Loss 1,143,642 11 1,489,928 181,946
1/1/2019 Assumption Change 4,966,128 21 6,456,454 537,209
1/1/2020 (Gain)/Loss (234,253) 12 (285,229) (32,826)
1/1/2020 Plan Amendment 4,071 7 4,966 850
1/1/2020 Assumption Change 2,356,236 22 2,864,895 233,203
1/1/2021 (Gain)/Loss (8,511,064) 13 (9,673,089) (1,056,161)
1/1/2021 Assumption Change (4,361,137) 23 (4,954,728) (395,265)
1/1/2022 (Gain)/Loss (12,467,844) 14 (13,287,635) (1,384,166)
1/1/2022 Assumption Change 1,202,726 24 1,281,601 100,359
1/1/2022 Plan Amendment 5,694,243 9 6,069,973 856,282
1/1/2023 (Gain)/Loss 6,257,592 15 6,257,592 624,894
(11,414,718) (15,043,102) (1,752,029)
Original UAAL Current UAAL
City of Clearwater Employees’ Pension Plan B-13
Amortization Schedule
The UAAL is being liquidated as a level dollar amount over the number of years remaining in the
amortization period. The expected amortization schedules are as follows:
2023 $(56,667,565)
2024 (52,723,237)
2025 (48,522,511)
2026 (44,048,739)
2027 (39,284,172)
2028 (34,209,907)
2033 (5,390,466)
2038 -
Amortization Schedule - Non-Hazardous
Year Expected UAAL
2023 $(27,249,588)
2024 (25,864,983)
2025 (24,390,363)
2026 (22,819,892)
2027 (21,147,341)
2028 (19,366,074)
2033 (6,039,201)
2038 -
Amortization Schedule - Hazardous Police
Year Expected UAAL
City of Clearwater Employees’ Pension Plan B-14
2023 $(15,043,102)
2024 (14,154,998)
2025 (13,209,162)
2026 (12,201,846)
2027 (11,129,055)
2028 (9,986,533)
2033 (2,894,224)
2038 -
Amortization Schedule - Hazardous Fire
Year Expected UAAL
City of Clearwater Employees’ Pension Plan B-15
ACTUARIAL GAINS AND LOSSES
The assumptions used to anticipate mortality, employment turnover, investment income,
expenses, salary increases, and other factors have been based on long range trends and expectations.
Actual experience can vary from these expectations. The variance is measured by the gain and loss for
the period involved. If significant long-term experience reveals consistent deviation from what has
been expected and that deviation is expected to continue, the assumptions should be modified. The
net actuarial gain (loss) for the past year is computed as follows:
1.Last Year's UAAL*$(113,405,467)$(62,823,284)$(30,596,564)$(19,985,619)
2.Employer Normal Cost for Contribution Year 12,017,928 3,858,839 4,491,787 3,667,302
3.Last Year's Contributions 12,799,094 4,109,664 4,783,753 3,905,677
4. Interest at the Assumed Rate on:
a.1 and 2 for one year (6,590,191)(3,832,689)(1,696,811)(1,060,691)
b.3 from dates paid 52,338 16,696 19,633 16,009
c. a - b (6,642,529)(3,849,385)(1,716,444)(1,076,700)
5.This Year's Expected UAAL:
1 + 2 - 3 + 4c (120,829,162)(66,923,494)(32,604,974)(21,300,694)
6.This Year's Actual UAAL (Before any
changes in benefits and assumptions)(98,960,255)(56,667,565)(27,249,588)(15,043,102)
7.Net Actuarial Gain (Loss): (5) - (6)(21,868,907)(10,255,929)(5,355,386)(6,257,592)
8.Gain (Loss) Due to Investments (4,837,116)
9.Gain (Loss) Due to other sources (17,031,791)
Hazardous FireA. Derivation of the Current UAAL Total Non-Hazardous Hazardous Police
* Based on results from August 26, 2022 Actuarial Impact Statement.
City of Clearwater Employees’ Pension Plan B-16
Gains (losses) in previous years have been as follows:
Year Ending Gain
12/31 (Loss)
2009 $32,358,262 (4.89)%
2010 2,311,412 (0.37)
2011 (13,721,771)2.28
2012 (7,015,253)1.15
2013 62,452,347 (11.02)
2014 34,213,347 (6.01)
2015 (475,313)0.07 **
2016 18,096,188 (2.51)**
2017 11,075,148 (1.48)**
2018 (5,803,978)0.75 **
2019 1,188,833 (0.14)**
2020 45,746,487 (5.30)**
2021 65,543,127 (7.43)**
2022 (21,868,907)2.30 **
Employer
Cost Rate*
Change in
* Before 2015, Change in Normal Cost Rate.
** Before reflecting Chapter 112.66 of the Florida Statutes. Since the annual payment to amortize the
UAAL is less than $0, the net effect of these gains and losses on the required employer contribution is $0
or limited after reflecting Chapter 112.66 of the Florida Statutes (the requirement to fund at least the
normal cost).
City of Clearwater Employees’ Pension Plan B-17
The fund earnings and salary increase assumptions have considerable impact on the cost of the
Plan so it is important that they are in line with the actual experience. The following table shows the
actual fund earnings and salary increase rates compared to the assumed rates for the last few years:
12/31/1986 N/A 7.00 %7.40 %5.00 %
12/31/1987 N/A 7.00 5.90 5.00
12/31/1988 N/A 7.00 9.10 5.00
12/31/1989 N/A 7.00 8.70 5.00
12/31/1990 N/A 7.00 5.30 5.00
12/31/1991 N/A 7.00 6.10 5.00
12/31/1992 N/A 7.00 6.80 5.00
12/31/1993 7.42 %7.00 1.20 5.00
12/31/1994 6.28 7.00 4.40 5.00
12/31/1995 9.14 7.00 6.40 5.00
12/31/1996 11.54 7.00 6.70 5.00
12/31/1997 13.74 7.00 5.60 5.00
12/31/1998 15.28 7.00 7.40 5.00
12/31/1999 17.96 7.00 4.20 5.00
12/31/2000 12.42 7.00 5.80 5.00
12/31/2001 7.40 7.00 5.90 5.00
12/31/2002 (1.85)7.50 5.80 6.00
12/31/2003 7.45 7.50 6.40 6.00
12/31/2004 2.18 7.50 6.38 6.00
12/31/2005 4.58 7.50 5.49 6.00
12/31/2006 7.87 7.50 5.15 6.00
12/31/2007 10.68 7.50 6.62 6.00
12/31/2008 (10.61)7.50 4.25 6.00
12/31/2009 16.53 7.50 3.29 6.00
12/31/2010 5.98 7.50 1.27 6.00
12/31/2011 4.46 7.50 2.56 6.00
12/31/2012 5.50 7.50 4.48 6.00
12/31/2013 14.04 7.00 3.16 4.07
12/31/2014 11.04 7.00 3.38 4.04
12/31/2015 7.64 7.00 8.65 *4.09
12/31/2016 8.22 7.00 1.23 *4.13
12/31/2017 8.89 7.00 7.35 4.16
12/31/2018 5.76 7.00 4.08 4.18
12/31/2019 7.39 6.75 8.84 4.35
12/31/2020 11.10 6.65 6.05 4.30
12/31/2021 12.46 6.55 6.37 4.24
12/31/2022 6.08 6.50 9.16 4.32
Averages 8.07 %---5.57 %---
Year Ending Actual Assumed Assumed
Salary Increases
Actual
Investment Return
* Salary for the year ending 12/31/2015 included 27 pay periods rather than 26.
The actual investment return rates shown above are based on the actuarial value of assets. The
actual salary increase rates shown above are the increases received by those active members who were
included in the actuarial valuations both at the beginning and the end of each year.
City of Clearwater Employees’ Pension Plan B-18
History of Investment Return Based on
Actuarial Value of Assets
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Plan Year End
Actual Assumed
History of Salary Increases
0%
5%
10%
15%
0%
5%
10%
15%
Plan Year End Compared to Previous Year
Actual Assumed
City of Clearwater Employees’ Pension Plan B-19
Active
Members
Year Vested Other End of
Ended A E A E A E A E A A A E Year
12/31/2009 49 110 54 57 0 6 0 2 10 46 56 93 1,567
12/31/2010 78 137 68 51 2 6 3 2 15 49 64 85 1,508
12/31/2011 84 124 43 49 6 6 0 2 11 64 75 84 1,468
12/31/2012 119 113 51 52 3 6 1 2 18 40 58 81 1,474
12/31/2013 102 98 27 42 2 3 4 2 11 54 65 79 1,478
12/31/2014 135 131 45 51 5 3 2 2 21 58 79 78 1,482
12/31/2015 145 122 43 52 7 3 1 2 18 53 71 82 1,505
12/31/2016 159 144 49 60 4 3 2 3 18 71 89 89 1,520
12/31/2017 164 161 47 59 2 3 2 2 25 85 110 91 1,523
12/31/2018 207 175 45 65 1 3 0 2 27 102 129 92 1,555
12/31/2019 164 148 38 52 3 4 1 2 13 93 106 99 1,571
12/31/2020 105 135 43 52 0 4 0 2 8 84 92 100 1,541
12/31/2021 168 199 55 56 1 4 2 1 18 123 141 92 1,510
12/31/2022 195 199 59 54 4 4 0 1 20 116 136 90 1,506
12/31/2023 55 4 1 94
14 Yr Totals *1874 1996 667 752 40 58 18 27 233 1038 1271 1235
* Totals are through current Plan Year only.
Actual (A) Compared to Expected (E) Decrements
Among Active Employees
Number
Added
Terminations
Year Retirement Retirement Death Totals
During Service Disability
City of Clearwater Employees’ Pension Plan B-20
Year
Ended Number Number
12/31/2009 12 $142,606 16 $313,189
12/31/2010 12 139,508 18 363,242
12/31/2011 13 220,877 19 416,467
12/31/2012 12 232,755 20 466,010
12/31/2013 20 401,192 20 480,787
12/31/2014 16 275,728 21 510,892
12/31/2015 19 385,405 22 558,603
12/31/2016 20 498,746 25 708,907
12/31/2017 15 288,110 26 753,482
12/31/2018 25 762,324 28 831,241
12/31/2019 20 566,781 28 885,857
12/31/2020 27 921,472 29 949,503
12/31/2021 25 781,255 32 1,073,271
12/31/2022 37 (18 with
continuing
beneficaries)
760,803 34 1,160,759
12/31/2023 36 1,270,428
Actual (A) Compared to Expected (E) Deaths
Among Retirees and Beneficiaries
Actual During Year
Annual
Pensions
Annual
Pensions
Expected During Year
City of Clearwater Employees’ Pension Plan B-21
Active
Members
Inactive
Members
1/1/07 1,692 819 $79,385,090 $559,830,590 N/A N/A N/A $9,192,407 11.58 %
1/1/08 1,641 878 80,371,617 610,979,087 N/A N/A N/A 6,920,400 8.61
1/1/09 1,628 903 82,104,837 536,834,473 N/A N/A N/A 20,005,238 24.37
1/1/10 1,567 955 80,443,199 618,444,906 $647,167,565 $28,722,659 95.6 % 15,879,628 19.74
1/1/11 1,508 1,024 76,505,599 646,956,800 672,786,812 25,830,012 96.2 15,461,725 20.21
1/1/12 1,468 1,072 74,765,020 664,087,199 702,438,432 38,351,233 94.5 17,064,100 22.82
1/1/13 1,474 1,127 74,422,344 688,731,221 774,749,811 86,018,590 88.9 12,845,501 17.26
1/1/14 1,478 1,144 74,254,159 772,411,068 795,927,127 23,516,059 97.0 4,626,039 6.23
1/1/15 1,482 1,194 75,078,542 829,486,793 824,274,144 (5,212,649)100.6 8,194,115 10.91
1/1/16 1,505 1,237 80,250,993 866,598,975 857,177,619 (9,421,356)101.1 8,358,975 10.42
1/1/17 1,520 1,278 79,276,100 908,229,246 880,316,652 (27,912,594)103.2 8,092,922 10.21
1/1/18 1,523 1,334 82,317,307 957,314,542 916,334,666 (40,979,876)104.5 8,236,726 10.01
1/1/19 1,555 1,374 84,608,940 978,492,240 965,611,907 (12,880,333)101.3 9,106,282 10.76
1/1/20 1,571 1,401 90,594,113 1,015,277,332 1,017,746,535 2,469,203 99.8 10,463,285 11.55
1/1/21 1,541 1,422 92,726,419 1,093,182,410 1,034,718,990 (58,463,420)105.7 10,711,397 11.55
1/1/22 1,510 1,469 94,070,686 1,190,146,409 1,076,740,942 (113,405,467)110.5 12,017,928 12.78
1/1/23 1,506 1,529 101,042,598 1,222,735,789 1,123,775,534 (98,960,255)108.8 12,723,459 12.59
Unfunded
Actuarial Liability
(Entry Age)*
RECENT HISTORY OF VALUATION RESULTS
Number of Employer Normal Cost*
Valuation
Date
Covered Annual
Payroll
Actuarial Value of
Assets % of PayrollAmount
Actuarial Accrued
Liability
(Entry Age)
Funded
Ratio
* Starting with the January 1, 2015 valuation, the Employer Normal Cost is calculated under the Entry Age Normal Method and
the Credit Balance is excluded from the Actuarial Value of Assets. Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers.
City of Clearwater Employees’ Pension Plan B-22
1/1/07 9/30/08 $12,532,399 15.79 %$12,000 0.02 %$12,520,399 15.77 %$12,520,399 $12,000 $12,532,399
1/1/08 9/30/09 10,086,978 12.55 12,000 0.01 10,074,978 12.54 10,074,978 12,000 10,086,978
1/1/09 9/30/10 23,960,586 29.18 12,000 0.01 23,948,586 29.17 23,948,586 12,000 23,960,586
1/1/10 9/30/11 19,373,992 24.08 12,000 0.01 19,361,992 24.07 19,361,992 12,000 19,373,992
1/1/11 9/30/12 18,898,567 24.70 12,000 0.01 18,886,567 24.69 18,886,567 12,000 18,898,567
1/1/12 9/30/13 20,925,720 27.99 12,000 0.02 20,913,720 27.97 20,913,720 12,000 20,925,720
1/1/13 9/30/14 19,608,078 26.35 12,000 0.02 19,596,078 26.33 19,596,078 12,000 19,608,078
1/1/14 9/30/15 10,803,098 14.55 12,000 0.02 10,791,098 14.53 10,791,098 12,000 10,803,098
1/1/15 9/30/16 8,767,703 11.68 12,000 0.02 8,755,703 11.66 8,755,703 12,000 8,767,703
1/1/16 9/30/17 8,944,103 11.15 12,000 0.02 8,932,103 11.13 8,932,103 12,000 8,944,103
1/1/17 9/30/18 8,659,427 10.92 12,000 0.01 8,647,427 10.91 8,647,427 12,000 8,659,427
1/1/18 9/30/19 8,813,297 10.71 12,000 0.02 8,801,297 10.69 8,801,297 12,000 8,813,297
1/1/19 9/30/20 9,720,956 11.49 12,000 0.01 9,708,956 11.48 9,708,956 12,000 9,720,956
1/1/20 9/30/21 11,534,013 12.73 12,000 0.01 11,522,013 12.72 11,522,013 12,000 11,534,013
1/1/21 9/30/22 11,412,994 12.31 12,000 0.01 11,400,994 12.30 11,400,994 12,000 11,412,994
1/1/22 9/30/23 12,799,094 13.61 12,000 0.02 12,787,094 13.59 12,787,094 12,000 12,799,094
1/1/23 9/30/24 13,550,484 13.41 12,000 0.01 13,538,484 13.40 --- --- ---
RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS
Estimated State
Required Contributions
Employer & State Net Employer
% of
Payroll Employer State
Valuation
Date
End of Year
To Which
Valuation
Applies Amount
Actual Contributions
% of Payroll TotalAmount
% of
PayrollAmount
Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers.
City of Clearwater Employees’ Pension Plan B-23
ACTUARIAL ASSUMPTIONS AND COST METHOD
Valuation Methods
Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered
before and after the valuation date were determined using an Individual Entry-Age Actuarial Cost
Method having the following characteristics:
(i) the annual normal cost for each individual active member, payable from the date of
employment to the date of retirement, is sufficient to accumulate the value of the
member’s benefit at the time of retirement;
(ii) each annual normal cost is a constant percentage of the member’s year by year
projected covered pay.
Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability.
Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full
funding credit if assets exceed liabilities) were amortized by level (principal & interest combined)
dollar amount contributions over a reasonable period of future years.
Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the
expected and actual return on market value of assets at the rate of 20% per year. The Actuarial
Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose
lower limit is 80% of the Market Value of plan assets and whose upper limit is 120% of the Market
Value of plan assets. During periods when investment performance exceeds the assumed rate,
Actuarial Value of Assets will tend to be less than Market Value. During periods when investment
performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than
Market Value.
Valuation Assumptions
The actuarial assumptions used in the valuation are shown in this Section. Both the economic and
decrement assumptions were established following the Experience Investigation for the Five Years
Ended December 31, 2017, dated December 6, 2018. The mortality assumption is mandated by
Chapter 112.63, Florida Statutes.
Economic Assumptions
The investment return rate assumed in the valuation is 6.5% per year, compounded annually (net
rate after investment expenses).
City of Clearwater Employees’ Pension Plan B-24
The Inflation Rate assumed in this valuation is 2.25% per year. The Inflation Rate is defined to be
the expected long-term rate of increases in the prices of goods and services.
The assumed real rate of return over inflation is defined to be the portion of total investment
return that is more than the assumed inflation rate. Considering other economic assumptions, the
6.5% investment return rate translates to an assumed real rate of return over inflation of 4.25%.
The rate of salary increase used for individual members can be seen in the tables below. Part of the
assumption is for merit and/or seniority increases and productivity increases, and 2.25% recognizes
inflation. This assumption is used to project a member’s current salary to the salaries upon which
benefits will be based.
Years of
Service
1 - 2 2.25%7.60%
3 - 4 2.25%6.25%
5 - 9 2.25%5.50%
10 - 14 2.25%5.25%
15 and Higher 2.25%4.50%
% Increase in Salary - Hazardous Duty
Merit and
Seniority Inflation
Total
Increase
5.35%
4.00%
3.25%
3.00%
2.25%
Years of
Service
1 2.25%6.50%
2 2.25%5.60%
3 2.25%4.50%
4 - 9 2.25%3.75%
10 - 14 2.25%3.55%
15 - 19 2.25%3.05%
20 and Higher 2.25%2.75%
% Increase in Salary - Non-Hazardous Duty
Merit and
Seniority Inflation
Total
Increase
4.25%
3.35%
2.25%
1.50%
1.30%
0.50%
0.80%
City of Clearwater Employees’ Pension Plan B-25
Demographic Assumptions
The mortality tables used in the valuation for Hazardous Duty members are based on the PUB-2010
Headcount Weighted Mortality Tables described below, with mortality improvements projected for
healthy lives to all future years after 2010 using Scale MP-2018. No mortality improvement is
projected for disabled lives.
Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table
Female Healthy Headcount Weighted Safety Employee
Female Table, set forward 1 year
Headcount Weighted Safety Healthy
Retiree Female Table, set forward 1 year
Male Healthy Headcount Weighted Safety Below
Median Employee Male Table, set
forward 1 year
Headcount Weighted Safety Below
Median Healthy Retiree Male Table, set
forward 1 year
Female Disabled N/A 80% Headcount Weighted General
Disabled Retiree Female Table; 20%
Headcount Weighted Safety Disabled
Retiree Female Table
Male Disabled N/A 80% Headcount Weighted General
Disabled Retiree Male Table; 20%
Headcount Weighted Safety Disabled
Retiree Male Table
These are the same rates used for Special Risk Class members of the Florida Retirement System
(FRS) in the July 1, 2022 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f)
mandates the use of the same mortality tables used by the FRS in either of its two most recently
published actuarial valuation reports.
The following table presents post-retirement mortality rates and life expectancies at illustrative
ages. These assumptions are used to measure the probabilities of each benefit payment being
made after retirement.
City of Clearwater Employees’ Pension Plan B-26
FRS Healthy Post-Retirement Mortality for Special Risk Class Members
Sample
Attained
Ages (in 2023)Men Women Men Women
50 0.42 %0.20 %32.69 36.52
55 0.55 0.35 27.91 31.48
60 0.91 0.60 23.31 26.68
65 1.31 0.92 19.03 22.15
70 2.07 1.43 14.99 17.88
75 3.49 2.38 11.38 13.95
80 6.19 4.08 8.29 10.46
Probability of Future Life
Dying Next Year Expectancy (years)
The following tables present pre-retirement mortality rates and life expectancies at illustrative ages.
These assumptions are used to measure the probabilities of active members dying prior to
retirement. All Police and 90% of Firefighters’ deaths before retirement are assumed to be non-
service connected.
FRS Healthy Pre-Retirement Mortality for Special Risk Class Members
Sample
Attained
Ages (in 2023)Men Women Men Women
50 0.16 %0.10 %35.82 39.73
55 0.25 0.16 30.74 34.59
60 0.42 0.22 25.78 29.51
65 0.68 0.30 21.00 24.49
70 1.17 0.54 16.46 19.58
75 2.05 1.05 12.21 14.87
80 6.19 4.08 8.29 10.46
Probability of Future Life
Dying Next Year Expectancy (years)
The following table presents disabled post-retirement mortality rates and life expectancies at
illustrative ages.
FRS Disabled Mortality for Special Risk Class Members
Sample
Attained
Ages Men Women Men Women
50 1.45 %1.25 %24.04 26.84
55 1.91 1.50 20.88 23.54
60 2.37 1.81 17.92 20.32
65 3.00 2.22 15.07 17.17
70 3.91 2.90 12.39 14.10
75 5.30 4.13 9.87 11.22
80 7.66 6.21 7.60 8.67
Probability of Future Life
Dying Next Year Expectancy (years)
City of Clearwater Employees’ Pension Plan B-27
The mortality tables used in the valuation for Non-Hazardous Duty members are based on the PUB-
2010 Headcount Weighted Mortality Tables described below, with mortality improvements
projected for healthy lives to all future years after 2010 using Scale MP-2018. No mortality
improvement is projected for disabled lives.
Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table
Female Healthy Headcount Weighted General Below
Median Employee Female Table
Headcount Weighted General Below
Median Healthy Retiree Female Table
Male Healthy Headcount Weighted General Below
Median Employee Male Table, set
back 1 year
Headcount Weighted General Below
Median Healthy Retiree Male Table,
set back 1 year
Female Disabled N/A PUB-2010 Headcount Weighted
General Disabled Retiree Female, set
forward 3 years
Male Disabled N/A PUB-2010 Headcount Weighted
General Disabled Retiree Male, set
forward 3 years
These are the same rates used for Regular Class members (other than K-12 School Instructional
Personnel) of the Florida Retirement System (FRS) in the July 1, 2022 FRS Actuarial Valuation
Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the mortality tables from either
of the two most recently published actuarial valuation reports of FRS.
The following table presents post-retirement mortality rates and life expectancies at illustrative
ages. These assumptions are used to measure the probabilities of each benefit payment being
made after retirement.
FRS Healthy Post-Retirement Mortality for Non-Special Risk Class Members
Sample
Attained
Ages (in 2023)Men Women Men Women
50 0.19 %0.57 %33.34 37.13
55 0.95 0.57 28.97 32.68
60 1.12 0.59 24.86 28.13
65 1.28 0.68 20.78 23.53
70 1.78 1.08 16.75 19.05
75 2.83 1.85 13.03 14.86
80 4.74 3.34 9.74 11.09
Probability of Future Life
Dying Next Year Expectancy (years)
City of Clearwater Employees’ Pension Plan B-28
The following tables present pre-retirement mortality rates and life expectancies at illustrative ages.
These assumptions are used to measure the probabilities of active members dying prior to
retirement. All deaths before retirement are assumed to be non-service connected.
FRS Healthy Pre-Retirement Mortality for Non-Special Risk Class Members
Sample
Attained
Ages (in 2023)Men Women Men Women
50 0.19 %0.11 %37.88 40.41
55 0.29 0.17 32.87 35.28
60 0.45 0.26 28.01 30.25
65 0.64 0.37 23.31 25.32
70 0.89 0.56 18.74 20.49
75 1.33 0.92 14.30 15.80
80 2.10 1.55 9.99 11.28
Probability of Future Life
Dying Next Year Expectancy (years)
The following table presents disabled post-retirement mortality rates and life expectancies at
illustrative ages.
FRS Disabled Mortality for Non-Special Risk Class Members
Sample
Attained
Ages Men Women Men Women
50 2.02 %1.64 %20.99 23.92
55 2.53 1.91 18.18 20.88
60 3.08 2.27 15.50 17.88
65 3.93 2.83 12.94 14.91
70 5.08 3.79 10.53 12.07
75 6.98 5.46 8.29 9.45
80 10.12 8.31 6.33 7.19
Probability of Future Life
Dying Next Year Expectancy (years)
City of Clearwater Employees’ Pension Plan B-29
The rates of retirement used to measure the probability of eligible members retiring under normal
and early retirement eligibility during the next year were as follows:
Years of Probability of
Service Age Retirement
10 - 19 50 - 54 5 %
55 - 59 15
60 - 64 40
65 & Over 100
20 & Over Under 55 15
55 - 59 30
60 - 64 40
65 & Over 100
Hazardous Duty Retirement
Years of Probability of
Service Age Retirement
5 - 19 *65 - 74 30 %
75 & Over 100
20 - 29 55 - 64 20
65 - 69 30
70 & Over 100
30 & Over Under 55 45
55 - 59 20
60 - 64 30
65 - 69 50
70 & Over 100
Non-Hazardous Duty Retirement
* 10 - 19 for Non-Hazardous Duty participants hired before January 1, 2013.
City of Clearwater Employees’ Pension Plan B-30
Rates of separation from active membership were as shown below (rates do not apply to members
eligible to retire and do not include separation on account of death or disability). This assumption
measures the probabilities of members separating from employment prior to becoming eligible for
retirement.
Years of % of Active Members Years of % of Active Members
Service Age Separating Within Next Year Service Age Separating Within Next Year
Under 1 All Ages 8.5 %Under 1 All Ages 20.0 %
1 All Ages 7.5 1 & Over All Ages 4.0
2 - 5 Under 40 4.5
40 & Over 2.5
6 & Over Under 40 2.0
40 & Over 1.5
Hazardous Duty Withdrawal - Males Hazardous Duty Withdrawal - Females
Years of % of Active Members Years of % of Active Members
Service Age Separating Within Next Year Service Age Separating Within Next Year
Under 1 Under 35 25.0 %Under 3 Under 30 22.0 %
35 & Over 11.0 30 - 34 15.0
35 - 44 5.0
1 - 2 All Ages 16.0 45 - 49 14.0
50 - 59 18.0
3 - 4 Under 40 11.0 60 & Over 25.0
40 & Over 5.0
3 - 4 Under 30 18.0
5 - 9 Under 30 12.5 30 - 39 14.0
30 - 49 5.0 40 - 59 5.0
50 - 59 3.0 60 & Over 20.0
60 & Over 7.5
5 - 9 Under 35 5.0
10 & Over Under 35 7.5 35 - 44 6.0
35 - 39 4.0 45 - 59 4.5
40 - 49 3.5 60 & Over 3.0
50 - 54 2.0
55 - 59 3.0 10 & Over Under 40 6.0
60 & Over 4.5 40 - 44 5.0
45 - 49 3.75
50 - 54 3.25
55 - 59 2.75
60 & Over 6.0
Non-Hazardous Duty Withdrawal - Males Non-Hazardous Duty Withdrawal - Females
City of Clearwater Employees’ Pension Plan B-31
Rates of disability among active members (100% of disabilities are assumed to be service-
connected).
Sample
Ages
20 0.25 %0.50 %
25 0.25 0.50
30 0.25 0.75
35 0.30 1.00
40 0.45 1.25
45 0.60 1.50
50 0.60 1.50
55 0.60 1.50
60 0.75 1.50
65 1.00 1.50
70 1.50 1.50
Males Females
Hazardous Duty Disability
% of Active Members Becoming
Disabled Within Next Year
Sample
Ages
20 0.03 %0.03 %
25 0.03 0.03
30 0.03 0.03
35 0.04 0.04
40 0.07 0.07
45 0.10 0.10
50 0.14 0.14
55 0.24 0.24
60 0.29 0.29
65 0.34 0.34
70 0.44 0.44
Males Females
Non-Hazardous Duty Disability
% of Active Members Becoming
Disabled Within Next Year
City of Clearwater Employees’ Pension Plan B-32
Miscellaneous and Technical Assumptions
Administrative & Investment
Expenses
The investment return assumption is intended to be the net return
after investment expenses. Annual administrative expenses are
assumed to be equal to the administrative expenses of the
previous year. Assumed administrative expenses are added to the
Normal Cost.
Benefit Service Exact fractional service is used to determine the amount of benefit
payable.
Cost of Living Increases The adjustment is 1.5% annually commencing on each April 1 for all
retirees and beneficiaries who have received at least 6 monthly
benefit payments. For non-grandfathered members (not eligible for
normal retirement on January 1, 2013), there is a five-year delay
(after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters,
the COLA with a 5-year delay (applicable to post-January 1, 2013
benefit accruals) only applies to Police Officers and Firefighters
employed by the City on or after January 1, 2020 and October 1,
2022, respectively.
Decrement Operation Disability and mortality decrements operate during retirement
eligibility.
Decrement Timing Decrements of all types are assumed to occur at the beginning of
the year.
Eligibility Testing Eligibility for benefits is determined based upon the age nearest
birthday and service nearest whole year on the date the
decrement is assumed to occur.
Forfeitures For vested separations from service, it is assumed that 0% of
members separating will withdraw their contributions and forfeit
an employer financed benefit. It was further assumed that the
liability at termination is the greater of the vested deferred benefit
(if any) or the member’s accumulated contributions.
Incidence of Contributions Employer contributions are assumed to be made in equal
installments during the first two quarters of the fiscal year.
Member contributions are assumed to be received continuously
throughout the year based upon the computed percent of payroll
shown in this report, and the actual payroll payable at the time
contributions are made.
City of Clearwater Employees’ Pension Plan B-33
Marriage Assumption
75% of males and 75% of females are assumed to be married for
purposes of death-in-service benefits and to determine the normal
form of benefit when applicable. Male spouses are assumed to be
three years older than female spouses for all active members and
for members who became inactive before January 1, 2015. For
members who became inactive on or after January 1, 2015,
spouses ages are based on the beneficiary dates of birth provided
by the Plan Administrator.
Normal Form of Benefit The normal form of benefit is a life annuity for non-grandfathered
non-hazardous duty members. For all other members, the normal
form of benefit is a life annuity that includes a survivor benefit
where after the participant’s death, 100% is payable to the spouse
for five years, after which the benefit is reduced to 50%.
Pay Increase Timing End of fiscal year. This is equivalent to assuming that reported
pays represent the annual rate of pay on the valuation date. The
pay used for the valuation is equal to the greater of the actual pay
for the plan year increased by the salary scale assumption rate
(which varies by years of service) and the annual rate of pay on the
valuation date.
Service Credit Accruals It is assumed that members accrue one year of service credit per
year.
City of Clearwater Employees’ Pension Plan B-34
GLOSSARY
Actuarial Accrued Liability
(AAL)
The difference between the Actuarial Present Value of Future
Benefits, and the Actuarial Present Value of Future Normal Costs.
Actuarial Assumptions Assumptions about future plan experience that affect costs or
liabilities, such as: mortality, withdrawal, disablement, and
retirement; future increases in salary; future rates of investment
earnings; future investment and administrative expenses;
characteristics of members not specified in the data, such as marital
status; characteristics of future members; future elections made by
members; and other items.
Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future
Benefits between the Actuarial Present Value of Future Normal Costs
and the Actuarial Accrued Liability.
Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and
based on a given set of Actuarial Assumptions.
Actuarial Present Value
(APV)
The amount of funds required to provide a payment or series of
payments in the future. It is determined by discounting the future
payments with an assumed interest rate and with the assumed
probability each payment will be made.
Actuarial Present Value of
Future Benefits (APVFB)
The Actuarial Present Value of amounts which are expected to be paid
at various future times to active members, retired members,
beneficiaries receiving benefits, and inactive, nonretired members
entitled to either a refund or a future retirement benefit. Expressed
another way, it is the value that would have to be invested on the
valuation date so that the amount invested plus investment earnings
would provide sufficient assets to pay all projected benefits and
expenses when due.
Actuarial Valuation The determination, as of a valuation date, of the Normal Cost,
Actuarial Accrued Liability, Actuarial Value of Assets, and related
Actuarial Present Values for a plan. An Actuarial Valuation for a
governmental retirement system typically also includes calculations of
the Funded Ratio and the Actuarially Determined Contribution (ADC).
Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for
valuation purposes. This may be the market or fair value of plan
assets or a smoothed value in order to reduce the year-to-year
volatility of calculated results, such as the funded ratio and the
Actuarially Determined Contribution (ADC).
City of Clearwater Employees’ Pension Plan B-35
Actuarially Determined
Contribution (ADC)
The employer’s periodic required contributions, expressed as a dollar
amount or a percentage of covered plan compensation. The ADC
consists of the Employer Normal Cost and Amortization Payment.
Amortization Method A method for determining the Amortization Payment. The most
common methods used are level dollar and level percentage of
payroll. Under the Level Dollar method, the Amortization Payment is
one of a stream of payments, all equal, whose Actuarial Present Value
is equal to the UAAL. Under the Level Percentage of Pay method, the
Amortization Payment is one of a stream of increasing payments,
whose Actuarial Present Value is equal to the UAAL. Under the Level
Percentage of Pay method, the stream of payments increases at the
rate at which total covered payroll of all active members is assumed
to increase.
Amortization Payment That portion of the plan contribution or ADC which is designed to pay
interest on and to amortize the Unfunded Actuarial Accrued Liability.
Amortization Period The period used in calculating the Amortization Payment.
Closed Amortization Period A specific number of years that is reduced by one each year, and
declines to zero with the passage of time. For example if the
amortization period is initially set at 30 years, it is 29 years at the end
of one year, 28 years at the end of two years, etc.
Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is
equal to the Normal Cost less expected member contributions.
Equivalent Single
Amortization Period
For plans that do not establish separate amortization bases (separate
components of the UAAL), this is the same as the Amortization Period.
For plans that do establish separate amortization bases, this is the
period over which the UAAL would be amortized if all amortization
bases were combined upon the current UAAL payment.
Experience Gain/Loss A measure of the difference between the normal cost rate from last
year and the normal cost rate from this year.
Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued
Liability.
Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the
current plan year.
City of Clearwater Employees’ Pension Plan B-36
Open Amortization Period
An open amortization period is one which is used to determine the
Amortization Payment but which does not change over time. In other
words, if the initial period is set as 30 years, the same 30-year period
is used in determining the Amortization Period each year. In theory, if
an Open Amortization Period is used to amortize the Unfunded
Actuarial Accrued Liability, the UAAL will never completely disappear,
but will become smaller each year, either as a dollar amount or in
relation to covered payroll.
Unfunded Actuarial Accrued
Liability
The difference between the Actuarial Accrued Liability and Actuarial
Value of Assets.
Valuation Date The date as of which the Actuarial Present Value of Future Benefits
are determined. The benefits expected to be paid in the future are
discounted to this date.
SECTION C
PENSION FUND INFORMATION
City of Clearwater Employees’ Pension Plan C-1
Statement of Plan Assets at Market Value
2022 2021
A.Cash and Cash Equivalents (Operating Cash)-$ -$
B.Receivables
1.Member Contributions -$ -$
2.Employer Contributions 9,203,959 6,335,459
3.Investment Income and Other Receivables 16,829,855 19,098,072
4.Total Receivables 26,033,814$ 25,433,531$
C.Investments
1.Short-Term Investments 57,028,678$ 58,242,171$
2.Domestic Equities 415,137,134 562,405,910
3.International Equities 180,951,881 237,897,795
4.Domestic Fixed Income 306,695,019 370,602,808
5.International Fixed Income - -
6.Real Estate 134,129,633 104,285,403
7.Infrastructure 56,703,546 52,426,102
8.Private Equity - -
9.Total Investments 1,150,645,891$ 1,385,860,189$
D.Liabilities
1.Benefits Payable -$ -$
2.Accrued Expenses and Other Payables (30,607,735) (36,251,426)
3.Total Liabilities (30,607,735)$ (36,251,426)$
E.Total Market Value of Assets Available for Benefits 1,146,071,970$ 1,375,042,294$
F.Allocation of Investments
1.Short-Term Investments 4.96%4.20%
2.Domestic Equities 36.08%40.58%
3.International Equities 15.73%17.17%
4.Domestic Fixed Income 26.65%26.74%
5.International Fixed Income 0.00%0.00%
6.Real Estate 11.65%7.53%
7.Infrastructure 4.93%3.78%
8.Private Equity 0.00%0.00%
9.Total Investments 100.00%100.00%
December 31
Item
City of Clearwater Employees’ Pension Plan C-2
Reconciliation of Plan Assets
2022 2021
A.Market Value of Assets at Beginning of Year 1,375,042,294$ 1,254,293,845$
B.Revenues and Expenditures
1.Contributions
a.Employee Contributions 8,502,297$ 8,067,296$
b.Employer Contributions 12,407,212 11,599,786
c.State Contributions 12,000 12,000
d.Total 20,921,509$ 19,679,082$
2.Investment Income
a.Interest, Dividends, and Other Income 19,554,092$ 17,688,176$
b.Net Realized Gains/(Losses)5,974,257 127,408,438
c.Net Unrealized Gains/(Losses)(209,059,896) 21,806,250
d.Investment Expenses (6,580,267) (7,628,843)
e.Net Investment Income (190,111,814)$ 159,274,021$
3.Benefits and Refunds
a.Refunds (1,500,058)$ (1,419,565)$
b.Regular Monthly Benefits (56,345,277) (53,544,256)
c.Partial Lump-Sum Benefits Paid (1,726,090) (2,908,011)
d.Total (59,571,425)$ (57,871,832)$
4.Administrative and Miscellaneous Expenses (208,594)$ (332,822)$
5.Transfers -$ -$
C.Market Value of Assets at End of Year 1,146,071,970$ 1,375,042,294$
December 31
Item
City of Clearwater Employees’ Pension Plan C-3
Development of Actuarial Value of Assets
Valuation Date - December 31 2021 2022 2023 2024 2025 2026
A.Actuarial Value of Assets Beginning of Year 1,124,737,021$ 1,223,966,639$
B.Market Value End of Year 1,375,042,294 1,146,071,970
C.Market Value Beginning of Year 1,254,293,845 1,375,042,294
D.Non-Investment/Administrative Net Cash Flow (38,525,572) (38,858,510)
E.Investment Income
E1. Actual Market Total: B-C-D 159,274,021 (190,111,814)
E2. Assumed Rate of Return 6.55%6.50%6.50%6.50%6.50%6.50%
E3. Assumed Amount of Return 80,720,070 87,923,357
E4. Amount Subject to Phase-In: E1–E3 78,553,951 (278,035,171)
F.Phase-In Recognition of Investment Income
F1. Current Year: 0.2 x E4 15,710,790 (55,607,034)
F2. First Prior Year 18,752,137 15,710,790 (55,607,034)
F3. Second Prior Year 25,489,010 18,752,137 15,710,790 (55,607,034)
F4. Third Prior Year (19,001,935) 25,489,010 18,752,137 15,710,790 (55,607,034)
F5. Fourth Prior Year 16,085,118 (19,001,937) 25,489,008 18,752,139 15,710,791 (55,607,035)
F6. Total Phase-Ins 57,035,120 (14,657,034) 4,344,901 (21,144,105) (39,896,243) (55,607,035)
G.Actuarial Value of Assets End of Year
G1. Preliminary Actuarial Value of Assets 1,223,966,639$ 1,258,374,452$
G2. Upper Corridor Limit: 120%*B 1,650,050,753$ 1,375,286,364$
G3. Lower Corridor Limit: 80%*B 1,100,033,835$ 916,857,576$
G4. Funding Value End of Year 1,223,966,639$ 1,258,374,452$
G5. Credit Balance 33,820,230$ 35,638,663$
G6. Final Actuarial Value of Assets 1,190,146,409$ 1,222,735,789$
H.Recognized Investment Earnings 137,755,190$ 73,266,323$
I.Difference between Market & Actuarial Value 151,075,655$ (112,302,482)$
J.Actuarial Rate of Return 12.46%6.08%
K.Market Value Rate of Return 12.90%-14.02%
L.Ratio of Actuarial Value of Assets to Market Value 89.01%109.80%
The Actuarial Value of Assets recognizes assumed investment return (line E3) fully each year. Differences between actual and assumed investment
income (Line E4) are phased-in over a closed 5-year period. During periods when investment performance exceeds the assumed rate, Actuarial Value of
Assets will tend to be less than Market Value. During periods when investment performance is less than the assumed rate, Actuarial Value of Assets
will tend to be greater than Market Value. If assumed rates are exactly realized for 5 consecutive years, Actuarial Value of Assets will become equal to
Market Value.
City of Clearwater Employees’ Pension Plan C-4
Allocation of Plan Assets by Group
Total Non-Hazardous Hazardous Police Hazardous Fire
A.Market Value of Assets as of January 1, 2022 1,375,042,294$ 700,679,655$ 401,162,327$ 273,200,312$
B.Contributions (All)20,921,509 8,096,251 6,879,952 5,945,306
C.Net Investment Return (190,111,814)(96,674,656)(55,579,448)(37,857,710)
D.Benefit Payments (All)59,571,425 30,651,118 16,512,984 12,407,323
E.Administrative Expenses 208,594 106,073 60,983 41,538
F.Market Value of Assets as of January 1, 2023 1,146,071,970 581,344,059 335,888,864 228,839,047
G.Actuarial Value of Assets as of January 1, 2023 1,258,374,452 638,309,400 368,802,288 251,262,764
H.Actuarial Value of Assets Less Credit Balance 1,222,735,789 620,661,586 358,331,745 243,742,458
Item
City of Clearwater Employees’ Pension Plan C-5
Investment Rate of Return
Plan Year Ending
December 31
1986 13.21 % N/A
1987 10.78 N/A
1988 9.12 N/A
1989 20.84 N/A
1990 6.21 N/A
1991 28.52 N/A
1992 6.49 N/A
1993 9.29 7.42 %
1994 0.89 6.28
1995 23.36 9.14
1996 14.80 11.54
1997 17.49 13.74
1998 16.74 15.28
1999 18.61 17.96
2000 (3.43)12.42
2001 (5.16)7.40
2002 (8.83)(1.85)
2003 20.08 7.45
2004 9.73 2.18
2005 6.67 4.58
2006 11.80 7.87
2007 7.29 10.68
2008 (27.01)(10.61)
2009 30.93 16.53
2010 17.50 5.98
2011 (0.32)4.46
2012 13.92 5.50
2013 16.90 14.04
2014 7.99 11.04
2015 (0.28)7.64
2016 6.70 8.22
2017 16.01 8.89
2018 (2.48)5.76
2019 20.20 7.39
2020 15.12 11.10
2021 12.90 12.46
2022 (14.02)6.08
Average returns:
Last five years:5.55 % 8.52 %
Last ten years:7.40 % 9.23 %
All years:8.76 % 8.07 %
Actuarial*Market*
*Before investment expenses prior to 2013.
The above rates are based on the retirement system’s financial information reported to the actuary. They
may differ from figures that the investment consultant reports, in part because of differences in the handling
of administrative and investment expenses, and in part because of differences in the handling of cash flows.
SECTION D
FINANCIAL ACCOUNTING INFORMATION
City of Clearwater Employees’ Pension Plan D-1
A.Valuation Date
B.Actuarial Present Value of Accumulated
Plan Benefits
1.Vested Benefits
a.Members Currently Receiving Payments $752,910,137 $715,113,366
b.Terminated Vested Members 19,994,031 18,806,373
c.Other Members 251,045,550 249,915,460
d.Total 1,023,949,718 983,835,199
2.Non-Vested Benefits 19,888,752 19,391,627
3.Total Actuarial Present Value of Accumulated
Plan Benefits: 1d + 2 1,043,838,470 1,003,226,826
4.Accumulated Contributions of Active Members 66,164,180 66,538,014
C.Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1.Total Value at Beginning of Year 1,003,226,826 970,493,309
2.Increase (Decrease) During the Period
Attributable to:
a.Plan Amendment 3,115,596 0
b.Change in Actuarial Assumptions 0 5,646,327
c.Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period 97,067,473 84,959,022
d.Benefits Paid (59,571,425)(57,871,832)
e.Net Increase 40,611,644 32,733,517
3.Total Value at End of Period 1,043,838,470 1,003,226,826
D.Market Value of Assets 1,146,071,970 1,375,042,294
E.Actuarial Assumptions - See page entitled
Actuarial Assumptions and Methods
FASB NO. 35 INFORMATION
January 1, 2023 January 1, 2022
SECTION E
MISCELLANEOUS INFORMATION
City of Clearwater Employees’ Pension Plan E-1
A.
1.Number Included in Last Valuation 1,510 1,541
2.New Members Included in Current Valuation 183 168
3.Non-Vested Employment Terminations (116)(123)
4.Vested Employment Terminations (20)(18)
5.Service Retirements (59)(55)
6.Disability Retirements (4)(1)
7.Deaths 0 (2)
8.Rehired Members/Data Corrections 12 0
9.Number Included in This Valuation 1,506 1,510
B.
1.Number Included in Last Valuation 79 74
2.Additions from Active Members 20 18
3.Lump Sum Payments/Refund of Contributions (5)(1)
4.Payments Commenced (12)(9)
5.Deaths 0 (1)
6.Conversion to Disability/Rehired Members 0 (2)
7.Data Corrections 0 0
8.Number Included in This Valuation 82 79
C.
1.Number Included in Last Valuation 1,390 1,348
2.Additions from Active Members 63 56
3.Additions from Terminated Vested Members 12 10
4.Deaths Resulting in No Further Payments (19)(25)
5.Deaths Resulting in New Survivor Benefits 0 2
6.End of Certain Period - No Further Payments 0 (1)
7.Data Correction/Waiver of Benefits 1 0
8.Number Included in This Valuation 1,447 1,390
RECONCILIATION OF MEMBERSHIP DATA
Active Members
Service Retirees, Disability Retirees and Beneficiaries
Terminated Vested Members
From 1/1/2021From 1/1/2022
To 1/1/2022To 1/1/2023
City of Clearwater Employees’ Pension Plan E-2
ACTIVE PARTICIPANT DISTRIBUTION
ALL ACTIVE MEMBERS
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals
15-19 NO.4 0 0 0 0 0 0 0 0 0 0 0 4
TOT PAY 136,187 0 0 0 0 0 0 0 0 0 0 0 136,187
AVG PAY 34,047 0 0 0 0 0 0 0 0 0 0 0 34,047
20-24 NO.26 17 3 2 2 1 0 0 0 0 0 0 51
TOT PAY 1,040,216 813,408 118,122 76,590 104,297 43,403 0 0 0 0 0 0 2,196,036
AVG PAY 40,008 47,848 39,374 38,295 52,148 43,403 0 0 0 0 0 0 43,060
25-29 NO.43 39 18 6 16 26 0 0 0 0 0 0 148
TOT PAY 2,135,866 2,204,427 1,110,120 406,922 1,037,233 1,590,402 0 0 0 0 0 0 8,484,970
AVG PAY 49,671 56,524 61,673 67,820 64,827 61,169 0 0 0 0 0 0 57,331
30-34 NO.39 24 19 22 23 81 11 0 0 0 0 0 219
TOT PAY 1,717,845 1,203,651 974,230 1,389,794 1,563,598 5,338,877 799,559 0 0 0 0 0 12,987,554
AVG PAY 44,047 50,152 51,275 63,172 67,983 65,912 72,687 0 0 0 0 0 59,304
35-39 NO.27 13 5 11 18 70 28 30 0 0 0 0 202
TOT PAY 1,220,928 769,741 293,684 566,474 1,195,645 5,104,017 2,187,721 2,812,837 0 0 0 0 14,151,047
AVG PAY 45,220 59,211 58,737 51,498 66,425 72,915 78,133 93,761 0 0 0 0 70,055
40-44 NO.15 10 11 7 12 38 17 58 6 0 0 0 174
TOT PAY 655,607 470,862 531,358 379,069 640,116 2,561,557 1,532,564 4,844,964 458,732 0 0 0 12,074,829
AVG PAY 43,707 47,086 48,305 54,153 53,343 67,409 90,151 83,534 76,455 0 0 0 69,396
45-49 NO.12 9 2 10 9 26 26 49 48 8 0 0 199
TOT PAY 492,227 374,352 98,226 558,974 390,576 1,688,368 1,992,822 4,605,767 4,229,531 842,369 0 0 15,273,212
AVG PAY 41,019 41,595 49,113 55,897 43,397 64,937 76,647 93,995 88,115 105,296 0 0 76,750
50-54 NO.6 6 8 7 9 25 21 39 32 28 5 0 186
TOT PAY 263,842 318,007 439,930 357,078 623,518 1,546,647 1,651,296 3,343,818 3,069,675 2,653,789 509,487 0 14,777,087
AVG PAY 43,974 53,001 54,991 51,011 69,280 61,866 78,633 85,739 95,927 94,778 101,897 0 79,447
55-59 NO.9 11 2 6 10 18 15 25 21 20 7 0 144
TOT PAY 379,375 495,716 127,148 269,128 560,477 1,217,997 827,728 1,948,271 1,665,880 1,680,152 522,120 0 9,693,992
AVG PAY 42,153 45,065 63,574 44,855 56,048 67,666 55,182 77,931 79,328 84,008 74,589 0 67,319
60-64 NO.2 6 4 5 6 15 17 28 23 17 4 3 130
TOT PAY 91,500 285,627 227,131 289,496 320,944 901,212 978,953 1,703,165 1,625,054 1,142,147 321,410 180,858 8,067,497
AVG PAY 45,750 47,604 56,783 57,899 53,491 60,081 57,585 60,827 70,655 67,185 80,352 60,286 62,058
65+ NO.0 2 2 0 1 5 6 14 7 10 2 0 49
TOT PAY 0 74,014 135,693 0 37,177 315,069 359,150 906,898 388,729 793,539 189,918 0 3,200,187
AVG PAY 0 37,007 67,846 0 37,177 63,014 59,858 64,778 55,533 79,354 94,959 0 65,310
TOT NO.183 137 74 76 106 305 141 243 137 83 18 3 1,506
TOT AMT 8,133,593 7,009,805 4,055,642 4,293,525 6,473,581 20,307,549 10,329,793 20,165,720 11,437,601 7,111,996 1,542,935 180,858 101,042,598
AVG AMT 44,446 51,166 54,806 56,494 61,072 66,582 73,261 82,987 83,486 85,687 85,719 60,286 67,093
Years of Service to Valuation Date
City of Clearwater Employees’ Pension Plan E-3
ACTIVE PARTICIPANT DISTRIBUTION
NON-HAZARDOUS DUTY MEMBERS
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals
15-19 NO.4 0 0 0 0 0 0 0 0 0 0 0 4
TOT PAY 136,187 0 0 0 0 0 0 0 0 0 0 0 136,187
AVG PAY 34,047 0 0 0 0 0 0 0 0 0 0 0 34,047
20-24 NO.22 13 3 2 1 1 0 0 0 0 0 0 42
TOT PAY 797,962 531,916 118,122 76,590 44,856 43,403 0 0 0 0 0 0 1,612,849
AVG PAY 36,271 40,917 39,374 38,295 44,856 43,403 0 0 0 0 0 0 38,401
25-29 NO.30 23 8 3 10 16 0 0 0 0 0 0 90
TOT PAY 1,298,645 986,936 354,883 141,573 499,951 725,256 0 0 0 0 0 0 4,007,244
AVG PAY 43,288 42,910 44,360 47,191 49,995 45,329 0 0 0 0 0 0 44,525
30-34 NO.33 17 15 10 11 47 7 0 0 0 0 0 140
TOT PAY 1,333,144 676,241 648,777 453,142 529,385 2,340,808 411,905 0 0 0 0 0 6,393,402
AVG PAY 40,398 39,779 43,252 45,314 48,126 49,804 58,844 0 0 0 0 0 45,667
35-39 NO.23 9 4 9 9 36 16 15 0 0 0 0 121
TOT PAY 958,770 450,162 210,425 401,270 428,224 2,008,414 896,426 1,011,899 0 0 0 0 6,365,590
AVG PAY 41,686 50,018 52,606 44,586 47,580 55,789 56,027 67,460 0 0 0 0 52,608
40-44 NO.14 9 10 6 11 25 8 36 5 0 0 0 124
TOT PAY 586,796 381,239 452,269 290,146 545,359 1,422,033 529,886 2,239,536 294,702 0 0 0 6,741,966
AVG PAY 41,914 42,360 45,227 48,358 49,578 56,881 66,236 62,209 58,940 0 0 0 54,371
45-49 NO.12 9 2 10 9 22 19 21 28 3 0 0 135
TOT PAY 492,227 374,352 98,226 558,974 390,576 1,314,486 1,275,948 1,345,358 1,727,407 181,200 0 0 7,758,754
AVG PAY 41,019 41,595 49,113 55,897 43,397 59,749 67,155 64,065 61,693 60,400 0 0 57,472
50-54 NO.6 5 7 6 6 21 16 22 18 17 3 0 127
TOT PAY 263,842 207,412 334,677 274,416 344,960 1,166,468 1,105,734 1,367,838 1,372,723 1,200,920 198,754 0 7,837,744
AVG PAY 43,974 41,482 47,811 45,736 57,493 55,546 69,108 62,174 76,262 70,642 66,251 0 61,715
55-59 NO.9 11 2 6 8 15 15 19 16 16 6 0 123
TOT PAY 379,375 495,716 127,148 269,128 387,341 883,928 827,728 1,230,703 977,616 1,210,950 414,496 0 7,204,129
AVG PAY 42,153 45,065 63,574 44,855 48,418 58,929 55,182 64,774 61,101 75,684 69,083 0 58,570
60-64 NO.2 6 4 5 6 14 16 27 22 16 4 3 125
TOT PAY 91,500 285,627 227,131 289,496 320,944 741,655 879,120 1,599,106 1,503,995 1,030,888 321,410 180,858 7,471,730
AVG PAY 45,750 47,605 56,783 57,899 53,491 52,975 54,945 59,226 68,363 64,431 80,353 60,286 59,774
65+ NO.0 2 2 0 1 5 6 13 7 10 2 0 48
TOT PAY 0 74,014 135,693 0 37,177 315,069 359,150 794,953 388,729 793,539 189,918 0 3,088,242
AVG PAY 0 37,007 67,847 0 37,177 63,014 59,858 61,150 55,533 79,354 94,959 0 64,338
TOT NO.155 104 57 57 72 202 103 153 96 62 15 3 1,079
TOT AMT 6,338,448 4,463,615 2,707,351 2,754,735 3,528,773 10,961,520 6,285,897 9,589,393 6,265,172 4,417,497 1,124,578 180,858 58,617,837
AVG AMT 40,893 42,919 47,497 48,329 49,011 54,265 61,028 62,676 65,262 71,250 74,972 60,286 54,326
Years of Service to Valuation Date
City of Clearwater Employees’ Pension Plan E-4
ACTIVE PARTICIPANT DISTRIBUTION
HAZARDOUS POLICE MEMBERS
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals
15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
20-24 NO.2 2 0 0 1 0 0 0 0 0 0 0 5
TOT PAY 121,854 136,929 0 0 59,441 0 0 0 0 0 0 0 318,224
AVG PAY 60,927 68,465 0 0 59,441 0 0 0 0 0 0 0 63,645
25-29 NO.12 11 6 2 4 9 0 0 0 0 0 0 44
TOT PAY 777,021 839,052 451,070 184,651 379,269 781,179 0 0 0 0 0 0 3,412,242
AVG PAY 64,752 76,277 75,178 92,326 94,817 86,798 0 0 0 0 0 0 77,551
30-34 NO.5 3 2 5 4 22 2 0 0 0 0 0 43
TOT PAY 324,501 230,501 186,619 427,467 353,138 2,005,243 184,110 0 0 0 0 0 3,711,579
AVG PAY 64,900 76,834 93,310 85,493 88,285 91,147 92,055 0 0 0 0 0 86,316
35-39 NO.3 4 1 2 3 15 8 8 0 0 0 0 44
TOT PAY 201,958 319,579 83,259 165,204 285,226 1,398,504 811,074 941,838 0 0 0 0 4,206,642
AVG PAY 67,319 79,895 83,259 82,602 95,075 93,234 101,384 117,730 0 0 0 0 95,606
40-44 NO.1 1 1 1 1 6 4 7 1 0 0 0 23
TOT PAY 68,811 89,623 79,089 88,923 94,757 546,538 433,902 806,585 164,030 0 0 0 2,372,258
AVG PAY 68,811 89,623 79,089 88,923 94,757 91,090 108,476 115,226 164,030 0 0 0 103,142
45-49 NO.0 0 0 0 0 4 5 13 10 4 0 0 36
TOT PAY 0 0 0 0 0 373,882 525,763 1,463,433 1,228,573 549,621 0 0 4,141,272
AVG PAY 0 0 0 0 0 93,471 105,153 112,572 122,857 137,405 0 0 115,035
50-54 NO.0 0 0 0 3 2 4 8 8 7 2 0 34
TOT PAY 0 0 0 0 278,558 183,817 439,929 935,923 963,482 962,569 310,733 0 4,075,011
AVG PAY 0 0 0 0 92,853 91,909 109,982 116,990 120,435 137,510 155,367 0 119,853
55-59 NO.0 0 0 0 0 1 0 2 1 2 1 0 7
TOT PAY 0 0 0 0 0 124,970 0 222,644 156,614 203,056 107,624 0 814,908
AVG PAY 0 0 0 0 0 124,970 0 111,322 156,614 101,528 107,624 0 116,415
60-64 NO.0 0 0 0 0 0 1 0 1 0 0 0 2
TOT PAY 0 0 0 0 0 0 99,833 0 121,059 0 0 0 220,892
AVG PAY 0 0 0 0 0 0 99,833 0 121,059 0 0 0 110,446
65+ NO.0 0 0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
TOT NO.23 21 10 10 16 59 24 38 21 13 3 0 238
TOT AMT 1,494,145 1,615,684 800,037 866,245 1,450,389 5,414,133 2,494,611 4,370,423 2,633,758 1,715,246 418,357 0 23,273,028
AVG AMT 64,963 76,937 80,004 86,625 90,649 91,765 103,942 115,011 125,417 131,942 139,452 0 97,786
Years of Service to Valuation Date
City of Clearwater Employees’ Pension Plan E-5
ACTIVE PARTICIPANT DISTRIBUTION
HAZARDOUS FIRE MEMBERS
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals
15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
20-24 NO.2 2 0 0 0 0 0 0 0 0 0 0 4
TOT PAY 120,400 144,563 0 0 0 0 0 0 0 0 0 0 264,963
AVG PAY 60,200 72,282 0 0 0 0 0 0 0 0 0 0 66,241
25-29 NO.1 5 4 1 2 1 0 0 0 0 0 0 14
TOT PAY 60,200 378,439 304,167 80,698 158,013 83,967 0 0 0 0 0 0 1,065,484
AVG PAY 60,200 75,688 76,042 80,698 79,007 83,967 0 0 0 0 0 0 76,106
30-34 NO.1 4 2 7 8 12 2 0 0 0 0 0 36
TOT PAY 60,200 296,909 138,834 509,185 681,075 992,826 203,544 0 0 0 0 0 2,882,573
AVG PAY 60,200 74,227 69,417 72,741 85,134 82,736 101,772 0 0 0 0 0 80,071
35-39 NO.1 0 0 0 6 19 4 7 0 0 0 0 37
TOT PAY 60,200 0 0 0 482,195 1,697,099 480,221 859,100 0 0 0 0 3,578,815
AVG PAY 60,200 0 0 0 80,366 89,321 120,055 122,729 0 0 0 0 96,725
40-44 NO.0 0 0 0 0 7 5 15 0 0 0 0 27
TOT PAY 0 0 0 0 0 592,986 568,776 1,798,843 0 0 0 0 2,960,605
AVG PAY 0 0 0 0 0 84,712 113,755 119,923 0 0 0 0 109,652
45-49 NO.0 0 0 0 0 0 2 15 10 1 0 0 28
TOT PAY 0 0 0 0 0 0 191,111 1,796,976 1,273,551 111,548 0 0 3,373,186
AVG PAY 0 0 0 0 0 0 95,556 119,798 127,355 111,548 0 0 120,471
50-54 NO.0 1 1 1 0 2 1 9 6 4 0 0 25
TOT PAY 0 110,595 105,253 82,662 0 196,362 105,633 1,040,057 733,470 490,300 0 0 2,864,332
AVG PAY 0 110,595 105,253 82,662 0 98,181 105,633 115,562 122,245 122,575 0 0 114,573
55-59 NO.0 0 0 0 2 2 0 4 4 2 0 0 14
TOT PAY 0 0 0 0 173,136 209,099 0 494,924 531,650 266,146 0 0 1,674,955
AVG PAY 0 0 0 0 86,568 104,550 0 123,731 132,913 133,073 0 0 119,640
60-64 NO.0 0 0 0 0 1 0 1 0 1 0 0 3
TOT PAY 0 0 0 0 0 159,557 0 104,059 0 111,259 0 0 374,875
AVG PAY 0 0 0 0 0 159,557 0 104,059 0 111,259 0 0 124,958
65+ NO.0 0 0 0 0 0 0 1 0 0 0 0 1
TOT PAY 0 0 0 0 0 0 0 111,945 0 0 0 0 111,945
AVG PAY 0 0 0 0 0 0 0 111,945 0 0 0 0 111,945
TOT NO.5 12 7 9 18 44 14 52 20 8 0 0 189
TOT AMT 301,000 930,506 548,254 672,545 1,494,419 3,931,896 1,549,285 6,205,904 2,538,671 979,253 0 0 19,151,733
AVG AMT 60,200 77,542 78,322 74,727 83,023 89,361 110,663 119,344 126,934 122,407 0 0 101,332
Years of Service to Valuation Date
City of Clearwater Employees’ Pension Plan E-6
INACTIVE PARTICIPANT DISTRIBUTION
Disabled Retired
Total Total Total Total
Age Group Number Benefits Number Benefits Number Benefits Number Benefits
Under 20 - - - - - - 1 9,658
20-24 - - - - - - 2 53,030
25-29 - - - - - - - -
30-34 - - 1 38,716 - - 2 22,807
35-39 10 151,093 2 89,457 - - 3 100,458
40-44 17 392,021 4 187,178 4 160,726 2 42,566
45-49 18 437,755 7 369,348 14 568,303 4 81,006
50-54 24 572,182 15 728,875 59 2,782,896 5 118,356
55-59 4 59,700 10 434,242 143 6,727,436 5 95,844
60-64 9 142,718 16 575,673 181 8,226,778 17 540,746
65-69 - - 23 729,514 278 11,863,217 28 803,887
70-74 - - 19 577,205 249 10,255,526 24 665,719
75-79 - - 16 425,931 143 5,530,418 28 720,765
80-84 - - 5 163,671 50 2,088,306 21 551,159
85-89 - - 5 109,562 31 986,884 16 204,614
90-94 - - - - 6 153,396 2 17,259
95-99 - - - - 1 17,529 4 40,546
100 & Over - - - - - - 1 2,535
Total 82 1,755,469 123 4,429,372 1,159 49,361,415 165 4,070,955
Average Age 49 65 68 71
Terminated Vested
Deceased with
Beneficiary
SECTION F
SUMMARY OF PLAN PROVISIONS
City of Clearwater Employees’ Pension Plan F-1
SUMMARY OF PLAN PROVISIONS
A. Ordinances
The Plan was established under the Code of Ordinances for the City of Clearwater, Florida,
Chapter 2, Article V, Division 3 and was most recently amended under Ordinance No. 9620-22
passed and adopted on November 17, 2022. The Plan is also governed by certain provisions of
Part VII, Chapter 112, Florida Statutes (F.S.) and the Internal Revenue Code.
B. Effective Date
Restated Plan Effective Date: January 1, 2013 (previous restated Plan Effective Date was January
1, 1996).
C. Plan Year
January 1 through December 31.
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single
employer plan.
E. Eligibility Requirements
All full-time permanent employees of the City are required to participate and become
participants on their date of hire.
F. Grandfathered Members
Members who are eligible for normal retirement as of January 1, 2013 are grandfathered in the
plan provisions in effect before Ordinance No. 8333-12.
G. Credited Service
Credited Service is measured as the total number of years and fractional parts of years from the
date of employment to the date of termination or retirement. No service is credited for any
periods of employment for which a participant received a refund of their contributions.
City of Clearwater Employees’ Pension Plan F-2
H. Compensation
The total compensation for services rendered to the City reportable on the participant’s W-2
form, plus all tax deferred, tax sheltered or tax exempt items of income derived from elective
employee payroll deductions or salary reductions, but excluding any lump sum payments of
unused vacation and sick leave, pay for off-duty employment, and clothing, car or meal
allowances.
Effective January 1, 2013: For non-grandfathered hazardous duty members, the amount of
overtime included in Compensation is limited to 300 hours per year; For non-grandfathered non-
hazardous duty members, Compensation excludes overtime and additional pay above the base
rate of pay.
I. Average Monthly Compensation (AMC)
One-twelfth of the average of Compensation during the highest 5 years out of the last 10 years
preceding termination or retirement.
J. Normal Retirement
Eligibility: For Non-Hazardous Duty
A participant hired before January 1, 2013 may retire on the first day of the
month coincident with or next following the earliest of:
(1) age 55 with 20 years of Credited Service, or
(2) 30 years of Credited Service regardless of age, or
(3) age 65 with 10 years of Credited Service.
A participant hired on or after January 1, 2013 may retire on the first day of the
month coincident with or next following the earliest of:
(1) age 60 with 25 years of Credited Service, or
(2) age 65 with 5 years of Credited Service
For Hazardous Duty Police Officers and Firefighters
A participant may retire on the first day of the month coincident with or next
following the earlier of:
(1) age 55 with 10 years of Credited Service, or
(2) 20 years of Credited Service regardless of age.
City of Clearwater Employees’ Pension Plan F-3
Benefit: 2.75% of AMC multiplied by years of Credited Service.
For Non-Hazardous Duty participants hired on or after January 1, 2013, 2.00% of
AMC multiplied by years of Credited Service through September 30, 2022 plus
2.50% of AMC multiplied by years of Credited Service after September 30, 2022.
Normal Form
of Benefit: For Non-Hazardous Duty (Non-Grandfathered)
A monthly annuity is paid for the life of the participant.
For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non-
Hazardous Duty)
A monthly annuity is paid for the life of the participant. After the participant’s
death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50%
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non-grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
K. Early Retirement
Eligibility: Police Officers and Firefighters may elect to retire earlier than the Normal
Retirement Eligibility upon the attainment of age 50 with 10 years of Credited
Service.
Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the
Early Retirement date precedes age 55.
Normal Form
of Benefit: A monthly annuity is paid for the life of the participant. After the participant’s
death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50%
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
City of Clearwater Employees’ Pension Plan F-4
COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non-grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
L. Delayed Retirement
Same as Normal Retirement taking into account Compensation earned and service credited until
the date of actual retirement.
M. Service Connected Disability
Eligibility: Any participant who becomes totally and permanently disabled due to an illness
or injury contracted in the line of duty and is deemed to be unable to perform
useful and efficient service to the City is immediately eligible for a disability
benefit.
Benefit: For Non-Hazardous Duty
Participant’s accrued Normal Retirement Benefit taking into account
Compensation earned and service credited until the date of disability. Benefit is
guaranteed to be no less than 42% of the participant’s AMC (66 2/3% of the
participant’s AMC if grandfathered). Disability benefits, when combined with
Worker’s Compensation benefits, cannot exceed and will be limited to 100% of
the participant’s AMC on the date of disability.
For Hazardous Duty Police Officers and Firefighters
Participant’s accrued Normal Retirement Benefit taking into account
Compensation earned and service credited until the date of disability. Benefit is
guaranteed to be no less than 66 2/3% of the participant’s AMC. Disability
benefits, when combined with Worker’s Compensation benefits, cannot exceed
and will be limited to 100% of the participant’s AMC on the date of disability.
Normal Form
of Benefit: For Non-Hazardous Duty (Non-Grandfathered)
A monthly annuity is paid for the life of the participant.
City of Clearwater Employees’ Pension Plan F-5
For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non-
Hazardous Duty)
A monthly annuity is paid for the life of the participant. After the participant’s
death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50%
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non-grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
N. Non-Service Connected Disability
Eligibility: Any Hazardous Duty participant who has 10 or more years of Credited Service or
Non-Hazardous Duty participant who has 5 or more years of Credited Service,
becomes totally and permanently disabled, and is deemed to be unable to
perform useful and efficient service to the City is immediately eligible for a
disability benefit.
Benefit: Participant’s accrued Normal Retirement Benefit taking into account
Compensation earned and service credited until the date of disability. Disability
benefits, when combined with Worker’s Compensation benefits, cannot exceed
and will be limited to 100% of the participant’s AMC on the date of disability.
Normal Form
of Benefit: For Non-Hazardous Duty (Non-Grandfathered)
A monthly annuity is paid for the life of the participant.
For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non-
Hazardous Duty)
A monthly annuity is paid for the life of the participant. After the participant’s
death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50%
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
City of Clearwater Employees’ Pension Plan F-6
COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non-grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
O. Death in the Line of Duty
Eligibility: Any participant whose employment is terminated by reason of death in the line
of duty is eligible for survivor benefits.
Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited
Service and AMC as of the date of death. Benefit is guaranteed to be no less than
66 2/3% of the participant’s AMC.
Normal Form
of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to
the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of
the original amount. The survivor annuity ceases upon death or remarriage of the
spouse. 120 monthly payments are guaranteed for police officers and firefighters.
COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non-grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
In lieu of the benefits described above, the participant’s beneficiary can elect to receive a
refund of participant’s accumulated contributions with interest.
P. Other Pre-Retirement Death
Eligibility: Any Hazardous Duty participant who dies with 10 or more years of Credited
Service or Non-Hazardous Duty participant who dies with 5 or more years of
Credited Service is eligible for survivor benefits.
Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited
Service and AMC as of the date of death.
City of Clearwater Employees’ Pension Plan F-7
Normal Form
of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to
the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of
the original amount. The survivor annuity ceases upon death or remarriage of the
spouse. 120 monthly payments are guaranteed for police officers and firefighters.
COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non-grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
In lieu of the benefits described above, a participant’s beneficiary can elect to receive a refund
of the participant’s accumulated contributions with interest. Accumulated contributions, plus
interest, will be refunded for all Hazardous Duty participants with less than 10 years of
Credited Service or Non-Hazardous Duty participants with less than 5 years of Credited Service.
Q. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
R. Optional Forms
In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all
retirees are a Single Life Annuity, a 10 Year Certain and Life Annuity, or the 50%, 66 2/3% (for
police officers and firefighters), 75% or 100% Joint and Survivor options. Members may also elect
a partial lump sum equal to 10%, 20%, or 30% of the value of the normal retirement benefit with
the remaining monthly retirement benefit reduced accordingly.
S. Vested Termination
Eligibility: A participant has earned a non-forfeitable right to Plan benefits after the
completion of 10 years of Credited Service for Hazardous Duty or 5 years of
Credited Service for Non-Hazardous Duty provided employee contributions are
not refunded.
Vesting is determined in accordance with the following tables.
Hazardous Duty Members
Years of
Credited Service
% of Normal
Retirement Benefits
Less Than 10
10 or more
0%
100%
City of Clearwater Employees’ Pension Plan F-8
Non-Hazardous Duty Members
Years of
Credited Service
% of Normal
Retirement Benefits
Less Than 5
5 or more
0%
100%
Benefit: The participant’s accrued Normal Retirement Benefit as of the date of
termination. Benefit begins on the member’s Normal Retirement date.
Alternatively, police officers and firefighters may elect to receive an actuarially
reduced Early Retirement Benefit any time after age 50.
Normal Form
of Benefit: For Non-Hazardous Duty (Non-Grandfathered)
A monthly annuity is paid for the life of the participant.
For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non-
Hazardous Duty)
A monthly annuity is paid for the life of the participant. After the participant’s
death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50%
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non-grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
Hazardous Duty participants with less than 10 years of Credited Service and Nonhazardous
Duty participants with less than 5 years of Credited Service will receive a refund of their own
accumulated contributions with interest.
T. Refunds
Eligibility: All Hazardous Duty members terminating employment with less than 10 years of
Credited Service and Nonhazardous Duty members terminating employment with
less than 5 years of Credited Service are eligible. Optionally, vested members may
elect a refund in lieu of the vested benefits otherwise due.
City of Clearwater Employees’ Pension Plan F-9
Benefit: Refund of the member’s contributions with 5% simple interest paid in a single
lump sum.
U. Member Contributions
8% of Compensation for Non-Hazardous Duty participants.
10% of Compensation for Hazardous Duty participants (8% of Compensation if grandfathered).
V. Employer Contributions
Each plan year, the Employer must contribute a minimum of 7% of the Compensation of all
employees participating in the plan, plus any additional amount determined by the actuary
needed to fund the plan properly according to State laws.
W. Cost of Living Increases
1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at
least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal
retirement on January 1, 2013), there is a five-year delay (after the retirement date) until this
COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the
COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1,
2022, respectively.
X. 13th Check
Not Applicable
Y. Deferred Retirement Option Plan
Not Applicable
Z. Other Ancillary Benefits
There are no ancillary retirement type benefits not required by statutes but which might be
deemed a City of Clearwater Employees’ Pension Plan liability if continued beyond the availability
of funding by the current funding source.
City of Clearwater Employees’ Pension Plan F-10
AA. Changes from Previous Valuation
Ordinance No. 9634-22 was adopted on November 3, 2022. This ordinance amended the Plan by
providing a 1.5% Cost of Living Adjustment (COLA) annually on all benefits for Firefighters,
including any benefits accrued after January 1, 2013. For any non-grandfathered members (not
eligible for normal retirement on January 1, 2013), there will be a five-year delay (after the
retirement date) until this COLA is applied to benefits accrued after January 1, 2013. This change
applies to all Firefighters who are actively employed on or after October 1, 2022.
Ordinance No. 9620-22 was adopted on November 17, 2022. This ordinance amended the Plan
by reducing the service requirement for Non-Hazardous Duty members to become 100% vested
from 10 years to 5 years of Credited Service and increasing the benefit multiplier prospectively
for post-December 31, 2012 Non-Hazardous Duty hires from 2% to 2.5% for Credited Service
accrued after September 30, 2022.
B
City of Clearwater Employees'
Pension Plan
Actuarial Valuation Report as of January 1, 2023
Annual Employer Contribution for the Fiscal Year
Ending September 30, 2024
U
GRS
1!.
GRS
1
1
1
1
May 15, 2023
P: 954,527.1616 F; 954,525,0083 :v• ,grsconsulting,com
Board of Trustees
City of Clearwater Employees' Pension Plan
Clearwater, Florida
Dear Board Members:
The results of the January 1, 2023 Annual Actuarial Valuation of the City of Clearwater Employees'
Pension Plan are presented in this report.
This report was prepared at the request of the Board and is intended for use by the Retirement System
and those designated or approved by the Board. This report may be provided to parties other than the
System only in its entirety and only with the permission of the Board. GRS is not responsible for
unauthorized use of this report.
The purposes of the valuation are to measure the System's funding progress and to determine the
employer contribution rate for the fiscal year ending September 30, 2024. This report should not be
relied on for any purpose other than the purposes described herein. Determinations of financial
results, associated with the benefits described in this report, for purposes other than those identified
above may be significantly different.
The contribution rate in this report is determined using the actuarial assumptions and methods
disclosed in Section B of this report. This report includes risk metrics in Section A, but does not include
a robust assessment of future experience not meeting the actuarial assumptions. A robust assessment
of risks was outside the scope of this assignment.
1
This valuation assumed the continuing ability of the plan sponsor to make the contributions necessary
to fund this Plan. A determination regarding whether or not the plan sponsor is actually able to do so is
outside our scope of expertise and was not performed.
The findings in this report are based on data or other information through December 31, 2022. The
valuation was based upon information furnished by the City concerning Retirement System benefits,
financial transactions, plan provisions and active members, terminated members, retirees and
beneficiaries. We checked for internal and year-to-year consistency, but did not audit the data. We
i are not responsible for the accuracy or completeness of the information provided by the City.
In addition, this report was prepared using certain assumptions approved by the Board as authorized
under the Florida and prescribed by the Florida Statutes as described in the section of this report
entitled Actuarial Assumptions and Methods. The prescribed assumptions are the assumed mortality
rates detailed in the Actuarial Assumptions and Methods section in accordance with Florida Statutes,
Chapter 112.63. All actuarial assumptions used in this report are reasonable for purposes of this
valuation.
One East Broward Boulevard Suite 505 I Ft. Lauderdale, Florida 33301-1804
1
Board of Trustees
May 15, 2023
Page ii
This report was prepared using our proprietary valuation model and related software which in our
professional judgment has the capability to provide results that are consistent with the purposes of the
valuation and has no material limitations or known weaknesses. We performed tests to ensure that
the model reasonably represents that which is intended to be modeled.
1
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement systems. To the best of our knowledge the information contained in this report is accurate
1 and fairly presents the actuarial position of the Retirement System as of the valuation date. All
calculations have been made in conformity with generally accepted actuarial principles and practices,
with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable
statutes.
1
Peter N. Strong and Trisha Amrose are members of the American Academy of Actuaries. These
actuaries meet the Academy's Qualification Standards to render the actuarial opinions contained
herein. The signing actuaries are independent of the plan sponsor.
This actuarial valuation and/or cost determination was prepared and completed by us or under our direct
supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results
are complete and accurate. In our opinion, the techniques and assumptions used are reasonable, meet
the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally
1 accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan
111 otherwise
paid from the plan's assets for which liabilities or current costs have not been established or
otherwise taken into account in the valuation. All known events or trends which may require a material
increase in plan costs or required contribution rates have been taken into account in the valuation.
Gabriel, Roeder, Smith & Company will be pleased to review this valuation and Report with the Board of
Trustees and to answer any questions pertaining to the valuation.
1
1
1
Peter N. Strong, F MAAA
Enrolled Actuary o. 23-6975
1
Respectfully submitted,
GABRIEL, ROEDER, SMITH & COMPANY
GRS
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Trisha Amrose, MAAA
Enrolled Actuary No. 23-8010
Section
A
TABLE OF CONTENTS
Title Page
Discussion of Valuation Results
1. Discussion of Valuation Results A-1
2. Risks Associated with Measuring the Accrued
Liability and Actuarially Determined Contribution A-5
B Valuation Results
c
E
F
1. Participant Data B-1
2. Actuarially Determined Contribution (ADC) B-3
3. Actuarial Value of Benefits and Assets B-5
4. Calculation of Employer Normal Cost B-7
5. Reconciliation of Credit Balance B-9
6. Liquidation of the Unfunded Actuarial
Accrued Liability B-10
7. Actuarial Gains and Losses B-15
8. Recent History of Valuation Results B-21
9. Recent History of Contributions B-22
10. Actuarial Assumptions and Cost Method B-23
11. Glossary of Terms B-34
Pension Fund Information
1. Statement of Plan Assets at Market Value C-1
2. Reconciliation of Plan Assets C-2
3. Development of Actuarial Value of Assets C-3
4. Allocation of Plan Assets C-4
5. Investment Rate of Return C-5
Financial Accounting Information
1. FASB No. 35
Miscellaneous Information
1. Reconciliation of Membership Data
2. Active Participant Distribution
3. Inactive Participant Distribution
D-1
E-1
E-2
E-6
Summary of Plan Provisions F-1
City of Clearwater Employees' Pension Plan
a
a
II
um
is
SECTION A
DISCUSSION OF VALUATION RESULTS
1
1
1
s
1
DISCUSSION OF VALUATION RESULTS
a Comparison of Required Employer Contributions
II The required employer contribution developed in this year's valuation is compared below to
a
us
is
a
a
a
a
last year's results:
Based on results from August 26, 2022 Actuarial Impact Statement.
II Required Employer Contribution by Group
a The required employer contribution for each group developed in this year's valuation is shown
a
a
a
a
is
IN
is
a
below:
For FYE 9/30/2024
Based on
1/1/2023
Valuation
For FYE 9/30/2023
Based on
1/1/2022
Valuation*
Increase
Decrease)
Required Employer/State Contribution 13,550,484
1/1/2022
12,799,094
by Group
751,390
As % of Covered Payroll 13.41 13.61 0.20)
Estimated State Contribution 12,000
7.50 %
12,000
Hazardous Police
0
As % of Covered Payroll 0.01 0.02 0.01)
Required Employer Contribution 13,538,484
3,900,677
12,787,094
As % of Covered Payroll
751,390
As % of Covered Payroll 13.40 13.59 0.19)
Credit Balance 35,638,663
13.59 %
33,820,230 1,818,433
Based on results from August 26, 2022 Actuarial Impact Statement.
II Required Employer Contribution by Group
a The required employer contribution for each group developed in this year's valuation is shown
a
a
a
a
is
IN
is
a
below:
Based on results from August 26, 2022 Actuarial Impact Statement.
City of Clearwater Employees' Pension Plan A-1
For FYE 9/30/2024
Based on
For FYE 9/30/2023
Based on
Required Employer Contribution 1/1/2023 1/1/2022 Increase
by Group Valuation Valuation* Decrease)
Non -Hazardous 4,253,423 4,109,664 143,759
As % of Covered Payroll 7.26 % 7.50 % 0.24) %
Hazardous Police 5,128,167 4,776,753 351,414
As % of Covered Payroll 22.03 % 22.27 % 0.24)
Hazardous Fire 4,156,894 3,900,677 256,217
As % of Covered Payroll 21.71 % 21.89 % 0.18)
Total 13,538,484 12,787,094 751,390
As % of Covered Payroll 13.40 % 13.59 % 0.19)
Based on results from August 26, 2022 Actuarial Impact Statement.
City of Clearwater Employees' Pension Plan A-1
The contribution has been adjusted for interest on the basis that payments are made
uniformly during the first two quarters of the City's fiscal year. The required employer contribution
has been computed under the assumption that the amount to be received from the State on behalf of
police officers and firefighters in 2023 and 2024 will be $12,000. If the actual payment from the State
falls below this amount, then the City must increase its contribution by the difference.
The actual Employer and State contributions during the year ending December 31, 2022 were
12,407,212 and $12,000, respectively, fora total of $12,419,212, compared to the required
contribution of $12,799,094. The remaining contribution of $379,882 was made from the credit
balance.
The minimum required City contribution is 7% of covered payroll.
Revisions in Benefits
Two ordinances were adopted since the prior valuation which had an actuarial impact on the
Plan:
Ordinance No. 9634-22 was adopted on November 3, 2022. This ordinance amended the Plan
by providing a 1.5% Cost of Living Adjustment (COLA) annually on all benefits for Firefighters,
including any benefits accrued after January 1, 2013. For any non -grandfathered members (not
eligible for normal retirement on January 1, 2013), there will be a five-year delay (after the retirement
date) until this COLA is applied to benefits accrued after January 1, 2013. This change applies to all
Firefighters who are actively employed on or after October 1, 2022.
Ordinance No. 9620-22 was adopted on November 17, 2022. This ordinance amended the
Plan by reducing the service requirement for Non -Hazardous Duty members to become 100% vested
from 10 years to 5 years of Credited Service and increasing the benefit multiplier prospectively for
post -December 31, 2012 Non -Hazardous Duty hires from 2% to 2.5% for Credited Service accrued
after September 30, 2022.
The impact of the above changes in benefits was measured in the Actuarial Impact
Statements dated July 29, 2022 and August 26, 2022. The prior year results in this valuation report (as
of January 1, 2022) reflect these changes.
111
Revisions in Actuarial Assumptions or Methods
a
a
a
U
t
a
a
a
a
a
There were no changes in actuarial assumptions or methods since the prior valuation.
For informational purposes, if this year's valuation had been completed using the mortality
rates assumed prior to January 1, 2016 (the RP -2000 Combined Healthy Participant Mortality Table for
males and females with mortality improvements projected with Scale BB) rather than the mortality
rates used by the FRS as mandated by the Florida Statutes, the required City contribution for FY 2024
would have been $14,393,869, or 14.25% of covered payroll, and the funded ratio (excluding the
credit balance) as of January 1, 2023 would have been 105.41%.
City of Clearwater Employees' Pension Plan A-2
a
i
a
a
Actuarial Experience
There was a net actuarial experience loss of $21,868,907 during the year, which means that
actual experience was less favorable than expected. The loss is predominantly due to liability -related
experience losses resulting from salary increase experience (salaries increased by 9.16% on average
versus an expected average increase of 4.32%) and mortality experience (an actual decrease in annual
retirement benefits of $760,803 versus an expected decrease of $1,160,759). Additionally, there was
a recognized investment return (on the smoothed actuarial value of assets) below the assumed rate
of 6.5%. The investment return on the market value of assets was -14.02%, and the investment
return was 6.08% based on the actuarial value of assets.
Under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may
not reduce the contribution required to fund the Normal Cost. As a result, since the annual
payment to amortize the UAL is below $0 as of January 1, 2023, the actuarial experience loss had no
effect on the required employer contribution. The actuarial experience loss did cause the Plan's
funded ratio to decrease by approximately 2%.
Analysis of Change in Employer Contribution
The components of change in the required City contribution are as follows:
Contribution Rate Last Year
Change in Benefits
Change in Assumptions and Methods
Amortization Payment on UAAL
Normal Cost
Experience Gain/Loss
Change in Administrative Expenses
Change in State Revenue
13.59
0.00
0.00
0.00
0.04)
0.00
0.16)
0.01
Contribution Rate This Year 13.40
Funded Ratio
One measure of the Plan's funding progress is the ratio of the actuarial value of assets to the
actuarial accrued liability. Including the credit balance in the actuarial value of assets, the funded
ratio is 111.98% this year compared to 113.67% last year. Not including the credit balance in the
actuarial value of assets, the funded ratio is 108.81% this year compared to 110.53% last year.
Variability of Future Contribution Rates
The Actuarial Cost Method used to determine the contribution rate is intended to produce
contribution rates which are generally level as a percent of payroll. Even so, when experience
differs from the assumptions, as it often does, the employer's contribution rate can vary
significantly from year-to-year.
City of Clearwater Employees' Pension Plan A-3
The Actuarial Value of Assets exceeds the Market Value of Assets by $112,302,482 as of the
valuation date (see Section C). This difference will be gradually recognized in the absence of
offsetting gains. In turn, the computed employer contribution rate will increase by about 0.9% of
covered payroll.
Relationship to Market Value
If Market Value had been the basis for the valuation, the City contribution rate would have
been 14.28% of covered payroll, and the funded ratio (excluding the credit balance) would have
been 98.81%. The funded ratio based on the market value of assets (excluding the credit balance)
last year was 125.54%. In the absence of other gains and losses, the City contribution rate should
increase to that level over the next several years.
Conclusion
The remainder of this Report includes detailed actuarial valuation results, financial
information, miscellaneous information and statistics, and a summary of plan provisions.
City of Clearwater Employees' Pension Plan A-4
a
a
a
RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY AND
ACTUARIALLY DETERMINED CONTRIBUTION
The determination of the accrued liability and the actuarially determined contribution requires the
use of assumptions regarding future economic and demographic experience. Risk measures, as
illustrated in this report, are intended to aid in the understanding of the effects of future
experience differing from the assumptions used in the course of the actuarial valuation. Risk
measures may also help with illustrating the potential volatility in the accrued liability and the
actuarially determined contribution that result from the differences between actual experience and
the actuarial assumptions.
Future actuarial measurements may differ significantly from the current measurements presented
in this report due to such factors as the following: plan experience differing from that anticipated by
the economic or demographic assumptions; changes in economic or demographic assumptions due
to changing conditions; increases or decreases expected as part of the natural operation of the
methodology used for these measurements (such as the end of an amortization period, or
a additional cost or contribution requirements based on the Plan's funded status); and changes in
plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis
of the potential range of such future measurements.
Examples of risk that may reasonably be anticipated to significantly affect the plan's future financial
condition include:
a
1. Investment risk — actual investment returns may differ from the expected returns;
2. Contribution risk — actual contributions may differ from expected future contributions. For
example, actual contributions may not be made in accordance with the plan's funding policy
or material changes may occur in the anticipated number of covered employees, covered
payroll, or other relevant contribution base;
3. Salary and Payroll risk — actual salaries and total payroll may differ from expected, resulting
in actual future accrued liability and contributions differing from expected;
4. Longevity risk — members may live longer or shorter than expected and receive pensions for
a period of time other than assumed;
5. Other demographic risks — members may terminate, retire or become disabled at times or
with benefits other than assumed resulting in actual future accrued liability and
contributions differing from expected.
The effects of certain trends in experience can generally be anticipated. For example if the
investment return since the most recent actuarial valuation is less (or more) than the assumed rate,
the cost of the plan can be expected to increase (or decrease). Likewise if longevity is improving (or
worsening), increases (or decreases) in cost can be anticipated.
111
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a
a
The computed contribution rate shown on page 1 may be considered as a minimum contribution
rate that complies with the Board's funding policy. The timely receipt of the actuarially determined
contributions is critical to support the financial health of the plan. Users of this report should be
aware that contributions made at the actuarially determined rate do not necessarily guarantee
benefit security.
City of Clearwater Employees' Pension Plan A-5
Plan Maturity Measures
Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying
few benefits may experience little investment risk. An older plan with a large number of members
in pay status and a significant trust may be much more exposed to investment risk. Generally
accepted plan maturity measures include the following:
Ratio of the market value of assets to total payroll
Ratio of actuarial accrued liability to payroll
Ratio of actives to retirees and beneficiaries
Ratio of net cash flow to market value of assets
Ratio of Market Value of Assets to Payroll
1/1/2023 1/1/2022
11.34 14.62
11.12 11.45
1.04 1.09
3.39) % (2.80) %
The relationship between assets and payroll is a useful indicator of the potential volatility of
contributions. For example, if the market value of assets is 2.0 times the payroll, a return on assets
5% different than assumed would equal 10% of payroll. A higher (lower) or increasing (decreasing)
level of this maturity measure generally indicates a higher (lower) or increasing (decreasing)
volatility in plan sponsor contributions as a percentage of payroll.
Ratio of Actuarial Accrued Liability to Payroll
The relationship between actuarial accrued liability and payroll is a useful indicator of the potential
volatility of contributions for a fully funded plan. A funding policy that targets a funded ratio of
100% is expected to result in the ratio of assets to payroll and the ratio of liability to payroll
converging over time.
The ratio of liability to payroll may also be used as a measure of sensitivity of the liability itself. For
example, if the actuarial accrued liability is 2.5 times the payroll, a change in liability 2% other than
assumed would equal 5% of payroll. A higher (lower) or increasing (decreasing) level of this
maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in liability
and also plan sponsor contributions) as a percentage of payroll.
Ratio of Actives to Retirees and Beneficiaries
A young plan with many active members and few retirees will have a high ratio of active to retirees.
A mature open plan may have close to the same number of actives to retirees resulting in a ratio
near 1.0. A super -mature or closed plan may have significantly more retirees than actives resulting
in a ratio below 1.0.
Ratio of Net Cash Flow to Market Value of Assets
A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow
means existing funds are being used to make payments. A certain amount of negative net cash flow
is generally expected to occur when benefits are prefunded through a qualified trust. Large
negative net cash flows as a percent of assets may indicate a super -mature plan or a need for
additional contributions.
City of Clearwater Employees' Pension Plan A-6
Additional Risk Assessment
Additional risk assessment is outside the scope of the annual actuarial valuation. Additional
assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a
comparison of the present value of accrued benefits at low-risk discount rates with the actuarial
accrued liability.
City of Clearwater Employees' Pension Plan A-7
SECTION B
VALUATION RESULTS
IN
a
PARTICIPANT DATA
January 1, 2023
Total Non -Hazardous Hazardous Police Hazardous Fire
ACTIVE MEMBERS
Number 1,506 1,079 238 189
Covered Annual Payroll 101,042,598 58,617,837 23,273,028 19,151,733
Average Annual Payroll 67,093 54,326 97,786 101,332
Average Age 43.6 45.0 38.9 41.2
Average Past Service 10.2 9.9 10.4 11.9
Average Age at Hire 33.4 35.1 28.5 29.3
RETIREES & BENEFICIARIES
Number 1,324 844 286 194
Annual Benefits 53,432,370 29,870,641 14,276,958 9,284,771
Average Annual Benefit 40,357 35,392 49,919 47,860
Average Age 68.4 70.1 64.5 66.9
DISABILITY RETIREES
Number 123 32 50 41
Annual Benefits 4,429,372 716,793 2,187,645 1,524,934
Average Annual Benefit 36,011 22,400 43,753 37,194
Average Age 65.0 71.9 59.7 66.0
TERMINATED VESTED MEMBERS
Number 82 65 9 8
Annual Benefits 1,755,469 1,246,814 313,273 195,382
Average Annual Benefit 21,408 19,182 34,808 24,423
Average Age 49.0 50.2 45.1 43.7
City of Clearwater Employees' Pension Plan B-1
PARTICIPANT DATA - PRIOR YEAR
January 1, 2022
Total Non -Hazardous Hazardous Police Hazardous Fire
ACTIVE MEMBERS
Number 1,510 1,083 232 195
Covered Annual Payroll 94,070,686 54,799,503 21,449,955 17,821,228
Average Annual Payroll 62,298 50,600 92,457 91,391
Average Age 44.1 45.6 39.4 41.0
Average Past Service 10.6 10.3 10.9 11.6
Average Age at Hire 33.5 35.3 28.5 29.4
RETIREES & BENEFICIARIES
Number 1,263 805 273 185
Annual Benefits 50,117,248 27,967,892 13,384,612 8,764,744
Average Annual Benefit 39,681 34,743 49,028 47,377
Average Age 68.1 69.9 64.0 66.5
DISABILITY RETIREES
Number 127 34 51 42
Annual Benefits 4,317,063 750,101 2,064,856 1,502,106
Average Annual Benefit 33,993 22,062 40,487 35,764
Average Age 65.5 71.1 61.9 65.4
TERMINATED VESTED MEMBERS
Number 79 58 13 8
Annual Benefits 1,669,968 1,091,817 382,769 195,382
Average Annual Benefit 21,139 18,824 29,444 24,423
Average Age 49.0 50.9 44.7 42.7
City of Clearwater Employees' Pension Plan B-2
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ACTUARIALLY DETERMINED CONTRIBUTION (ADC)
A. Valuation Date January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023
Total Non -Hazardous Hazardous Police Hazardous Fire
B. ADC to Be Paid During
Fiscal Year Ending 9/30/2024 9/30/2024 9/30/2024 9/30/2024
C. Assumed Date of Employer Contrib. Evenly during Evenly during Evenly during Evenly during
first two quarters first two quarters first two quarters first two quarters
of fiscal year of fiscal year of fiscal year of fiscal year
D. Annual Payment to Amortize
Unfunded Actuarial Liability 0 * 0 * 0 * 0 *
E. Employer Normal Cost 12,723,459 3,993,824 4,821,753 3,907,882
F. ADC if Paid on the Valuation
Date: D+E 12,723,459 3,993,824 4,821,753 3,907,882
G. ADC Adjusted for Frequency of
Payments 13,550,484 4,253,423 5,135,167 4,161,894
H. ADC as % of Covered Payroll 13.41 % 7.26 % 22.06 % 21.73 %
I. Assumed Rate of Increase in Covered
Payroll to Contribution Year 0.00 % 0.00 % 0.00 % 0.00 %
J. Covered Payroll for Contribution Year 101,042,598 58,617,837 23,273,028 19,151,733
K. ADC for Contribution Year: H x J 13,550,484 4,253,423 5,135,167 4,161,894
L. Estimate of State Revenue in
Contribution Year 12,000 0 7,000 5,000
M. Required Employer Contribution (REC)
in Contribution Year 13,538,484 4,253,423 5,128,167 4,156,894
N. REC as % of Covered Payroll in
Contribution Year: M+J 13.40 % 7.26 % 22.03 % 21.71 %
0. Credit Balance 35,638,663 17,647,814 10,470,543 7,520,306
The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida
Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount
required to fund the Normal Cost.
City of Clearwater Employees' Pension Plan B-3
ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - PRIOR YEAR*
A. Valuation Date January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022
Total Non -Hazardous Hazardous Police Hazardous Fire
B. ADC to Be Paid During
Fiscal Year Ending 9/30/2023 9/30/2023 9/30/2023 9/30/2023
C. Assumed Date of EmployerContrib. Evenly during Evenly during Evenly during Evenly during
first two quarters first two quarters first two quarters first two quarters
of fiscal year of fiscal year of fiscal year of fiscal year
D. Annual Payment to Amortize
Unfunded Actuarial Liability 0 ** 0 ** 0 ** 0 **
E. Employer Normal Cost 12,017,928 3,858,839 4,491,787 3,667,302
F. ADC if Paid on the Valuation
Date: D+E 12,017,928 3,858,839 4,491,787 3,667,302
G. ADC Adjusted for Frequency of
Payments 12,799,094 4,109,664 4,783,753 3,905,677
H. ADC as % of Covered Payroll 13.61 % 7.50 % 22.30 % 21.92 %
I. Assumed Rate of Increase in Covered
Payroll to Contribution Year 0.00 % 0.00 % 0.00 % 0.00
J. Covered Payroll for Contribution Year 94,070,686 54,799,503 21,449,955 17,821,228
K. ADC for Contribution Year: H x J 12,799,094 4,109,664 4,783,753 3,905,677
L. Estimate of State Revenue in
Contribution Year 12,000 0 7,000 5,000
M. Required Employer Contribution (REC)
in Contribution Year 12,787,094 4,109,664 4,776,753 3,900,677
N. REC as % of Covered Payroll in
Contribution Year: M=J 13.59 % 7.50 % 22.27 % 21.89 %
0. Credit Balance 33,820,230 16,984,270 9,956,043 6,879,917
Based on results from August 26, 2022 Actuarial Impact Statement.
The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the
Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the
amount required to fund the Normal Cost.
City of Clearwater Employees' Pension Plan B-4
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ACTUARIAL VALUE OF BENEFITS AND ASSETS
A. Valuation Date
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
January 1, 2023
Total
January 1, 2023
Non -Hazardous
January 1, 2023
Hazardous Police
January 1, 2023
Hazardous Fire
a. Service Retirement Benefits 454,853,649 196,302,621 138,832,511 119,718,517
b. Vesting Benefits 46,541,808 34,218,439 7,412,388 4,910,981
c. Disability Benefits 25,160,725 4,216,023 12,502,005 8,442,697
d. Preretirement Death Benefits 5,963,171 3,740,983 1,158,778 1,063,410
e. Return of Member Contributions 2,429,514 1,176,681 769,368 483,465
f. Total 534,948,867 239, 654, 747 160, 675,050 134,619,070
2. Inactive Members
a. Service Retirees & Beneficiaries 694,228,568 369,720,677 202,345,021 122,162,870
b. Disability Retirees 58,681,569 7,550,037 31,468,648 19,662,884
c. Terminated Vested Members 19,994,031 12,869,182 4,499,387 2,625,462
d. Total 772,904,168 390,139,896 238,313,056 144,451,216
3. Total for All Members 1,307,853,035 629,794,643 398,988,106 279,070,286
C. Actuarial Accrued (Past Service) Liability 1,123,775,534 563,994,021 331,082,157 228,699,356
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 1,043,838,470 519,294,723 314,127,896 210,415,851
E. Plan Assets
1. Market Value 1,146,071,970 581,344,059 335,888,864 228,839,047
2. Actuarial Value 1,258,374,452 638,309,400 368,802,288 251,262,764
3. Actuarial Value Excluding Credit Balance 1,222,735,789 620,661,586 358,331,745 243,742,458
F. Actuarial Present Value of Projected
Covered Payroll 862,486,031 469,557,019 224,809,250 168,119,762
G. Actuarial Present Value of Projected
Member Contributions 76,828,058 37,564,560 22,451,522 16,811,976
H. Accumulated Value of Active Member
Contributions 66,164,180 34,538,637 16,837,687 14,787,856
I. Unfunded Actuarial Accrued Liability (UAAL)
Based on EAN Method = C. - E.3. 98,960,255) 56,667,565) 27,249,588) 15,043,102)
J. Funded Ratio = E.2. / C. 111.98% 113.18% 111.39% 109.87%
K. Funded Ratio Excluding Credit Balance = E.3. / C. 108.81% 110.05% 108.23% 106.58%
City of Clearwater Employees' Pension Plan B-5
ACTUARIAL VALUE OF BENEFITS AND ASSETS - PRIOR YEAR*
A. Valuation Date
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
January 1, 2022
Total
January 1, 2022
Non -Hazardous
January 1, 2022
Hazardous Police
January 1, 2022
Hazardous Fire
a. Service Retirement Benefits 438,323,325 195,166,973 132,183,013 110,973,339
b. Vesting Benefits 43,070,172 31,931,079 6,508,958 4,630,135
c. Disability Benefits 23,332,405 4,061,301 11,265,294 8,005,810
d. Preretirement Death Benefits 5,628,580 3,518,110 1,104,571 1,005,899
e. Return of Member Contributions 2,250,755 1,101,724 660,464 488,567
f. Total 512,605, 237 235, 779,187 151, 722, 300 125,103, 750
2. Inactive Members
a. Service Retirees & Beneficiaries 658,612,846 350,400,869 191,505,262 116,706,715
b. Disability Retirees 56,500,520 7,991,817 28,967,229 19,541,474
c. Terminated Vested Members 18,806,373 11,230,679 5,149,000 2,426,694
d. Total 733,919,739 369,623,365 225,621,491 138,674,883
3. Total for All Members 1,246,524,976 605,402,552 377,343,791 263,778,633
C. Actuarial Accrued (Past Service) Liability 1,076,740,942 543,888,550 316,534,086 216,318,306
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 1,003,226,826 503,811,878 300,722,551 198,692,397
E. Plan Assets
1. Market Value 1,375,042,294 700,679,655 401,162,327 273,200,312
2. Actuarial Value 1,223,966,639 623,696,104 357,086,693 243,183,842
3. Actuarial Value Excluding Credit Balance 1,190,146,409 606,711,834 347,130,650 236,303,925
F. Actuarial Present Value of Projected
Covered Payroll 795,615,409 435,945,720 201,307,080 158,362,609
G. Actuarial Present Value of Projected
Member Contributions 70,786,350 34,875,657 20,081,329 15,829,364
H. Accumulated Value of Active Member
Contributions 66,538,014 35,807,548 16,617,258 14,113,208
I. Unfunded Actuarial Accrued Liability (UAAL)
Based on EAN Method =C. - E.3. 113,405,467) 62,823,284) 30,596,564) 19,985,619)
J. Funded Ratio = E.2. / C. 113.67% 114.67% 112.81% 112.42%
K. Funded Ratio Excluding Credit Balance = E.3. / C. 110.53% 111.55% 109.67% 109.24%
Based on results from August 26, 2022 Actuarial Impact Statement.
City of Clearwater Employees' Pension Plan B-6
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CALCULATION OF EMPLOYER NORMAL COST
ENTRY AGE NORMAL METHOD
A. Valuation Date January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2023
Total Non -Hazardous Hazardous Police Hazardous Fire
B. Normal Cost for
1. Service Retirement Benefits 15,054,225 5,434,913 5,222,811 4,396,501
2. Vesting 3,056,844 2,104,368 550,416 402,060
3. Disability Benefits 2,274,475 340,029 1,117,387 817,059
4. Death Benefits 268,819 159,713 52,376 56,730
5. Refund of Contributions 784,038 538,155 136,716 109,167
6. Total for Future Benefits 21,438,401 8,577,178 7,079,706 5,781,517
7. Assumed Amount for
Administrative Expenses 208,594 106,073 60,983 41,538
8. Total Normal Cost 21,646,995 8,683,251 7,140,689 5,823,055
C. Expected Member Contributions 8,923,536 4,689,427 2,318,936 1,915,173
D. Employer Normal Cost: B8 -C 12,723,459 3,993,824 4,821,753 3,907,882
E. Employer Normal Cost as % of
Covered Payroll 12.59% 6.81% 20.72% 20.40%
City of Clearwater Employees' Pension Plan B-7
CALCULATION OF EMPLOYER NORMAL COST- PRIOR YEAR
ENTRY AGE NORMAL METHOD
A. Valuation Date January 1, 2022 January 1, 2022 January 1, 2022 January 1, 2022
Total Non -Hazardous Hazardous Police Hazardous Fire
B. Normal Cost for
1. Service Retirement Benefits 14,064,080 5,127,343 4,841,561 4,095,176
2. Vesting 2,837,514 1,966,591 502,014 368,909
3. Disability Benefits 2,091,005 320,374 1,008,502 762,129
4. Death Benefits 242,443 139,521 49,375 53,547
5. Refund of Contributions 745,111 519,100 124,682 101,329
6. Total for Future Benefits 19,980,153 8,072,929 6,526,134 5,381,090
7. Assumed Amount for
Administrative Expenses 332,822 169,870 96,974 65,978
8. Total Normal Cost 20,312,975 8,242,799 6,623,108 5,447,068
C. Expected Member Contributions 8,295,047 4,383,960 2,131,321 1,779,766
D. Employer Normal Cost: B8 - C 12,017,928 3,858,839 4,491,787 3,667,302
E. Employer Normal Cost as % of
Covered Payroll 12.78% 7.04% 20.94% 20.58%
Based on results from August 26, 2022 Actuarial Impact Statement.
City of Clearwater Employees' Pension Plan B-8
in
le
Reconcilation of Credit Balance
Total Non -Hazardous Hazardous Police Hazardous Fire
Credit Balance at Beginning of Year $ 33,820,230 $ 16,984,270 $ 9,956,043 $ 6,879,917
Required Employer Contribution - 12,787,094 4,109,664 - 4,776,753 3,900,677
Employer Contribution Made + 12,407,212 + 3,669,231 + 4,644,110 + 4,093,871
Interest on Credit Balance + 2,198,315 + 1,103,977 + 647,143 + 447,195
Credit Balance at End of Year 35,638,663 17,647,814 10,470,543 7,520,306
City of Clearwater Employees' Pension Plan B-9
LIQUIDATION OF THE
UNFUNDED ACTUARIAL ACCRUED LIABILITY (UAAL)
UAAL Amortization Period and Payments - Non -Hazardous
Original UAAL Current UAAL
Date Years
Established Source Amount Remaining Amount Payment
1/1/2015 Fresh Start 2,679,461) 15 4,614,696) 460,832)
1/1/2016 Gain)/Loss 244,325 8 391,609 60,391
1/1/2016 Assumption Change 2,200,261) 18 3,514,942) 316,360)
1/1/2017 Gain)/Loss 9,301,995) 9 13,860,202) 1,955,239)
1/1/2017 Assumption Change 156,236 19 232,342 20,323
1/1/2018 Gain)/Loss 5,692,965) 10 7,914,577) 1,033,760)
1/1/2019 Gain)/Loss 2,983,422 11 3,871,977 472,836
1/1/2019 Assumption Change 12,955,157 21 16,795,155 1,397,441
1/1/2020 Gain)/Loss 611,097) 12 741,367) 85,322)
1/1/2020 Assumption Change 5,818,657 22 7,055,033 574,281
1/1/2021 Gain)/Loss 26,810,531) 13 30,440,659) 3,323,679)
1/1/2021 Assumption Change 4,671,812) 23 5,303,664) 423,102)
1/1/2022 Gain)/Loss 32,781,512) 14 34,919,852) 3,637,582)
1/1/2022 Assumption Change 2,972,002 24 3,165,709 247,899
1/1/2022 Plan Amendment 2,698,651 16 2,874,640 276,337
1/1/2023 Gain)/Loss 10,255,929 15 10,255,929 1,024,175
46,665,255) 56,667,565) 7,162,193)
City of Clearwater Employees' Pension Plan B-10
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UAAL Amortization Period and Payments - Hazardous Police
Original UAAL Current UAAL
Date Years
Established Source Amount Remaining Amount Payment
1/1/2015 Fresh Start 1,506,064) 15 2,344,854) 234,161)
1/1/2016 Gain)/Loss 137,330 8 191,568 29,542
1/1/2016 Assumption Change 1,236,717) 18 1,800,112) 162,018)
1/1/2017 Gain)/Loss 5,228,439) 9 6,837,693) 964,584)
1/1/2017 Assumption Change 87,817 19 119,236 10,430
1/1/2018 Gain)/Loss 3,199,886) 10 3,932,084) 513,588)
1/1/2019 Gain)/Loss 1,676,914 11 1,935,114 236,311
1/1/2019 Assumption Change 7,281,798 21 8,649,683 719,697
1/1/2020 Gain)/Loss 343,483) 12 372,400) 42,859)
1/1/2020 Plan Amendment 5,717,584 7 5,979,690 1,023,742
1/1/2020 Assumption Change 3,552,608 22 3,952,769 321,756
1/1/2021 Gain)/Loss 10,424,892) 13 11,855,642) 1,294,464)
1/1/2021 Assumption Change 5,894,181) 23 6,699,694) 534,471)
1/1/2022 Gain)/Loss 20,293,771) 14 21,625,492) 2,252,716)
1/1/2022 Assumption Change 1,909,879 24 2,034,937 159,351
1/1/2023 Gain)/Loss 5,355,386 15 5,355,386 534,798
22,408,117) 27,249,588) 2,963,234)
City of Clearwater Employees' Pension Plan B-11
UAAL Amortization Period and Payments - Hazardous Fire
Original UAAL Current UAAL
Date Years
Established Source Amount Remaining Amount Payment
1/1/2015 Fresh Start 1,027,124) 15 1,774,770) 177,232)
1/1/2016 Gain)/Loss 93,658 8 150,794 23,254
1/1/2016 Assumption Change 843,431) 18 1,351,473) 121,638)
1/1/2017 Gain)/Loss 3,565,754) 9 5,335,612) 752,687)
1/1/2017 Assumption Change 59,890 19 89,328 7,814
1/1/2018 Gain)/Loss 2,182,297) 10 3,046,097) 397,865)
1/1/2019 Gain)/Loss 1,143,642 11 1,489,928 181,946
1/1/2019 Assumption Change 4,966,128 21 6,456,454 537,209
1/1/2020 Gain)/Loss 234,253) 12 285,229) 32,826)
1/1/2020 Plan Amendment 4,071 7 4,966 850
1/1/2020 Assumption Change 2,356,236 22 2,864,895 233,203
1/1/2021 Gain)/Loss 8,511,064) 13 9,673,089) 1,056,161)
1/1/2021 Assumption Change 4,361,137) 23 4,954,728) 395,265)
1/1/2022 Gain)/Loss 12,467,844) 14 13,287,635) 1,384,166)
1/1/2022 Assumption Change 1,202,726 24 1,281,601 100,359
1/1/2022 Plan Amendment 5,694,243 9 6,069,973 856,282
1/1/2023 Gain)/Loss 6,257,592 15 6,257,592 624,894
11,414,718) 15,043,102) 1,752,029)
City of Clearwater Employees' Pension Plan B-12
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Amortization Schedule
The UAAL is being liquidated as a level dollar amount over the number of years remaining in the
amortization period. The expected amortization schedules are as follows:
Amortization Schedule - Non -Hazardous
Year Expected UAAL
2023 56,667,565)
2024 52, 723, 237)
2025 48, 522, 511)
2026 44, 048, 739)
2027 39, 284,172)
2028 34, 209, 907)
2033 5,390,466)
2038
Amortization Schedule - Hazardous Police
Year Expected UAAL
2023 27,249,588)
2024 25, 864, 983 )
2025 24, 390, 363 )
2026 22, 819, 892 )
2027 21,147, 341)
2028 19, 366, 074)
2033 6,039,201)
2038
City of Clearwater Employees' Pension Plan B-13
Amortization Schedule - Hazardous Fire
Year Expected UAAL
2023 15,043,102)
2024 14,154,998)
2025 13, 209,162)
2026 12, 201, 846)
2027 11,129,055)
2028 9,986,533)
2033 2,894, 224)
2038
City of Clearwater Employees' Pension Plan B-14
U
U
a
a
a
ACTUARIAL GAINS AND LOSSES
The assumptions used to anticipate mortality, employment turnover, investment income,
expenses, salary increases, and other factors have been based on long range trends and expectations.
Actual experience can vary from these expectations. The variance is measured by the gain and loss for
the period involved. If significant long-term experience reveals consistent deviation from what has
been expected and that deviation is expected to continue, the assumptions should be modified. The
net actuarial gain (loss) for the past year is computed as follows:
a
a
U
U
a
U
I
a
U
U
U
a
a
U
A. Derivation of the Current UAAL Total Non -Hazardous Hazardous Police Hazardous Fire
1. Last Year's UAAL* 113,405,467) 62,823,284) 30,596,564) 19,985,619)
2. Employer Normal Cost for Contribution Year 12,017,928 3,858,839 4,491,787 3,667,302
3. Last Year's Contributions 12,799,094 4,109,664 4,783,753 3,905,677
4. Interest at the Assumed Rate on:
a. 1 and 2 for one year 6,590,191) 3,832,689) 1,696,811) 1,060,691)
b. 3 from dates paid 52,338 16,696 19,633 16,009
c. a - b 6,642,529) 3,849,385) 1,716,444) 1,076,700)
5. This Year's Expected UAAL:
1+2-3+4c 120,829,162) 66,923,494) 32,604,974) 21,300,694)
6. This Year's Actual UAAL (Before any
changes in benefits and assumptions) 98,960,255) 56,667,565) 27,249,588) 15,043,102)
7. Net Actuarial Gain (Loss): (5) - (6) 21,868,907) 10,255,929) 5,355,386) 6,257,592)
8. Gain (Loss) Due to Investments 4,837,116)
9. Gain (Loss) Due to other sources 17,031,791)
Based on results from August 26, 2022 Actuarial Impact Statement.
City of Clearwater Employees' Pension Plan B-15
Gains (losses) in previous years have been as follows:
Change in
Year Ending Gain Employer
12/31 (Loss) Cost Rate*
2009 $32,358,262 (4.89)
2010 2,311,412 (0.37)
2011 (13, 721, 771) 2.28
2012 (7,015,253) 1.15
2013 62,452,347 (11.02)
2014 34,213,347 (6.01)
2015 (475,313) 0.07 **
2016 18,096,188 (2.51) **
2017 11,075,148 (1.48) **
2018 (5,803,978) 0.75 **
2019 1,188,833 (0.14) **
2020 45, 746, 487 (5.30) **
2021 65, 543,127 (7.43) **
2022 (21,868,907) 2.30 **
Before 2015, Change in Normal Cost Rate.
Before reflecting Chapter 112.66 of the Florida Statutes. Since the annual payment to amortize the
UAAL is less than $0, the net effect of these gains and losses on the required employer contribution is $0
or limited after reflecting Chapter 112.66 ofthe Florida Statutes (the requirement to fund at least the
normal cost).
City of Clearwater Employees' Pension Plan B-16
U
a
The fund earnings and salary increase assumptions have considerable impact on the cost of the
a
U
U
a
a
I
I
a
a
U
it
Plan so it is important that they are in line with the actual experience. The following table shows the
actual fund earnings and salary increase rates compared to the assumed rates for the last few years:
Year Ending
Investment Return Salary Increases
Actual Assumed Actual Assumed
12/31/1986 N/A 7.00 7.40 5.00
12/31/1987 N/A 7.00 5.90 5.00
12/31/1988 N/A 7.00 9.10 5.00
12/31/1989 N/A 7.00 8.70 5.00
12/31/1990 N/A 7.00 5.30 5.00
12/31/1991 N/A 7.00 6.10 5.00
12/31/1992 N/A 7.00 6.80 5.00
12/31/1993 7.42 7.00 1.20 5.00
12/31/1994 6.28 7.00 4.40 5.00
12/31/1995 9.14 7.00 6.40 5.00
12/31/1996 11.54 7.00 6.70 5.00
12/31/1997 13.74 7.00 5.60 5.00
12/31/1998 15.28 7.00 7.40 5.00
12/31/1999 17.96 7.00 4.20 5.00
12/31/2000 12.42 7.00 5.80 5.00
12/31/2001 7.40 7.00 5.90 5.00
12/31/2002 1.85) 7.50 5.80 6.00
12/31/2003 7.45 7.50 6.40 6.00
12/31/2004 2.18 7.50 6.38 6.00
12/31/2005 4.58 7.50 5.49 6.00
12/31/2006 7.87 7.50 5.15 6.00
12/31/2007 10.68 7.50 6.62 6.00
12/31/2008 10.61) 7.50 4.25 6.00
12/31/2009 16.53 7.50 3.29 6.00
12/31/2010 5.98 7.50 1.27 6.00
12/31/2011 4.46 7.50 2.56 6.00
12/31/2012 5.50 7.50 4.48 6.00
12/31/2013 14.04 7.00 3.16 4.07
12/31/2014 11.04 7.00 3.38 4.04
12/31/2015 7.64 7.00 8.65 4.09
12/31/2016 8.22 7.00 1.23 4.13
12/31/2017 8.89 7.00 7.35 4.16
12/31/2018 5.76 7.00 4.08 4.18
12/31/2019 7.39 6.75 8.84 4.35
12/31/2020 11.10 6.65 6.05 4.30
12/31/2021 12.46 6.55 6.37 4.24
12/31/2022 6.08 6.50 9.16 4.32
Averages 8.07 5.57
Sa ary for the year ending 12/31/2015 included 27 pay periods rather than 26.
The actual investment return rates shown above are based on the actuarial value of assets. The
actual salary increase rates shown above are the increases received by those active members who were
included in the actuarial valuations both at the beginning and the end of each year.
City of Clearwater Employees' Pension Plan B-17
History of Investment Return Based on
Actuarial Value of Assets
30%
25%
20%
15%
10%
5%
0%
5%
10%
15%
30%
25%
20%
15%
10%
5%
I I I I I I I I 1 1 1 1 1 1 1 1 1 1 1 1 1 _ 0%
0',0',0-0-0N, - - ON,N ,0Nc \c2) :9,9,0''\,\,.\~",os,, ,0NtQ ANy 1 1tioc'
Plan Year End
Actual Assumed
History of Salary Increases
15%
10%
5% dilLyit A •-•
0% 111111111111 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 1
Plan Year End Compared to Previous Year
a—Actual —4—Assumed
15%
10%
5%
0%
City of Clearwater Employees' Pension Plan B-18
a
U
U
a
U
a
U
i
a
Actual (A) Compared to Expected (E) Decrements -
Among Active Employees
Number
Added Active
During Service Disability Terminations Members
Year Year Retirement Retirement Death Vested Other Totals End of
Ended A E A E A E A E A A A E Year
12/31/2009 49 110 54 57 O
N
l0
M
N
II
N
C
N ,--
1
M
0
e -
i
ct
0
6
1-'
O
N
O
1--.
0
N
NJ
F-,
1--
0
W
0 2 10 46 56 93 1,567
12/31/2010 78 137 68 51 6 2 15 49 64 85 1,508
12/31/2011 84 124 43 49 6 2 11 64 75 84 1,468
12/31/2012 119 113 51 52 6 2 18 40 58 81 1,474
12/31/2013 102 98 27 42 3 2 11 54 65 79 1,478
12/31/2014 135 131 45 51 3 2 21 58 79 78 1,482
12/31/2015 145 122 43 52 3 2 18 53 71 82 1,505
12/31/2016 159 144 49 60 3 3 18 71 89 89 1,520
12/31/2017 164 161 47 59 3 2 25 85 110 91 1,523
12/31/2018 207 175 45 65 3 2 27 102 129 92 1,555
12/31/2019 164 148 38 52 4 2 13 93 106 99 1,571
12/31/2020 105 135 43 52 4 2 8 84 92 100 1,541
12/31/2021 168 199 55 56 4 1 18 123 141 92 1,510
12/31/2022 195 199 59 54 4 1 20 116 136 90 1,506
12/31/2023 55 4 1 94
14 YrTotals* 1874 1996 667 752 58 27 233 1038 1271 1235
Totals are through current Plan Year only.
City of Clearwater Employees' Pension Plan B-19
Actual (A) Compared to Expected (E) Deaths
Among Retirees and Beneficiaries
Actual During Year Expected During Year
Year Annual Annual
Ended Number Pensions Number Pensions
12/31/2009 12 142,606 16 313,189
12/31/2010 12 139,508 18 363,242
12/31/2011 13 220,877 19 416,467
12/31/2012 12 232,755 20 466,010
12/31/2013 20 401,192 20 480,787
12/31/2014 16 275,728 21 510,892
12/31/2015 19 385,405 22 558,603
12/31/2016 20 498,746 25 708,907
12/31/2017 15 288,110 26 753,482
12/31/2018 25 762,324 28 831,241
12/31/2019 20 566,781 28 885,857
12/31/2020 27 921,472 29 949,503
12/31/2021 25 781,255 32 1,073,271
12/31/2022 37 (18 with
continuing
beneficaries)
760,803 34 1,160, 759
12/31/2023 36 1,270,428
City of Clearwater Employees' Pension Plan 8-20
a
a
U
a
a
i
a
a
a
r
U
a
a
a
RECENT
HISTORY
OF
VALUATION
RESULTS
Number
of
Actuarial
Accrued
Unfunded
Employer
Normal
Cost*
Valuation
Active
Inactive
Covered
Annual
Actuarial
Value
of
Liability
Actuarial
Liability
Funded
Date
Members
Members
Payroll
Assets
Entry_
Age)
Entry
Age)*
Ratio
Amount
of
Payroll
1/
1/
07
1,
692
819
79,
385,
090
559,
830,
590
N/
A
N/
A
N/
A
9,
192,
407
11.
58 %
1/
1/
08
1,
641
878
80,
371,
617
610,
979,
087
N/
A
N/
A
N/
A
6,
920,
400
8.
61
1/
1/
09
1,
628
903
82,
104,
837
536,
834,
473
N/
A
N/
A
N/
A
20,
005,
238
24.
37
1/
1/
10
1,
567
955
80,
443,
199
618,
4.
44,
906
647,
167,
565
28,
722,
659
95.
6 %
15,
879,
628
19.
74
1/
1/
11
1,
508
1,
024
76,
505,
599
646,
956,
800
672,
786,
812
25,
830,
012
96.
2
15,
461,
725
20.
21
1/
1/
12
1,
468
1,
072
74,
765,
020
664,
087,
199
702,
438,
432
38,
351,
233
94.
5
17,
064,
100
22.
82
1/
1/
13
1,
474
1,
127
74,
422,
344
688,
731,
221
774,
749,
811
86,
018,
590
88.
9
12,
845,
501
17.
26
1/
1/
14
1,
478
1,
144
74,
254,
159
772,
411,
068
795,
927,
127
23,
516,
059
97.
0
4,
626,
039
6.
23
1/
1/
15
1,
482
1,
194
75,
078,
542
829,
486,
793
824,
274,
144
5,
212,
649)
100.
6
8,
194,
115
10.
91
1/
1/
16
1,
505
1,
237
80,
250,
993
866,
598,
975
857,
177,
619
9,
421,
356)
101.
1
8,
358,
975
10.
42
1/
1/
17
1,
520
1,
278
79,
276,
100
908,
229,
246
880,
316,
652
27,
912,
594)
103.
2
8,
092,
922
10.
21
1/
1/
18
1,
523
1,
334
82,
317,
307
957,
314,
542
916,
334,
666
40,
979,
876)
104.
5
8,
236,
726
10.
01
1/
1/
19
1,
555
1,
374
84,
608,
940
978,
492,
240
965,
611,
907
12,
880,
333)
101.
3
9,
106,
282
10.
76
1/
1/
20
1,
571
1,
401
90,
594,
113
1,
015,
277,
332
1,
017,
746,
535
2,
469,
203
99.
8
10,
463,
285
11.
55
1/
1/
21
1,
541
1,
422
92,
726,
419
1,
093,
182,
410
1,
034,
718,
990
58,
463,
420)
105.
7
10,
711,
397
11.
55
1/
1/
22
1,
510
1,
469
94,
070,
686
1,
190,
146,
409
1,
076,
740,
942
113,
405,
467)
110.
5
12,
017,
928
12.
78
1/
1/
23
1,
506
1,
529
101,
042,
598
1,
222,
735,
789
1,
123,
775,
534
98,
960,
255)
108.
8
12,
723,
459
12.
59
Starting
with
the
January
1,
2015
valuation,
the
Employer
Normal
Cost
is
calculated
under
the
Entry
Age
Normal
Method
and
the
Credit
Balance
is
excluded
from
the
Actuarial
Value
of
Assets.
Results
before
January
1,
2010
are
from
the
January
1,
2009
Report
prepared
by
PricewaterhouseCoopers. City
of
Clearwater
Employees'
Pension
Plan
B-
21
RECENT
HISTORY
OF
REQUIRED
AND
ACTUAL
CONTRIBUTIONS
Required
Contributions
End
of
Year
Employer &
State
Estimated
State
Net
Employer
Actual
Contributions
To
Which
Valuation
Valuation
of
of
Date
Applies
Amount
of
Payroll
Amount
Payroll
Amount
Payroll
Employer
State
Total
1/
1/
07
9/
30/
08
12,
532,
399
15.
79 %
12,
000
0.
02 %
12,
520,
399
15.
77 %
12,
520,
399
12,
000
12,
532,
399
1/
1/
08
9/
30/
09
10,
086,
978
12.
55
12,
000
0.
01
10,
074,
978
12.
54
10,
074,
978
12,
000
10,
086,
978
1/
1/
09
9/
30/
10
23,
960,
586
29.
18
12,
000
0.
01
23,
948,
586
29.
17
23,
948,
586
12,
000
23,
960,
586
1/
1/
10
9/
30/
11
19,
373,
992
24.
08
12,
000
0.
01
19,
361,
992
24.
07
19,
361,
992
12,
000
19,
373,
992
1/
1/
11
9/
30/
12
18,
898,
567
24.
70
12,
000
0.
01
18,
886,
567
24.
69
18,
886,
567
12,
000
18,
898,
567
1/
1/
12
9/
30/
13
20,
925,
720
27.
99
12,
000
0.
02
20,
913,
720
27.
97
20,
913,
720
12,
000
20,
925,
720
1/
1/
13
9/
30/
14
19,
608,
078
26.
35
12,
000
0.
02
19,
596,
078
26.
33
19,
596,
078
12,
000
19,
608,
078
1/
1/
14
9/
30/
15
10,
803,
098
14.
55
12,
000
0.
02
10,
791,
098
14.
53
10,
791,
098
12,
000
10,
803,
098
1/
1/
15
9/
30/
16
8,
767,
703
11.
68
12,
000
0.
02
8,
755,
703
11.
66
8,
755,
703
12,
000
8,
767,
703
1/
1/
16
9/
30/
17
8,
944,
103
11.
15
12,
000
0.
02
8,
932,
103
11.
13
8,
932,
103
12,
000
8,
944,
103
1/
1/
17
9/
30/
18
8,
659,
427
10.
92
12,
000
0.
01
8,
647,
427
10.
91
8,
647,
427
12,
000
8,
659,
427
1/
1/
18
9/
30/
19
8,
813,
297
10.
71
12,
000
0.
02
8,
801,
297
10.
69
8,
801,
297
12,
000
8,
813,
297
1/
1/
19
9/
30/
20
9,
720,
956
11.
49
12,
000
0.
01
9,
708,
956
11.
48
9,
708,
956
12,
000
9,
720,
956
1/
1/
20
9/
30/
21
11,
534,
013
12.
73
12,
000
0.
01
11,
522,
013
12.
72
11,
522,
013
12,
000
11,
534,
013
1/
1/
21
9/
30/
22
11,
412,
994
12.
31
12,
000
0.
01
11,
400,
994
12.
30
11,
400,
994
12,
000
11,
412,
994
1/
1/
22
9/
30/
23
12,
799,
094
13.
61
12,
000
0.
02
12,
787,
094
13.
59
12,
787,
094
12,
000
12,
799,
094
1/
1/
23
9/
30/
24
13,
550,
484
13.
41
12,
000
0.
01
13,
538,
484
13.
40
Results
before
January
1,
2010
are
from
the
January
1,
2009
Report
prepared
by
PricewaterhouseCoopers. City
of
Clearwater
Employees'
Pension
Plan
B-
22
a
ACTUARIAL ASSUMPTIONS AND COST METHOD
Valuation Methods
Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered
before and after the valuation date were determined using an Individual Entry -Age Actuarial Cost
Method having the following characteristics:
111(
i) the annual normal cost for each individual active member, payable from the date of
employment to the date of retirement, is sufficient to accumulate the value of the
member's benefit at the time of retirement;
ii) each annual normal cost is a constant percentage of the member's year by year
projected covered pay.
Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability.
Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full
funding credit if assets exceed liabilities) were amortized by level (principal & interest combined)
1111 dollar amount contributions over a reasonable period of future years.
111 Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the
expected and actual return on market value of assets at the rate of 20% per year. The Actuarial
Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose
lower limit is 800 of the Market Value of plan assets and whose upper limit is 120% of the Market
Value of plan assets. During periods when investment performance exceeds the assumed rate,
Actuarial Value of Assets will tend to be less than Market Value. During periods when investment
performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than
Market Value.
r Valuation Assumptions
11 The actuarial assumptions used in the valuation are shown in this Section. Both the economic and
decrement assumptions were established following the Experience Investigation for the Five Years
Ended December 31, 2017, dated December 6, 2018. The mortality assumption is mandated by
Chapter 112.63, Florida Statutes.
S Economic Assumptions
The investment return rate assumed in the valuation is 6.5% per year, compounded annually (net
rate after investment expenses).
G RS City of Clearwater Employees' Pension Plan B-23
The Inflation Rate assumed in this valuation is 2.25% per year. The Inflation Rate is defined to be
the expected long-term rate of increases in the prices of goods and services.
The assumed real rate of return over inflation is defined to be the portion of total investment
return that is more than the assumed inflation rate. Considering other economic assumptions, the
6.5% investment return rate translates to an assumed real rate of return over inflation of 4.25%.
The rate ofsalary increase used for individual members can be seen in the tables below. Part of the
assumption is for merit and/or seniority increases and productivity increases, and 2.25% recognizes
inflation. This assumption is used to project a member's current salary to the salaries upon which
benefits will be based.
Increase in Salary - Hazardous Duty
Years of Merit and Total
Service Seniority Inflation Increase
1- 2 5.35% 2.25% 7.60%
3 - 4 4.00% 2.25% 6.25%
5 - 9 3.25% 2.25% 5.50%
10 - 14 3.00% 2.25% 5.25%
15 and Higher 2.25% 2.25% 4.50%
Increase in Salary - Non -Hazardous Duty
Years of Merit and Total
Service Seniority Inflation Increase
1 4.25% 2.25% 6.50%
2 3.35% 2.25% 5.60%
3 2.25% 2.25% 4.50%
4 - 9 1.50% 2.25% 3.75%
10- 14 1.30% 2.25% 3.55%
15 - 19 0.80% 2.25% 3.05%
20 and Higher 0.50% 2.25% 2.75%
City of Clearwater Employees' Pension Plan B-24
Demographic Assumptions
The mortality tables used in the valuation for Hazardous Duty members are based on the PUB -2010
Headcount Weighted Mortality Tables described below, with mortality improvements projected for
healthy lives to all future years after 2010 using Scale MP -2018. No mortality improvement is
projected for disabled lives.
Female Healthy
Male Healthy
Pre -Retirement PUB -2010 Table Post -Retirement PUB -2010 Table
Headcount Weighted Safety Employee
Female Table, set forward 1 year
Headcount Weighted Safety Below
Median Employee Male Table, set
forward 1 year
Female Disabled N/A
Male Disabled N/A
Headcount Weighted Safety Healthy
Retiree Female Table, set forward 1 year
Headcount Weighted Safety Below
Median Healthy Retiree Male Table, set
forward 1 year
80% Headcount Weighted General
Disabled Retiree Female Table; 20%
Headcount Weighted Safety Disabled
Retiree Female Table
80% Headcount Weighted General
Disabled Retiree Male Table; 20%
Headcount Weighted Safety Disabled
Retiree Male Table
These are the same rates used for Special Risk Class members of the Florida Retirement System
FRS) in the July 1, 2022 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f)
mandates the use of the same mortality tables used by the FRS in either of its two most recently
published actuarial valuation reports.
The following table presents post-retirement mortality rates and life expectancies at illustrative
ages. These assumptions are used to measure the probabilities of each benefit payment being
made after retirement.
City of Clearwater Employees' Pension Plan B-25
FRS Healthy Post -Retirement Mortality for Special Risk Class Members
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages (in 2023) Men Women Men Women
50 0.42 % 0.20 % 32.69 36.52
55 0.55 0.35 27.91 31.48
60 0.91 0.60 23.31 26.68
65 1.31 0.92 19.03 22.15
70 2.07 1.43 14.99 17.88
75 3.49 2.38 11.38 13.95
80 6.19 4.08 8.29 10.46
The following tables present pre -retirement mortality rates and life expectancies at illustrative ages.
These assumptions are used to measure the probabilities of active members dying prior to
retirement. All Police and 90% of Firefighters' deaths before retirement are assumed to be non -
service connected.
FRS Healthy Pre -Retirement Mortality for Special Risk Class Members
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages (in 2023) Men Women Men Women
50 0.16 % 0.10 % 35.82 39.73
55 0.25 0.16 30.74 34.59
60 0.42 0.22 25.78 29.51
65 0.68 0.30 21.00 24.49
70 1.17 0.54 16.46 19.58
75 2.05 1.05 12.21 14.87
80 6.19 4.08 8.29 10.46
The following table presents disabled post-retirement mortality rates and life expectancies at
illustrative ages.
FRS Disabled Mortality for Special Risk Class Members
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages Men Women Men Women
50 1.45 % 1.25 % 24.04 26.84
55 1.91 1.50 20.88 23.54
60 2.37 1.81 17.92 20.32
65 3.00 2.22 15.07 17.17
70 3.91 2.90 12.39 14.10
75 5.30 4.13 9.87 11.22
80 7.66 6.21 7.60 8.67
City of Clearwater Employees' Pension Plan B-26
a
t
1
1
a
a
1
1
1
1
1
1
1
1
II
111
II
II The mortality tables used in the valuation for Non -Hazardous Duty members are based on the PUB -
2010 Headcount Weighted Mortality Tables described below, with mortality improvements
II projected for healthy lives to all future years after 2010 using Scale MP -2018. No mortality
IIimprovementisprojectedfordisabledlives.
IIPre-RetirementPUB-2010 Table Post -Retirement PUB -2010 Table
Female Healthy Headcount Weighted General Below Headcount Weighted General Below
II Median Employee Female Table Median Healthy Retiree Female Table
Male Healthy Headcount Weighted General Below Headcount Weighted General Below
Median Employee Male Table, set Median Healthy Retiree Male Table,
back 1 year set back 1 year
111 Female Disabled N/A PUB -2010 Headcount Weighted
General Disabled Retiree Female, set
forward 3 years
Male Disabled N/A PUB -2010 Headcount Weighted
II General Disabled Retiree Male, set
forward 3 years
II
III Personnel)
are the same rates used for Regular Class members (other than K-12 School Instructional
Personnel) of the Florida Retirement System (FRS) in the July 1, 2022 FRS Actuarial Valuation
Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the mortality tables from either
of the two most recently published actuarial valuation reports of FRS.
III
The following table presents post-retirement mortality rates and life expectancies at illustrative
10 ages. These assumptions are used to measure the probabilities of each benefit payment being
IIImade after retirement.
II FRS Healthy Post -Retirement Mortality for Non -Special Risk Class Members
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
IN Ages (in 2023) Men Women Men Women
50 0.19 % 0.57 % 33.34 37.13
III 55 0.95 0.57 28.97 32.68
II 60 1.12 0.59 24.86 28.13
65 1.28 0.68 20.78 23.53
II 70 1.78 1.08 16.75 19.05
75 2.83 1.85 13.03 14.86
80 4.74 3.34 9.74 11.09
II
G RS City of Clearwater Employees' Pension Plan B-27
The following tables present pre -retirement mortality rates and life expectancies at illustrative ages.
These assumptions are used to measure the probabilities of active members dying prior to
retirement. All deaths before retirement are assumed to be non -service connected.
FRS Healthy Pre -Retirement Mortality for Non -Special Risk Class Members
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages (in 2023) Men Women Men Women
50 0.19 % 0.11 % 37.88 40.41
55 0.29 0.17 32.87 35.28
60 0.45 0.26 28.01 30.25
65 0.64 0.37 23.31 25.32
70 0.89 0.56 18.74 20.49
75 1.33 0.92 14.30 15.80
80 2.10 1.55 9.99 11.28
The following table presents disabled post-retirement mortality rates and life expectancies at
illustrative ages.
FRS Disabled Mortality for Non -Special Risk Class Members
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages Men Women Men Women
50 2.02 % 1.64 % 20.99 23.92
55 2.53 1.91 18.18 20.88
60 3.08 2.27 15.50 17.88
65 3.93 2.83 12.94 14.91
70 5.08 3.79 10.53 12.07
75 6.98 5.46 8.29 9.45
80 10.12 8.31 6.33 7.19
City of Clearwater Employees' Pension Plan B-28
a
a
1
i
The rates of retirement used to measure the probability of eligible members retiring under normal
and early retirement eligibility during the next year were as follows:
Hazardous Duty Retirement
Years of Probability of
Service Age Retirement
10-19 50-54 5%
55 - 59 15
60 - 64 40
65 & Over 100
20 & Over Under 55 15
55 - 59 30
60 - 64 40
65 & Over 100
Non -Hazardous Duty Retirement
Years of Probability of
Service Age Retirement
5-19* 65-74 30
75 & Over 100
20 - 29 55 - 64 20
65 - 69 30
70 & Over 100
30 & Over Under 55 45
55 - 59 20
60 - 64 30
65 - 69 50
70 & Over 100
10 - 19 for Non -Hazardous Duty participants hired before January 1, 2013.
City of Clearwater Employees' Pension Plan B-29
Rates of separation from active membership were as shown below (rates do not apply to members
eligible to retire and do not include separation on account of death or disability). This assumption
measures the probabilities of members separating from employment prior to becoming eligible for
retirement.
Hazardous Duty Withdrawal - Males Hazardous Duty Withdrawal - Females
Years of % of Active Members Years of % of Active Members
Service Age Separating Within Next Year Service Age Separating Within Next Year
Under 1 All Ages 8.5 % Under 1 All Ages 20.0 %
1 All Ages 7.5 1 & Over All Ages
2-5 Under40 4.5
40 & Over 2.5
6 & Over Under 40 2.0
40 & Over 1.5
4.0
Non -Hazardous Duty Withdrawal - Males Non -Hazardous Duty Withdrawal - Females
Years of % of Active Members Years of % of Active Members
Service Age Separating Within Next Year Service Age Separating Within Next Year
Underl Under35 25.0 % Under3 Under30 22.0 %
35&Over 11.0 30-34 15.0
35 - 44 5.0
1-2 All Ages 16.0 45-49 14.0
50 - 59 18.0
3-4 Under40 11.0 60&Over 25.0
40 & Over 5.0
3-4 Under30 18.0
5-9 Under30 12.5 30-39 14.0
30-49 5.0 40-59 5.0
50 - 59 3.0 60 & Over 20.0
60 & Over 7.5
5-9 Under35 5.0
10 & Over Under 35 7.5 35 - 44 6.0
35 - 39 4.0 45 - 59 4.5
40-49 3.5 60&Over 3.0
50 - 54 2.0
55 - 59 3.0 10 & Over Under 40 6.0
60&Over 4.5 40-44 5.0
45 - 49 3.75
50 - 54 3.25
55 - 59 2.75
60&Over 6.0
City of Clearwater Employees' Pension Plan B-30
Rates of disability among active members (100% of disabilities are assumed to be service -
connected).
Hazardous Duty Disability
of Active Members Becoming
Sample Disabled Within Next Year
Ages Males Females
20 0.25 % 0.50 %
25 0.25 0.50
30 0.25 0.75
35 0.30 1.00
40 0.45 1.25
45 0.60 1.50
50 0.60 1.50
55 0.60 1.50
60 0.75 1.50
65 1.00 1.50
70 1.50 1.50
Non -Hazardous Duty Disability
of Active Members Becoming
Sample Disabled Within Next Year
Ages Males Females
20 0.03 % 0.03 %
25 0.03 0.03
30 0.03 0.03
35 0.04 0.04
40 0.07 0.07
45 0.10 0.10
50 0.14 0.14
55 0.24 0.24
60 0.29 0.29
65 0.34 0.34
70 0.44 0.44
City of Clearwater Employees' Pension Plan B-31
Miscellaneous and Technical Assumptions
Administrative & Investment
Expenses
The investment return assumption is intended to be the net return
after investment expenses. Annual administrative expenses are
assumed to be equal to the administrative expenses of the
previous year. Assumed administrative expenses are added to the
Normal Cost.
Benefit Service Exact fractional service is used to determine the amount of benefit
payable.
Cost of Living Increases
Decrement Operation
Decrement Timing
Eligibility Testing
Forfeitures
Incidence of Contributions
The adjustment is 1.5% annually commencing on each April 1 for all
retirees and beneficiaries who have received at least 6 monthly
benefit payments. For non -grandfathered members (not eligible for
normal retirement on January 1, 2013), there is a five-year delay
after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters,
the COLA with a 5 -year delay (applicable to post -January 1, 2013
benefit accruals) only applies to Police Officers and Firefighters
employed by the City on or after January 1, 2020 and October 1,
2022, respectively.
Disability and mortality decrements operate during retirement
eligibility.
Decrements of all types are assumed to occur at the beginning of
the year.
Eligibility for benefits is determined based upon the age nearest
birthday and service nearest whole year on the date the
decrement is assumed to occur.
For vested separations from service, it is assumed that 0% of
members separating will withdraw their contributions and forfeit
an employer financed benefit. It was further assumed that the
liability at termination is the greater of the vested deferred benefit
if any) or the member's accumulated contributions.
Employer contributions are assumed to be made in equal
installments during the first two quarters of the fiscal year.
Member contributions are assumed to be received continuously
throughout the year based upon the computed percent of payroll
shown in this report, and the actual payroll payable at the time
contributions are made.
City of Clearwater Employees' Pension Plan B-32
Marriage Assumption 75% of males and 75% of females are assumed to be married for
purposes of death -in-service benefits and to determine the normal
form of benefit when applicable. Male spouses are assumed to be
three years older than female spouses for all active members and
for members who became inactive before January 1, 2015. For
members who became inactive on or after January 1, 2015,
spouses ages are based on the beneficiary dates of birth provided
by the Plan Administrator.
Normal Form of Benefit The normal form of benefit is a life annuity for non -grandfathered
non -hazardous duty members. For all other members, the normal
form of benefit is a life annuity that includes a survivor benefit
where after the participant's death, 100% is payable to the spouse
for five years, after which the benefit is reduced to 50%.
Pay Increase Timing End of fiscal year. This is equivalent to assuming that reported
pays represent the annual rate of pay on the valuation date. The
pay used for the valuation is equal to the greater of the actual pay
for the plan year increased by the salary scale assumption rate
which varies by years of service) and the annual rate of pay on the
valuation date.
Service Credit Accruals It is assumed that members accrue one year of service credit per
year.
City of Clearwater Employees' Pension Plan B-33
Actuarial Accrued Liability
AAL)
Actuarial Assumptions
Actuarial Cost Method
Actuarial Equivalent
Actuarial Present Value
APV)
Actuarial Present Value of
Future Benefits (APVFB)
Actuarial Valuation
Actuarial Value of Assets
G LOSSARY
The difference between the Actuarial Present Value of Future
Benefits, and the Actuarial Present Value of Future Normal Costs.
Assumptions about future plan experience that affect costs or
liabilities, such as: mortality, withdrawal, disablement, and
retirement; future increases in salary; future rates of investment
earnings; future investment and administrative expenses;
characteristics of members not specified in the data, such as marital
status; characteristics of future members; future elections made by
members; and other items.
A procedure for allocating the Actuarial Present Value of Future
Benefits between the Actuarial Present Value of Future Normal Costs
and the Actuarial Accrued Liability.
Of equal Actuarial Present Value, determined as of a given date and
based on a given set of Actuarial Assumptions.
The amount of funds required to provide a payment or series of
payments in the future. It is determined by discounting the future
payments with an assumed interest rate and with the assumed
probability each payment will be made.
The Actuarial Present Value of amounts which are expected to be paid
at various future times to active members, retired members,
beneficiaries receiving benefits, and inactive, nonretired members
entitled to either a refund or a future retirement benefit. Expressed
another way, it is the value that would have to be invested on the
valuation date so that the amount invested plus investment earnings
would provide sufficient assets to pay all projected benefits and
expenses when due.
The determination, as of a valuation date, of the Normal Cost,
Actuarial Accrued Liability, Actuarial Value of Assets, and related
Actuarial Present Values for a plan. An Actuarial Valuation for a
governmental retirement system typically also includes calculations of
the Funded Ratio and the Actuarially Determined Contribution (ADC).
The value of the assets as of a given date, used by the actuary for
valuation purposes. This may be the market or fair value of plan
assets or a smoothed value in order to reduce the year-to-year
volatility of calculated results, such as the funded ratio and the
Actuarially Determined Contribution (ADC).
City of Clearwater Employees' Pension Plan B-34
1
1
Actuarially Determined
Contribution (ADC)
Amortization Method
Amortization Payment
Amortization Period
Closed Amortization Period
Employer Normal Cost
Equivalent Single
Amortization Period
Experience Gain/Loss
Funded Ratio
Normal Cost
The employer's periodic required contributions, expressed as a dollar
amount or a percentage of covered plan compensation. The ADC
consists of the Employer Normal Cost and Amortization Payment.
A method for determining the Amortization Payment. The most
common methods used are level dollar and level percentage of
payroll. Under the Level Dollar method, the Amortization Payment is
one of a stream of payments, all equal, whose Actuarial Present Value
is equal to the UAAL. Under the Level Percentage of Pay method, the
Amortization Payment is one of a stream of increasing payments,
whose Actuarial Present Value is equal to the UAAL. Under the Level
Percentage of Pay method, the stream of payments increases at the
rate at which total covered payroll of all active members is assumed
to increase.
That portion of the plan contribution or ADC which is designed to pay
interest on and to amortize the Unfunded Actuarial Accrued Liability.
The period used in calculating the Amortization Payment.
A specific number of years that is reduced by one each year, and
declines to zero with the passage of time. For example if the
amortization period is initially set at 30 years, it is 29 years at the end
of one year, 28 years at the end of two years, etc.
The portion of the Normal Cost to be paid by the employer. This is
equal to the Normal Cost less expected member contributions.
For plans that do not establish separate amortization bases (separate
components of the UAAL), this is the same as the Amortization Period.
For plans that do establish separate amortization bases, this is the
period over which the UAAL would be amortized if all amortization
bases were combined upon the current UAAL payment.
A measure of the difference between the normal cost rate from last
year and the normal cost rate from this year.
The ratio of the Actuarial Value of Assets to the Actuarial Accrued
Liability.
The annual cost assigned, under the Actuarial Cost Method, to the
current plan year.
City of Clearwater Employees' Pension Plan B-35
Open Amortization Period
Unfunded Actuarial Accrued
Liability
Valuation Date
An open amortization period is one which is used to determine the
Amortization Payment but which does not change over time. In other
words, if the initial period is set as 30 years, the same 30 -year period
is used in determining the Amortization Period each year. In theory, if
an Open Amortization Period is used to amortize the Unfunded
Actuarial Accrued Liability, the UAAL will never completely disappear,
but will become smaller each year, either as a dollar amount or in
relation to covered payroll.
The difference between the Actuarial Accrued Liability and Actuarial
Value of Assets.
The date as of which the Actuarial Present Value of Future Benefits
are determined. The benefits expected to be paid in the future are
discounted to this date.
City of Clearwater Employees' Pension Plan B-36
SECTION C
PENSION FUND INFORMATION
Statement of Plan Assets at Market Value
Item
December 31
2022 2021
A. Cash and Cash Equivalents (Operating Cash) $ $
B. Receivables
1. Member Contributions $ $ -
2. Employer Contributions 9,203,959 6,335,459
3. Investment Income and Other Receivables 16,829,855 19,098,072
4. Total Receivables $ 26,033,814 $ 25,433,531
C. Investments
1. Short -Term Investments $ 57,028,678 $ 58,242,171
2. Domestic Equities 415,137,134 562,405,910
3. International Equities 180,951,881 237,897,795
4. Domestic Fixed Income 306,695,019 370,602,808
5. International Fixed Income - -
6. Real Estate 134,129,633 104,285,403
7. Infrastructure 56,703,546 52,426,102
8. Private Equity -
9. Total Investments $ 1,150,645,891 $ 1,385,860,189
D. Liabilities
1. Benefits Payable $ - $ -
2. Accrued Expenses and Other Payables (30,607,735) (36,251,426)
3. Total Liabilities $ (30,607,735) $ (36,251,426)
E. Total Market Value of Assets Available for Benefits $ 1,146,071,970 $ 1,375,042,294
F. Allocation of Investments
1. Short -Term Investments 4.96% 4.20%
2. Domestic Equities 36.08% 40.58%
3. International Equities 15.73% 17.17%
4. Domestic Fixed Income 26.65% 26.74%
5. International Fixed Income 0.00% 0.00%
6. Real Estate 11.65% 7.53%
7. Infrastructure 4.93% 3.78%
8. Private Equity 0.00% 0.00%
9. Total Investments 100.00% 100.00%
City of Clearwater Employees' Pension Plan C-1
Reconciliation of Plan Assets
Item
A. Market Value of Assets at Beginning of Year
B. Revenues and Expenditures
1. Contributions
a. Employee Contributions
b. Employer Contributions
c. State Contributions
d. Total
2. Investment Income
a. Interest, Dividends, and Other Income
b. Net Realized Gains/(Losses)
c. Net Unrealized Gains/(Losses)
d. Investment Expenses
e. Net Investment Income
3. Benefits and Refunds
a. Refunds
b. Regular Monthly Benefits
c. Partial Lump -Sum Benefits Paid
d. Total
4. Administrative and Miscellaneous Expenses
5. Transfers
C. Market Value of Assets at End of Year
December 31
2022 2021
1,375,042,294 $ 1,254,293,845
8,502,297
12,407,212
12,000
20, 921, 509
19,554,092
5,974,257
209,059,896)
6,580,267)
190,111,814)
1,500,058)
56, 345, 277)
1,726,090)
59,571,425)
8,067,296
11, 599, 786
12,000
19, 679, 082
17, 688,176
127,408, 438
21, 806, 250
7,628,843)
159, 274, 021
1,419,565)
53, 544, 256)
2,908,011)
57,871,832)
208,594) $
1,146,071,970
332,822)
1,375,042,294
City of Clearwater Employees' Pension Plan C-2
i
i
Development
of
Actuarial
Value
of
Assets
Valuation
Date -
December
31
2021
2022
2023
2024
2025
2026
A.
Actuarial
Value
of
Assets
Beginning
of
Year $
1,
124,
737,
021 $
1,
223,
966,
639
B.
Market
Value
End
of
Year
1,
375,
042,
294
1,
146,
071,
970
C.
Market
Value
Beginning
of
Year
1,
254,
293,
845
1,
375,
042,
294
D.
Non-
Investment/
Administrative
Net
Cash
Flow (
38,
525,
572) (
38,
858,
510)
E.
Investment
Income
El.
Actual
Market
Total:
B -
C -
D
159,
274,
021 (
190,
111,
814)
E2.
Assumed
Rate
of
Return
6.
55%
6.
50%
6.
50%
6.
50%
6.
50%
6.
50%
E3.
Assumed
Amount
of
Return
80,
720,
070
87,
923,
357
E4.
Amount
Subject
to
Phase -
In:
E1—
E3
78,
553,
951 (
278,
035,
171)
F.
Phase -
In
Recognition
of
Investment
Income
F1.
Current
Year:
0.
2
x
E4
15,
710,
790 (
55,
607,
034)
F2.
First
Prior
Year
18,
752,
137
15,
710,
790 (
55,
607,
034)
F3.
Second
Prior
Year
25,
489,
010
18,
752,
137
15,
710,
790 (
55,
607,
034)
F4.
Third
Prior
Year (
19,
001,
935)
25,
489,
010
18,
752,
137
15,
710,
790 (
55,
607,
034)
F5.
Fourth
Prior
Year
16,
085,
118 (
19,
001,
937)
25,
489,
008
18,
752,
139
15,
710,
791 (
55,
607,
035)
F6.
Total
Phase -
Ins
57,
035,
120 (
14,
657,
034)
4,
344,
901 (
21,
144,
105) (
39,
896,
243) (
55,
607,
035)
G.
Actuarial
Value
of
Assets
End
of
Year
Gl.
Preliminary
Actuarial
Value
of
Assets $
1,
223,
966,
639 $
1,
258,
374,
452
G2.
Upper
Corridor
Limit:
120%*
B $
1,
650,
050,
753 $
1,
375,
286,
364
G3.
Lower
Corridor
Limit:
80%*
B $
1,
100,
033,
835 $
916,
857,
576
G4.
Funding
Value
End
of
Year $
1,
223,
966,
639 $
1,
258,
374,
452
G5.
Credit
Balance $
33,
820,
230 $
35,
638,
663
G6.
Final
Actuarial
Value
of
Assets $
1,
190,
146,
409 $
1,
222,
735,
789
H.
Recognized
Investment
Earnings
I.
Difference
between
Market &
Actuarial
Value
J.
Actuarial
Rate
of
Return
K.
Market
Value
Rate
of
Return
L.
Ratio
of
Actuarial
Value
of
Assets
to
Market
Value
137,
755,
190 $
73,
266,
323
151,
075,
655 $ (
112,
302,
482)
12.
46%
6.
08%
12.
90% -
14.
02%
89.
01%
109.
80%
The
Actuarial
Value
of
Assets
recognizes
assumed
investment
return (
line
E3)
fully
each
year.
Differences
between
actual
and
assumed
investment
income (
Line
E4)
are
phased -
in
over
a
closed
5 -
year
period.
During
periods
when
investment
performance
exceeds
the
assumed
rate,
Actuarial
Value
of
Assets
will
tend
to
be
less
than
Market
Value.
During
periods
when
investment
performance
is
Tess
than
the
assumed
rate,
Actuarial
Value
of
Assets
will
tend
to
be
greater
than
Market
Value.
If
assumed
rates
are
exactly
realized
for
5
consecutive
years,
Actuarial
Value
of
Assets
will
become
equal
to
Market
Value.
City
of
Clearwater
Employees'
Pension
Plan
C-
3
Item
Allocation
of
Plan
Assets
by
Group
Total
Non -
Hazardous
A.
Market
Value
of
Assets
as
of
January
1,
2022 $
1,
375,
042,
294 $
700,
679,
655
B.
Contributions (
All)
20,
921,
509
8,
096,
251
C.
Net
Investment
Return (
190,
111,
814) (
96,
674,
656)
D.
Benefit
Payments (
All)
59,
571,
425
30,
651,
118
E.
Administrative
Expenses
208,
594
106,
073
F.
Market
Value
of
Assets
as
of
January
1,
2023
1,
146,
071,
970
581,
344,
059
G.
Actuarial
Value
of
Assets
as
of
January
1,
2023
1,
258,
374,
452
638,
309,
400
H.
Actuarial
Value
of
Assets
Less
Credit
Balance
1,
222,
735,
789
620,
661,
586
Hazardous
Police
Hazardous
Fire
401,
162,
327 $
273,
200,
312
6,
879,
952
55,
579,
448)
16,
512,
984
60,
983
335,
888,
864
368,
802,
288
358,
331,
745
5,
945,
306
37,
857,
710)
12,
407,
323
41,
538
228,
839,
047
251,
262,
764
243,
742,
458
City
of
Clearwater
Employees'
Pension
Plan
C-
4
Investment Rate of Return
Plan Year Ending
December 31 Market* Actuarial*
1986 13.21 % N/A
1987 10.78 N/A
1988 9.12 N/A
1989 20.84 N/A
1990 6.21 N/A
1991 28.52 N/A
1992 6.49 N/A
1993 9.29 7.42 %
1994 0.89 6.28
1995 23.36 9.14
1996 14.80 11.54
1997 17.49 13.74
1998 16.74 15.28
1999 18.61 17.96
2000 (3.43) 12.42
2001 (5.16) 7.40
2002 (8.83) (1.85)
2003 20.08 7.45
2004 9.73 2.18
2005 6.67 4.58
2006 11.80 7.87
2007 7.29 10.68
2008 (27.01) (10.61)
2009 30.93 16.53
2010 17.50 5.98
2011 (0.32) 4.46
2012 13.92 5.50
2013 16.90 14.04
2014 7.99 11.04
2015 (0.28) 7.64
2016 6.70 8.22
2017 16.01 8.89
2018 (2.48) 5.76
2019 20.20 7.39
2020 15.12 11.10
2021 12.90 12.46
2022 (14.02) 6.08
Average returns:
Last five years:
Last ten years:
All years:
5.55 %
7.40 %
8.76 %
8.52 %
9.23 %
8.07 %
Before investment expenses prior to 2013.
The above rates are based on the retirement system's financial information reported to the actuary. They
may differ from figures that the investment consultant reports, in part because of differences in the handling
of administrative and investment expenses, and in part because of differences in the handling of cash flows.
City of Clearwater Employees' Pension Plan C-5
1
1
1
SECTION D
FINANCIAL ACCOUNTING INFORMATION
i
i
a
a
a
FASB NO.35 INFORMATION
A. Valuation Date January 1, 2023 January 1, 2022
B. Actuarial Present Value of Accumulated
Plan Benefits
1. Vested Benefits
a. Members Currently Receiving Payments 752,910,137 715,113,366
b. Terminated Vested Members 19,994,031 18,806,373
c. Other Members 251,045,550 249,915,460
d. Total 1,023,949,718 983,835,199
2. Non -Vested Benefits 19,888,752 19,391,627
3. Total Actuarial Present Value of Accumulated
Plan Benefits: 1d + 2 1,043,838,470 1,003,226,826
4. Accumulated Contributions of Active Members 66,164,180 66,538,014
C. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Year 1,003,226,826 970,493,309
2. Increase (Decrease) During the Period
Attributable to:
a. Plan Amendment 3,115,596 0
b. Change in Actuarial Assumptions
c. Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period
0
97,067,473
5,646,327
84,959,022
d. Benefits Paid 59,571,425) 57,871,832)
e. Net Increase 40,611,644 32,733,517
3. Total Value at End of Period 1,043,838,470 1,003,226,826
D. Market Value of Assets 1,146,071,970 1,375,042,294
E. Actuarial Assumptions - See page entitled
Actuarial Assumptions and Methods
City of Clearwater Employees' Pension Plan D-1
a
I
SECTION E
MISCELLANEOUS INFORMATION
1
1
1
1
a
1
RECONCILIATION OF MEMBERSHIP DATA
From 1/1/2022
To 1/1/2023
From 1/1/2021
To 1/1/2022
A. Active Members
1. Number Included in Last Valuation 1,510 1,541
2. New Members Included in Current Valuation 183 168
3. Non -Vested EmploymentTerminations 116) 123)
4. Vested EmploymentTerminations 20) 18)
5. Service Retirements 59) 55)
6. Disability Retirements 4) 1)
7. Deaths 0 2)
8. Rehired Members/Data Corrections 12 0
9. Number Included in This Valuation 1,506 1,510
B. Terminated Vested Members
1. Number Included in Last Valuation 79 74
2. Additions from Active Members 20 18
3. Lump Sum Payments/Refund of Contributions 5) 1)
4. Payments Commenced 12) 9)
5. Deaths 0 1)
6. Conversion to Disability/Rehired Members 0 2)
7. Data Corrections 0 0
8. Number Included in This Valuation 82 79
C. Service Retirees, Disability Retirees and Beneficiaries
1. Number Included in Last Valuation 1,390 1,348
2. Additions from Active Members 63 56
3. Additions from Terminated Vested Members 12 10
4. Deaths Resulting in No Further Payments 19) 25)
5. Deaths Resulting in New Survivor Benefits 0 2
6. End of Certain Period - No Further Payments 0 1)
7. Data Correction/Waiver of Benefits 1 0
8. Number Included in This Valuation 1,447 1,390
City of Clearwater Employees' Pension Plan E-1
ACTIVE PARTICIPANT DISTRIBUTION
ALL ACTIVE MEMBERS
City of Clearwater Employees' Pension Plan E-2
1
1
1
1
1
Years of Service to Valuation Date
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+ Totals
15-19 N0. 4 0 0 0 0 0 0 0 0 0 0 0 4
TOT PAY 136,187 0 0 0 0 0 0 0 0 0 0 0 136,187
AVG PAY 34,047 0 0 0 0 0 0 0 0 0 0 0 34,047
20-24 NO. 26 17 3 2 2 1 0 0 0 0 0 0 51
TOT PAY 1,040,216 813,408 118,122 76,590 104,297 43,403 0 0 0 0 0 0 2,196,036
AVG PAY 40,008 47,848 39,374 38,295 52,148 43,403 0 0 0 0 0 0 43,060
25-29 NO. 43 39 18 6 16 26 0 0 0 0 0 0 148
TOT PAY 2,135,866 2,204,427 1,110,120 406,922 1,037,233 1,590,402 0 0 0 0 0 0 8,484,970
AVG PAY 49,671 56,524 61,673 67,820 64,827 61,169 0 0 0 0 0 0 57,331
30-34 NO. 39 24 19 22 23 81 11 0 0 0 0 0 219
TOT PAY 1,717,845 1,203,651 974,230 1,389,794 1,563,598 5,338,877 799,559 0 0 0 0 0 12,987,554
AVG PAY 44,047 50,152 51,275 63,172 67,983 65,912 72,687 0 0 0 0 0 59,304
35-39 NO. 27 13 5 11 18 70 28 30 0 0 0 0 202
TOT PAY 1,220,928 769,741 293,684 566,474 1,195,645 5,104,017 2,187,721 2,812,837 0 0 0 0 14,151,047
AVG PAY 45,220 59,211 58,737 51,498 66,425 72,915 78,133 93,761 0 0 0 0 70,055
40-44 N0. 15 10 11 7 12 38 17 58 6 0 0 0 174
TOT PAY 655,607 470,862 531,358 379,069 640,116 2,561,557 1,532,564 4,844,964 458,732 0 0 0 12,074,829
AVG PAY 43,707 47,086 48,305 54,153 53,343 67,409 90,151 83,534 76,455 0 0 0 69,396
45-49 NO. 12 9 2 10 9 26 26 49 48 8 0 0 199
TOT PAY 492,227 374,352 98,226 558,974 390,576 1,688,368 1,992,822 4,605,767 4,229,531 842,369 0 0 15,273,212
AVG PAY 41,019 41,595 49,113 55,897 43,397 64,937 76,647 93,995 88,115 105,296 0 0 76,750
50-54 NO. 6 6 8 7 9 25 21 39 32 28 5 0 186
TOT PAY 263,842 318,007 439,930 357,078 623,518 1,546,647 1,651,296 3,343,818 3,069,675 2,653,789 509,487 0 14,777,087
AVG PAY 43,974 53,001 54,991 51,011 69,280 61,866 78,633 85,739 95,927 94,778 101,897 0 79,447
55-59 NO. 9 11 2 6 10 18 15 25 21 20 7 0 144
TOT PAY 379,375 495,716 127,148 269,128 560,477 1,217,997 827,728 1,948,271 1,665,880 1,680,152 522,120 0 9,693,992
AVG PAY 42,153 45,065 63,574 44,855 56,048 67,666 55,182 77,931 79,328 84,008 74,589 0 67,319
60-64 NO. 2 6 4 5 6 15 17 28 23 17 4 3 130
TOT PAY 91,500 285,627 227,131 289,496 320,944 901,212 978,953 1,703,165 1,625,054 1,142,147 321,410 180,858 8,067,497
AVG PAY 45,750 47,604 56,783 57,899 53,491 60,081 57,585 60,827 70,655 67,185 80,352 60,286 62,058
65+NO. 0 2 2 0 1 5 6 14 7 10 2 0 49
TOT PAY 0 74,014 135,693 0 37,177 315,069 359,150 906,898 388,729 793,539 189,918 0 3,200,187
AVG PAY 0 37,007 67,846 0 37,177 63,014 59,858 64,778 55,533 79,354 94,959 0 65,310
TOT NO. 183 137 74 76 106 305 141 243 137 83 18 3 1,506
TOT AMT 8,133,593 7,009,805 4,055,642 4,293,525 6,473,581 20,307,549 10,329,793 20,165,720 11,437,601 7,111,996 1,542,935 180,858 101,042,598
AVG AMT 44,446 51,166 54,806 56,494 61,072 66,582 73,261 82,987 83,486 85,687 85,719 60,286 67,093
City of Clearwater Employees' Pension Plan E-2
1
1
1
1
1
1
i
1
1
ACTIVE PARTICIPANT DISTRIBUTION
NON -HAZARDOUS DUTY MEMBERS
I Years of Service to Valuation Date
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+ Totals
15-19 NO. 4 0 0 0 0 0 0 0 0 0 0 0 4
TOT PAY 136,187 0 0 0 0 0 0 0 0 0 0 0 136,187
AVG PAY 34,047 0 0 0 0 0 0 0 0 0 0 0 34,047
20-24 NO. 22 13 3 2 1 1 0 0 0 0 0 0 42
TOT PAY 797,962 531,916 118,122 76,590 44,856 43,403 0 0 0 0 0 0 1,612,849
AVG PAY 36,271 40,917 39,374 38,295 44,856 43,403 0 0 0 0 0 0 38,401
25-29 NO. 30 23 8 3 10 16 0 0 0 0 0 0 90
TOT PAY 1,298,645 986,936 354,883 141,573 499,951 725,256 0 0 0 0 0 0 4,007,244
AVG PAY 43,288 42,910 44,360 47,191 49,995 45,329 0 0 0 0 0 0 44,525
30-34 N0. 33 17 15 10 11 47 7 0 0 0 0 0 140
TOT PAY 1,333,144 676,241 648,777 453,142 529,385 2,340,808 411,905 0 0 0 0 0 6,393,402
AVG PAY 40,398 39,779 43,252 45,314 48,126 49,804 58,844 0 0 0 0 0 45,667
35-39 NO. 23 9 4 9 9 36 16 15 0 0 0 0 121
TOT PAY 958,770 450,162 210,425 401,270 428,224 2,008,414 896,426 1,011,899 0 0 0 0 6,365,590
AVG PAY 41,686 50,018 52,606 44,586 47,580 55,789 56,027 67,460 0 0 0 0 52,608
40-44 NO. 14 9 10 6 11 25 8 36 5 0 0 0 124
TOT PAY 586,796 381,239 452,269 290,146 545,359 1,422,033 529,886 2,239,536 294,702 0 0 0 6,741,966
AVG PAY 41,914 42,360 45,227 48,358 49,578 56,881 66,236 62,209 58,940 0 0 0 54,371
45-49 NO. 12 9 2 10 9 22 19 21 28 3 0 0 135
TOT PAY 492,227 374,352 98,226 558,974 390,576 1,314,486 1,275,948 1,345,358 1,727,407 181,200 0 0 7,758,754
AVG PAY 41,019 41,595 49,113 55,897 43,397 59,749 67,155 64,065 61,693 60,400 0 0 57,472
50-54 NO. 6 5 7 6 6 21 16 22 18 17 3 0 127
TOT PAY 263,842 207,412 334,677 274,416 344,960 1,166,468 1,105,734 1,367,838 1,372,723 1,200,920 198,754 0 7,837,744
AVG PAY 43,974 41,482 47,811 45,736 57,493 55,546 69,108 62,174 76,262 70,642 66,251 0 61,715
55-59 NO. 9 11 2 6 8 15 15 19 16 16 6 0 123
TOT PAY 379,375 495,716 127,148 269,128 387,341 883,928 827,728 1,230,703 977,616 1,210,950 414,496 0 7,204,129
AVG PAY 42,153 45,065 63,574 44,855 48,418 58,929 55,182 64,774 61,101 75,684 69,083 0 58,570
60-64 NO. 2 6 4 5 6 14 16 27 22 16 4 3 125
TOT PAY 91,500 285,627 227,131 289,496 320,944 741,655 879,120 1,599,106 1,503,995 1,030,888 321,410 180,858 7,471,730
AVG PAY 45,750 47,605 56,783 57,899 53,491 52,975 54,945 59,226 68,363 64,431 80,353 60,286 59,774
65+ NO. 0 2 2 0 1 5 6 13 7 10 2 0 48
TOT PAY 0 74,014 135,693 0 37,177 315,069 359,150 794,953 388,729 793,539 189,918 0 3,088,242
AVG PAY 0 37,007 67,847 0 37,177 63,014 59,858 61,150 55,533 79,354 94,959 0 64,338
TOT NO. 155 104 57 57 72 202 103 153 96 62 15 3 1,079
TOT AMT 6,338,448 4,463,615 2,707,351 2,754,735 3,528,773 10,961,520 6,285,897 9,589,393 6,265,172 4,417,497 1,124,578 180,858 58,617,837
AVG AMT 40,893 42,919 47,497 48,329 49,011 54,265 61,028 62,676 65,262 71,250 74,972 60,286 54,326
City of Clearwater Employees' Pension Plan E-3
ACTIVE PARTICIPANT DISTRIBUTION
HAZARDOUS POLICE MEMBERS
City of Clearwater Employees' Pension Plan E-4
a
1
1
Years of Service to Valuation Date
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+ Totals
15-19 N0. 0 0 0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
20-24 NO. 2 2 0 0 1 0 0 0 0 0 0 0 5
TOT PAY 121,854 136,929 0 0 59,441 0 0 0 0 0 0 0 318;224
AVG PAY 60,927 68,465 0 0 59,441 0 0 0 0 0 0 0 63,645
25-29 NO. 12 11 6 2 4 9 0 0 0 0 0 0 44
TOT PAY 777,021 839,052 451,070 184,651 379,269 781,179 0 0 0 0 0 0 3,412,242
AVG PAY 64,752 76,277 75,178 92,326 94,817 86,798 0 0 0 0 0 0 77,551
30-34 N0. 5 3 2 5 4 22 2 0 0 0 0 0 43
TOT PAY 324,501 230,501 186,619 427,467 353,138 2,005,243 184,110 0 0 0 0 0 3,711,579
AVG PAY 64,900 76,834 93,310 85,493 88,285 91,147 92,055 0 0 0 0 0 86,316
35-39 NO. 3 4 1 2 3 15 8 8 0 0 0 0 44
TOT PAY 201,958 319,579 83,259 165,204 285,226 1,398,504 811,074 941,838 0 0 0 0 4,206,642
AVG PAY 67,319 79,895 83,259 82,602 95,075 93,234 101,384 117,730 0 0 0 0 95,606
40-44 NO. 1 1 1 1 1 6 4 7 1 0 0 0 23
TOT PAY 68,811 89,623 79,089 88,923 94,757 546,538 433,902 806,585 164,030 0 0 0 2,372,258
AVG PAY 68,811 89,623 79,089 88,923 94,757 91,090 108,476 115,226 164,030 0 0 0 103,142
45-49 N0. 0 0 0 0 0 4 5 13 10 4 0 0 36
TOT PAY 0 0 0 0 0 373,882 525,763 1,463,433 1,228,573 549,621 0 0 4,141,272
AVG PAY 0 0 0 0 0 93,471 105,153 112,572 122,857 137,405 0 0 115,035
50-54 NO. 0 0 0 0 3 2 4 8 8 7 2 0 34
TOT PAY 0 0 0 0 278,558 183,817 439,929 935,923 963,482 962,569 310,733 0 4,075,011
AVG PAY 0 0 0 0 92,853 91,909 109,982 116,990 120,435 137,510 155,367 0 119,853
55-59 NO. 0 0 0 0 0 1 0 2 1 2 1 0 7
TOT PAY 0 0 0 0 0 124,970 0 222,644 156,614 203,056 107,624 0 814,908
AVG PAY 0 0 0 0 0 124,970 0 111,322 156,614 101,528 107,624 0 116,415
60-64 NO. 0 0 0 0 0 0 1 0 1 0 0 0 2
TOT PAY 0 0 0 0 0 0 99,833 0 121,059 0 0 0 220,892
AVG PAY 0 0 0 0 0 0 99,833 0 121,059 0 0 0 110,446
65+NO. 0 0 0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
TOT NO. 23 21 10 10 16 59 24 38 21 13 3 0 238
TOT AMT 1,494,145 1,615,684 800,037 866,245 1,450,389 5,414,133 2,494,611 4,370,423 2,633,758 1,715,246 418,357 0 23,273,028
AVG AMT 64,963 76,937 80,004 86,625 90,649 91,765 103,942 115,011 125,417 131,942 139,452 0 97,786
City of Clearwater Employees' Pension Plan E-4
a
1
1
i
1
1
1
a
ACTIVE PARTICIPANT DISTRIBUTION
HAZARDOUS FIRE MEMBERS
Years of Service to Valuation Date 1
Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+ Totals
15-19 NO. 0 0 0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0
20-24 NO. 2 2 0 0 0 0 0 0 0 0 0 0 4
TOT PAY 120,400 144,563 0 0 0 0 0 0 0 0 0 0 264,963
AVG PAY 60,200 72,282 0 0 0 0 0 0 0 0 0 0 66,241
25-29 NO. 1 5 4 1 2 1 0 0 0 0 0 0 14
TOT PAY 60,200 378,439 304,167 80,698 158,013 83,967 0 0 0 0 0 0 1,065,484
AVG PAY 60,200 75,688 76,042 80,698 79,007 83,967 0 0 0 0 0 0 76,106
30-34 NO. 1 4 2 7 8 12 2 0 0 0 0 0 36
TOT PAY 60,200 296,909 138,834 509,185 681,075 992,826 203,544 0 0 0 0 0 2,882,573
AVG PAY 60,200 74,227 69,417 72,741 85,134 82,736 101,772 0 0 0 0 0 80,071
35-39 NO. 1 0 0 0 6 19 4 7 0 0 0 0 37
TOT PAY 60,200 0 0 0 482,195 1,697,099 480,221 859,100 0 0 0 0 3,578,815
AVG PAY 60,200 0 0 0 80,366 89,321 120,055 122,729 0 0 0 0 96,725
40-44 NO. 0 0 0 0 0 7 5 15 0 0 0 0 27
TOT PAY 0 0 0 0 0 592,986 568,776 1,798,843 0 0 0 0 2,960,605
AVG PAY 0 0 0 0 0 84,712 113,755 119,923 0 0 0 0 109,652
45-49 NO. 0 0 0 0 0 0 2 15 10 1 0 0 28
TOT PAY 0 0 0 0 0 0 191,111 1,796,976 1,273,551 111,548 0 0 3,373,186
oAVG PAY 0 0 0 0 0 0 95,556 119,798 127,355 111,548 0 0 120,471
50-54 N0. 0 1 1 1 0 2 1 9 6 4 0 0 25
TOT PAY 0 110,595 105,253 82,662 0 196,362 105,633 1,040,057 733,470 490,300 0 0 2,864,332
AVG PAY 0 110,595 105,253 82,662 0 98,181 105,633 115,562 122,245 122,575 0 0 114,573
55-59 N0. 0 0 0 0 2 2 0 4 4 2 0 0 14
TOT PAY 0 0 0 0 173,136 209,099 0 494,924 531,650 266,146 0 0 1,674,955
AVG PAY 0 0 0 0 86,568 104,550 0 123,731 132,913 133,073 0 0 119,640
60-64 NO. 0 0 0 0 0 1 0 1 0 1 0 0 3
TOT PAY 0 0 0 0 0 159,557 0 104,059 0 111,259 0 0 374,875
AVG PAY 0 0 0 0 0 159,557 0 104,059 0 111,259 0 0 124,958
65+ NO. 0 0 0 0 0 0 0 1 0 0 0 0 1
TOT PAY 0 0 0 0 0 0 0 111,945 0 0 0 0 111,945
AVG PAY 0 0 0 0 0 0 0 111,945 0 0 0 0 111,945
TOT NO. 5 12 7 9 18 44 14 52 20 8 0 0 189
TOT AMT 301,000 930,506 548,254 672,545 1,494,419 3,931,896 1,549,285 6,205,904 2,538,671 979,253 0 0 19,151,733
AVG AMT 60,200 77,542 78,322 74,727 83,023 89,361 110,663 119,344 126,934 122,407 0 0 101,332
City of Clearwater Employees' Pension Plan E-5
INACTIVE PARTICIPANT DISTRIBUTION
City of Clearwater Employees' Pension Plan E-6
1
1
1
1
Terminated Vested Disabled Retired
Deceased with
Beneficiary
Total Total Total Total
Age Group Number Benefits Number Benefits Number Benefits Number Benefits
Under 20 1 9,658
20-24 2 53,030
25-29
30-34 1 38,716 2 22,807
35-39 10 151,093 2 89,457 3 100,458
40-44 17 392,021 4 187,178 4 160,726 2 42,566
45-49 18 437,755 7 369,348 14 568,303 4 81,006
50-54 24 572,182 15 728,875 59 2,782,896 5 118,356
55-59 4 59,700 10 434,242 143 6,727,436 5 95,844
60-64 9 142,718 16 575,673 181 8,226,778 17 540,746
65-69 23 729,514 278 11,863,217 28 803,887
70-74 19 577,205 249 10,255,526 24 665,719
75-79 16 425,931 143 5,530,418 28 720,765
80-84 5 163,671 50 2,088,306 21 551,159
85-89 5 109,562 31 986,884 16 204,614
90-94 6 153,396 2 17,259
95-99 1 17,529 4 40,546
100 & Over 1 2,535
Total 82 1,755,469 123 4,429,372 1,159 49,361,415 165 4,070,955
Average Age 49 65 68 71
City of Clearwater Employees' Pension Plan E-6
1
1
1
1
U
a
SECTION F
SUMMARY OF PLAN PROVISIONS
w
SUMMARY OF PLAN PROVISIONS
A. Ordinances
The Plan was established under the Code of Ordinances for the City of Clearwater, Florida,
Chapter 2, Article V, Division 3 and was most recently amended under Ordinance No. 9620-22
passed and adopted on November 17, 2022. The Plan is also governed by certain provisions of
Part VII, Chapter 112, Florida Statutes (F.S.) and the Internal Revenue Code.
B. Effective Date
Restated Plan Effective Date: January 1, 2013 (previous restated Plan Effective Date was January
1, 1996).
C. Plan Year
January 1 through December 31.
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single
employer plan.
E. Eligibility Requirements
All full-time permanent employees of the City are required to participate and become
participants on their date of hire.
F. Grandfathered Members
Members who are eligible for normal retirement as of January 1, 2013 are grandfathered in the
plan provisions in effect before Ordinance No. 8333-12.
G. Credited Service
Credited Service is measured as the total number of years and fractional parts of years from the
date of employment to the date of termination or retirement. No service is credited for any
periods of employment for which a participant received a refund of their contributions.
City of Clearwater Employees' Pension Plan F-1
H. Compensation
The total compensation for services rendered to the City reportable on the participant's W-2
form, plus all tax deferred, tax sheltered or tax exempt items of income derived from elective
employee payroll deductions or salary reductions, but excluding any lump sum payments of
unused vacation and sick leave, pay for off-duty employment, and clothing, car or meal
allowances.
Effective January 1, 2013: For non -grandfathered hazardous duty members, the amount of
overtime included in Compensation is limited to 300 hours per year; For non -grandfathered non-
hazardous duty members, Compensation excludes overtime and additional pay above the base
rate of pay.
I. Average Monthly Compensation (AMC)
One -twelfth of the average of Compensation during the highest 5 years out of the last 10 years
preceding termination or retirement.
J. Normal Retirement
Eligibility: For Non -Hazardous Duty
A participant hired before January 1, 2013 may retire on the first day of the
month coincident with or next following the earliest of:
1) age 55 with 20 years of Credited Service, or
2) 30 years of Credited Service regardless of age, or
3) age 65 with 10 years of Credited Service.
A participant hired on or after January 1, 2013 may retire on the first day of the
month coincident with or next following the earliest of:
1) age 60 with 25 years of Credited Service, or
2) age 65 with 5 years of Credited Service
For Hazardous Duty Police Officers and Firefighters
A participant may retire on the first day of the month coincident with or next
following the earlier of:
1) age 55 with 10 years of Credited Service, or
2) 20 years of Credited Service regardless of age.
City of Clearwater Employees' Pension Plan F-2
Benefit: 2.75% of AMC multiplied by years of Credited Service.
For Non -Hazardous Duty participants hired on or after January 1, 2013, 2.00% of
AMC multiplied by years of Credited Service through September 30, 2022 plus
2.50% of AMC multiplied by years of Credited Service after September 30, 2022.
Normal Form
of Benefit: For Non -Hazardous Duty (Non -Grandfathered)
COLA:
A monthly annuity is paid for the life of the participant.
For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non -
Hazardous Duty)
A monthly annuity is paid for the life of the participant. After the participant's
death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50%
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non -grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5 -year delay (applicable to post -January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
K. Early Retirement
Eligibility: Police Officers and Firefighters may elect to retire earlier than the Normal
Retirement Eligibility upon the attainment of age 50 with 10 years of Credited
Service.
Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the
Early Retirement date precedes age 55.
Normal Form
of Benefit: A monthly annuity is paid for the life of the participant. After the participant's
death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50%
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
City of Clearwater Employees' Pension Plan F-3
COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non -grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5 -year delay (applicable to post -January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
L. Delayed Retirement
Same as Normal Retirement taking into account Compensation earned and service credited until
the date of actual retirement.
M. Service Connected Disability
Eligibility: Any participant who becomes totally and permanently disabled due to an illness
or injury contracted in the line of duty and is deemed to be unable to perform
useful and efficient service to the City is immediately eligible for a disability
benefit.
Benefit: For Non -Hazardous Duty
Participant's accrued Normal Retirement Benefit taking into account
Compensation earned and service credited until the date of disability. Benefit is
guaranteed to be no less than 42% of the participant's AMC (66 2/3% of the
participant's AMC if grandfathered). Disability benefits, when combined with
Worker's Compensation benefits, cannot exceed and will be limited to 100% of
the participant's AMC on the date of disability.
For Hazardous Duty Police Officers and Firefighters
Participant's accrued Normal Retirement Benefit taking into account
Compensation earned and service credited until the date of disability. Benefit is
guaranteed to be no less than 66 2/3% of the participant's AMC. Disability
benefits, when combined with Worker's Compensation benefits, cannot exceed
and will be limited to 100% of the participant's AMC on the date of disability.
Normal Form
of Benefit: For Non -Hazardous Duty (Non -Grandfathered)
A monthly annuity is paid for the life of the participant.
City of Clearwater Employees' Pension Plan F-4
COLA:
For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non -
Hazardous Duty)
A monthly annuity is paid for the life of the participant. After the participant's
death, 1000 of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50%
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non -grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5 -year delay (applicable to post -January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
N. Non -Service Connected Disability
Eligibility: Any Hazardous Duty participant who has 10 or more years of Credited Service or
Non -Hazardous Duty participant who has 5 or more years of Credited Service,
becomes totally and permanently disabled, and is deemed to be unable to
perform useful and efficient service to the City is immediately eligible for a
disability benefit.
Benefit: Participant's accrued Normal Retirement Benefit taking into account
Compensation earned and service credited until the date of disability. Disability
benefits, when combined with Worker's Compensation benefits, cannot exceed
and will be limited to 100% of the participant's AMC on the date of disability.
Normal Form
of Benefit: For Non -Hazardous Duty (Non -Grandfathered)
A monthly annuity is paid for the life of the participant.
For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non -
Hazardous Duty)
A monthly annuity is paid for the life of the participant. After the participant's
death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 500
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
City of Clearwater Employees' Pension Plan F-5
COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non -grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5 -year delay (applicable to post -January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
O. Death in the Line of Duty
Eligibility: Any participant whose employment is terminated by reason of death in the line
of duty is eligible for survivor benefits.
Benefit: Beneficiary will be paid the participant's accrued benefit based upon Credited
Service and AMC as of the date of death. Benefit is guaranteed to be no less than
66 2/3% of the participant's AMC.
Normal Form
of Benefit:
COLA:
100% of the participant's accrued benefit shall be paid as a survivor annuity to
the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of
the original amount. The survivor annuity ceases upon death or remarriage of the
spouse. 120 monthly payments are guaranteed for police officers and firefighters.
1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non -grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5 -year delay (applicable to post -January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
In lieu of the benefits described above, the participant's beneficiary can elect to receive a
refund of participant's accumulated contributions with interest.
P. Other Pre -Retirement Death
Eligibility: Any Hazardous Duty participant who dies with 10 or more years of Credited
Service or Non -Hazardous Duty participant who dies with 5 or more years of
Credited Service is eligible for survivor benefits.
Benefit: Beneficiary will be paid the participant's accrued benefit based upon Credited
Service and AMC as of the date of death.
City of Clearwater Employees' Pension Plan F-6
Normal Form
of Benefit:
COLA:
100% of the participant's accrued benefit shall be paid as a survivor annuity to
the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of
the original amount. The survivor annuity ceases upon death or remarriage of the
spouse. 120 monthly payments are guaranteed for police officers and firefighters.
1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non -grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5 -year delay (applicable to post -January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
In lieu of the benefits described above, a participant's beneficiary can elect to receive a refund
of the participant's accumulated contributions with interest. Accumulated contributions, plus
interest, will be refunded for all Hazardous Duty participants with less than 10 years of
Credited Service or Non -Hazardous Duty participants with less than 5 years of Credited Service.
Q. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
R. Optional Forms
In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all
retirees are a Single Life Annuity, a 10 Year Certain and Life Annuity, or the 50%, 66 2/3% (for
police officers and firefighters), 75% or 100% Joint and Survivor options. Members may also elect
a partial lump sum equal to 10%, 20%, or 30% of the value of the normal retirement benefit with
the remaining monthly retirement benefit reduced accordingly.
S. Vested Termination
Eligibility: A participant has earned a non -forfeitable right to Plan benefits after the
completion of 10 years of Credited Service for Hazardous Duty or 5 years of
Credited Service for Non -Hazardous Duty provided employee contributions are
not refunded.
Vesting is determined in accordance with the following tables.
Hazardous Duty Members
Years of
Credited Service
of Normal
Retirement Benefits
Less Than 10
10 or more
0%
100%
City of Clearwater Employees' Pension Plan F-7
Non -Hazardous Duty Members
Years of
Credited Service
of Normal
Retirement Benefits
Less Than 5
5 or more
0%
100%
Benefit: The participant's accrued Normal Retirement Benefit as of the date of
termination. Benefit begins on the member's Normal Retirement date.
Alternatively, police officers and firefighters may elect to receive an actuarially
reduced Early Retirement Benefit any time after age 50.
Normal Form
of Benefit:
COLA:
For Non -Hazardous Duty (Non -Grandfathered)
A monthly annuity is paid for the life of the participant.
For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non -
Hazardous Duty)
A monthly annuity is paid for the life of the participant. After the participant's
death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity
to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50%
of the original amount. The survivor annuity ceases upon death or remarriage of
the spouse. 120 monthly payments are guaranteed for police officers and
firefighters. Optional forms of benefits are available.
1.5% annually commencing on each April 1 for all retirees and beneficiaries who
have received at least 6 monthly benefit payments. For non -grandfathered
members (not eligible for normal retirement on January 1, 2013), there is a five-
year delay (after the retirement date) until this COLA is applied to benefits
accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with
a 5 -year delay (applicable to post -January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020
and October 1, 2022, respectively.
Hazardous Duty participants with less than 10 years of Credited Service and Nonhazardous
Duty participants with less than 5 years of Credited Service will receive a refund of their own
accumulated contributions with interest.
T. Refunds
Eligibility: All Hazardous Duty members terminating employment with less than 10 years of
Credited Service and Nonhazardous Duty members terminating employment with
less than 5 years of Credited Service are eligible. Optionally, vested members may
elect a refund in lieu of the vested benefits otherwise due.
City of Clearwater Employees' Pension Plan F-8
N
Benefit: Refund of the member's contributions with 5% simple interest paid in a single
lump sum.
U. Member Contributions
8% of Compensation for Non -Hazardous Duty participants.
10% of Compensation for Hazardous Duty participants (8% of Compensation if grandfathered).
V. Employer Contributions
Each plan year, the Employer must contribute a minimum of 7% of the Compensation of all
employees participating in the plan, plus any additional amount determined by the actuary
needed to fund the plan properly according to State laws.
W. Cost of Living Increases
1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at
least 6 monthly benefit payments. For non -grandfathered members (not eligible for normal
retirement on January 1, 2013), there is a five-year delay (after the retirement date) until this
COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the
COLA with a 5 -year delay (applicable to post -January 1, 2013 benefit accruals) only applies to
Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1,
2022, respectively.
X. 13th Check
Not Applicable
Y. Deferred Retirement Option Plan
Not Applicable
Z. Other Ancillary Benefits
There are no ancillary retirement type benefits not required by statutes but which might be
deemed a City of Clearwater Employees' Pension Plan liability if continued beyond the availability
of funding by the current funding source.
City of Clearwater Employees' Pension Plan F-9
AA. Changes from Previous Valuation
Ordinance No. 9634-22 was adopted on November 3, 2022. This ordinance amended the Plan by
providing a 1.5% Cost of Living Adjustment (COLA) annually on all benefits for Firefighters,
including any benefits accrued after January 1, 2013. For any non -grandfathered members (not
eligible for normal retirement on January 1, 2013), there will be a five-year delay (after the
retirement date) until this COLA is applied to benefits accrued after January 1, 2013. This change
applies to all Firefighters who are actively employed on or after October 1, 2022.
Ordinance No. 9620-22 was adopted on November 17, 2022. This ordinance amended the Plan
by reducing the service requirement for Non -Hazardous Duty members to become 100% vested
from 10 years to 5 years of Credited Service and increasing the benefit multiplier prospectively
for post -December 31, 2012 Non -Hazardous Duty hires from 2% to 2.5% for Credited Service
accrued after September 30, 2022.
City of Clearwater Employees' Pension Plan F-10
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0539
Agenda Date: 6/12/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.2
SUBJECT/RECOMMENDATION:
Approve the new hires for acceptance into the Pension Plan as listed.
SUMMARY:
Name/Job Classification/Department Pension Eligibility Date
Zouhier Taouil, Skilled Tradesworker, General Services 02/27/2023
Damien Durham, Fleet Mechanic, General Services 02/27/2023
Claudia Goettsche, Crime Analyst, Police 02/27/2023
Louis Alker, Senior Accountant, Solid Waste 02/21/2023
James Fields, Custodial Worker, Police 02/25/2023
Dillon Berry, Fire Medic, Fire 03/13/2023
William Ramsey, Fire Medic, Fire 03/13/2023
Owen Humphreys, Fire Medic, Fire 03/13/2023
Nicolas Mora, Fire Medic, Fire 03/13/2023
Amanda Benson, Fire Medic, Fire 03/13/2023
Jasmin Ray, Senior Staff Assistant, Public Utilities 03/13/2023
Christopher Winder, Utilities Mechanic, Public Utilities 03/13/2023
James Jackson III, Solid Waste Worker, Solid Waste 03/13/2023
Frank Chavez, Beach Guard, Fire 03/11/2023
Kaitlyn Jones, Library Assistant, Library 03/11/2023
Amanda Santiago, Accounting Technician, Parks & Recreation 03/13/2023
Diana Rivera, Customer Service Representative, Finance/CS 03/27/2023
James Gray, Fleet Mechanic, General Services 03/27/2023
David Stoner III, Senior Business Systems Analyst, Information Tech.03/27/2023
Kenneth Craven, Network Analyst, Information Technology 03/27/2023
Timothy Dallaire, Parks Service Technician, Parks & Recreation 03/27/2023
Corey Hunter, Parks Service Technician, Parks & Recreation 03/27/2023
William Ambrose, Streets & Sidewalks Technician, Public Works 03/27/2023
Jovontee Frazier, Stormwater Technician, Public Works 03/27/2023
Zackery Skyrme, Recreation Leader, Parks & Recreation 03/11/2023
Brooke McLemore, Customer Service Representative, Finance/CS 04/10/2023
Larry Phillips, Customer Service Representative, Finance/CS 04/10/2023
Michael Slatkavitz, Warehouse Supervisor, General Services 04/10/2023
Destiny Jenkins, Network Analyst, Information Technology 04/10/2023
JoAnn Friedwald, Sr. Staff Assistant, Library Department 04/10/2023
Gunner Clark, Sampling Technician, Public Utilities 04/10/2023
Thomas Murray, Gas Technician Apprentice, Gas 04/10/2023
Page 1 City of Clearwater Printed on 6/6/2023
File Number: ID#23-0539
Amber Brice, Cultural Affairs Coordinator, Office of Innovation 03/11/2023
Jonathon Kline, Police Telecommunicator, Police 02/25/2023
James Gray, Fleet Mechanic, General Services 03/27/2023
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
Page 2 City of Clearwater Printed on 6/6/2023
Interoffice Correspondence Sheet TO: Pension Advisory Committee
FROM: Billie Kirkpatrick, Human Resources Director
SUBJECT: Recommendation for Acceptance into Pension Plan DATE: April 21, 2023
Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed.
Name Job Classification Department Pension Eligibility Date
Zouhier Taouil Skilled Tradesworker General Services 02/27/2023
Damien Durham Fleet Mechanic General Services 02/27/2023
Claudia Goettsche Crime Analyst Police 02/27/2023
Louis Alker Senior Accountant Solid Waste 02/21/2023
James Fields Custodial Worker Police 02/25/2023
Dillon Berry Fire Medic Fire 03/13/2023
William Ramsey Fire Medic Fire 03/13/2023
Owen Humphreys Fire Medic Fire 03/13/2023
Nicolas Mora Fire Medic Fire 03/13/2023
Amanda Benson Fire Medic Fire 03/13/2023
Jasmin Ray Senior Staff Assistant Public Utilities 03/13/2023
Christopher Winder Utilities Mechanic Public Utilities 03/13/2023
James Jackson III Solid Waste Worker Solid Waste 03/13/2023
Frank Chavez Beach Guard Fire 03/11/2023
Kaitlyn Jones Library Assistant Library 03/11/2023
Amanda Santiago Accounting Technician Parks & Recreation 03/13/2023
Diana Rivera Customer Service Representative Finance/CS 03/27/2023
James Gray Fleet Mechanic General Services 03/27/2023
David Stoner III Senior Business Systems Analyst Information Technology 03/27/2023
Kenneth Craven Network Analyst Information Technology 03/27/2023
Timothy Dallaire Parks Service Technician Parks & Recreation 03/27/2023
Corey Hunter Parks Service Technician Parks & Recreation 03/27/2023
William Ambrose Streets & Sidwalks Technician Public Works 03/27/2023
Jovontee Frazier Stormwater Technician Public Works 03/27/2023
Zackery Skyrme Recreation Leader Parks & Recreation 03/11/2023
Brooke McLemore Customer Service Representative Finance/CS 04/10/2023
Larry Phillips Customer Service Representative Finance/CS 04/10/2023
Michael Slatkavitz Warehouse Supervisor General Services 04/10/2023
Destiny Jenkins Network Analyst Information Technology 04/10/2023
JoAnn Friedwald Sr. Staff Assistant Library Department 04/10/2023
Gunner Clark Sampling Technician Public Utilities 04/10/2023
Thomas Murray Gas Technician Apprentice Gas 04/10/2023
Amber Brice Cultural Affairs Coordinator Office of Innovation 03/11/2023
Jonathon Kline Police Telecommunicator Police 02/25/2023
James Gray Fleet Mechanic General Services 03/27/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0540
Agenda Date: 6/12/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.3
SUBJECT/RECOMMENDATION:
Approve the following request of employees James Halios, Parks and Recreation Department,
Matthew Jackson, CRA Department, and Marianne Paz, Parks and Recreation Department to
vest their pension as provided by Section 2.419 of the Employees’ Pension Plan.
SUMMARY:
James Halios, Director, Parks & Recreation Department, was employed by the City on January
3, 2012, and his pension service credit is effective on that date. Mr. Halios terminated from City
employment on February 3, 2023.
Matthew Jackson, CRA Assistant Director, CRA Department, was employed by the City on May
31, 2011 and his pension service credit is effective on that date. Mr. Jackson terminated from
City employment on January 26, 2023.
Marianne Paz, Senior Recreation Leader, Parks & Recreation Department, was employed by
the City on May 15, 2007 and her pension service credit is effective on October 15, 2007. Ms.
Paz terminated from City employment on March 25, 2023.
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 55
years and completed 20 years of credited service; the date on which a participant has reached
age 65 years and completed ten years of credited service; or the date on which a member has
completed 30 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 60 years and completed 25
years of credited service; or the date on which a participant has reached the age of 65 years
and completed ten years of credited service. Mr. Halios will meet the non-hazardous duty
criteria and begin collecting a pension in February of 2032. Mr. Jackson will meet the
non-hazardous duty criteria and begin collecting a pension in June of 2031. Ms. Paz will meet
the non-hazardous duty criteria and begin collecting a pension in December of 2035.
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
Page 1 City of Clearwater Printed on 6/6/2023
File Number: ID#23-0540
has completed 20 years of credited service regardless of age, or the date on which the
participant has reached 55 years and completed ten years of credited service.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS:
N/A
Page 2 City of Clearwater Printed on 6/6/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0541
Agenda Date: 6/12/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.4
SUBJECT/RECOMMENDATION:
Approve the following request of Lyle Adams, Parks and Recreation Department, David
Bruneau, Police Department, Jimmie Evans, Public Works Department, Bryan Karnes, Police
Department, Jeffrey Mahar, Parks and Recreation Department, Estrella Murphy, Police
Department, Kurt Rodriguez, Police Department, and Thomas Wilcox, Solid Waste
Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’
Pension Plan.
SUMMARY:
Lyle Adams, Parks Manager, Parks and Recreation Department, was employed by the City on
April 3, 1995, and his pension service credit is effective on that date. His pension will be
effective May 1, 2023. Based on an average salary of approximately $68,584.09 over the past
five years, the formula for computing regular pensions and Mr. Adams’ selection of the 50%
Joint and Survivor Annuity, this pension benefit will be approximately $50,031.96 annually.
David Bruneau, Police Officer, Police Department, was employed by the City on July 15, 2002,
and his pension service credit is effective on that date. His pension will be effective April 1,
2023. Based on an average salary of approximately $105,565.16 over the past five years, the
formula for computing regular pensions and Mr. Bruneau’s selection of the 50% Joint and
Survivor Annuity, this pension benefit will be approximately $62,688.84 annually.
Jimmie Evans, Parks Service Supervisor, Public Works Department, was employed by the City
on February 7,2005, and his pension service credit is effective on that date. His pension will be
effective May 1, 2023. Based on an average salary of approximately $46,254.64 over the past
five years, the formula for computing regular pensions and Mr. Evans’ selection of the 10 Year
Certain and Life Annuity, this pension benefit will be approximately $22,018.44 annually.
Bryan Karnes, Police Officer, Police Department, was employed by the City on May 19, 2003,
and his pension service credit is effective on that date. His pension will be effective July 1,
2023. Based on an average salary of approximately $96,035.27 over the past five years, the
formula for computing regular pensions and Mr. Karnes’ selection of the 100% Joint and
Survivor Annuity, this pension benefit will be approximately $50,847.60 annually.
Jeffrey Mahar, Lead Parks Service Technician, Parks and Recreation Department, was
employed by the City on October 20, 2003, and his pension service credit is effective on that
date. His pension will be effective June 1, 2023. Based on an average salary of approximately
$45,154.20 over the past five years, the formula for computing regular pensions and Mr .
Mahar’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be
Page 1 City of Clearwater Printed on 6/6/2023
File Number: ID#23-0541
approximately $18,463.68 annually.
Estrella Murphy, Police Service Technician, Police Department, was employed by the City on
August 19, 1996, and her pension service credit is effective on November 22, 1996. Her
pension will be effective May 1, 2023. Based on an average salary of approximately $55,686.43
over the past five years, the formula for computing regular pensions and Ms. Murphy’s selection
of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $37,614.96
annually.
Kurt Rodriguez, Police Officer, Police Department, was employed by the City on April 29,1996,
and his pension service credit is effective on that date. His pension will be effective April 1,
2023. Based on an average salary of approximately $94,308.60 over the past five years, the
formula for computing regular pensions and Mr. Rodriguez’s selection of the 100% Joint and
Survivor Annuity, this pension benefit will be approximately $67,625.88 annually.
Thomas Wilcox, Solid Waste Service Foreman, Solid Waste Department, was employed by
the City on August 31,1998, and his pension service credit is effective on that date. His
pension will be effective September 1, 2023. Based on an average salary of approximately
$55,036.55 over the past five years, the formula for computing regular pensions and Mr. Wilcox
selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately
$32,159.16 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 55
years and completed 20 years of credited service; the date on which a participant has reached
age 65 years and completed ten years of credited service; or the date on which a member has
completed 30 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 60 years and completed 25
years of credited service; or the date on which a participant has reached the age of 65 years
and completed ten years of credited service. Mr. Adams, Mr. Evans, Mr. Mahar, Ms. Murphy,
and Mr. Wilcox 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 20 years of credited service regardless of age, or the date on which the
participant has reached 55 years and completed ten years of credited service. Mr. Bruneau, Mr.
Karnes, and Mr. Rodriguez has met the hazardous duty criteria.
APPROPRIATION CODE AND AMOUNT:
N/A
USE OF RESERVE FUNDS: N/A
Page 2 City of Clearwater Printed on 6/6/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0656
Agenda Date: 6/12/2023 Status: Agenda ReadyVersion: 1
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.5
SUBJECT/RECOMMENDATION:
Determine Trustees’ expected rate of return for pension plan investments for current year,
each of the next several years, and for the long term thereafter, in accordance with Florida
Statutes 112.661(9).
SUMMARY:
Florida Statutes 112.661(9) requires an annual determination of expected rates of return by filed
with the Florida Department of Management Services, with the plan’s sponsor, and with the
consulting actuary.
Staff is recommending the current plan investment rate of return assumptions of 6.5%, net of
investment-related fees, as the expected annual rate of return for the current year; 6.5% for the
next year; and 6.5% for all years thereafter.
Page 1 City of Clearwater Printed on 6/6/2023