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10/16/2023 Pension Trustees Meeting Minutes October 16, 2023 City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 e P y 1 4 Meeting Minutes Monday, October 16, 2023 1 :00 PM Pinellas County, 333 Chestnut Street, Palm Room, Clearwater, FL 33756 Pension Trustees Page 1 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Roll Call Present 5 - Chair Brian Aungst Sr., Trustee David Allbritton, Trustee Kathleen Beckman, Trustee Mark Bunker, and Trustee Lina Teixeira Also Present—Jennifer Poirrier—City Manager, Michael Delk — Assistant City Manager, Daniel Slaughter — Assistant City Manager, David Margolis - City Attorney, Rosemarie Call — City Clerk, Nicole Sprague — Deputy City Clerk, and Chrystal Ryals — Interim Human Resources Director To provide continuity for research, items are listed in agenda order although not necessarily discussed in that order. 1. Call to Order— Chair Aungst, Sr. The meeting was called to order at 1:59 p.m. 2. Approval of Minutes 2.1 Approve the minutes of the June 12, 2023 Pension Trustees Meeting as submitted in written summation by the City Clerk. Trustee Allbritton moved to approve the minutes of the June 12, 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 Accept the actuary's recommendations for changes to plan actuarial assumptions and methods, per the Experience Investigation completed by Gabriel Roeder Smith and Company for the five-year period ending December 31, 2022. The Plan's actuaries, Gabriel Roeder Smith & Company (GRS), have completed an Experience Investigation study for the pension plan and have provided recommendations of changes to the assumptions and methods used in the plan's annual actuarial valuation. It has been five years since completion of the last experience study for the Page 2 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Clearwater Employees' Pension Plan, with changes adopted by the Trustees in January 2019. The pension plan ordinance requires a study of the actuarial assumptions at least every six years. The ordinance further states (Section 2.413 (i)) "Taking into account the result of such investigation, the trustees shall adopt for the retirement plan such mortality, service and other tables as are necessary and proper." The net effect of all changes recommended by the study would be an increase in the annual required contribution to the plan of $1,432,403, or 1.36% of covered pay. The results vary for each group, with non-hazardous employees seeing the largest impact (an increase of $1,166,633, or 1.96% of covered pay) and police officers seeing the smallest impact (a decrease of $140,994, or 0.69% of covered pay). The proposed changes include changes to the salary increase assumption, assumed rates of future retirements, assumed rates of future separation from employment, assumed rates of future disability, the assumed probability of being married at retirement, and the assumed age difference between retirees and their beneficiaries. These changes are also described in more detail by the actuary in the attached Experience Investigation report. Staff recommends approval of all recommended changes to more accurately determine the pension plan liability and required funding levels, per the professional advice of the plan's actuaries. Gabriel Roeder Smith actuary Pete Strong provided a PowerPoint presentation regarding the proposed changes to the plan actuarial assumptions and methods. In response to questions, Mr. Smith said the study looked at the last five years of experience; future changes to salaries would be considered in the next experience study. Experience studies are typically done once every five years. The new assumptions reflect the higher salary rates that were a result of the compensation study conducted in the last five years. The credit balance exists to help stabilize the City's contribution if there is a spike. He said there is approximately$30 million in the credit balance, which is 8% over funded. The normal cost of the pension plan is the cost of benefits eamed each year. He said paying the full normal cost preserves the 108% funding status and maintains the plan in the enviable position as being one of the best funded plans in the state. The City Attorney said experience studies can be conducted more often than every five years. Page 3 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Trustee Bunker moved to accept the actuary's recommendations for changes to plan actuarial assumptions and methods, per the Experience Investigation completed by Gabriel Roeder Smith and Company for the five-year period ending December 31, 2022. The motion was duly seconded and carried unanimously. 4.2 Approve pension plan administrative expenditures forfiscal year 2024 totaling a not-to-exceed amount of $359,400. The Employees' Pension Plan does not have a legally required budget. However, all expenditures must be approved by the Trustees. The following are routine administrative expenditures that staff is requesting approval of for administrative efficiency. The recommended expenditures for fiscal year 2024 reflect a $32,600, or 8.3%, decrease over the approved fiscal 2023 expenditures. This net decrease results primarily from a reduction in pension attorney costs, partially offset by an increase in costs of employee physicals and increased costs of Human Resources and Finance administrative staff support. Training and travel are the estimated costs of pension training and related travel, including fiduciary training for the Trustees and Pension Advisory Committee (PAC) members. This is a not-to-exceed amount given uncertainty regarding the number of Trustees and PAC members that may elect to pursue training. Expenditures for physicals are per the pension ordinance requirement that new employees must pass a comprehensive physical exam to be accepted into the pension plan. An increased volume of physicals is forecast due to staff turnover and projected new hires. Reimbursements to the General Fund and Central Insurance Fund are for the cost of oversight and administration of the Plan. The reimbursements are for services provided by Human Resources, Payroll, and Finance personnel, along with related operating expenditures. The City Attorney's Office provides primary in-house legal representation for the plan, while the firm of Klausner, Kaufman, Jensen and Levinson currently serves as the Plan's outside counsel. The firm of Banker, Lopez, Gassler provides outside legal services for PAC disability pension claims. Annual attorney fees also include medical bills for medical services authorized by the PAC. Page 4 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Money manager, performance measurement consulting, custodial/safekeeping, and actuary fees (other than actuary hourly consulting and special projects) are all governed by contracts separately approved by the Trustees and are not included in this agenda item total. APPROPRIATION CODE AND AMOUNT: 6467410-5xxxxx (various pension plan expenditure codes) Trustee Teixeira moved to approve pension plan administrative expenditures for fiscal year 2024 totaling a not-to-exceed amount of $359,400. The motion was duly seconded and carried unanimously. 4.3 Approve the new hires for acceptance into the Pension Plan as listed. Name/Job Classification/DepartmentPension 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, Fire03/13/2023 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, IT 03/27/2023 Kenneth Craven, Network Analyst, IT 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 Tech., 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 Rep., 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, IT 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, Gas04/10/2023 Page 5 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Amber Brice, Cultural Affairs Coordinator, Office of Innovation 03/11/2023 Jonathon Kline, Police Telecom municator, Police 02/25/2023 James Gray, Fleet Mechanic, General Services 03/27/2023 Trustee Allbritton moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. 4.4 Approve the new hires for acceptance into the Pension Plan as listed. Name/Job Classification/Department Pension Eligibility Date Desiree Bain, Customer Service Rep., Utility Customer Service 4/24/2023 Donna Ard, Customer Service Rep., Utility Customer Service 4/24/2023 Kelsey Nawman, Customer Service Rep., Utility Customer Serv. 4/24/2023 Simeon Johnson, Fire Inspector I, Fire 4/24/2023 Yvette Rodriguez-Clanton, Contracts & Procurement Spec., Gen. Services 4/24/2023 Shane Barsness, Fleet Mechanic, General Services 4/24/2023 Robert Hickman, Landscape Manager, Parks& Recreation 4/24/2023 Jason Coole, Parks Service Technician, Parks& Recreation 4/24/2023 Cristian Perez, Parks Service Technician, Parks & Recreation4/24/2023 Nicholas Jackson, Parks Service Technician, Parks & Rec. 4/24/2023 James Tran, Marine Facility Operator, Parks & Recreation 4/24/2023 Karen Swafford, Administrative Assistant, Public Utilities 4/24/2023 Ryan Duval, Wastewater Treatment Plant Oper. Trainee, Public Utilities 4/24/2023 Chrystal Robinson, Utility Dispatcher, Gas 4/24/2023 Philip Lewis, Utility Dispatcher, Gas 4/24/2023 Savannah Elliott, Library Programming Specialist, Library 4/22/2023 Olgen Sumulla, Parking, Facility & Security Aide, Public Works 4/22/2023 David Lutz, Senior Professional Engineer, Public Works 4/25/2023 MD Sayedul Arefin, Lead Engineering Specialist , Public Works 4/28/2023 Tanya Nash, Personnel/Payroll Technician, Fire 5/8/2023 Noah Wells, Personnel/Payroll Technician, Fire 5/8/2023 Michael Krutchick, Rec. Facilities Support Custodian, Parks & Rec. 5/8/2023 Armon Reedy, Water Distribution Operator Trainee, Public Utilities 5/8/2023 Tyler Bohnsack, Water Treatment Plant Operator C, Public Utilities 5/8/2023 Marina Tsongranis, Contract& Procurement Specialist, Public Works 5/8/2023 Tatyanna Maridon, Solid Waste Accounts Coordinator, Solid Waste 5/8/2023 Christopher Perry, Solid Waste Worker, Solid Waste 5/8/2023 John Dallaire, Parks Service Technician, Parks & Recreation 5/22/2023 Charles Webb, Recreation Coordinator, Parks & Recreation 5/22/2023 Collin Hurley, Marine Facility Operator , Parks & Recreation 5/22/2023 Ryan Chandler, Police, Police 5/22/2023 Brittney Roy, Police, Police 5/22/2023 Monica Mejia, Police Records Specialist, Police 5/22/2023 Andrija Selak, Project Manager, Public Utilities 5/22/2023 Page 6 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Sean Murphy, Wastewater Treatment Plant Oper. Trainee, Public Utilities 5/22/2023 Zachary Watt, Firefighter/EMT, Fire 6/5/2023 Jose Quinones, Firefighter/EMT, Fire 6/5/2023 Tristan Robey, Firefighter/EMT, Fire 6/5/2023 Fisher Davis, Firefighter/EMT, Fire 6/5/2023 Michael Sadok, Fire Medic, Fire 6/5/2023 Nicholas Steadman, Fire Medic, Fire 6/5/2023 Shawn Binion, Fire Medic, Fire 6/5/2023 Docho Florov, Fire Medic, Fire 6/5/2023 Joseph Jummati, Fire Medic, Fire 6/5/2023 William Thomas, Fire Medic, Fire 6/5/2023 Douglas Black, Utility Dispatcher, Gas 6/5/2023 Kyle Bradley, Water Distribution Operator Trainee, Public Utilities 6/5/2023 Wayne LaFleur, Public Utilities Assist. Mgr.- Infrastructure Maintenance, PU 6/5/2023 Janette Rawls, Senior Human Resources Analyst, Human Resources 6/21/2023 Shivam Shewa, Business Systems Analyst, IT 6/21/2023 Antonio Ojeda Henriquez, Parks Service Technician, Parks & Rec. 6/21/2023 Marissa Pease, Police Service Technician, Police 6/21/2023 Kenny Robinson, Utilities Mechanic, Public Utilities 6/21/2023 Trent Marshall, Wastewater Treatment Plant Oper. Trainee, Public Utilities 6/21/2023 Billy Stephens, Solid Waste Equipment Operator, Solid Waste 6/21/2023 Alyssa Feller, Business Systems Analyst, IT 07/03/2023 Daniel Alexander, Police Service Technician - Traffic Crash, Police 07/03/2023 Susan Maloney, Police Service Technician, Police 07/03/2023 Elizabeth Khan, Senior Accountant, Solid Waste & Recycling 07/03/2023 Diego Lozada, Customer Service Representative, Finance/UCS 07/03/2023 Kimberly Rivera Dilan, Customer Service Rep., Finance/UCS 07/03/2023 Courtney Roberts, HR Analyst, Human Resources 07/03/2023 Nathaniel Hampton, Parks Service Technician, Parks & Rec. 07/03/2023 Lillian Acevedo, Accounting Technician, Public Utilities 07/03/2023 Eric Morrison, Stormwater Technician, Public Works 07/03/2023 Bethany Nin, Cadet, Police 07/17/2023 Keyon Evans, Cadet, Police 07/17/2023 Michael Kelchner, Police Officer, Police 07/17/2023 Matthew Peterson, Police Officer, Police 07/17/2023 Jason Raia, Police Officer, Police 07/17/2023 Kenneth Casey, Police Officer, Police 07/17/2023 Amanda Royal, Police Telecom m unicator, Police 07/17/2023 Morgan Williams, Police Telecom m unicator, Police 07/17/2023 Alyssa Atwell, Police Telecom m unicator, Police 07/17/2023 Karen Kruse, Accounting Technician, Police 07/17/2023 Nick Bauman, CAD & GIS Technician, Public Works 07/17/2023 Joshua Felix, Parks Service Technician, Parks & Recreation 07/17/2023 Jaycob Bergeron, Parks Service Technician, Parks & Rec. 07/17/2023 Eric Hartell, Parks Service Technician, Parks & Recreation 07/17/2023 Donald Macintyre, Parks Service Technician, Parks & Rec. 07/17/2023 Jamar Williams, Parks Service Technician, Parks & Rec. 07/17/2023 Joshua Ice, Parks Service Technician, Parks & Recreation 07/17/2023 Matthew Carstensen, Recreation Coordinator, Parks & Rec. 07/17/2023 Lisa Byington, Code Enforcement Inspector, Planning & Dev. 07/17/2023 Nicholas Leggiere, Utilities Mechanic, Public Utilities 07/17/2023 Page 7 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Joseph Ortiz, Utilities Mechanic, Public Utilities 07/17/2023 Vaden Moon, Pool Lifeguard, Parks & Recreation 07/31/2023 Jaquez Byrd, Parks Service Technician, Parks & Recreation 07/31/2023 Homero Baeza, Parks Service Technician, Parks & Rec. 07/31/2023 Macktoshia (Tasha) Hadley, Parks Service Technician, CRA 07/31/2023 Harrison "Harry" Zabaleta, Community Redevelopment Spec., CRA 07/31/2023 Mychal Gibson, Solid Waste Worker, Solid Waste & Recycling 07/31/2023 Victor George, Solid Waste Worker, Solid Waste & Recycling 07/31/2023 Peter Lebel, Solid Waste Equipment Operator, Solid Waste & Recycling 07/31/2023 Edvin Muratovic, Solid Waste Equipment Oper., Solid Waste & Recycling 07/31/2023 Bernard Cleveland, Parks Service Technician, Parks& Rec. 07/31/2023 Abyi Santiago, Parks Service Technician, Parks & Recreation 07/31/2023 Konstantinos Apergis, Parks Service Technician, Parks & Rec. 07/31/2023 Donald Holcomb, Solid Waste Equipment Oper., Solid Waste & Recycling 07/31/2023 Abyi Santiago, Parks Service Technician, Parks & Recreation 08/01/2023 Julia Baltas, Community Redevelopment Specialist, CRA 08/14/2023 Willie Culver, Gas Tech Apprentice, Gas 08/14/2023 Savon Stevenson, Parks Service Technician, Parks & Rec. 08/14/2023 Michael Meurant, Parks Service Technician, Parks & Rec. 08/14/2023 Bryce Talley, Parks Service Technician, Parks & Recreation 08/14/2023 Jatavious Byrd, Parks Service Technician, Parks & Recreation 08/14/2023 Adrian Brown, Water Distr Oper Trainee, Public Utilities 08/14/2023 David Williams, Parking Enforcement Specialist, Public Works 08/14/2023 Matthew Ruskey, Parking Enforcement Specialist, Public Works 08/14/2023 Thomas Campbell, CAD & GIS Technician, Public Works 08/14/2023 Angel Castro, Street Sweeper Oper, Public Works 08/14/2023 Brian Boyer, Parking, Fac, & Sec Aide, Public Works 08/14/2023 Delbert Jackson, Solid Waste Worker, Solid Waste & Recycling 08/14/2023 Trustee Beckman moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. 4.5 Approve the following request of employees Eryn Berg, Finance Department and Charles Eric Wilson, Sr, General Services Department, to vest their pension as provided by Section 2.419 of the Employees' Pension Plan. Eryn Berg, Senior Procurement Analyst, Finance Department, was employed by the City on February 6, 2016, and her pension service credit is effective on that date. Ms. Berg terminated from City employment on May 25, 2023. Charles Eric Wilson, Sr, Radio Division Manager, General Services Department, was employed by the City on April 15, 1996, and his pension service credit is effective on that date. Mr. Wilson terminated from City employment on May 24, 2023. The Employees' Pension Plan provides that should an employee cease to be Page 8 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 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. Ms. Berg will meet the non-hazardous duty criteria and begin collecting a pension in September of 2049. Mr. Wilson will meet the non-hazardous duty criteria and begin collecting a pension in May of 2026. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 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. Trustee Bunker moved to approve the following request of employees Eryn Berg, Finance Department and Charles Eric Wilson, Sr, 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. 4.6 Approve the following request of employees Matthew Carter, General Services Department, Kelly Hemming, Information Technology Department, and Donald Packer, Gas Department to vest their pension as provided by Section 2.419 of the Employees' Pension Plan. Matthew Carter, Skilled Trades Worker, General Services Department, was Page 9 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 employed by the City on December 5, 2011, and his pension service credit is effective on that date. Mr. Carter terminated from city employment on June 27, 2023. Kelly Hemming, Sr Telecommunications Analyst, Information Technology Department, was employed by the City on February 5, 2018, and her pension service credit is effective on that date. Ms. Hemming terminated from city employment on September 5, 2023. Donald Packer, Gas Sales Representative, Gas Department, was employed by the City on November 8. 1999, and his pension service credit is effective on that date. Mr. Packer terminated from city employment on September 11, 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 five or more years (non-hazardous duty) and ten or more years (hazardous duty) 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. Carter will meet the non-hazardous duty criteria and begin collecting a pension in January of 2042. Ms. Hemming will meet the non-hazardous duty criteria and begin collecting a pension in July of 2029. Mr. Packer will meet the non-hazardous duty criteria and begin collecting a pension in December of 2029. 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. Trustee Teixeira moved to approve the following request of Page 10 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 employees Matthew Carter, General Services Department, Kelly Hemming, Information Technology Department, and Donald Packer, Gas Department to vest their pension as provided by Section 2.419 of the Employees' Pension Plan. The motion was duly seconded and carried unanimously. 4.7 Approve the following request of Jeffrey Harris, Information Technology Department, Tim Hulburt, Solid Waste and Recycling Department, Robert McKnight, Solid Waste and Recycling Department, John "Jack" Sadowski, Public Utilities Department, Daniel Slaughter, Police Department, Patricia Sullivan, City Clerk's Office, and William Taggart, Police Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees' Pension Plan. Jeffrey Harris, Senior Systems Programmer, Information Technology Department, was employed by the City on November 12, 1996, 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 $91,600.36 over the past five years, the formula for computing regular pensions and Mr. Harris' selection of the Single Life Annuity, this pension benefit will be approximately $66,900.72 annually. Tim Hulburt, Solid Waste Worker, Solid Waste & Recycling 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 September 1, 2023. Based on an average salary of approximately $44,908.13 over the past five years, the formula for computing regular pensions and Mr. Hulburt' s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $29,946.48 annually. Robert McKnight, Solid Waste Equipment Operator, Solid Waste & Recycling Department, was employed by the City on June 16, 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 $46,766.49 over the past five years, the formula for computing regular pensions and Mr. McKnight's selection of the Single Life Annuity, this pension benefit will be approximately $25, 775.16 annually. John "Jack" Sadowski, Wstwtr Trtmnt Plant Chief OP, Public Utilities Department, was employed by the City on March 5, 2007, 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 $63,768.49 over the past five years, the formula for computing regular pensions and Mr. Sadowski's selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $24,539.28 annually. Page 11 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Daniel Slaughter, Police Chief, Police Department, was employed by the City on October 19, 1992, 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 $157,059.26 over the past five years, the formula for computing regular pensions and Mr. Slaughters' selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $128,997.12 annually. Patricia Sullivan, Board Reporter, City Clerk's Office was employed by the City on December 13, 1993, and her pension service credit is effective on February 7, 1994. Her pension will be effective May 1, 2023. Based on an average salary of approximately $48,407.74 over the past five years, the formula for computing regular pensions and Ms. Sullivan's selection of the Single Life Annuity, this pension benefit will be approximately $38,893.56 annually. William Taggart, Police Service Technician, Police Department, was employed by the City on September 16, 1991, and his pension service credit is effective on that date. His pension will be effective August 1, 2023. Based on an average salary of approximately $55,686.44 over the past five years, the formula for computing regular pensions and Mr. Taggart's selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $42,379.92 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. Harris, Mr. Hulburt, Mr. McKnight, Mr. Sadowski, Ms. Sullivan, and Mr. Taggart 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. Slaughter has met the hazardous duty criteria. Trustee Allbritton moved to approve the following request of Jeffrey Harris, Information Technology Department, Tim Hulburt, Page 12 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Solid Waste and Recycling Department, Robert McKnight, Solid Waste and Recycling Department, John "Jack" Sadowski, Public Utilities Department, Daniel Slaughter, Police Department, Patricia Sullivan, City Clerk's Office, and William Taggart, Police Department, for a regular pension as provided by Sections 2.416 and 2.424 of the Employees' Pension Plan. The motion was duly seconded and carried unanimously. 4.8 Approve the following request of Carol Barden, Finance Department, Laura Dann, Library Department, Joseph Hill, Solid Waste and Recycling Department, Vince Kirkland, Public Utilities Department, Todd Kuhnel, Public Utilities Department, Martin Lindemann, Solid Waste and Recycling Department, and Elliot Shoberg, Public Works Department, fora regular pension as provided by Sections 2.416 and 2.424 of the Employees' Pension Plan. Carol Barden, Senior Staff Assistant, Finance Department, was employed by the City on October 13, 1997, and her pension service credit is effective on that date. Her pension will be effective October 1, 2023. Based on an average salary of approximately $44,931.84 over the past five years, the formula for computing regular pensions and Ms. Barden's selection of the Single Life Annuity, this pension benefit will be approximately $32,081.64 annually. Laura Dann, Senior Librarian, Library Department, was employed by the City on July 19, 1990, and her pension service credit is effective on that date. Her pension will be effective January 1, 2024. Based on an average salary of approximately $72,214.39 over the past five years, the formula for computing regular pensions and Ms. Dann's selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $61,691.88 annually. Joseph Hill, Solid Waste Supervisor, Solid Waste and Recycling Department, was employed by the City on September 19, 1994, and his pension service credit is effective on that date. His pension will be effective October 1, 2023. Based on an average salary of approximately $68,418.48 over the past five years, the formula for computing regular pensions and Mr. Hill's selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $45,767. 88 annually. Vince Kirkland, Senior Wastewater Collections Technician, Public Utilities Department, was employed by the City on December 21, 1998, and his pension service credit is effective on June 10, 2000. His pension will be effective July 1, 2023. Based on an average salary of approximately $51,389.97 over the past five years, the formula for computing regular pensions and Mr. Kirkland's selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $29,565.36 annually. Page 13 City of Clearwater Pension Trustees Meeting Minutes October 16, 2023 Todd Kuhnel, Lead Engineering Specialist, Public Utilities Department, was employed by the City on September 2, 1997, 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 $58,653.00 over the past five years, the formula for computing regular pensions and Mr. Kuhnel' s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $38,829.84 annually. Martin Lindemann, Solid Waste Worker, Solid Waste and Recycling Department, was employed by the City on August 10, 2010, and his pension service credit is effective on November 8, 2010. His pension will be effective August 1, 2023. Based on an average salary of approximately $34,288.38 over the past five years, the formula for computing regular pensions and Mr. Lindemann's selection of the Single Life Annuity, this pension benefit will be approximately $11,980.44 annually. Elliot Shoberg, Deputy City Engineer, Public Works Department, was employed by the City November 8, 1999, and his pension service credit is effective on that date. His pension will be effective January 1, 2024. Based on an average salary of approximately $113,569.88 over the past five years, the formula for computing regular pensions and Mr. Shoberg' s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $68,537.88 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. Ms. Barden, Ms. Dann, Mr. Hill, Mr. Kirkland, Mr. Kuhnel, Mr. Lindemann, and Mr. Shoberg 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. has met the hazardous duty criteria. Page 14 City of Clearwater Pension Trustees 5. Adjourn Meeting Minutes October 16, 2023 Trustee Beckman moved to approve the following request of Carol Barden, Finance Department, Laura Dann, Library Department, Joseph Hill, Solid Waste and Recycling Department, Vince Kirkland, Public Utilities Department, Todd Kuhnel, Public Utilities Department, Martin Lindemann, Solid Waste and Recycling Department, and Elliot Shoberg, Public Works 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. The meeting adjourned at 2:02 p.m. Chir Employees' Pension Plan Trustees Page 15 City of Clearwater