10/16/2023Monday, October 16, 2023
1:00 PM
City of Clearwater
Main Library - Council Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
Pinellas County, 333 Chestnut Street, Palm Room, Clearwater, FL
33756
Pension Trustees
Meeting Agenda
October 16, 2023Pension Trustees Meeting Agenda
1. Call To Order
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.
3. Citizens to be Heard Regarding Items Not on the Agenda
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.
4.2 Approve pension plan administrative expenditures for fiscal year 2024 totaling a
not-to-exceed amount of $359,400.
4.3 Approve the new hires for acceptance into the Pension Plan as listed.
4.4 Approve the new hires for acceptance into the Pension Plan as listed.
4.5 Approve the following request of employees 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.
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.
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.
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, for a regular
pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension
Plan.
Page 2 City of Clearwater Printed on 10/9/2023
October 16, 2023Pension Trustees Meeting Agenda
5. Adjourn
Page 3 City of Clearwater Printed on 10/9/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0956
Agenda Date: 10/16/2023 Status: Agenda ReadyVersion: 1
File Type: MinutesIn Control: Pension Trustees
Agenda Number: 2.1
SUBJECT/RECOMMENDATION:
Approve the minutes of the June 12, 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 10/9/2023
Pension Trustees Meeting Minutes June 12, 2023
Page 1 City of Clearwater
City of Clearwater
Main Library - Council Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
Meeting Minutes
Monday, June 12, 2023
1:00 PM
Main Library - Council Chambers
Pension Trustees
Draft
Pension Trustees Meeting Minutes June 12, 2023
Page 2 City of Clearwater
Rollcall
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 1:18 p.m. 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.
Trustee Beckman moved to approve the minutes of the April 17,
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 January 1, 2023 Annual Actuarial Valuation for the Employees’ Pension Plan. 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% Draft
Pension Trustees Meeting Minutes June 12, 2023
Page 3 City of Clearwater
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.
Gabriel, Roeder, Smith, & Co. Actuary Pete Strong reviewed the report. He
said the plan is still the best plan in the state and remains fully funded. The
required contribution (cost of benefits being earned) has increased
due to the increase in payroll. He said the plan has a healthy credit
balance that could be used at any time. He said there was a net actuarial
loss of $21.8 million for the year, due to inflation driven salary increases,
which affected all past benefits earned, and a lower expected mortality. Mr.
Strong said there was a small loss on the asset side; the return on the
market value was -14% and the return on the smooth actuarial value of
assets was 6.08%. The expected value was 6.5%.
In response to questions, Mr. Strong said the plan would still be more
than 100% funded if a more conservative mortality table is used.
Historically, the City has put in more funds than required, more in line
with a conservative mortality table. He said the credit balance resulted from Draft
Pension Trustees Meeting Minutes June 12, 2023
Page 4 City of Clearwater
the additional contribution. He recommended the City continue contributing
more than the required minimum amount to build up the credit balance.
If the investment returns fall short of expectations, the credit balance can
be used to keep the contribution at a reasonable level. Employees being
hired in their 40s or 50s would retire with a smaller pension benefit. Those
with smaller benefits will not add much liability to the plan.
4.2 Approve 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, IT 03/27/2023 Kenneth Craven, Network Analyst, Information Technology 03/27/2023 Timothy Dallaire, Parks Service Tech., 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, 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 Trustee Bunker moved to approve the new hires for acceptance
into the Pension Plan as listed. The motion was duly seconded Draft
Pension Trustees Meeting Minutes June 12, 2023
Page 5 City of Clearwater
and carried unanimously.
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.
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 Draft
Pension Trustees Meeting Minutes June 12, 2023
Page 6 City of Clearwater
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
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. The motion was
duly seconded and carried unanimously.
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.
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 Draft
Pension Trustees Meeting Minutes June 12, 2023
Page 7 City of Clearwater
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
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. Draft
Pension Trustees Meeting Minutes June 12, 2023
Page 8 City of Clearwater
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.
Trustee Allbritton moved to 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. The motion was duly seconded and
carried unanimously.
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).
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.
Trustee Beckman moved to Determine Trustees’ expected rate of
Return (6.5%) 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). The motion was duly
seconded and carried unanimously.
Draft
Pension Trustees Meeting Minutes June 12, 2023
Page 9 City of Clearwater
5. Adjourn
The meeting adjourned at 1:39 p.m.
Chair Employees’ Pension Plan Trustees
Attest
City Clerk Draft
INDIVIDUAL SPEAKER
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CLEARWATER
BRIGHT ANDBEAUTIFUL • BAY TO BEACH
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-1243
Agenda Date: 10/16/2023 Status: Agenda ReadyVersion: 1
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.1
SUBJECT/RECOMMENDATION:
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.
SUMMARY:
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 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.
Page 1 City of Clearwater Printed on 10/9/2023
City of Clearwater Employees’
Pension Plan
EXPERIENCE INVESTIGATION FOR THE FIVE YEARS
ENDED DECEMBER 31, 2022
September 29, 2023
Board of Trustees
City of Clearwater Employees’ Pension Plan
Clearwater, Florida
Re: Experience Investigation for the Five-Year Period Ending December 31, 2022
Dear Board Members:
Gabriel, Roeder, Smith & Company is pleased to provide the results of our experience investigation for the
City of Clearwater Employees’ Pension Plan. The period covered by this study is January 1, 2018 through
December 31, 2022. Based upon the results, certain changes in actuarial assumptions for valuation purposes
are recommended.
The Table of Contents, which immediately follows, sets out the material contained in this report.
This Report was prepared at the request of the Board and is intended for use by the Pension Plan (Plan)
and those designated or approved by the Board. This Report may be provided to parties other than the
Plan only in its entirety and only with the permission of the Board.
The purpose of this Report is to evaluate the assumptions and methods to be used for the January 1, 2024
and subsequent years’ Actuarial Valuations, and to describe the financial effect of the recommended
assumption and method changes based on our findings. This Report should not be relied on for any
purpose other than the purpose described above.
The study was performed on the basis of participant data and financial information supplied by the City in
connection with the valuations performed during the years studied. We checked for internal and year-to-
year consistency, but did not audit this data. We are not responsible for the accuracy or completeness of
the information provided by the City.
The enclosed calculations are based upon the Plan provisions as summarized in the January 1, 2023
Actuarial Valuation Report dated May 15, 2023. If you have reason to believe the assumptions used are
unreasonable, the Plan provisions are incorrectly described or referenced, or that important Plan
provisions relevant to this study are not described, you should contact the undersigned prior to relying on
this information.
The valuation date used for calculating the financial effect of the assumption and method changes was
January 1, 2023. 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
Board of Trustees, City of Clearwater Employees’ Pension Plan
September 29, 2023
Page 2
assumptions; 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.
Peter N. Strong and Trisha Amrose are members of the American Academy of Actuaries and meet the
Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained
herein. The signing actuaries are independent of the plan sponsor.
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 Plan 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.
Gabriel, Roeder, Smith & Company will be pleased to review this Report with the Board of Trustees and to
answer any questions pertaining to the valuation.
Respectfully submitted,
GABRIEL, ROEDER, SMITH & COMPANY
By By
Peter N. Strong, FSA, MAAA, FCA Trisha Amrose, MAAA, FCA
Enrolled Actuary No. 23-06975 Enrolled Actuary No. 23-08010
TABLE OF CONTENTS
Item Page No.
Section A - Summary of Findings 1
Section B - Assumption Study and Experience Review Results
Methodology 3
Basic Results and Conclusions 4
Rates of Salary Increase 4
Rates of Retirement 6
Rates of Separation 9
Rates of Disability 13
Rates of Marriage and Spouse Age Differences 15
Rates of Mortality 16
Rate of Investment Return 17
Section C - Appendices
Appendix A: Comparison of Actual and Expected Annual Salaries 23
Appendix B: Comparison of Actual and Expected Retirements 26
Appendix C: Comparison of Actual and Expected Separations 28
Appendix D: Comparison of Actual and Expected Disabilities 32
Appendix E: Purpose of an Actuarial Valuation 33
Role of the Actuarial Assumptions 33
Appendix F:
Risks Associated with Measuring the Accrued Liability and
Actuarially Determined Contribution
34
0
SECTION A
SUMMARY OF FINDINGS
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
1
SUMMARY OF FINDINGS
The five-year period (January 1, 2018 to December 31, 2022) covered by this experience
investigation period provided sufficient data to form a basis for recommending updates in the
following demographic and financial assumptions used in the actuarial valuation of the Pension
Plan.
Recommended changes in actuarial assumptions resulting from this experience investigation,
including the approximate first-year impact on the required City contributions as a dollar amount
and as a percent of covered payroll, the approximate first year impact on the funded ratios, and the
impact on the unfunded actuarial liability (UAL), are summarized below. If these changes are made
in the January 1, 2024 Actuarial Valuation Report, the impact on the FY 2025 City contributions and
funded ratios as of January 1, 2024, and the impact on the UAL may vary to some extent from what
is shown below.
For comparison purposes, the net required City contribution for the fiscal year ending September
30, 2024 is 13.40% of covered payroll, or $13,538,484 (broken down as $4,253,423 for non-
hazardous employees, $5,128,167 for police officers, and $4,156,894 for firefighters); the funded
ratio as of January 1, 2023, not including the credit balance in the actuarial value of assets, was
108.81% (110.05% for non-hazardous employees, 108.23% for police officers, and 106.58% for
firefighters); and the UAL as of January 1, 2023, not including the credit balance in the actuarial
value of assets, was -$98,960,255 (-$56,667,565 for non-hazardous employees, -$27,249,588 for
police officers, and -$15,043,102 for firefighters). The credit balance as of January 1, 2023 was
$35.6 million.
Our recommendations are as follows:
− Update the future salary increase assumption to reflect higher than expected real salary increases
for all groups (more so for firefighters and non-hazardous employees than for police officers).
Group Initial Req. City Contribution Impact Funded Ratio Impact UAL Impact*
Non-Haz Employees +$1,840,457 or +3.11% of covered pay 109.21% (-0.84%) +$4,348,370
Police Officers +$55,545 or +0.16% of covered pay 109.07% (+0.84%) -$2,560,271
Firefighters +$455,293 or +2.20% of covered pay 106.61% (+0.03%) -$74,585
Total +$2,351,295 or +2.26% of covered pay 108.64% (-0.17%) +$1,713,514
− Update assumed future retirement rates to reflect generally lower observed retirement
experience than expected (although they were higher than expected at some age/service points
for police officers and firefighters).
Group Initial Req. City Contribution Impact Funded Ratio Impact UAL Impact*
Non-Haz Employees -$80,864 or -0.14% of covered pay 110.52% (+0.47%) -$2,427,196
Police Officers -$28,011 or -0.12% of covered pay 108.13% (-0.10%) +$314,789
Firefighters +$16,970 or +0.09% of covered pay 106.26% (-0.32%) +$686,882
Total -$91,905 or -0.09% of covered pay 108.94% (+0.13%) -$1,425,525
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
2
− Update assumed rates of future separation from employment to reflect lower than expected
separation rates for firefighters and higher than expected separation experience for non-
hazardous employees and police officers.
Group Initial Req. City Contribution Impact Funded Ratio Impact UAL Impact*
Non-Haz Employees -$466,718 or -0.80% of covered pay 109.69% (-0.36%) +$1,835,355
Police Officers -$111,310 or -0.48% of covered pay 108.22% (-0.01%) +$26,591
Firefighters +$37,247 or +0.19% of covered pay 106.71% (+0.13%) -$279,184
Total -$540,781 or -0.54% of covered pay 108.65% (-0.16%) +$1,582,762
− Update the assumed rates of future disability to reflect lower observed disability experience than
expected.
Group Initial Req. City Contribution Impact Funded Ratio Impact UAL Impact*
Non-Haz Employees -$69,071 or -0.12% of covered pay 109.96% (-0.09%) +$440,002
Police Officers -$35,686 or -0.15% of covered pay 108.22% (-0.01%) +$42,846
Firefighters -$89,962 or -0.47% of covered pay 106.46% (-0.12%) -$246,222
Total -$194,719 or -0.19% of covered pay 108.74% (-0.07%) +$729,070
− Update the assumed probability that a member is married when they retire to reflect somewhat
lower observed rates of marriage than expected and to adjust the assumed age difference between
members and their spouses to reflect actual observed data for recent retirees. Group Initial Req. City Contribution Impact Funded Ratio Impact UAL Impact*
Non-Haz Employees -$4,483 or -0.01% of covered pay 110.36% (+0.31%) -$1,573,027
Police Officers -$26,112 or -0.11% of covered pay 108.80% (+0.57%) -$1,718,855
Firefighters -$21,017 or -0.11% of covered pay 107.27% (+0.69%) -$1,475,230
Total -$51,612 or -0.05% of covered pay 109.27% (+0.46%) -$4,767,112
− Combined effect of all of the above assumption changes (salary increase rates, retirement rates,
separation rates, disability rates, and marriage rates and spouse age differences).
Group Initial Req. City Contribution Impact Funded Ratio Impact UAL Impact*
Non-Haz Employees +$1,166,633 or +1.96% of covered pay 109.41% (-0.64%) +$3,264,895
Police Officers -$140,994 or -0.69% of covered pay 109.51% (+1.28%) -$3,866,860
Firefighters +$406,764 or +1.95% of covered pay 106.97% (+0.39%) -$842,973
Total +$1,432,403 or +1.36% of covered pay 108.95% (+0.14%) -$1,444,938
Note: The sum of the individual cost impacts does not equal the impact of all changes combined due to
the interaction of Plan provisions and actuarial assumptions with one another and the effect that one
assumption change can have on the impact of another assumption change.
* The Plan is in a surplus position (it has a negative UAL - the actuarial value of assets exceeds the actuarial
accrued liability) as of January 1, 2023, both before and after reflecting the proposed assumption changes.
As such, the change in the UAL due to the proposed assumption changes does not impact the required City
contribution (RCC), so the change in the RCC shown above is due to the change in Normal Cost only.
SECTION B
EXPERIENCE INVESTIGATION RESULTS
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
3
Methodology
The methodology, basic results and conclusions of the five-year experience investigation of the
actuarial assumptions are described below.
The expected salaries at the end of each year were obtained by use of the salary scale assumption
used in the January 1, 2023 actuarial valuation. The resulting expected salaries were then
compared with the actual salaries reported.
The number of members exposed to risk during each period was tabulated (exposure) and the
expected incidence of separation (separation of members not eligible for normal retirement),
retirement and disability were obtained by use of the retirement, separation and disability rates
employed in the January 1, 2023 actuarial valuation. The actual number of retirements, separations
and disabilities was tabulated and compared with those expected.
For the marriage assumption and spouse age difference assumption, actual marital status and
spouse/beneficiary data was collected for retirements that have occurred during the past 5 years.
This data was tabulated and reviewed.
Finally, an evaluation of the Plan’s investment return assumption was conducted, using forward-
looking capital market assumptions (of expected investment returns and volatilities for various
asset classes) collected from 12 different investment consultants.
Consideration was given to the size of the group. Over the 5-year experience study period reviewed,
there were a total of 7,700 exposures (each active member compared from one year to the
subsequent year). This number of exposures is sufficient to provide partial credibility to the
observed experience, but it is insufficient to be considered fully credible. Therefore, we gave some
credibility to both the current assumptions, which were developed based on experience during the
period January 1, 2013 through January 1, 2018, and some credibility to the actual experience
observed during the current study period (January 1, 2018 through January 1, 2023), while
developing our recommended assumptions going forward. Giving some credibility to the
experience in both the current experience study period and the study period covered by the
previous experience study report is important because they cover different periods of time with
varying economic landscapes, which could impact salary increases and a member’s decision to
separate from employment or retire.
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
4
Basic Results and Conclusions
Rates of Salary Increase
Observed rates of real salary increases (net of inflation) during the experience investigation period
were generally higher than expected for all groups based on the current salary increase assumption
(but more so for firefighters and non-hazardous employees than for police officers).
We propose revised assumed rates of salary increase based on completed years of service as shown
in the tables below. We also propose changing the assumed rate of inflation from 2.25% to 2.40%
based on current forward-looking inflation expectations. Actual versus expected salary increase
experience is shown in Appendix A starting on page 23.
Complete Promotion,Total Promotion,Total
Years of Assumed Productivity Current Assumed Productivity Proposed
Service Inflation & Seniority Rates Inflation & Seniority Rates
Under 3 2.25%5.35%7.60%2.40%5.35%7.75%
3 - 4 2.25%4.00%6.25%2.40%5.35%7.75%
5 - 9 2.25%3.25%5.50%2.40%4.00%6.40%
10 - 14 2.25%3.00%5.25%2.40%4.00%6.40%
15 - 19 2.25%2.25%4.50%2.40%2.85%5.25%
20 & Over 2.25%2.25%4.50%2.40%2.00%4.40%
Proposed Salary Increase RatesCurrent Salary Increase Rates
SALARY INCREASE ASSUMPTION - FIREFIGHTERS
Complete Promotion,Total Promotion,Total
Years of Assumed Productivity Current Assumed Productivity Proposed
Service Inflation & Seniority Rates Inflation & Seniority Rates
Under 3 2.25%5.35%7.60%2.40%6.60%9.00%
3 - 4 2.25%4.00%6.25%2.40%6.60%9.00%
5 - 9 2.25%3.25%5.50%2.40%3.85%6.25%
10 - 14 2.25%3.00%5.25%2.40%2.60%5.00%
15 & Over 2.25%2.25%4.50%2.40%1.35%3.75%
SALARY INCREASE ASSUMPTION - POLICE OFFICERS
Current Salary Increase Rates Proposed Salary Increase Rates
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
5
Rates of Salary Increase (Continued)
Complete Promotion,Total Promotion,Total
Years of Assumed Productivity Current Assumed Productivity Proposed
Service Inflation & Seniority Rates Inflation & Seniority Rates
Under 2 2.25%4.25%6.50%2.40%5.60%8.00%
2 2.25%3.35%5.60%2.40%3.60%6.00%
3 2.25%2.25%4.50%2.40%3.60%6.00%
4 - 9 2.25%1.50%3.75%2.40%3.60%6.00%
10 - 14 2.25%1.30%3.55%2.40%3.35%5.75%
15 - 19 2.25%0.80%3.05%2.40%2.60%5.00%
20 & Over 2.25%0.50%2.75%2.40%1.10%3.50%
SALARY INCREASE ASSUMPTION - NON-HAZARDOUS EMPLOYEES
Current Salary Increase Rates Proposed Salary Increase Rates
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
6
Rates of Retirement
The observed number of retirements during the experience investigation period was generally
lower than expected based on the current assumed rates of retirement (in the January 1, 2023
actuarial valuation), although they were higher at some age/service points for police officers and
firefighters.
The current and proposed retirement rates are shown in the following tables. Actual versus
expected experience is shown in Appendix B on page 26.
Years of Expected Expected
Service Age Current Proposed
10 - 19 50 - 54 5%5%
55 - 59 15%15%
60 - 64 40%40%
65 & Over 100%40%
20 - 24 Under 55 15%15%
55 - 59 30%15%
60 - 64 40%40%
65 & Over 100%100%
25 - 29 Under 55 15%15%
55 - 59 30%35%
60 - 64 40%40%
65 & Over 100%100%
30 & Over Under 55 15%100%
55 - 59 30%100%
60 - 64 40%100%
65 & Over 100%100%
RETIREMENT RATES - FIREFIGHTERS
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
7
Rates of Retirement (Continued)
Years of Expected Expected
Service Age Current Proposed
10 - 19 50 - 54 5%5%
55 - 59 15%8%
60 - 64 40%20%
65 & Over 100%100%
20 - 29 Under 50 15%12%
50 - 54 15%20%
55 - 59 30%20%
60 - 64 40%40%
65 & Over 100%100%
30 - 34 Under 55 15%20%
55 - 59 30%30%
60 - 64 40%100%
65 & Over 100%100%
35 & Over Under 55 15%100%
55 - 59 30%100%
60 - 64 40%100%
65 & Over 100%100%
RETIREMENT RATES - POLICE OFFICERS
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
8
Rates of Retirement (Continued)
Years of Expected Expected
Service Age Current Proposed
5 - 9 65 - 74 30%20%
75 & Over 100%100%
10 - 19 65 - 74 30%30%
75 & Over 100%100%
20 - 29 55 - 59 20%20%
60 - 64 20%15%
65 - 69 30%30%
70 & Over 100%100%
30 & Over Under 55 45%30%
55 - 59 20%20%
60 - 64 30%20%
65 - 69 50%50%
70 & Over 100%100%
RETIREMENT RATES - NON-HAZARDOUS EMPLOYEES
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
9
Rates of Employment Separation
The observed rates of employment separations during the experience investigation period were
lower than expected for firefighters and higher than expected for non-hazardous employees and
police officers.
The current and proposed separation (withdrawal) rates are shown in the following tables. Actual
versus expected experience is shown in Appendix C starting on page 28.
Years of Service Age Current Rates Proposed Rates
Under 1 Under 30 8.5%8.0%
30 & Over 8.5%4.0%
1 Under 30 7.5%8.0%
30 & Over 7.5%4.0%
2 - 4 Under 30 4.5%5.0%
30 - 39 4.5%3.0%
40 & Over 2.5%3.0%
5 Under 30 4.5%5.0%
30 - 39 4.5%1.8%
40 & Over 2.5%1.8%
6 & Over Under 30 2.0%5.0%
30 - 39 2.0%1.8%
40 & Over 1.5%1.8%
Years of Service Age Current Rates Proposed Rates
Under 1 Under 40 20.0%5.0%
40 & Over 20.0%2.0%
1 & Over Under 40 4.0%5.0%
40 & Over 4.0%2.0%
SEPARATION RATES
FIREFIGHTERS - Males
SEPARATION RATES
FIREFIGHTERS - Females
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
10
Rates of Employment Separation (Continued)
Years of Service Age Current Rates Proposed Rates
Under 1 Under 30 8.5%7.5%
30 & Over 8.5%4.0%
1 Under 30 7.5%7.5%
30 & Over 7.5%4.0%
2 Under 30 4.5%7.5%
30 - 39 4.5%4.0%
40 & Over 2.5%4.0%
3 - 4 Under 30 4.5%5.5%
30 - 39 4.5%3.5%
40 & Over 2.5%3.5%
5 Under 30 4.5%3.5%
30 - 39 4.5%2.6%
40 & Over 2.5%2.6%
6 & Over Under 30 2.0%3.5%
30 - 39 2.0%2.6%
40 & Over 1.5%2.6%
Years of Service Age Current Rates Proposed Rates
Under 1 All Ages 20.0%14.0%
1 All Ages 4.0%14.0%
2 - 3 All Ages 4.0%6.0%
4 & Over All Ages 4.0%3.9%
SEPARATION RATES
POLICE OFFICERS - Males
SEPARATION RATES
POLICE OFFICERS - Females
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
11
Rates of Employment Separation (Continued)
Years of Service Age Current Rates Proposed Rates
Under 1 Under 35 25.0%20.0%
35 & Over 11.0%20.0%
1 - 2 All Ages 16.0%18.0%
3 - 4 Under 40 11.0%12.0%
40 & Over 5.0%12.0%
5 - 9 Under 30 12.5%9.0%
30 - 34 5.0%9.0%
35 - 44 5.0%6.0%
45 - 49 5.0%5.0%
50 - 54 3.0%5.0%
55 - 59 3.0%3.5%
60 & Over 7.5%3.5%
10 & Over Under 35 7.5%5.0%
35 - 39 4.0%3.3%
40 - 44 3.5%3.3%
45 - 49 3.5%3.1%
50 - 54 2.0%3.1%
55 - 59 3.0%3.1%
60 & Over 4.5%3.1%
SEPARATION RATES
NON-HAZARDOUS EMPLOYEES - Males
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
12
Rates of Employment Separation (Continued)
Years of Service Age Current Rates Proposed Rates
Under 1 Under 30 22.0%25.0%
30 - 34 15.0%25.0%
35 - 39 5.0%25.0%
40 - 44 5.0%12.5%
45 - 49 14.0%12.5%
50 - 59 18.0%12.5%
60 & Over 25.0%12.5%
1 - 2 Under 30 22.0%17.0%
30 - 34 15.0%17.0%
35 - 44 5.0%17.0%
45 - 49 14.0%17.0%
50 - 59 18.0%17.0%
60 & Over 25.0%17.0%
3 - 4 Under 30 18.0%12.0%
30 - 39 14.0%12.0%
40 - 59 5.0%12.0%
60 & Over 20.0%12.0%
5 - 9 Under 35 5.0%9.0%
35 - 39 6.0%9.0%
40 - 44 6.0%7.0%
45 - 54 4.5%7.0%
55 - 59 4.5%4.0%
60 & Over 3.0%3.0%
10 & Over Under 40 6.0%6.0%
40 - 44 5.0%6.0%
45 - 49 3.75%3.5%
50 - 54 3.25%3.5%
55 - 59 2.75%3.0%
60 & Over 6.0%3.0%
SEPARATION RATES
NON-HAZARDOUS EMPLOYEES - Females
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
13
Rates of Disability
The actual number of disabilities was generally lower than the number of expected disabilities
(except for male police officers, where it was somewhat higher), more so for non-hazardous
employees than for any other group. As a result, we recommend modest changes to the assumed
rates of disability, as shown below. The proposed new disability rates for non-hazardous
employees are equal to the rates currently in use for Regular Class members of the Florida
Retirement System (FRS). Actual versus expected experience is shown in Appendix D on page 32.
Age Males Females Males Females
20 0.25%0.50%0.22%0.22%
25 0.25%0.50%0.22%0.22%
30 0.25%0.75%0.22%0.22%
35 0.30%1.00%0.26%0.26%
40 0.45%1.25%0.40%0.40%
45 0.60%1.50%0.52%0.52%
50 0.60%1.50%0.52%0.52%
55 0.60%1.50%0.52%0.52%
60 0.75%1.50%0.68%0.68%
65 1.00%1.50%0.88%0.88%
70 1.50%1.50%1.20%1.20%
DISABILITY RATES - FIREFIGHTERS
Expected Current Rates Expected Proposed Rates
Age Males Females Males Females
20 0.25%0.50%0.30%0.30%
25 0.25%0.50%0.30%0.30%
30 0.25%0.75%0.30%0.30%
35 0.30%1.00%0.35%0.35%
40 0.45%1.25%0.52%0.52%
45 0.60%1.50%0.72%0.72%
50 0.60%1.50%0.72%0.72%
55 0.60%1.50%0.72%0.72%
60 0.75%1.50%0.87%0.87%
65 1.00%1.50%1.10%1.10%
70 1.50%1.50%1.50%1.50%
DISABILITY RATES - POLICE OFFICERS
Expected Current Rates Expected Proposed Rates
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
14
Rates of Disability (Continued)
Age Males Females Males Females
20 0.03%0.03%0.001%0.001%
25 0.03%0.03%0.011%0.011%
30 0.03%0.03%0.011%0.011%
35 0.04%0.04%0.011%0.011%
40 0.07%0.07%0.021%0.021%
45 0.10%0.10%0.041%0.041%
50 0.14%0.14%0.082%0.082%
55 0.24%0.24%0.165%0.165%
60 0.29%0.29%0.216%0.216%
65 0.34%0.34%0.041%0.041%
70 0.44%0.44%0.041%0.041%
DISABILITY RATES - NON-HAZARDOUS EMPLOYEES
Expected Current Rates Expected Proposed Rates
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
15
Rates of Marriage and Spouse Age Differences
For the purposes of determining eligibility for the Joint and Survivor normal form of payment for
married members, an assumption for the probability that members are married when they retire is
made. This assumption is also used to determine eligibility for death-in-service benefits. Under the
current valuation assumptions, 75% of active members are assumed to be married.
Additionally, an assumption is made for the difference in ages between retirees and their
beneficiaries. For retirees who became inactive on or after January 1, 2015, actual beneficiary
genders and dates of birth are being used, so no assumption is necessary. For members who
became inactive before January 1, 2015, males are currently assumed to be 3 years older than
their beneficiaries and females are assumed to be 3 years younger than their beneficiaries.
For the 2018-2023 experience study, we analyzed data for retirements that occurred from January
1, 2018 through January 1, 2023. This analysis included 302 retirees, 166 of whom elected a joint
and survivor form of payment. Lower overall rates of marriage than expected were observed.
According to the data, 69.5% of members who retired during the past 5 years were married, and
the marriage rate for males (76.0%) was observed to be significantly higher than it was for females
(52.9%). In addition, lower than expected age differences between retirees and their beneficiaries
were observed. According to the data, male retirees were observed to be an average of 1.2 years
older than their beneficiaries and female retirees were observed to be an average of 0.8 years
younger than their beneficiaries.
Since a small sample of the total retiree population was used in this analysis, we recommend giving
some weight to the current assumptions and adjusting them to reflect the observed experience.
We recommend the following assumptions for the probability that members are married when they
retire and the difference in ages between retirees and their beneficiaries:
Assume 75% of active male members and 65% of active female members are married
when they retire or separate from employment for any other reason.
For members who retired or separated from employment prior to 2015, assume that male
retirees are 2 years older than their beneficiaries (who are assumed to be female) and
that female retirees are 2 years younger than their beneficiaries (who are assumed to be
male). For members who retired in 2015 or later, we will continue to use the actual
beneficiaries’ genders and dates of birth.
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
16
Rates of Mortality
The mortality assumption used in the Plan’s January 1, 2023 Actuarial Valuation is mandated under
Florida state law to be the mortality assumption used by the Florida Retirement System (FRS). We
are therefore not proposing any changes to the mortality assumption. FRS usually updates their
mortality assumption once every five years after an experience study is completed. The last FRS
experience study covered the period 2013 – 2018, and the resulting changes in assumptions were
effective in the July 1, 2019 actuarial valuation. The current FRS mortality assumption (and the
mortality assumption used in the January 1, 2023 Actuarial Valuation) is described below:
Healthy Mortality
Hazardous Employees (Police Officers and Firefighters)
Pre-Retirement: PUB-2010 Headcount Weighted Safety Employee Tables for Males and Females
(Below Median Table for Males), with ages set forward 1 year.
Post-Retirement: PUB-2010 Headcount Weighted Safety Healthy Retiree Tables for Males and
Females (Below Median Table for Males), with ages set forward 1 year.
Mortality improvements are projected to all future years after 2010 using Scale MP-2018.
Non-Hazardous Employees
Pre-Retirement: PUB-2010 Headcount Weighted General Below Median Employee Tables for Males
and Females, with ages set back 1 year for males.
Post-Retirement: PUB-2010 Headcount Weighted General Below Median Healthy Retiree Tables for
Males and Females, with ages set back 1 year for males.
Mortality improvements are projected to all future years after 2010 using Scale MP-2018.
Disabled Lives Mortality
Hazardous Employees (Police Officers and Firefighters)
80% of the PUB-2010 Headcount Weighted General Disabled Retiree Tables for Males and Females,
and 20% of the PUB-2010 Headcount Weighted Safety Disabled Retirees Tables for Males and
Females, both with no provision made for future mortality improvements.
Non-Hazardous Employees
PUB-2010 Headcount Weighted General Disabled Retiree Tables for Males and Females, with ages
set forward 3 years, and with no provision made for future mortality improvements.
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
17
Rate of Investment Return
The selection of the actuarial assumed rate of return is a major decision. It has even been a
controversial topic for many pension boards and outside observers at times.
HOW TO DETERMINE THE ACTUARIAL ASSUMED RATE OF RETURN
The assumed net long-term expected rate of return is the Plan fiduciaries’ best estimate of the
future compound investment return of the fund, net of investment-related expenses.
A building block approach should be used, in which the expected real returns (net of inflation) for
each asset class in which the Plan is invested are estimated and multiplied by the asset allocation
percentage of that asset class.
City of Clearwater Employees’ Pension Plan Asset Allocation
The Plan’s target asset allocation is as follows:
Asset Class Target
Domestic Equity Securities
Large Cap 29.0%
Mid Cap 9.0%
Small Cap 5.5%
International Equity (EAFE) Securities 12.0%
Emerging Market Equity Securities 1.5%
Total Equity 57.0%
Core Fixed Income 28.0%
Total Fixed Income 28.0%
Private Real Estate (Core and Core Plus) 6.2%
U.S. REITS 1.5%
Alternative Assets – Infrastructure 6.0%
Alternative Assets – Timber 1.3%
Total Real Estate & Alternatives 15.0%
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
18
FORWARD-LOOKING CAPITAL MARKET ASSUMPTIONS
Best practice for selecting the net investment return assumption considers a fund’s asset allocation
and reliable forecasts for capital market assumptions for each relevant asset class.
GRS is not an investment consulting firm and does not provide investment consulting or forecasting
services. But GRS maintains a survey of the forecasts of capital market assumptions from the
following twelve (12) major national investment consulting and forecasting firms to obtain a
consensus:
Twelve Major National Investment Consultants and
Forecasters
Aon/Hewitt Meketa
Blackrock
BNY/Mellon
Mercer
NEPC
Callan R. V. Kuhns & Associates
Cambridge Verus
J.P. Morgan Wilshire
Of these 12 investment consultants, 5 (BNY/Mellon, Callan, J.P. Morgan, Verus, and Wilshire)
provided only short to mid-term capital market assumptions (over the next 10 years), 6 (Aon/
Hewitt, Blackrock, Cambridge, Meketa, Mercer, and NEPC) provided both short to mid-term and
long-term capital market assumptions (over the next 20-30 years). One investment consultant
(RVK) provided only long-term assumptions. We have included both the short to mid-term
forecasts and the long-term forecasts.
Mapping the Asset Allocation
The investment consultants do not all provide their capital market assumptions in exactly the same
asset classes as expressed on the previous page, so we have mapped the Plan’s target asset
allocation to the “best fit” asset classes of each investment consultant.
Build-up of Comparable Net Expected Returns
The following tables show the results of applying the mapping and calculation process of the
nominal returns for each of the investment consultants. The expected nominal returns are called
the “arithmetic means”. The first table shows the results of the short to mid-term capital market
assumptions. The second table shows the results of the long-term capital market assumptions
(from the 7 investment consultants who provided long-term assumptions).
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
19
Short to Mid-Term Capital Market Assumptions
(1)(2)(3)(4)(5)(6)(7)(8)(9)
1 6.22%2.50%3.72%2.40%6.12%0.00%6.12%11.11%
2 6.97%2.90%4.07%2.40%6.47%0.00%6.47%12.27%
3 7.13%2.50%4.63%2.40%7.03%0.00%7.03%11.90%
4 7.55%2.90%4.65%2.40%7.05%0.00%7.05%11.74%
5 7.07%2.31%4.76%2.40%7.16%0.00%7.16%12.25%
6 7.27%2.51%4.75%2.40%7.15%0.00%7.15%11.91%
7 7.05%2.26%4.79%2.40%7.19%0.00%7.19%11.43%
8 7.35%2.41%4.94%2.40%7.34%0.00%7.34%11.47%
9 7.52%2.28%5.25%2.40%7.65%0.00%7.65%11.53%
10 7.86%2.62%5.24%2.40%7.64%0.00%7.64%10.58%
11 8.00%2.54%5.46%2.40%7.86%0.00%7.86%11.63%
Average 7.27%2.52%4.75%2.40%7.15%0.00%7.15%11.62%
Standard
Deviation
of Expected
Return
(1-Year)
Expected
Nominal
Return Net
of Expenses
(6)-(7)
Capital
Market
Assumption
Set (CMA)
CMA
Expected
Nominal
Return
CMA
Inflation
Assumption
Expected
Real Return
(2)–(3)
Actuary
Inflation
Assumption
Investment
Expenses
(Net of
Assumed
Alpha)
Expected
Nominal
Return
(4)+(5)
Long-Term Capital Market Assumptions
(1)(2)(3)(4)(5)(6)(7)(8)(9)
1 6.33%2.50%3.83%2.40%6.23%0.00%6.23%10.71%
2 7.12%2.60%4.52%2.40%6.92%0.00%6.92%11.11%
3 7.52%2.90%4.62%2.40%7.02%0.00%7.02%11.74%
4 7.15%2.27%4.88%2.40%7.28%0.00%7.28%12.25%
5 7.59%2.67%4.92%2.40%7.32%0.00%7.32%11.53%
6 7.58%2.31%5.27%2.40%7.67%0.00%7.67%11.76%
7 8.67%2.64%6.03%2.40%8.43%0.00%8.43%11.63%
Average 7.42%2.56%4.87%2.40%7.27%0.00%7.27%11.53%
Capital
Market
Assumption
Set (CMA)
CMA
Expected
Nominal
Return
CMA
Inflation
Assumption
Expected
Real Return
(2)–(3)
Actuary
Inflation
Assumption
Expected
Nominal
Return
(4)+(5)
Investment
Expenses
(Net of
Assumed
Alpha)
Expected
Nominal
Return Net
of Expenses
(6)-(7)
Standard
Deviation
of Expected
Return
(1-Year)
Normalizing for Inflation
Since each investment consultant uses slightly different inflation assumptions, in columns (3)
through (6) the returns are normalized for inflation so that each investment consultant’s gross 1-
year return includes the same inflation assumption. This normalization reflects a proposed change
in the Plan’s inflation assumption from 2.25% to 2.40%.
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
20
Returns Net of Investment-related Expenses
Investment consultants and forecasters generally provide their expected returns gross of active
management investment-related expenses. However, for funding and financial reporting purposes,
the actuarial return assumption is net of investment-related expenses, so that the investment
earnings assumed to accumulate over time are net of the fees and costs needed to generate the
amounts available to pay benefits. The investment-related expenses for the Plan’s fund are
approximately 0.55%, including asset custody fees, investment consultant fees, hard dollar
investment management fee from individually-managed portfolios and other investment fees.
The Actuarial Standards of Practice suggests the use of an assumption that is net of the expenses
that would be required for an equivalent passive investment approach. Added value from active
management can be recognized in excess of that, but not for more than the difference between
active and passive management fees. While excess “alpha” returns may be expected by some to be
achieved by the Plans’ current and future investment managers and investment consultant, we
cannot add alpha value in our assessment or development of our recommendation for the net
investment return assumption. We have assumed excess returns will be generated by active
management that are sufficient to cover the investment expenses incurred, and we have assumed
that the fees that would be involved with a passive management approach are reflected in the
expected returns provided.
Column (8) shows the expected nominal (i.e., including inflation) return for any given 1-year period,
net of investment-related expenses. These are called the expected “arithmetic means”.
Arithmetic and Geometric Returns
Arithmetic expected returns represent the investment forecaster’s expectation for any one given
year. Geometric expected returns represent the investment forecaster’s expectation for the
average compound return over a given horizon period. Everything in the tables on the previous
page relates to arithmetic means.
Geometric compounded average returns are always lower than arithmetic average returns.
Actuarial valuations use compounding for measuring costs and liabilities. That is why the expected
compound average return (geometric mean) is more appropriate for an actuarial investment return
assumption.
As an investment return assumption, the geometric expected return is the return assumption that
has a 50% chance of being achieved as a compound average over time. The geometric expected
returns for the investment consultants who provided capital market assumptions are shown in the
following tables. The first table shows the geometric expected returns using the short to mid-term
capital market assumptions. The second table shows the geometric expected returns using the
long-term capital market assumptions (from the 7 investment consultants who provided long-term
assumptions).
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
21
Short to Mid-Term Capital Market Assumptions
Probability
of exceeding
40th 50th 60th 6.50%
(1)(2)(3)(4)(5)
1 4.92%5.54%6.16%34.89%
2 5.09%5.77%6.46%39.48%
3 5.71%6.37%7.04%48.05%
4 5.75%6.41%7.07%48.65%
5 5.78%6.46%7.15%49.47%
6 5.83%6.50%7.17%49.96%
7 5.95%6.59%7.23%51.36%
8 6.09%6.73%7.38%53.64%
9 6.39%7.04%7.69%58.32%
10 6.53%7.13%7.72%60.56%
11 6.59%7.24%7.90%61.35%
Average 5.87%6.53%7.18%50.52%
Capital
Market
Assumption
Set (CMA)
Distribution of 20-Year Average
Geometric Net Nominal Return
Long-Term Capital Market Assumptions
Probability
of exceeding
40th 50th 60th 6.50%
(1)(2)(3)(4)(5)
1 5.09%5.69%6.30%36.76%
2 5.73%6.35%6.98%47.60%
3 5.72%6.38%7.04%48.15%
4 5.90%6.58%7.27%51.24%
5 6.06%6.71%7.36%53.25%
6 6.37%7.03%7.70%58.13%
7 7.16%7.81%8.46%69.54%
Average 6.01%6.65%7.30%52.10%
Capital
Market
Assumption
Set (CMA)
Distribution of 20-Year Average
Geometric Net Nominal Return
As shown in the first table, the average short to mid-term expected geometric return (or the 50th
percentile of long-term compound average returns) is 6.53%. The short to mid-term forecasting
period is generally the next 10 years, so this means there is a 50-50 chance of achieving a 6.53% net
compound average investment return over the next 10 years. Among the 7 investment consultants
who provided long-term capital market assumptions, the average long-term expected geometric
return is 6.65%. This means the consensus opinion is that there is a 50-50 chance of achieving a
6.65% net compound average investment return over the next 20 to 30 years.
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
22
Recommendation
Based on the information provided above, including the short-term and long-term capital market
assumptions, our recommendation is to leave the investment return assumption unchanged at
6.50%. This is very close to both the forward-looking 10-year compound average expected return
(the 50th percentile) of 6.53% and the long-term compound average expected return of 6.65%.
It should be noted that forward-looking capital market assumptions have varied significantly over
the last few years. When the last experience study was prepared for this Plan (in 2018), the
forward-looking 10-year compound average expected return was 5.79%, and the long-term
compound average expected return was 6.44%. Now, 5 years later, the 10-year compound average
expected return is 6.53% and the long-term expectation is at 6.65% (so the long-term forecast has
only increased by 21 basis points while the difference between the two has narrowed significantly).
Because of the volatility in the capital market forecasts, we recommend against over-reliance on
this year’s projections and a somewhat conservative approach with regard to setting the
investment return assumption (which is why our recommendation is to maintain the status quo at
6.50% despite the current slightly higher forward-looking estimates).
SECTION C
APPENDICES
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
23
APPENDIX A
COMPARISON OF ACTUAL AND EXPECTED ANNUAL MEMBER SALARIES
Prior Year Expected % Incr
Assumed
Real Incr Actual % Incr
Actual
Inflation
Actual
Real Incr
Under 5 $21,390,682 $22,935,839 7.22%4.97%$23,489,023 9.81%4.08%5.73%
5 - 9 7,714,556 8,138,858 5.50%3.25%8,373,933 8.55%4.08%4.47%
10 - 14 21,621,725 22,756,869 5.25%3.00%23,478,101 8.59%4.08%4.51%
15 - 19 17,077,439 17,845,926 4.50%2.25%18,356,947 7.49%4.08%3.41%
20 & Over 9,108,009 9,517,870 4.50%2.25%9,646,808 5.92%4.08%1.84%
Total 76,912,411 81,195,362 5.57%3.32%83,344,812 8.36%4.08%4.28%
ANNUAL SALARY INCREASES - FIREFIGHTERS
By Years of Service
Completed
Years of
Service
Current Assumption Actual Experience
Proposed
Real Incr
2.00%
3.88%
5.35%
4.00%
4.00%
2.85%
Prior Year Expected % Incr
Assumed
Real Incr Actual % Incr
Actual
Inflation
Actual
Real Incr
Under 3 $15,424,799 $16,597,087 7.60%5.35%$17,170,836 11.32%4.08%7.24%
3 - 4 5,965,883 6,338,752 6.25%4.00%6,318,187 5.91%4.08%1.83%
5 - 9 7,714,556 8,138,858 5.50%3.25%8,373,933 8.55%4.08%4.47%
10 - 14 21,621,725 22,756,869 5.25%3.00%23,478,101 8.59%4.08%4.51%
15 & Over 26,185,448 27,363,796 4.50%2.25%28,003,755 6.94%4.08%2.86%
Total 76,912,411 81,195,362 5.57%3.32%83,344,812 8.36%4.08%4.28%
Completed
Years of
Service
Actual ExperienceCurrent Assumption
ANNUAL SALARY INCREASES - FIREFIGHTERS
By Years of Service
Age Prior Year Expected % Incr
Assumed
Real Incr Actual % Incr
Actual
Inflation
Actual
Real Incr
Under 30 $8,622,299 $9,248,699 7.26%5.01%$9,750,756 13.09%4.08%9.01%
30 - 34 13,394,942 14,247,943 6.37%4.12%14,489,984 8.18%4.08%4.10%
35 - 39 11,982,679 12,650,580 5.57%3.32%13,046,554 8.88%4.08%4.80%
40 - 44 12,517,694 13,140,709 4.98%2.73%13,734,034 9.72%4.08%5.64%
45 - 49 12,868,748 13,497,315 4.88%2.63%13,866,077 7.75%4.08%3.67%
50 & Over 17,526,049 18,410,116 5.04%2.79%18,457,407 5.31%4.08%1.23%
Total 76,912,411 81,195,362 5.57%3.32%83,344,812 8.36%4.08%4.28%
ANNUAL SALARY INCREASES - FIREFIGHTERS
Current Assumption Actual Experience
By Attained Age (For Informational Purposes only)
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
24
APPENDIX A (Continued)
Prior Year Expected % Incr
Assumed
Real Incr Actual % Incr
Actual
Inflation
Actual
Real Incr
Under 5 $26,508,926 $28,408,977 7.17%4.92%$29,673,997 11.94%4.08%7.86%
5 - 9 14,156,578 14,935,192 5.50%3.25%15,325,762 8.26%4.08%4.18%
10 - 14 19,232,058 20,241,744 5.25%3.00%20,450,335 6.33%4.08%2.25%
15 & Over 33,946,435 35,474,028 4.50%2.25%35,662,944 5.06%4.08%0.98%
Total 93,843,997 99,059,941 5.56%3.31%101,113,038 7.75%4.08%3.67%
ANNUAL SALARY INCREASES - POLICE OFFICERS
By Years of Service
Completed
Years of
Service
Current Assumption Actual Experience
2.60%
1.35%
3.47%
Proposed
Real Incr
6.60%
3.85%
Prior Year Expected % Incr
Assumed
Real Incr Actual % Incr
Actual
Inflation
Actual
Real Incr
Under 3 $18,017,511 $19,386,847 7.60%5.35%$20,443,609 13.47%4.08%9.39%
3 - 4 8,491,415 9,022,130 6.25%4.00%9,230,388 8.70%4.08%4.62%
5 - 9 14,156,578 14,935,192 5.50%3.25%15,325,762 8.26%4.08%4.18%
10 - 14 19,232,058 20,241,744 5.25%3.00%20,450,335 6.33%4.08%2.25%
15 & Over 33,946,435 35,474,028 4.50%2.25%35,662,944 5.06%4.08%0.98%
Total 93,843,997 99,059,941 5.56%3.31%101,113,038 7.75%4.08%3.67%
Completed
Years of
Service
Current Assumption Actual Experience
ANNUAL SALARY INCREASES - POLICE OFFICERS
By Years of Service
Age Prior Year Expected % Incr
Assumed
Real Incr Actual % Incr
Actual
Inflation
Actual
Real Incr
Under 30 $15,572,004 $16,672,861 7.07%4.82%$17,486,075 12.29%4.08%8.21%
30 - 34 12,356,201 13,121,585 6.19%3.94%13,501,479 9.27%4.08%5.19%
35 - 39 13,570,512 14,346,096 5.72%3.47%14,693,428 8.27%4.08%4.19%
40 - 44 18,597,961 19,540,621 5.07%2.82%19,769,372 6.30%4.08%2.22%
45 - 49 21,998,286 23,071,832 4.88%2.63%23,294,383 5.89%4.08%1.81%
50 & Over 11,749,033 12,306,946 4.75%2.50%12,368,301 5.27%4.08%1.19%
Total 93,843,997 99,059,941 5.56%3.31%101,113,038 7.75%4.08%3.67%
Actual Experience
ANNUAL SALARY INCREASES - POLICE OFFICERS
By Attained Age (For Informational Purposes only)
Current Assumption
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
25
APPENDIX A (Continued)
Prior Year Expected % Incr
Assumed
Real Incr Actual % Incr
Actual
Inflation
Actual
Real Incr
Under 2 $46,382,276 $49,397,134 6.50%4.25%$51,530,836 11.10%4.08%7.02%
2 - 9 65,657,141 68,425,816 4.22%1.97%71,493,840 8.89%4.08%4.81%
10 - 14 38,410,294 39,773,862 3.55%1.30%41,741,393 8.67%4.08%4.59%
15 - 19 34,506,033 35,558,468 3.05%0.80%37,212,601 7.84%4.08%3.76%
20 & Over 40,557,612 41,672,947 2.75%0.50%42,868,069 5.70%4.08%1.62%
Total 225,513,356 234,828,227 4.13%1.88%244,846,739 8.57%4.08%4.49%
ANNUAL SALARY INCREASES - NON-HAZARDOUS EMPLOYEES
By Years of Service
Completed
Years of
Service
Current Assumption Actual Experience
Proposed
Real Incr
1.10%
3.37%
5.60%
3.60%
3.35%
2.60%
Prior Year Expected % Incr
Assumed
Real Incr Actual % Incr
Actual
Inflation
Actual
Real Incr
Under 2 $46,382,276 $49,397,134 6.50%4.25%$51,530,836 11.10%4.08%7.02%
2 12,450,374 13,147,597 5.60%3.35%13,641,117 9.56%4.08%5.48%
3 10,159,165 10,616,329 4.50%2.25%11,094,025 9.20%4.08%5.12%
4 - 9 43,047,602 44,661,890 3.75%1.50%46,758,698 8.62%4.08%4.54%
10 - 14 38,410,294 39,773,862 3.55%1.30%41,741,393 8.67%4.08%4.59%
15 - 19 34,506,033 35,558,468 3.05%0.80%37,212,601 7.84%4.08%3.76%
20 & Over 40,557,612 41,672,947 2.75%0.50%42,868,069 5.70%4.08%1.62%
Total 225,513,356 234,828,227 4.13%1.88%244,846,739 8.57%4.08%4.49%
Completed
Years of
Service
ANNUAL SALARY INCREASES - NON-HAZARDOUS EMPLOYEES
By Years of Service
Current Assumption Actual Experience
Age Prior Year Expected % Incr
Assumed
Real Incr Actual % Incr
Actual
Inflation
Actual
Real Incr
Under 30 $23,897,410 $25,272,629 5.75%3.50%$26,620,712 11.40%4.08%7.32%
30 - 34 22,457,222 23,546,392 4.85%2.60%24,776,920 10.33%4.08%6.25%
35 - 39 23,947,760 25,012,038 4.44%2.19%26,207,136 9.43%4.08%5.35%
40 - 44 25,717,532 26,797,336 4.20%1.95%28,041,197 9.04%4.08%4.96%
45 - 49 32,801,977 34,090,272 3.93%1.68%35,488,304 8.19%4.08%4.11%
50 - 54 32,365,214 33,522,277 3.58%1.33%34,804,382 7.54%4.08%3.46%
55 - 59 34,984,426 36,271,137 3.68%1.43%37,553,708 7.34%4.08%3.26%
60 & Over 29,341,815 30,316,146 3.32%1.07%31,354,380 6.86%4.08%2.78%
Total 225,513,356 234,828,227 4.13%1.88%244,846,739 8.57%4.08%4.49%
Current Assumption Actual Experience
ANNUAL SALARY INCREASES - NON-HAZARDOUS EMPLOYEES
By Attained Age (For Informational Purposes only)
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
26
APPENDIX B
COMPARISON OF ACTUAL AND EXPECTED RETIREMENTS
Current Proposed Expected
Years of Assumed Expected Actual Actual Retirement Retirements
Service Age Exposure Rates Ret.'s Ret.'s Rates Rates (New Rates)
10 - 19 50 - 54 73 5%3.7 4 5.5%5%3.7
55 - 59 20 15%3.0 3 15.0%15%3.0
60 - 64 8 40%3.2 3 37.5%40%3.2
65 & Over 5 100%5.0 0 0.0%40%2.0
20 - 24 Under 55 103 15%15.5 13 12.6%15%15.5
55 - 59 11 30%3.3 1 9.1%15%1.7
60 - 64 0 40%0.0 0 N/A 40%0.0
65 & Over 0 100%0.0 0 N/A 100%0.0
25 - 29 Under 55 26 15%3.9 3 11.5%15%3.9
55 - 59 18 30%5.4 7 38.9%35%6.3
60 - 64 4 40%1.6 0 0.0%40%1.6
65 & Over 0 100%0.0 0 N/A 100%0.0
30 +All 3 25%0.8 2 66.7%100%3.0
Total 271 16.8%45.4 36 13.3%16.1%43.9
RETIREMENT EXPERIENCE - FIREFIGHTERS
Current Proposed Expected
Years of Assumed Expected Actual Actual Retirement Retirements
Service Age Exposure Rates Ret.'s Ret.'s Rates Rates (New Rates)
10 - 19 50 - 54 50 5%2.5 3 6.0%5%2.5
55 - 59 15 15%2.3 0 0.0%8%1.2
60 - 64 1 40%0.4 0 0.0%20%0.2
65 & Over 0 100%0.0 0 N/A 100%0.0
20 - 29 Under 50 132 15%19.8 15 11.4%12%15.8
50 - 59 93 16%15.1 19 20.4%20%18.6
60 - 64 2 40%0.8 1 50.0%40%0.8
65 & Over 0 100%0.0 0 N/A 100%0.0
30 - 34 Under 55 8 15%1.2 2 25.0%20%1.6
55 - 59 6 30%1.8 2 33.3%30%1.8
60 & Over 1 40%0.4 1 100.0%100%1.0
35 +All 1 30%0.3 1 100.0%100%1.0
Total 309 14.4%44.6 44 14.2%14.4%44.5
RETIREMENT EXPERIENCE - POLICE OFFICERS
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
27
APPENDIX B (Continued)
Current Proposed Expected
Years of Assumed Expected Actual Actual Retirement Retirements
Service Age Exposure Rates Ret.'s Ret.'s Rates Rates (New Rates)
5 - 9 65 - 74 12 30%3.6 2 16.7%20%2.4
75 & Over 3 100%3.0 1 33.3%100%3.0
10 - 19 65 - 74 119 30%35.7 38 31.9%30%35.7
75 & Over 4 100%4.0 1 25.0%100%4.0
20 - 29 55 - 59 199 20%39.8 35 17.6%20%39.8
60 - 64 208 20%41.6 23 11.1%15%31.2
65 - 69 90 30%27.0 26 28.9%30%27.0
70 & Over 5 100%5.0 3 60.0%100%5.0
30 +Under 55 25 45%11.3 5 20.0%30%7.5
55 - 59 49 20%9.8 8 16.3%20%9.8
60 - 64 47 30%14.1 7 14.9%20%9.4
65 - 69 27 50%13.5 14 51.9%50%13.5
70 & Over 7 100%7.0 2 28.6%100%7.0
Total 795 27.1%215.4 165 20.8%23.4%195.3
RETIREMENT EXPERIENCE - NON-HAZARDOUS EMPLOYEES
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
28
APPENDIX C
COMPARISON OF ACTUAL AND EXPECTED SEPARATIONS
(Males)
Years of
Service Age Exposures
Expected
W/D's
Expected
%
Actual
W/D's
Actual
%
Proposed
%
Expected W/D's
(Proposed Rates)
Under 2 Under 30 49 3.83 7.8%4 8.2%8.0%3.92
30 & Over 45 3.51 7.8%1 2.2%4.0%1.80
2 - 4 Under 30 37 1.66 4.5%2 5.4%5.0%1.85
30 & Over 112 4.61 4.1%3 2.7%3.0%3.36
5 & Over Under 30 8 0.29 3.6%1 12.5%5.0%0.40
30 & Over 399 7.68 1.9%7 1.75%1.8%7.18
Total 650 21.58 3.3%18 2.8%2.8%18.51
(Females)
Years of
Service Age Exposures
Expected
W/D's
Expected
%
Actual
W/D's
Actual
%
Proposed
%
Expected W/D's
(Proposed Rates)
Any Under 40 38 1.84 4.84%2 5.26%5.0%1.90
40 & Over 5 0.20 4.00%0 0.00%2.0%0.10
Total 43 2.04 4.7%2 4.7%4.7%2.00
SEPARATION / WITHDRAWAL (W/D) EXPERIENCE - FIREFIGHTERS
SEPARATION / WITHDRAWAL (W/D) EXPERIENCE - FIREFIGHTERS
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
29
APPENDIX C (Continued)
(Males)
Years of
Service Age Exposures
Expected
W/D's
Expected
%
Actual
W/D's
Actual
%
Proposed
%
Expected W/D's
(Proposed Rates)
Under 3 Under 30 88 5.86 6.7%7 8.0%7.5%6.60
30 & Over 67 4.30 6.4%2 3.0%4.0%2.68
3 - 4 Under 30 58 2.61 4.5%4 6.9%5.5%3.19
30 & Over 68 2.72 4.0%2 2.9%3.5%2.38
5 & Over Under 30 29 1.08 3.7%1 3.4%3.5%1.02
30 & Over 405 7.52 1.9%13 3.2%2.6%10.53
Total 715 24.09 3.4%29 4.1%3.7%26.40
(Females)
Years of
Service Age Exposures
Expected
W/D's
Expected
%
Actual
W/D's
Actual
%
Proposed
%
Expected W/D's
(Proposed Rates)
Under 2 All Ages 23 2.52 11.0%4 17.4%14.0%3.22
2 - 3 All Ages 25 1.00 4.0%2 8.0%6.0%1.50
4 & Over All Ages 106 4.24 4.0%4 3.8%3.9%4.13
Total 154 7.76 5.0%10 6.5%5.7%8.85
SEPARATION / WITHDRAWAL (W/D) EXPERIENCE - POLICE OFFICERS
SEPARATION / WITHDRAWAL (W/D) EXPERIENCE - POLICE OFFICERS
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
30
APPENDIX C (Continued)
Years of
Service Age Exposures
Expected
W/D's
Expected
%
Actual
W/D's
Actual
%
Proposed
%
Expected W/D's
(Proposed Rates)
Under 1 All Ages 239 41.83 17.5%58 24.3%20.0%47.80
1 - 2 All Ages 684 109.44 16.0%149 21.8%18.0%123.12
3 - 4 All Ages 463 38.87 8.4%75 16.2%12.0%55.56
5 - 9 Under 35 213 15.98 7.5%24 11.3%9.0%19.17
35 - 44 178 8.90 5.0%13 7.3%6.0%10.68
45 - 54 163 6.91 4.2%10 6.1%5.0%8.15
55 & Over 120 5.58 4.7%3 2.5%3.5%4.20
10 & Over Under 35 49 3.68 7.5%2 4.1%5.0%2.45
35 - 44 347 12.97 3.7%10 2.9%3.3%11.45
45 & Over 806 24.81 3.1%26 3.2%3.1%24.99
Total 3,262 268.97 8.2%370 11.3%9.4%307.57
SEPARATION / WITHDRAWAL (W/D) EXPERIENCE - NON-HAZARDOUS EMPLOYEES
(Males)
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
31
APPENDIX C (Continued)
Years of
Service Age Exposures
Expected
W/D's
Expected
%
Actual
W/D's
Actual
%
Proposed
%
Expected W/D's
(Proposed Rates)
Under 1 Under 40 71 13.05 18.4%22 31.0%25.0%17.75
40 & Over 46 6.95 15.1%5 10.9%12.5%5.75
1 - 2 All Ages 329 52.38 15.9%61 18.5%17.0%55.93
3 - 4 All Ages 251 29.05 11.6%32 12.7%12.0%30.12
5 - 9 Under 40 120 6.40 5.3%16 13.3%9.0%10.80
40 - 54 102 5.16 5.1%10 9.8%7.0%7.14
55 - 59 26 1.17 4.5%1 3.8%4.0%1.04
60 & Over 36 1.08 3.0%1 2.8%3.0%1.08
10 & Over Under 45 141 7.79 5.5%9 6.4%6.0%8.46
45 - 54 203 7.01 3.5%8 3.9%3.5%7.11
55 & Over 176 7.02 4.0%5 2.8%3.0%5.28
Total 1,501 137.06 9.1%170 11.3%10.0%150.46
(Females)
SEPARATION / WITHDRAWAL (W/D) EXPERIENCE - NON-HAZARDOUS EMPLOYEES
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
32
APPENDIX D
COMPARISON OF ACTUAL AND EXPECTED DISABILITIES
Average Expected
Expected Expected Actual Actual Proposed Disabilities
Gender Exposure Disabilities Avg Rates Disabilities Rates Rates (New Rates)
Males 913 4.2 0.460%3 0.329%0.397%3.6
Females 51 0.5 0.980%0 0.000%0.321%0.2
Total 964 4.7 0.488%3 0.311%0.393%3.8
DISABILITY EXPERIENCE - FIREFIGHTERS
Average Expected
Expected Expected Actual Actual Proposed Disabilities
Gender Exposure Disabilities Avg Rates Disabilities Rates Rates (New Rates)
Males 1,007 4.5 0.447%6 0.596%0.534%5.4
Females 171 1.8 1.053%0 0.000%0.454%0.8
Total 1,178 6.3 0.535%6 0.509%0.523%6.2
DISABILITY EXPERIENCE - POLICE OFFICERS
Average Expected
Expected Expected Actual Actual Proposed Disabilities
Gender Exposure Disabilities Avg Rates Disabilities Rates Rates (New Rates)
Males 3,799 5.4 0.142%0 0.000%0.073%2.8
Females 1,759 2.6 0.148%0 0.000%0.079%1.4
Total 5,558 8.0 0.144%0 0.000%0.075%4.2
DISABILITY EXPERIENCE - NON-HAZARDOUS EMPLOYEES
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
33
APPENDIX E
Purpose of the Actuarial Valuation
In a defined benefit pension plan, an employer makes a promise to its employees of a lifetime
pension. The amount of the monthly pension is determined by a benefit formula which is often
based upon a multiplier percentage and the number of years of service and the average final
earnings of the employee.
The employer must design and follow a systematic plan for advance-funding this obligation. That is
accomplished by establishing a pension fund and performing annual actuarial valuations to measure
the liabilities associated with the obligation and to calculate how much the employer must
contribute to the pension fund in order to make good on its promise.
The calculations in the actuarial valuation are performed each year to re-measure the liabilities.
The stakeholders need to know how the plan is doing in its goal of systematically financing the
promised benefits. So it is important to make the actuarial calculations in accordance with the
professional actuarial standards of practice and the accounting standards.
Role of Actuarial Assumptions
The nature of the pension promise and its systematic funding require long term projections of the
employee workforce (using demographic assumptions) and long term projections of the salaries
and investment returns (using economic assumptions). The entire actuarial valuation process
depends on the selection and use of reasonable actuarial assumptions as to future demographics
and future economics. There are many different actuarial assumptions employed in an actuarial
valuation. The primary actuarial assumptions include:
1. Rates of Salary Increases
2. Rates of Retirement
3. Rates of Mortality
4. Rates of Employment Separation
5. Rates of Disability
6. Rate of Investment Return
The actuary and plan management must be comfortable with the actuarial assumptions. The
assumptions must be reasonable. Without a level of confidence in the reasonableness of the
actuarial assumptions, the stakeholders and users of the valuation results cannot have confidence
in the results. However, there is no way to have confidence in the actuarial assumptions unless an
actuarial experience study is performed to assess the reasonableness of the current assumptions or
to change them to be more in line with past experience and with future expectations.
For this reason the Board has requested that we undertake an actuarial experience study to
recommend changes to the actuarial assumptions used in the annual actuarial valuation.
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
34
APPENDIX F
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 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 either assumed or
forecasted 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 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.
City of Clearwater Employees’ Pension Plan
Five-Year Experience Investigation
35
The computed contribution amounts may be considered as a minimum contribution that complies
with the pension Board’s funding policy and the State statutes. 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.
Risk Assessment
Risk assessment was outside the scope of this report. Risk 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. We are prepared to perform
such assessment to aid the Board in the decision making process.
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-1222
Agenda Date: 10/16/2023 Status: Agenda ReadyVersion: 1
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.2
SUBJECT/RECOMMENDATION:
Approve pension plan administrative expenditures for fiscal year 2024 totaling a not-to-exceed
amount of $359,400.
SUMMARY:
The Employees’ Pension Plan does not have a legally required budget. However, all
expenditures must be approved by the Trustees. The following are routine administrative
expenditures that staff is requesting approval of for administrative efficiency.
The recommended expenditures for fiscal year 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.
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)
Page 1 City of Clearwater Printed on 10/9/2023
Description FY 2024 FY 2023 Increase/
(Decrease)
%
Increase/
Decrease
543400 Printing & binding 600$ 400$ 200$ 50.0%
542500 Postage 100 400 (300) -75.0%
557100 Memberships 400 800 (400) -50.0%
548000 Misc 100 100 - 0.0%
557300 Training 4,000 4,000 - 0.0%
547200 Travel expense 3,000 3,000 - 0.0%
521500 Physicals 60,800 53,400 7,400 13.9%
590200 Reimbursement to General Fund/Central Ins. Fund (Human Resources)50,500 45,700 4,800 10.5%
590200 Reimbursement to General Fund (Accounting & Finance)21,700 21,000 700 3.3%
590200 Reimbursement to General Fund (Payroll & IT)98,700 101,700 (3,000) -2.9%
530100 Pension attorney 90,000 130,000 (40,000) -30.8%
530100 Annual software license - GRS benefit calculator 2,500 2,500 - 0.0%
530100 Consulting fees - pension buy-backs and other 27,000 29,000 (2,000) -6.9%
Totals 359,400$ 392,000$ (32,600)$ -8.3%
General Fund Reimbursement
HR 34,000$ 30,500$ 3,500$ 11.5%
Acctg Finance 21,700 21,000 700 3.3%Payroll IT 98,700 101,700 (3,000) -2.9%
General Fund Totals 154,400$ 153,200$ 1,200$ 0.8%
Central Insurance Fund Reimbursement - HR 16,500$ 15,200$ 1,300$ 8.6%
Combined General Fund and Central Insurance Fund
HR 50,500$ 45,700$ 4,800$ 10.5%
Acctg Finance 21,700 21,000 700 3.3%
Payroll IT 98,700 101,700 (3,000) -2.9%170,900$ 168,400$ 2,500$ 1.5%
City of Clearwater
Employees' Pension Plan
Administrative Expenditures
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0830
Agenda Date: 10/16/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.3
SUBJECT/RECOMMENDATION:
Approve the new hires for acceptance into the Pension Plan as listed.
SUMMARY:
Name/Job Classification/Department Pension Eligibility Date
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, 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 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, 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, Gas 04/10/2023
Page 1 City of Clearwater Printed on 10/9/2023
File Number: ID#23-0830
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 10/9/2023
Interoffice Correspondence Sheet TO: Pension Advisory Committee
FROM: Billie Kirkpatrick, Human Resources Director
SUBJECT: Recommendation for Acceptance into Pension Plan DATE: June 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
Desiree Bain Customer Service Representative Utility Customer Service 4/24/2023
Donna Ard Customer Service Representative Utility Customer Service 4/24/2023
Kelsey Nawman Customer Service Representative Utility Customer Service 4/24/2023
Simeon Johnson Fire Inspector I Fire 4/24/2023
Yvette Rodriguez-Clanton Contracts & Procurement Specialist General 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 & Recreation 4/24/2023
Nicholas Jackson Parks Service Technician Parks & Recreation 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 Operator
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 Recreation Facilities Support Custodian Parks & Recreation 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
Sean Murphy Wastewater Treatment Plant Operator 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 Assistant Manager - Infrastructure Maintenance Public Utilities 6/5/2023
Janette Rawls Senior Human Resources Analyst Human Resources 6/21/2023
Shivam Shewa Business Systems Analyst Information Technology 6/21/2023
Antonio Ojeda Henriquez Parks Service Technician Parks & Recreation 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 Operator Trainee Public Utilities 6/21/2023
Billy Stephens Solid Waste Equipment Operator Solid Waste 6/21/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-1118
Agenda Date: 10/16/2023 Status: Agenda ReadyVersion: 3
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.4
SUBJECT/RECOMMENDATION:
Approve the new hires for acceptance into the Pension Plan as listed.
SUMMARY:
Name/Job Classification/Department Pension Eligibility Date
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 Service 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 & Recreation 4/24/2023
Nicholas Jackson, Parks Service Technician, Parks & Recreation 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 Operator 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, Recreation 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
Page 1 City of Clearwater Printed on 10/9/2023
File Number: ID#23-1118
Monica Mejia, Police Records Specialist, Police 5/22/2023
Andrija Selak, Project Manager, Public Utilities 5/22/2023
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 Assistant Manager - Infrastructure Maintenance, Public
Utilities 6/5/2023
Janette Rawls, Senior Human Resources Analyst, Human Resources 6/21/2023
Shivam Shewa, Business Systems Analyst, Information Technology 6/21/2023
Antonio Ojeda Henriquez, Parks Service Technician, Parks & Recreation 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, Information Technology 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 Representative, Finance/UCS 07/03/2023
Courtney Roberts, HR Analyst, Human Resources 07/03/2023
Nathaniel Hampton, Parks Service Technician, Parks & Recreation 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 Telecommunicator, Police 07/17/2023
Morgan Williams, Police Telecommunicator, Police 07/17/2023
Alyssa Atwell, Police Telecommunicator, 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 & Recreation 07/17/2023
Eric Hartell, Parks Service Technician, Parks & Recreation 07/17/2023
Donald Macintyre, Parks Service Technician, Parks & Recreation 07/17/2023
Jamar Williams, Parks Service Technician, Parks & Recreation 07/17/2023
Page 2 City of Clearwater Printed on 10/9/2023
File Number: ID#23-1118
Joshua Ice, Parks Service Technician, Parks & Recreation 07/17/2023
Matthew Carstensen, Recreation Coordinator, Parks & Recreation 07/17/2023
Lisa Byington, Code Enforcement Inspector, Planning & Development 07/17/2023
Nicholas Leggiere, Utilities Mechanic, Public Utilities 07/17/2023
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 & Recreation 07/31/2023
Macktoshia (Tasha) Hadley, Parks Service Technician, CRA 07/31/2023
Harrison "Harry" Zabaleta, Community Redevelopment Specialist, 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 & Recreation 07/31/2023
Abyi Santiago, Parks Service Technician, Parks & Recreation 07/31/2023
Konstantinos Apergis, Parks Service Technician, Parks & Recreation 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 & Recreation 08/14/2023
Michael Meurant, Parks Service Technician, Parks & Recreation 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
Page 3 City of Clearwater Printed on 10/9/2023
Interoffice Correspondence Sheet TO: Pension Advisory Committee
FROM: Billie Kirkpatrick, Human Resources Director
SUBJECT: Recommendation for Acceptance into Pension Plan DATE: August 23, 2023, 2023
Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed.
Name Job Classification Department Pension Eligibility Date
Alyssa Feller Business Systems Analyst Information Technology 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 Representative Finance/UCS 07/03/2023
Courtney Roberts HR Analyst Human Resources 07/03/2023
Nathaniel Hampton Parks Service Technician Parks & Recreation 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 Telecommunicator Police 07/17/2023
Morgan Williams Police Telecommunicator Police 07/17/2023
Alyssa Atwell Police Telecommunicator 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 & Recreation 07/17/2023
Eric Hartell Parks Service Technician Parks & Recreation 07/17/2023
Donald Macintyre Parks Service Technician Parks & Recreation 07/17/2023
Jamar Williams Parks Service Technician Parks & Recreation 07/17/2023
Joshua Ice Parks Service Technician Parks & Recreation 07/17/2023
Matthew Carstensen Recreation Coordinator Parks & Recreation 07/17/2023
Lisa Byington Code Enforcement Inspector Planning & Development 07/17/2023
Nicholas Leggiere Utilities Mechanic Public Utilities 07/17/2023
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 & Recreation 07/31/2023
Macktoshia (Tasha) Hadley Parks Service Technician Community Redevelopment Agency 07/31/2023
Harrison "Harry" Zabaleta Community Redevelopment Specialist
Community
Redevelopment Agency
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 Operator Solid Waste & Recycling 07/31/2023
Bernard Cleveland Parks Service Technician Parks & Recreation 07/31/2023
Abyi Santiago Parks Service Technician Parks & Recreation 07/31/2023
Konstantinos Apergis Parks Service Technician Parks & Recreation 07/31/2023
Donald Holcomb Solid Waste Equipment Operator Solid Waste & Recycling 07/31/2023
Abyi Santiago Parks Service Technician Parks & Recreation 08/01/2023
Julia Baltas Community Redevelopment Specialist Community Redevelopment Agency 08/14/2023
Willie Culver Gas Tech Apprentice Gas 08/14/2023
Savon Stevenson Parks Service Technician Parks & Recreation 08/14/2023
Michael Meurant Parks Service Technician Parks & Recreation 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
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0849
Agenda Date: 10/16/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.5
SUBJECT/RECOMMENDATION:
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.
SUMMARY:
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 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.
APPROPRIATION CODE AND AMOUNT: N/A
Page 1 City of Clearwater Printed on 10/9/2023
File Number: ID#23-0849
USE OF RESERVE FUNDS: N/A
Page 2 City of Clearwater Printed on 10/9/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-1119
Agenda Date: 10/16/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.6
SUBJECT/RECOMMENDATION:
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.
SUMMARY:
Matthew Carter, Skilled Trades Worker, General Services Department, was 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
Page 1 City of Clearwater Printed on 10/9/2023
File Number: ID#23-1119
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 10/9/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-0850
Agenda Date: 10/16/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.7
SUBJECT/RECOMMENDATION:
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.
SUMMARY:
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.
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
Page 1 City of Clearwater Printed on 10/9/2023
File Number: ID#23-0850
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.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A
Page 2 City of Clearwater Printed on 10/9/2023
Cover Memo
City of Clearwater Main Library - Council
Chambers
100 N. Osceola Avenue
Clearwater, FL 33755
File Number: ID#23-1120
Agenda Date: 10/16/2023 Status: Agenda ReadyVersion: 2
File Type: Action ItemIn Control: Pension Trustees
Agenda Number: 4.8
SUBJECT/RECOMMENDATION:
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.
SUMMARY:
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.
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
Page 1 City of Clearwater Printed on 10/9/2023
File Number: ID#23-1120
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.
APPROPRIATION CODE AND AMOUNT: N/A
USE OF RESERVE FUNDS: N/A
Page 2 City of Clearwater Printed on 10/9/2023