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09/30/2024 - SpecialMonday, September 30, 2024 1:00 PM City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Main Library - Council Chambers Pension Trustees Special Meeting Agenda Special Meeting September 30, 2024Pension Trustees Special Meeting Agenda 1. Call To Order 2. Approval of Minutes 2.1 ID#24-0822 Approve the minutes of the August 12, 2024 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 ID#24-1024 Approve the new hires for acceptance into the Pension Plan as listed. 4.2 ID#24-1025 Approve the following request of employees Willie Hill, Solid Waste and Recycling Department, Charles H. Lane Jr, Economic Development and Housing Department, and Robert Skinner, Public Works Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. 4.3 ID#24-1026 Approve the following request of Trava Alston, Police Department, John Dorsey, Solid Waste and Recycling Department, Joshua Jewett, Police Department, Chad Reed, Police Department, and Mario Zaccaria, Planning and Development Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 4.4 ID#24-1180 Approve pension plan administrative expenditures for fiscal year 2025 totaling not-to-exceed $369,900.00. 5. Director's Report 6. Adjourn Page 2 City of Clearwater Printed on 9/23/2024 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-0822 Agenda Date: 9/30/2024 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the minutes of the August 12, 2024 Pension Trustees meeting as submitted in written summation by the City Clerk. Page 1 City of Clearwater Printed on 9/23/2024 Pension Trustees Meeting Minutes August 12, 2024 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, August 12, 2024 1:00 PM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes August 12, 2024 Page 2 City of Clearwater Roll Call Present 5 - Chair Bruce Rector, Trustee Ryan Cotton, Trustee Michael Mannino, 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 Tiffany Makras – Human Resources Director To provide continuity for research, items are listed in agenda order although not necessarily discussed in that order. Unapproved 1. Call to Order – Chair Rector The meeting was called to order at 2:31 p.m. 2. Approval of Minutes 2.1 Approve the minutes of the June 17, 2024 Pension Trustees meeting as submitted in written summation by the City Clerk. Trustee Cotton moved to approve the minutes of the June 17, 2024 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 Determine Trustees’ expected rate of return for pension plan investments for the current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). Florida Statutes 112.661(9) requires 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. Draft Pension Trustees Meeting Minutes August 12, 2024 Page 3 City of Clearwater Trustee Teixeira moved to determine Trustees’ expected rate of return for pension plan investments for the current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). The motion was duly seconded and carried unanimously. 4.2 Approve the new hires for acceptance into the Pension Plan as listed. Name/ Job Classification/Department Pension Eligibility Date Isabella Arroyo, Human Resources Technician, Human Resources 04/20/2024 Adam Aramino, Survey Assistant I, Public Works 04/22/2024 Darius Hunsicker, Parks Service Technician I, Parks & Recreation 04/22/2024 Christopher Mcfadden, Parks Service Technician I, Parks & Recreation 04/22/2024 Andrew Nolan-Rivera, Parks Service Technician I, Parks & Recreation 04/22/2024 Codey Nygren, Parks Service Technician I, Parks & Recreation 04/22/2024 Loretta Waterworth, Accounting Tech I, Public Utilities 04/22/2024 Miguel Pena, Parks Service Technician I, Parks & Recreation 04/22/2024 Brian Balloon, Solid Waste Equipment Oper, Solid Waste & Recycling 04/22/2024 Kaleb Peterson, Library Assistant I, Library 05/04/2024 Jessica Pryor, Customer Service Rep I, Gas System 05/04/2024 Jacob Speranza, Skilled Tradesworker I, Marine & Aviation 05/04/2024 Jaice Currie, Network Analyst I, Information Technology 05/06/2024 Hadley Johnson, Police Telecommunicator I, Police Department 05/06/2024 Christopher Vera, Police Telecommunicator I, Police Department 05/06/2024 Devin Furlow, Gas Technician I, Gas System 05/06/2024 Adam Borgman, Public Info Coordinator I, Public Communications 05/06/2024 Derrek Rose, Fire Inspector II, Fire Department 05/06/2024 Nicholas Reeves, Parks Service Supervisor I, Parks & Recreation 05/06/2024 Ryan Thomas, Wastewater Coll Tech I, Public Utilities 05/06/2024 Shawn Rodriguez, Streets & Sidewalks Tech I, Public Works 05/06/2024 Samuel Brown, Solid Waste Worker I, Solid Waste & Recycling 05/18/2024 Rico Green, Parks Service Technician I, Parks & Recreation 05/18/2024 Trevor Shultz, Gas Technician I, Gas System 05/20/2024 William Bechtel, Systems Programmer I, Information Technology 05/20/2024 Noah Mayberry, Development Review Tech I, Planning & Dev. 05/20/2024 Lester Rivera, Fleet Mechanic, General Supp Services 05/20/2024 Travis Jones, Building & Maint Supv, General Supp Services 05/20/2024 Michael Camarillo, Parks Service Technician I, Parks & Recreation 05/20/2024 James Young, Traffic Sign & Marking Tech I, Public Works 05/20/2024 Draft Pension Trustees Meeting Minutes August 12, 2024 Page 4 City of Clearwater Monica Lueking, Neighborhoods Coordinator, City Manager 05/20/2024 Jesse Bennett, Stormwater Technician I, Public Works 05/20/2024 Dasril Panko, Wstwtr Trtmnt Plant Oper C, Public Utilities 06/03/2024 Donovan Stewart, Stormwater Technician I, Public Works 06/03/2024 Rossmery Diaz, Human Resources Analyst I, Human Resources 06/03/2024 Terry Barber, Fire Marshal, Fire Department 06/03/2024 Marcus Prescott, Traffic Sign & Marking Tech I, Public Works 06/03/2024 Brandon Hellmann, Solid Waste Equip.Oper, Solid Waste & Recyc. 06/03/2024 Verqueze Mitchell, Water Distr Oper Trainee, Public Utilities 06/03/2024 Leanne Bell, Public Info Coordinator I, Public Communications 06/03/2024 Samantha Myers, Engineering Specialist I, Public Utilities 06/17/2024 Shahrzad Takalloo, Planner Iii, Planning & Development 06/17/2024 Elizabeth Brewer, Librarian I, Library 06/17/2024 Keegan Saraceno, Utilities Mechanic, Public Utilities 06/17/2024 Chyna Miller-Robinson, Recreation Leader I, Parks & Recreation 06/17/2024 Trustee Allbritton moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. 4.3 Approve the following request of Carl Conyers, Police Department, Gerard Grace, Parks and Recreation Department, Timothy Kurtz, Public Works Department, Robert Lazzaro Jr, Police Department, James “Jim” McCulley, Gas Department, and Barry Slack, Public Utilities Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Carl Conyers, Police Officer, Police Department, was employed by the City on May 31, 1994, and his pension service credit is effective on that date. His pension will be effective June 1, 2024. Based on an average salary of approximately $99,902.55 over the past five years, the formula for computing regular pensions and Mr. Conyers’ selection of the Joint and Survivor Annuity, this pension benefit will be approximately $82,419.60 annually. Gerard Grace, Parks Service Tech II, Parks and Recreation Department was employed by the City on November 3, 2003, and his pension service credit is effective on that date. His pension will be effective June 1, 2024. Based on an average salary of approximately $47,071.51 over the past five years, the formula for computing regular pensions and Mr. Grace’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $22,970.64 annually. Timothy Kurtz, Construction Division Manager, Public Works Department, was employed by the City on March 22, 1998, and his pension service credit is Draft Pension Trustees Meeting Minutes August 12, 2024 Page 5 City of Clearwater effective on October 1, 1998. His pension will be effective December 1, 2024. Based on an average salary of approximately $105,861.34 over the past five years, the formula for computing regular pensions and Mr. Kurtz’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $64,167.24 annually. Robert Lazzaro Jr, Police Officer, Police Department, was employed by the City on September 9, 2002, and his pension service credit is effective on that date. His pension will be effective June 1, 2024. Based on an average salary of approximately $94,009.04 over the past five years, the formula for computing regular pensions and Mr. Lazzaro’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $54,641.40 annually. James “Jim” McCulley, Gas Sales Division Manager, Gas Department, was employed by the City on July 11,1988, and his pension service credit is effective on May 13,1989. His pension will be effective May 1, 2024. Based on an average salary of approximately $98,291.32 over the past five years, the formula for computing regular pensions and Mr. McCulley’s selection of the 50% Joint and Survivor Annuity, this pension benefit will be approximately $87,799.80 annually. Barry Slack, Utilities Mechanic, Public Utilities Department, was employed by the City on June 1, 2004, and his pension service credit is effective on that date. His pension will be effective July 1, 2024. Based on an average salary of approximately $42,150.08 over the past five years, the formula for computing regular pensions and Mr. Slack’s selection of the Single Life Annuity, this pension benefit will be approximately $23,192.28 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. Grace, Mr. Kurtz, Mr. McCulley, and Mr. Slack 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. Conyers and Mr. Lazzaro Jr have met the hazardous duty criteria. Draft Pension Trustees Meeting Minutes August 12, 2024 Page 6 City of Clearwater Trustee Mannino moved to approve the following request of Carl Conyers, Police Department, Gerard Grace, Parks and Recreation Department, Timothy Kurtz, Public Works Department, Robert Lazzaro Jr, Police Department, James “Jim” McCulley, Gas Department, and Barry Slack, Public Utilities Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 4.4 Approve changes to the PAC Manual, Section IV: Eligibility for Disability Pension, regarding the Firefighter Cancer Presumption Law. PAC approved changes to the PAC Manual in section IV: Eligibility for Disability Pension Firefighter cancer benefit: pursuant to Florida Statute § 112.1816(3)-(4), if a firefighter is found by the PAC to be permanently and totally disabled due to a diagnosis of cancer, or circumstances that arise out of the treatment of cancer, then the PAC must also find that said disability arose in the line of duty. Trustee Cotton moved to approve changes to the PAC Manual, Section IV: Eligibility for Disability Pension, regarding the Firefighter Cancer Presumption Law. The motion was duly seconded and carried unanimously. 5. Adjourn The meeting adjourned at 2:37 p.m. Chair Employees’ Pension Plan Trustees Attest City Clerk Draft Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-1024 Agenda Date: 9/30/2024 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: Name/ Job Classification/ Department Pension Eligibility Date Jaden Lee, Solid Waste Worker I, Solid Waste & Recycling 6/29/2024 Jaiylan Wynn, Stormwater Technician I, Public Works 6/29/2024 Adam Nugent, Gas Technician I, Gas System 7/1/2024 Austin Sadorf, Police Cadet, Police Department 7/1/2024 Carol Creutz, Accounting Tech II, Financial & Budget 7/1/2024 Christopher Allen, Police Cadet, Police Department 7/1/2024 Isaiah Henderson, Police Cadet, Police Department 7/1/2024 Joshua Stinson, Meter Reader I, Utility Customer Service 7/1/2024 Myika Bowden, Utility Dispatcher I, Gas System 7/1/2024 Otha Armstrong, Parks Service Tech. I, Parks & Recreation 7/1/2024 Zachary Hauschild, Police Officer, Police Department 7/1/2024 Anthony Martin, Marine Facility Operator, Parks & Recreation 7/15/2024 Frank Vaillant-Figueredo, Welder/Manufacturer, SW & Recycling 7/15/2024 Jared Wilson, Air Conditioning Tech, General Support Services 7/15/2024 Leondre Horne, Parks Service Technician I, Parks & Recreation 7/15/2024 Michael Tutoli, Solid Waste Equipment Oper, SW & Recycling 7/15/2024 Mike Whiting, Solid Waste Equipment Oper, SW & Recycling 7/15/2024 Nicholas Bornstein, Stormwater Technician I, Public Works 7/15/2024 Shanika Nicholson, Solid Waste Equipment Oper, SW & Recyc.7/15/2024 Amanda Paukert, Payroll Tech I, Parks & Recreation 7/29/2024 Daniel Kelly, Engineering Specialist Iii, Public Works 7/29/2024 Hugo Resendiz, Streets & Sidewalks Tech I, Public Works 7/29/2024 Jason Jackson, Solid Waste Equipment Oper, SW & Recycling 7/29/2024 John Balcer, Parks Service Technician I, Parks & Recreation 7/29/2024 Keith Simmons, Water Distr Oper Trainee, Public Utilities 7/29/2024 Mark Kraf, Traffic Signal Tech I, Public Works 7/29/2024 Mitchell Shelton, Utility Dispatcher I, Gas System 7/29/2024 Randall Raines, Water Distr Oper Trainee, Public Utilities 7/29/2024 Sedeeva Chaney, Parks Service Technician I, Parks & Recreation 7/29/2024 Christopher Poland, Water Plant Operator Trainee, Public Utilities 8/12/2024 Ernest Bell, Solid Waste Worker I, Solid Waste & Recycling 8/12/2024 Gerald Burney, Solid Waste Worker I, Solid Waste & Recycling 8/12/2024 Page 1 City of Clearwater Printed on 9/23/2024 File Number: ID#24-1024 Jonathan Richardson, Parks Service Tech. I, Parks & Recreation 8/12/2024 Joseph Gagne, Police Officer, Police Department 8/12/2024 Robert Gremillion, Parks Service Tech. I, Parks & Recreation 8/12/2024 Rocky Nikci, Police Telecommunicator I, Police Department 8/12/2024 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 9/23/2024 Interoffice Correspondence Sheet TO: Pension Advisory Committee FROM: Tiffany Makras, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: August 22, 2024 Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date Jaden Lee Solid Waste Worker I Solid Waste & Recycling 6/29/2024 Jaiylan Wynn Stormwater Technician I Public Works 6/29/2024 Adam Nugent Gas Technician I Gas System 7/1/2024 Austin Sadorf Police Cadet Police Department 7/1/2024 Carol Creutz Accounting Tech II Financial & Budget Operations 7/1/2024 Christopher Allen Police Cadet Police Department 7/1/2024 Isaiah Henderson Police Cadet Police Department 7/1/2024 Joshua Stinson Meter Reader I Utility Customer Service 7/1/2024 Myika Bowden Utility Dispatcher I Gas System 7/1/2024 Otha Armstrong Parks Service Technician I Parks & Recreation 7/1/2024 Zachary Hauschild Police Officer Police Department 7/1/2024 Anthony Martin Marine Facility Operator Parks & Recreation 7/15/2024 Frank Vaillant-Figueredo Welder/Manufacturer Solid Waste & Recycling 7/15/2024 Jared Wilson Air Conditioning Tech General Support Services 7/15/2024 Leondre Horne Parks Service Technician I Parks & Recreation 7/15/2024 Michael Tutoli Solid Waste Equipment Oper Solid Waste & Recycling 7/15/2024 Mike Whiting Solid Waste Equipment Oper Solid Waste & Recycling 7/15/2024 Nicholas Bornstein Stormwater Technician I Public Works 7/15/2024 Shanika Nicholson Solid Waste Equipment Oper Solid Waste & Recycling 7/15/2024 Amanda Paukert Payroll Tech I Parks & Recreation 7/29/2024 Daniel Kelly Engineering Specialist Iii Public Works 7/29/2024 Hugo Resendiz Streets & Sidewalks Tech I Public Works 7/29/2024 Jason Jackson Solid Waste Equipment Oper Solid Waste & Recycling 7/29/2024 John Balcer Parks Service Technician I Parks & Recreation 7/29/2024 Keith Simmons Water Distr Oper Trainee Public Utilities 7/29/2024 Mark Kraf Traffic Signal Tech I Public Works 7/29/2024 Mitchell Shelton Utility Dispatcher I Gas System 7/29/2024 Randall Raines Water Distr Oper Trainee Public Utilities 7/29/2024 Sedeeva Chaney Parks Service Technician I Parks & Recreation 7/29/2024 Christopher Poland Water Plant Operator Trainee Public Utilities 8/12/2024 Ernest Bell Solid Waste Worker I Solid Waste & Recycling 8/12/2024 Gerald Burney Solid Waste Worker I Solid Waste & Recycling 8/12/2024 Jonathan Richardson Parks Service Technician I Parks & Recreation 8/12/2024 Joseph Gagne Police Officer Police Department 8/12/2024 Robert Gremillion Parks Service Technician I Parks & Recreation 8/12/2024 Rocky Nikci Police Telecommunicator I Police Department 8/12/2024 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-1025 Agenda Date: 9/30/2024 Status: Agenda ReadyVersion: 3 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve the following request of employees Willie Hill, Solid Waste and Recycling Department, Charles H. Lane Jr, Economic Development and Housing Department, and Robert Skinner, Public Works Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. SUMMARY: Willie Hill, Solid Waste Worker I, Solid Waste & Recycling Department, was employed by the City on August 22, 2005 and his pension service credit is effective on that date. Mr. Hill terminated from City employment on March 8, 2024. Charles H. Lane Jr, Economic Development & Housing Assistant Director, Economic Development & Housing Department, was employed by the City on August 1, 2011 and his pension service credit is effective on that date. Mr. Lane terminated from City employment on August 18, 2024. Robert Skinner, Parking Meter Technician, Public Works Department, was employed by the City on October 1, 2012 and his pension service credit is effective on that date. Mr. Skinner terminated from City employment on July 17, 2024. 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 (1/1/13), 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 five years of credited service. Mr. Hill will meet the non-hazardous duty criteria and begin collecting a pension in September of 2025. Mr. Lane will meet the non-hazardous duty criteria and begin collecting a pension in September of 2031. Mr. Skinner will meet the Page 1 City of Clearwater Printed on 9/23/2024 File Number: ID#24-1025 non-hazardous duty criteria and begin collecting a pension in September 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 USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 9/23/2024 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-1026 Agenda Date: 9/30/2024 Status: Agenda ReadyVersion: 2 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve the following request of Trava Alston, Police Department, John Dorsey, Solid Waste and Recycling Department, Joshua Jewett, Police Department, Chad Reed, Police Department, and Mario Zaccaria, Planning and Development Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Trava Alston, Police Service Technician, Police Department, was employed by the City on February 21, 1995, and his pension service credit is effective on that date. His pension will be effective August 1, 2024. Based on an average salary of approximately $57,650.41 over the past five years, the formula for computing regular pensions and Mr. Alston’s selection of the Single Life Annuity, this pension benefit will be approximately $46,680.84 annually. John Dorsey, Transfer Station/Scales Operator, Solid Waste & Recycling Department was employed by the City on November 29, 1993, and his pension service credit is effective on April 17, 1994. His pension will be effective August 1, 2024. Based on an average salary of approximately $43,855.48 over the past five years, the formula for computing regular pensions and Mr. Dorsey’s selection of the Single Life Annuity, this pension benefit will be approximately $36,512.40 annually. Joshua Jewett, Police Officer, Police Department, was employed by the City on May 22, 2000, and his pension service credit is effective on that date. His pension will be effective July 1, 2024. Based on an average salary of approximately $92,859.30 over the past five years, the formula for computing regular pensions and Mr. Jewett’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $60,125.64 annually. Chad Reed, Police Officer, Police Department, was employed by the City on September 27, 1999, and his pension service credit is effective on that date. His pension will be effective October 1, 2024. Based on an average salary of approximately $101,028.28 over the past five years, the formula for computing regular pensions and Mr. Reed’s selection of the 100% Joint and Survivor Annuity, this pension benefit will be approximately $67,781.28 annually. Mario Zaccaria, Plans Examiner IV, Planning & Development Department, was employed by the City on September 8, 2015, and his pension service credit is effective on that date. His pension will be effective October 1, 2024. Based on an average salary of approximately $77,064.87 over the past five years, the formula for computing regular pensions and Mr . Zaccaria’s selection of the 66 2/3% Joint and Survivor Annuity, this pension benefit will be approximately $11,196.72 annually. Page 1 City of Clearwater Printed on 9/23/2024 File Number: ID#24-1026 Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), 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 five years of credited service. Mr. Alston, Mr. Dorsey, and Mr. Zaccaria 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. Jewett and Mr. Reed 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 9/23/2024 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#24-1180 Agenda Date: 9/30/2024 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: Approve pension plan administrative expenditures for fiscal year 2025 totaling not-to-exceed $369,900.00. 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 2025 reflect a $10,500, or 2.9%, increase over the approved fiscal 2024 expenditures. This net increase results primarily from increased costs of Finance and Human Resources administrative staff support, partially offset by a decrease in volume of projected employee physicals and related costs. 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. A decreased volume of physicals is forecast due to reduced 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 law firm of Klausner, Kaufman, Jensen and Levinson currently represents the Pension plan in certain matters, while the firm of Banker, Lopez, Gassler currently advocates for City administration in formal 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) STRATEGIC PRIORITY: Page 1 City of Clearwater Printed on 9/23/2024 File Number: ID#24-1180 Attract and retain top-quality personnel through the maintenance of a competitive compensation and benefits program. Page 2 City of Clearwater Printed on 9/23/2024 Description FY 2025 FY 2024 Increase/ (Decrease) % Increase/ Decrease 543400 Printing & binding 600$ 600$ -$ 0.0% 542500 Postage 100 100 - 0.0% 557100 Memberships 400 400 - 0.0% 548000 Misc 100 100 - 0.0% 557300 Training 4,000 4,000 - 0.0% 547200 Travel expense 3,000 3,000 - 0.0% 521500 Physicals 52,100 60,800 (8,700) -14.3% 590200 Reimbursement to General Fund/Central Ins. Fund (Human Resources)55,000 50,500 4,500 8.9% 590200 Reimbursement to General Fund (Accounting & Finance)24,700 21,700 3,000 13.8% 590200 Reimbursement to General Fund (Payroll & IT)110,300 98,700 11,600 11.8% 530100 Pension attorney 90,000 90,000 - 0.0% 530100 Annual software license - GRS benefit calculator 2,600 2,500 100 4.0% 530100 Consulting fees - pension buy-backs and other 27,000 27,000 - 0.0% Totals 369,900$ 359,400$ 10,500$ 2.9% General Fund Reimbursement HR 36,500$ 34,000$ 2,500$ 7.4% Acctg Finance 24,700 21,700 3,000 13.8%Payroll IT 110,300 98,700 11,600 11.8% General Fund Totals 171,500$ 154,400$ 17,100$ 11.1% Central Insurance Fund Reimbursement - HR 18,500$ 16,500$ 2,000$ 12.1% Combined General Fund and Central Insurance Fund HR 55,000$ 50,500$ 4,500$ 8.9% Acctg Finance 24,700 21,700 3,000 13.8% Payroll IT 110,300 98,700 11,600 11.8%190,000$ 170,900$ 19,100$ 11.2% City of Clearwater Employees' Pension Plan Administrative Expenditures