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12/13/2001PENSION ADVISORY COMMITTEE MEETING CITY OF CLEARWATER December 13, 2001 Present: Dick Fitzgerald Chair John Lee Committee Member Ed Hart Committee Member/Commissioner John Schmalzbauer Committee Member Whitney Gray Vice Chair /Commissioner Bill Jonson Committee Member/Commissioner Tom Jensen Committee Member Also Present: Paul O’Rourke Human Resources Director Lee Dehner Pension Advisory Committee Attorney Deb Ford Human Resources Analyst Margie Simmons Finance Director The Chair called the meeting to order at 9:02 a.m. at City Hall. To provide continuity for research, items are in agenda order although not necessarily discussed in that order. ITEM #2 - Approval of Minutes In response to a question regarding the minutes of November 8, 2001, page 6, paragraph one, it was recommended the sentence read “Presentation by staff was commended.” Member Jonson moved to approve the minutes of the regular meeting of November 8, 2001, as amended. The motion was duly seconded and carried unanimously. ITEM #3 - Employees to be Heard – None. ITEM #4 - Action Items a) Review and Action on Employee Requests for Years of Service Pension 1. James R. Centilli – Firefighter, Fire Department 2. Audrey Meunier – Customer Service Representative, Customer Service Member Lee moved to approve a Years of Service Pension for James R. Centilli and Audrey Meunier. The motion was duly seconded and carried unanimously. b) Review and Action on Employee Requests to Vest Pensions 1. Lester Rent – Wastewater Treatment Plant Operator C, Public Utilities Lester Rent has resigned his position after being employed by the City for more than 27 years. He will qualify to receive his reduced pension beginning July 1, 2004. Member Jonson moved to approve the request by Lester Rent to vest his pension. The motion was duly seconded and carried unanimously. c) Approval of New Hires as Pension Plan Members As of December 6, 2001, the City had 1704.99 FTEs out of 1834.7 budgeted positions. Efrain Pizano originally was hired as permanent part-time and changed to full-time and pension eligible as of November 5, 2001. Wendell Akins originally was hired as temporary and changed to permanent and pension eligible as of November 19, 2001. Member Gray moved to accept the following employees into membership in the Pension Plan: Date of Pension Employment Elig. Date John Mehrle, Maintenance Worker II General Support Services 10/22/01 10/22/01 Patricia Brady, Staff Assistant I Marine 11/05/01 11/05/01 Joyce Hunt, Accountant Finance 10/22/01 10/22/01 Efrain Pizano, Custodial Worker Parks & Recreation 06/04/01 11/05/01 Suzanne Melton, Staff Assistant I General Support Services 11/05/01 11/05/01 Michael Evans, Parks Service Tech. I Parks & Recreation 11/05/01 11/05/01 Debbie Shires, WWTP Operator Trainee Public Utilities 10/22/01 10/22/01 Joshua Meyer, Courier Public Comm/Marketing 11/05/01 11/05/01 Wayne Wells, Senior Planner Planning & Dev Services 11/05/01 11/05/01 Donna Armen, Staff Assistant I General Support Services 11/08/01 11/08/01 Stephen Bell, Utilities Chemist Public Utilities 11/05/01 11/05/01 Sherry Hunt, Police Officer Specialist Police Department 11/26/01 11/26/01 Brian St. Lawrence, Solid Waste Worker Solid Waste 11/19/01 11/19/01 Rodney Ferguson, Solid Waste Worker Solid Waste 11/19/01 11/19/01 Daniel Rivera, Solid Waste Worker Solid Waste 11/19/01 11/19/01 Wendell Akins, Mechanic II General Support Services 09/18/01 11/19/01 Member Lee moved to recommend the Trustees authorize Mr. Dehner to rewrite the pension investment counselor contracts at a cost not to exceed $5,000. The motion was duly seconded and carried unanimously. Ms. Simmons reviewed the time line for the actuarial analyses of Pension Plan assumptions to be conducted by Steve Metz. She asked if the Committee would like a representative to attend the staff meeting on February 14, 2002. It was suggested the meeting be posted as a public meeting so all members may attend. It was questioned if a comparison with other agencies is made when compiling the assumption report. Ms. Simmons will advise. Paul O’Rourke, Human Resources Director, will provide information on other local agencies used by Human Resources for survey purposes. Human Resources does labor market analyses of other pension plans with the last one done in 1999. Another will be done next summer. Ms. Simmons said assumption changes will affect Pension Plan funding. Mr. Dehner advised the Committee that Senate Bill 372 requires after the valuation report is complete, the Trustees must determine the annual rate of return for the current year and several years thereafter. This information must be provided to Charles Slavin, Director of the Florida State Retirement Division. It was stated the Investment Policy indicates an expected rate of return. Mr. Dehner was asked if the rate determined by the Trustees is adopted into this policy. Mr. Dehner said this is a separate issue from what is in the Investment Policy. ITEM #6 – Director’s Reports - None. The next PAC meeting is scheduled for January 10, 2002. ITEM #7 - Committee Members to be Heard Member Hart raised a question regarding the part-time employees as indicated on the monthly report. Mr. O’Rourke responded to his question. Members extended holiday wishes to all. ITEM #8 - Adjournment The meeting adjourned at 9:35 a.m.