Pension Trustees

City of Clearwater City Hall 112 S. Osceola Avenue Clearwater, FL 33756 Meeting Minutes Monday, May 12, 2014 1:00 pm Pension Trustees Pension Trustees Meeting Minutes May 12, 2014 Also Present: William B. Horne II - City Manager, Jill S. Silverboard - Assistant City Manager, Rod Irwin - Assistant City Manager, Pamela K. Akin - City Attorney, Rosemarie Call - City Clerk, Nicole Sprague - Official Records and Legislative Services Coordinator To provide continuity for research, items are listed in agenda order although not necessarily discussed in that order. DRAFT 1. Call To Order The meeting was called to order at 1:06 p.m. at City Hall. 2. Approval of Minutes 2.1 Approve the minutes of the April 14, 2014 Pension Trustees meeting as submitted in written summation by the City Clerk. Trustee Bill Jonson moved to approve the minutes of the April 14, 2014 Pension Trustees meeting as submitted in written summation by the City Clerk. The motion was duly seconded and carried unanimously. 3. Citizens to be Heard Regarding Items Not on the Agenda - None. 4. New Business Items 4.1 Approve the request of employee Elizabeth Pearce, Parks and Recreation Department, to vest her pension as provided by Section 2.419 of the Employees’ Pension Plan. Trustee Hock-DiPolito moved to approve the request of employee Elizabeth Pearce, Parks and Recreation Department, to vest her pension as provided by Section 2.419 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. City of Clearwater Page 1 Pension Trustees Meeting Minutes May 12, 2014 4.2 Approve the following request of employees Luis Acosta, Public Utilities Department; Michael Faulkner, Fire Department; and Linda Myers, Finance Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Trustee Polglaze moved to approve the following request of employees Luis Acosta, Public Utilities Department; Michael Faulkner, Fire Department; and Linda Myers, Finance 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. 4.3 Obtain approval for the process to purchase of prior service pension credit for the Clearwater Fire and Rescue Chief and certain Assistant Chiefs and provide direction to staff. In response to questions, Human Resources Director Joe Roseto said the ten affected employees have been aware of the mechanism since 2012. None of the eligible employees have purchased prior credit. The City has been contributing 8% of salary to a 401a plan until the employees entered the pension plan. The employees are not being asked to buy back the entire 8%. Klausner, Kaufman, Jensen and Levinson attorney Stuart Kaufman said $537,000 is the maximum exposure to the City if all employees decide to buyback. The employees would sign a release waiving any rights. The employees can buyback a portion of their prior service to use toward pension credit. Mr. Roseto said the State Division of Retirements has reviewed the City's proposed process to purchase prior service pension credit and expressed no concerns. Employees who decide not to buyback prior pension credit would be covered by the provisions of the City's pension plan for public safety employees, as they were enrolled in the plan September 2012. Under the City's pension plan, public safety employees may retire at 20 years of service at any age; benefits are vested at ten years of service. The affected employees may use their 401a plan or 457 plan funds to purchase pension credit. Trustee Hamilton moved to approve the process to purchase prior service pension credit for the Clearwater Fire and Rescue Chief and certain Assistant Chiefs. The motion was duly seconded and carried unanimously. 4.4 Approve the new hires for acceptance into the Pension Plan as listed. Trustee Jonson moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. City of Clearwater Page 2 Pension Trustees Meeting Minutes May 12, 2014 5. Adjournment The meeting adjourned at 1:23 p.m. City of Clearwater Page 3