CITY OF
MINUTES
917B
The regular meeting of the City of
Present were: Mayor Haslam, Mr. Scott Calloway, Ms. Brenda Hankins, Mr. Buddy Harrell, Mr. Christopher Kinney, Ms. Carol Mahler, Ms. Barbara Pelot, Attorney C.C. Bud Gilbert and Mr. Michael Cherry.
Also present: Mr.
CALL TO ORDER:
Ms. Mahler presided and called
the meeting to order at
APPROVAL OF REGULAR
MEETING MINUTES FOR
Motion: Mr. Calloway made a motion to approve the
minutes. Ms. Hankins seconded the
motion. The motion carried unanimously
by the members present.
APPROVAL OF REVISED AGENDA: Exhibit 1
The Revised Agenda was adopted without objection.
CONTRACTS: None
ADMINISTRATIVE MATTERS:
Pension Board Representative Elections
General Government
Seat B
For purposes of determining who would
be eligible to hold Pension Board Representative, Seat B General Government,
which is up for re-election, Mr. Cherry asked for clarification from the Board
as how to define departments, due to the reorganization of the City of Knoxville
departments. The Pension Board instructed Mr. Gilbert to revise and to incorporate
into their election rules language to indicate the departments were the nine
major groupings as listed on the City of
Education seat
Mr. Cherry reminded the Board that
the current Education representative seat will expire
Fire Department
Uniformed Seat B - Exhibit 2
Mr. Cherry informed the Board that
the nomination process was underway for the Fire Department Uniformed Seat
B, Pension Board representative seat for the three year term beginning January
1, 2005, and that the deadline to accept nominations was Thursday, October 21,
2004.
A final Election Rules document will be presented to the Pension Board at their
December meeting. A copy of the rules is on file at the pension office.
COLA Costs for Education employees - Exhibit
3
Mr. Cherry presented to the Board,
for their review, a cost analysis prepared by
Mayor Haslam arrived
at
Plan G transfer to Plan C Policy Recommendations - Exhibit 4
Attorney Gilbert distributed to the Board an amended policy statement for employee transfers from General Government to Fire/Police Plan C. Mr. Cherry reviewed with the Board, the details of the policy statement. A final draft of the policy will be presented to the Board at their December meeting. A copy of the final policy is on file in the pension office.
Motion: Ms. Pelot made a motion
to adopt the amended Policy Statement for transfers from General Government
to Fire/Police Plan C. Mr. Kinney seconded
the motion. The motion carried unanimously
by the members present.
Annual Financial Allocation Report - Exhibit 5
Mr. Cherry presented to the Board a financial report showing the allocation of revenue
and expenses for the three sections of the pension system. He also provided to the
Board the
unaudited basic financial statements for fiscal year 2003-2004.
EXECUTIVE DIRECTOR COMMENTS:
None
ATTORNEY COMMENTS: None
ENROLLMENTS:
The following General Government employees have filed applications to
become members of the Plan G1 pension
system.
Miguel Bourne
Scott L. Brenneman
Lisa Foutz
Phillip Moore
Tony Spoon
Charles D. Ward
Motion: Ms. Mahler made a motion
to approve these applications for enrollment in the Plan G1 pension system.
Mr. Calloway seconded the motion. The
motion carried unanimously by the members present.
WITHDRAWALS:
The following employees have filed applications to withdraw employee pension
contributions plus 4% interest and the supplemental retirement account as applicable
in Plan G Option 1.
James D. Arwood, General Government, G1 - Vested
Jason Chadwell, General Government, G1 Vested
Bobby Corby, General Government, G1 Non-vested
Alan Dunlap, General Government, G1 Non-vested
Peter M. Hammer, Police Department, Plan C Non-vested
Dexter Brian Henderson, Police Department, Plan C - Vested
Travis Kincaid, Fire Department, Plan C Vested
Phillip R. McClain, Police Department, Plan C Vested
Tony R. Ogle, General Government, G2 - Vested
Shane Powell, General Government, G1 Non-vested
Steven M. Simpson, General Government, G1 Vested
Motion: Ms. Mahler made a motion
to approve these applications for withdrawal of employee contributions. Mr. Calloway seconded the motion. The motion carried unanimously by the members
present.
APPEALS:
RETIREMENTS:
APPLICATION FOR DISABILITY
NOT IN LINE OF DUTY RETIREMENT: PLAN
A
CHARTER SECTION 1360.20
Nancy R. Pressley, Schools Certified No Option
Date of birth,
*(computed as if 62 years of age)
Total credited service: 28 years
Last date of employment with City:
June 1987
Last date of employment with County:
December 2003
Average base earnings for 4 years,
$400.00 x 75% = $3.00
Average excess earnings for 4 years,
$1,054.60 x 1.50% = $15.82
Making a total of $18.82 x 11.5000
=
$216.43 pension effective
The City benefit payment is determined using City only salaries and City
service time. The City benefit does not
include any County service.
The total amount of the combined City
and County benefit is $1,401.68.
15 years required for Disability retirement. Supreme Court ruling entitles retiree to combine
City & County credited service.
Motion: Mr. Kinney made a motion to approve this application
for Disability Not in Line of Duty retirement based on the recommendation of
Dr. Michael Pool. Ms. Hankins seconded
the motion. The motion carried unanimously
by the members present.
APPLICATION FOR INJURY
IN LINE OF DUTY: PLAN C
CHARTER SECTION 1390.11
David M. McCoig, Police Department Uniformed No Option
Date of birth,
Total credited service: 17 years 11 months
Average monthly salary fro 2 highest 12 month periods, $3,669.76 x 50% =
$1,834.88
pension effective
Motion: Mr. Calloway made a motion
to approve this application for an Injury In Line of Duty Retirement, to be
reviewed in two years, based on the medical evidence presented. Ms. Pelot seconded the motion. The motion carried unanimously by the members
present.
APPLICATIONS FOR EARLY
RETIREMENT: PLAN A
CHARTER SECTION 1360.17
Jerry A. Bush, Schools Certified No Option
Date of birth,
Total credited service: 32 years 9 months
Last date of employment with City: June 1987
Last date of employment with County: September 2004
Average base earnings for 4 years, $400.00 x 75% = $3.00
Average excess earnings for 4 years, $1,617.29 x 1.50% = $24.26
making a total of $27.26 benefit per year of service. $27.26 x 15.50000 =
$422.53 x ER factor.5245 =
$221.62
pension effective
The City benefit payment is determined using City only salaries and City service time. The City benefit does not include any County service.
The total amount of the combined City and County benefit is $1,474.34.
25 years required for Early retirement. Supreme Court ruling entitles retiree to combine City & County credited service.
Motion: Ms. Hankins made a motion
to approve this application for Early retirement for the City portion.
Mr. Kinney seconded the motion. The
motion carried unanimously by the members present.
75% with reinstatement
Date of birth,
Total credited service: 37 years
Last date of employment with City: June 1987
Last date of employment with County: September 2004
Average base earnings for 4 years, $400.00 x 75% = $3.00
Average excess earnings for 4 years, $1,378.12 x 1.50% = $20.67
making a total of $23.67 benefit per year of service. $23.67 x 20 =
$473.40. Mr. Layman chose Option A-8 75% with reinstatement to Juretta Sue Layman, spouse. $473.40 x .8445 =
$399.79
pension effective
The City benefit payment is determined using City only salaries and City service time. The City benefit does not include any County service.
The total amount of the combined City and County benefit is $1,766.36.
25 years required for Early retirement. Supreme Court ruling entitles retiree to combine City & County credited service.
Motion: Ms. Hankins made a motion
to approve this application for Early retirement for the City portion payable
under Option A-8. Mr. Kinney seconded
the motion. The motion carried unanimously
by the members present.
Sara P. Shanklin, Schools Certified No Option
Date of birth,
Total credited service: 27 years 3 months
Last date of employment with City: June 1987
Last date of employment with County: May 2004
Average base earnings for 4 years, $400.00 x 75% = $3.00
Average excess earnings for 4 years, $515.08 x 1.50% = $7.73
making a total of $10.73 benefit per year of service. $10.73 x 10.2500 =
$109.98
pension effective
The City benefit payment is determined using City only salaries and City service time. The City benefit does not include any County service.
The total amount of the combined City and County benefit is $1,349.42.
25 years required for Early retirement. Supreme Court ruling entitles retiree to combine City & County credited service.
Motion: Ms. Hankins made a motion
to approve this application for Early retirement for the City portion.
Mr. Kinney seconded the motion. The
motion carried unanimously by the members present.
APPLICATION FOR PARTICIPATION
IN THE DELALYED RETIREMENT OPTION PROGRAM (DROP): PURSUANT TO CHARTER SECTION
1390.22 PLAN C.
The following employee
has chosen a Delayed Retirement Option and will receive a one-time payment of
the accumulated monthly benefits on termination of employment with the City
of
Curtis Glenn Romines, Fire Department Option A-6
100% without reinstatement
Date of birth,
Total credited service: 31 years 7 months
Average monthly salary for 2 highest 12 month periods, $3,452.65 x 2,5% =
$86.32 x 30 = $2,589.60. Mr. Romines chose Option A-6 100% without reinstatement to Kimberly Loveday Romines, spouse. $2,589.60 x .9298 =
$2,407.81
pension effective
DROP complete
Motion: Ms. Mahler made a motion
to approve this application for DROP retirement payable Under Option A-6. Mr. Calloway seconded the motion. The motion carried unanimously by the members
present.
APPLICATION FOR PARTICIPATION
IN THE DELALYED RETIREMENT OPTION PROGRAM (DROP): PURSUANT TO CHARTER SECTION
1371.8 PLAN G2.
The following employee
has chosen a Delayed Retirement Option and will receive a one-time payment of
the accumulated monthly benefits on termination of employment with the City
of
Kenneth M. Flynn, General Government Option A-4
50% without reinstatement
Date of birth,
Total credited service: 29 years 4 months
Average monthly salary for 2 highest 12 month periods, $4,375.57 x 2.1% =
$91.89 x 29.33333 = $2,695.44. Mr. Flynn chose Option A-4 50% without reinstatement to Pauline J. Flynn, spouse. $2,695.44 x .8901 =
$2,399.21
pension effective
DROP complete
Motion: Mr. Mahler made a motion
to approve this application for DROP retirement payable Under Option A-4. Ms. Pelot seconded the motion. The motion carried unanimously by the members
present.
David C. Perry, General Government Option A-4
50% without reinstatement
Date of birth,
Total credited service: 34 years
Average monthly salary for 2 highest 12 month periods, $3,214.78 x 2.1% =
$67.51 x 34 = $2,295.34. Mr. Perry chose Option A-4 50% without reinstatement to Wanda S. Perry, spouse. $2,295.34 x .9407 =
$2,159.23
pension effective
DROP complete
Motion: Ms. Mahler made a motion
to approve this application for DROP retirement payable Under Option A-4. Ms. Pelot seconded the motion. The motion carried unanimously by the members
present.
Jewel J. Taylor, General Government
No Option
Date of birth,
Total credited service: 22 years 8 months
Average monthly salary for 2 highest 12 month periods, $2,840.44 x 2.1% =
$59.65 x 22.66667 =
$1,352.07
pension effective
DROP complete
Motion: Ms. Mahler made a motion
to approve this application for DROP retirement. Ms. Pelot seconded the motion. The motion carried unanimously by the members
present.
APPLICATION FOR LEAVE
OF ABSENCE FOR MILITARY SERVICE: CHARTER
SECTION 1390.20(B)
George B. King, General Government:
Victor Rodgers, Fire Department Uniformed:
Motion: Mr. Harrell made a motion to approve these applications
for leave of absence for military service. Mr. Calloway seconded the motion. The motion carried unanimously by the members
present.
APPROVAL OF INVOICES
FOR PROFESSIONAL SERVICES:
Bryan, Pendleton, Swats & McAllister Actuary (August) 15,053.00 Kennerly, Montgomery & Finley Attorney (August) 1,095.00
Kennerly, Montgomery & Finley Attorney (September) 1,440.00
State Street Trustee (August 2004) 3,520.02
Mr. Cherry, Executive Director, has reviewed the bills and certifies that they are consistent with the services provided and are within the budgeted figures of the FY 2005 financial plan.
Motion: Mr. Kinney made a motion
to pay these invoices. Mr. Harrell seconded
the motion. The motion carried unanimously
by the members present.
INVESTMENT MATTERS:
Mr. Holmes made a presentation to
the Board and gave a preliminary performance report on the quarter ended
After a brief recess,
the following presentations were made:
Mayor Haslam left the
meeting at
Oechsle International Advisors
Mr. John Power of Oechsle International
Advisors made a presentation and distributed a written report.
A copy of the report is on file in the Pension Office.
Calamos Asset Management
Mr. Scott Becker of Calamos Asset Management made a presentation and distributed a written report. A copy of the report is on file in the Pension Office.
OTHER:
Actuary Presentation
Alan Pennington Bryan, Pendleton,
Swats &McAllister presented the actuarial valuation as of
PUBLIC COMMENTS: None
ADJOURNMENT:
There being no further business, the following motion was made:
Motion: Ms. Hankins made a motion
to adjourn the meeting at
____________________________
Chair
____________________________
Date
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