CITY OF KNOXVILLE PENSION BOARD
REVISED AGENDA
Thursday – June 10, 2010
8:15 A.M.
917B E. 5TH AVENUE
CALL TO ORDER:
APPROVAL OF REGULAR MEETING MINUTES FOR May 13, 2010:
APPROVAL OF REVISED AGENDA:
CONTRACTS:
IRM (TIPS) Contract Completed – Funding to begin in June
CastleArk (Large Cap Growth) – Contract Completed - Funding to begin in June
ADMINISTRATIVE MATTERS:
Schedule Pension Board Meetings for Third Quarter 2010
Thursday, July 8, 2010 – 8:15 a.m.
Thursday, August 12, 2010 – 8:15 a.m.
Thursday, September 9, 2010 – 8:15 a.m.
Computer & Networking Services Proposal Estimate
EXECUTIVE DIRECTOR COMMENTS:
ATTORNEY COMMENTS:
Glenda Fields’ Litigation – Hearing scheduled for July 2010 meeting
Discussion of Board Voting Procedures
Discussion of G1 to G2 Claim
ENROLLMENTS:
The following General Government employees have filed applications to become members of the Plan G1 pension system.
William E. LeQuire
WITHDRAWALS:
The following employees have filed an application to withdraw employee pension contributions plus 4% interest and the supplemental retirement account as applicable in Plan G Option 1.
Brendan T. Mills, Police Dept. – Plan C, non-vested
APPLICATION FOR DEFERRED RETIREMENT: PLAN A
CHARTER SECTION 1360.28
David J. Burns, General Government Option A-6
100% without reinstatement
Date of birth, May 8, 1948: 62 years of age
Last date of employment: June 2005
Total credited service: 11 years 1 month
$336.39 pension effective June 1, 2010
APPLICATION FOR EARLY RETIREMENT: PLAN A
CHARTER SECTION 1360.17
Harry Warren, Schools Certified No Option
Date of birth, November 26, 1952: 57 years of age
Total City credited service: 13 years
Total County credited service: 23 years
Total credited service: 36 years
$174.53 pension effective June 1, 2010
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 & County benefit is $1,452.13.
25 years required for Early retirement. Supreme Court ruling entitles retiree to combine City & County credited service.
APPLICATION FOR NORMAL RETIREMENT: PLAN A
CHARTER SECTION 1360.12
Wanda S. Mash, Schools Certified No Option
Date of birth, November 27, 1947: 62 years of age
Total City credited service: 17 years
Total County credited service: 23 years
Total credited service: 40 years
$379.78 pension effective June 1, 2010
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 & County benefit is $2,390.00.
APPLICATION FOR DEFERRED RETIREMENT: PLAN G2
CHARTER SECTION 1360.28
Glennetta Washington, General Government Option B-12
15 Yr. Certain & Life
Date of birth, May 31, 1948: 62 years of age
Last date of employment: November 2001
Total credited service: 12 years 4 months
$434.24 pension effective June 1, 2010
APPLICATION FOR PARTICIPATION IN THE DELAYED RETIREMENT OPTION PROGRAM (DROP): PURSUANT TO CHARTER SECTION 1371.8 – PLAN G.
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 Knoxville.
Kevin B. Scott, General Government – Plan G2 No Option
Date of birth, September 28, 1955: 54 years of age
Total credited service: 31 years 3 months 10 days
$1,395.91 pension effective June 1, 2010.
DROP complete May 31, 2012.
APPROVAL OF INVOICES FOR PROFESSIONAL SERVICES: - Invoice copies in folder
Bryan, Pendleton, Swats & McAllister – Actuary (April 2010) $ 5,237.00
State Street – Trustee (April – 2010) 4,367.61
State Street Global – Money Manager (1st Qtr – 2010) 1,953.17
UBS – Money Manager (1st Qtr – 2010) 14,395.23
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 system’s financial plan.
OTHER:
PUBLIC COMMENTS:
ADJOURNMENT:
ESTIMATE OF TIME FOR MEETING: 2 1/2 hrs.