City of Clearwater Pension Trustees Meeting - April 20, 2026
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City of Clearwater Pension Trustees Meeting - April 20, 2026
The City of Clearwater Pension Trustees met on April 20, 2026 at 1:00 PM in the Main Library Council Chambers. The board approved routine items including minutes from the February meeting, new hires into the pension plan, vesting requests, and regular pension applications. The board also received an annual investment performance review and established the expected rate of return for pension investments. All votes were unanimous. No public comments were made.
Consent Calendar
- Approval of Minutes: Approved the minutes of the February 2, 2026 Pension Trustees meeting unanimously.
- New Hires into Pension Plan (Item 4.1): Approved new hires for acceptance into the pension plan as listed.
- Vesting Requests (Item 4.2): Approved requests from Cheri Drigan (Gas Department) and Michael Mouroukis (Information Technology Department) to vest their pensions.
- Regular Pension Approvals (Item 4.3): Approved requests for regular pensions from 17 listed employees across multiple departments.
Public Comments & Testimony
No members of the public spoke during the citizens to be heard portion or on any agenda item.
Discussion Items
- Investment Performance Review (Item 4.4): Finance Director Jay Ravens presented the annual review of the Employees' Pension Plan investment performance for the calendar and plan year ended December 31, 2025. The portfolio returned 11.45% for calendar year 2025, well above the actuarial assumption of 6.5% but below the benchmark index return of 13.36%. Underperformance was attributed largely to small cap equity. The pension committee terminated and replaced three money managers during 2025 and continues to monitor performance with the assistance of investment consultant CapTrust. The agenda listed this item as requiring approval, but the transcript indicates the trustees did not vote on the report and simply accepted the presentation.
- Expected Rate of Return Determination (Item 4.5): Jay Ravens presented the staff recommendation to set the expected rate of investment return at 6.5% (net of fees) for the current year, each of the next several years, and the long term, as required by Florida Statutes. The trustees unanimously approved this rate.
Key Outcomes
- Approved minutes of February 2, 2026 (unanimous).
- Approved new hires for pension plan entry (unanimous).
- Approved vesting requests for two employees (unanimous).
- Approved regular pension requests for 17 employees (unanimous).
- Received the annual investment performance review; no formal vote taken despite agenda indicating approval.
- Unanimously adopted a 6.5% expected rate of return for pension investments for the current year and future years.
- Meeting adjourned.
Note: The agenda listed item 4.4 as an approval item, but the transcript shows the board did not take a vote on the investment performance review; it was received as informational. This discrepancy is noted due to lack of official minutes.
Meeting Transcript
What was there? This time we'll call to order the City of Clearwater Pension Trustees meeting of Monday, April twenty, twenty twenty-six. This time we'll move to item two point one on the agenda. Approve the minutes of the February two, twenty twenty-six pension trustees meeting. Yes, don't move, please. All those in favor? Hearing saying none, move item four point one. Approve the new hires for acceptance into the pension plan as listed. So you want to hear from the public that they the desires we heard regarding agenda item four point one. Um was in favor? Michael Morakis, Information Technology Department, faster pensions as provided. Hearing saying none, is there any trustees discussion? Now is there a motion? Move to approve agenda item 4.2. Second. All those in favor? Aye. Opposed unanimous. Agenda item 4.3. Approve the requests of the employees listed to best our pensions. Available for questions. Still Tiffany, still available for questions. Anyone hear from the public desire to speak to agenda item 4.3. Hearing seeing none, is there any discussion? If not, is there a motion? Motion to approve agenda item 4.3. Second. Aye. Opposed unanimous. Agenda item 4.4. Annual review of the employees' pension plan investment performance for the calendar and plan year ending December 31, 2025. Good afternoon, trustees. Jay Ravens, Finance Director. This is the annual review of calendar year investment performance for the pension plans investment portfolio. We've included with the agenda item a detailed summary of investment performance by money manager for each of the 22 money managers, as well as performance for each major asset category of the portfolio. Overall, the plan had a strong calendar year 2025 return of 11.45%, well in excess of the actuarial assumption of 6.5%. However, the portfolio did significantly underperform versus the benchmark index of 13.36%, largely due to underperformance in the small cap equity asset category. The pension committee has recommended and the trustees have approved three money manager terminations and respective replacements during calendar 2025. The committee continues to closely monitor the performance of each of the plans money managers with the assistance of our investment consultant cap trust. We will bring additional recommendations for terminations and replacements in the future as appropriate. Is there any um any trustees discussion on this one? We need to approve this report, or I don't think we do, did we? Okay. Okay, thank you. All right. Agenda item 4.5. Determine trustees expected rate of return for pension plan investments for current year, each of the next several years, and for the long term thereafter, in accordance with Florida statutes one 112.661 for Nine. Good afternoon, trustees. Again, Jay Ravens, Finance Director. This item is requesting the trustees determination of an expected rate of investment return for the current year, each of the next several years, and for the long term thereafter, as required by Florida statutes on an annual basis.
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