City of Clearwater Pension Trustees Meeting - June 15, 2026
City of Clearwater Pension Trustees Meeting - June 15, 2026
The Pension Trustees met to accept the annual actuarial valuation, appoint a new small-cap growth investment manager, terminate an underperforming manager, approve new hires into the pension plan, and approve pension retirements for seven employees. All actions passed unanimously.
Consent Calendar
- Approval of Minutes (ID#26-0224): Unanimously approved the minutes of the April 20, 2026 Pension Trustees meeting.
Public Comments & Testimony
- No members of the public spoke on items not on the agenda or on any agenda item.
Discussion Items
- 4.1 – Accept January 1, 2026 Annual Actuarial Valuation: Pete Strong, actuary from Gabriel Roeder Smith, presented the valuation. Key demographics: 1,563 active members (down from 1,572), covered payroll $128 million, average annual pay $82,000; 1,554 retirees receiving $66.1 million in annual pensions, average pension $42,500. The plan’s investment return assumption remains 6.5%. 2025 market return was 11.4%, five-year smoothed return 6.27%, ten-year average 8.5%. Salary increases averaged 11.56% versus the 5.74% assumption, driving a $39 million increase in unfunded liability (3.17% of total liability). The required contribution rose to $12.35 million (9.6% of pay). The plan has a $44.2 million credit balance. Funded ratios: 111.7% on a market value basis (transcript recorded “11.7%”; this is presumed a transcription error given the context of full funding and comparisons to the Florida Retirement System at 82.2%), 107.5% on a smoothed actuarial value basis, and 104% net of credit balance. The plan remains one of the best-funded municipal pension plans in Florida. The valuation was accepted unanimously.
- 4.2 – Approve Investment Advisory Agreement with Driehaus Capital Management: Mike Villone of CapTrust Advisors explained that the pension investment committee recommended replacing the current small-cap growth manager Riverbridge with Driehaus due to Riverbridge’s recent underperformance. The agreement was approved unanimously.
- 4.3 – Approve Termination of Riverbridge Partners: Termination of Riverbridge was recommended due to underperformance over the last two years. Approved unanimously.
- 4.4 – Approve New Hires into Pension Plan: The human resources director listed new employees; the board approved their acceptance into the plan unanimously.
- 4.5 – Approve Regular Pension Requests: Approved pensions for seven employees: Salvatore Accomando (Police), Jonathan Cappa (Police), Pawel Dembinski (Public Works), Keith Law (Library), Robert Reedy (Public Utilities), Philip Ruppel (Public Utilities), and Anthony Tedesco (Fire). Unanimous.
Key Outcomes
- Accepted the January 1, 2026 annual actuarial valuation.
- Approved a new investment management agreement with Driehaus Capital Management for the small-cap growth equity account.
- Terminated Riverbridge Partners as money manager for the small-cap growth account.
- Approved new employee enrollments into the pension plan.
- Approved regular pension benefits for seven retiring employees.
Director’s Report: None.
The meeting adjourned at approximately 1:15 PM.
Meeting Transcript
Oh my god, I don't know, maybe this time we'll call call to order the June 15th, 2026 meeting of the City of Clearwater Community Redevelopment Agency. This time we'll move to item 2.1 on the agenda. Approve the minutes of the May 18 2026 CRA meeting. So move. Second. All those in favor? Opposed, unanimous. This time we'll move to unanimous, but um trustee cotton is not here today. That will move to item three on the agenda. Citizens to be heard regarding items not on today's agenda. At this time, are there any citizens here today who desire to be heard on a community redevelopment agency issue that is not on today's agenda? Hearing saying no, we'll move to item 4.1. Present Hatchet Hangout as the June 2026 winner of the Clearwater CRA Business Spotlight Program. Good afternoon, everyone. My name is Tasha Hatley, CRA specialist, and today I'm pleased to recognize Hatchet Hangout as our June business spotlight winner. Located at 709 North North Myrtle Avenue, Hatchet Hangout is a unique destination for recreation and entertainment since opening in North Greenwood in 2020. Owned by Drew Noivacik and managed by Barry Burris, the business offers axe throwing, league play, private events, team building activities, and fundraisers in a fun and welcoming environment for guests of all skill levels. As an official axe throwing league venue, Hatchet Hangout provides opportunities for both casual and competitive throwers to connect through friendly competition and experiences.com. Hatchet Hangout supports the city and CRA's shared goals of supporting local businesses by expanding recreational activities within our redevelopment areas. At this time, we invite you to view the video showcasing Hatchet Hangout. We've been in North Greenwood since 20 uh 2021. North Greenwood was a great choice for us because of the closeness to everything. You have the downtown, you have the major bus routes, and it's a thriving neighborhood that is just up and coming, so we want to contribute to that neighborhood. First time visitors should expect a high energy, a fun atmosphere for all. We have uh loads of games, tons of drinks for the guests to choose from. Each lane gets a coach. We can help the group make sure they're having a great experience, and we want everybody from 8 to 80 to have a great time. Community involvement's huge in our business. We love donating uh uh to organizations like PetPal. Like to do a lot of events, we do host leagues, we also have a mobile trailer. We come out to parties and local events. So the hours of operation are 11 to 11, seven days a week. We like to be full. Okay. Approve the minutes of the April 20, 2026 pension trustees meeting. Sir motion to approve the minutes. So move. Second. All those in favor? Cosed unanimous. Three today. Are there any citizens here today to be heard? Um regarding an issue with the pension trustees. That's not on today's agenda. Okay. Hearing seeing none we'll move to item 4.1. Except the January 20, January 1, 2026 annual actuary valuation for the City of Clearwater's employee pension plan. Good afternoon, Monica Mitchell, Assistant Finance Director. This item is requesting your formal acceptance of the plans annual actuary evaluation data January 1st, 2026. This valuation will guide us in determining the city's contribution to the employees pension plan for the coming fiscal year.
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