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Record of Proceedings

Clearwater Pension Trustees Meeting - October 12, 2026

Clearwater Municipal Meetings — Monday, October 12, 2026
BodyClearwater, Florida
SessionClearwater Municipal Meetings
DateMonday, October 12, 2026
StatusFILED
Video Record
0:00 / 5:55

Original source
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Speaker numbers apply only to this recording.

Speaker 1

0:00

2026 pension trustees meeting.

Speaker 2

0:02

So motion to approve the minutes.

Speaker 3

0:04

So move.

0:05

Second.

Speaker 2

0:05

All those in favor?

Speaker 3

0:07

Aye.

0:07

Aye.

Speaker 2

0:08

Opposed.

0:09

Unanimous.

0:10

Move to item three.

0:11

Are there any sentences to be heard regarding items not on today's pension trustees agenda?

0:16

There are none.

0:17

Move to item 4.1.

Speaker 1

0:19

Approve the new hires for acceptance into the pension plan as listed.

Unassigned speaker

0:26

Good

Speaker 4

0:26

afternoon, Mayor, Council, Jessica Harmeson, Human Resources Assistant Director.

0:30

Here to answer any questions that you may

Unassigned speaker

0:32

have.

Speaker 2

0:33

Okay.

Unassigned speaker

0:34

Is

Speaker 2

0:34

anyone here to speak to item 4.1 on today's pension trustees agenda?

0:39

Hearing seeing none.

0:40

Any council discussion?

0:42

Excuse me, trustees discussion.

0:44

If not, is there a motion?

Speaker 5

0:46

Move to approve agenda item 4.1.

0:49

Second.

Speaker 2

0:49

All those in favor?

0:51

Opposed to unanimous.

0:53

Agenda item 4.2.

Speaker 4

0:55

Good afternoon, Mayor, Council.

0:57

Still Jessica Harmison, Human Resources Assistant Director.

1:00

Here to answer questions that you may

Unassigned speaker

1:02

have.

Speaker 2

1:02

Okay.

1:03

You want to hear today the desires to speak to agenda item 4.2.

1:07

Hearing seeing none.

1:08

Any trustees discussion?

1:10

If not, is there a motion?

Speaker 3

1:14

Make a motion to approve the agenda item.

1:15

I don't know why I'm having trouble.

1:17

Second.

1:18

All

Speaker 2

1:18

those in favor?

1:19

Aye.

1:20

Opposed, unanimous.

1:21

Agenda item 4.3.

Speaker 4

1:24

Good afternoon.

1:24

Mayor, Council, Jessica Harmison, Human Resources Assistant Director.

1:29

Here to answer questions that you may have.

Speaker 2

1:31

Anyone here today desire to speak to agenda item 4.3.

1:34

Hearing seeing none.

1:35

Any council discussion?

1:37

If not, is there a motion?

Speaker 4

1:38

Motion to approve agenda item 4.3.

Speaker 3

1:40

Second.

Speaker 2

1:41

All those in favor?

1:42

Aye.

1:42

Opposed, unanimous.

1:44

Agenda item 4.4.

Discussion Breakdown — Share of Meeting
Pension Funding█████████████████████████████████████████████60%
Procedural██████████████████████████████40%
Summary of Proceedings

Clearwater Pension Trustees Meeting - October 12, 2026

The Pension Trustees of Clearwater, Florida met on October 12, 2026, to approve routine pension administration items and to act on investment manager changes recommended by the investment committee. All motions passed unanimously.

Approval of Minutes

  • The minutes of the August 3, 2026 Pension Trustees meeting were approved as submitted.

Citizens to be Heard

  • No members of the public spoke.

New Business Items

  • 4.1 – New Hires into Pension Plan: Approved acceptance of new hires as listed. Presented by Jessica Harmeson, Human Resources Assistant Director.
  • 4.2 – Vesting Requests: Approved vesting requests for employees Elizabeth Bayly (Public Works), Jason Clark (General Services), and Jade Weppler (Gas Department).
  • 4.3 – Regular Pension Requests: Approved regular pension requests for Thomas Arruda (IT), Matthew Bishop (Public Utilities), Michael Jones (Fire), William Karner (Customer Service), Deborah Ann Moore (General Services), and Gregory Record (Fire).
  • 4.4 – Written Request for Confidentiality: This item was pulled from the agenda and is expected to be brought back at a future meeting.
  • 4.5 – Termination of Atlanta Capital Management: Approved termination of the small-cap value equity money manager due to underperformance. Jay Ravens, Finance Director, presented that the manager was hired in 2003 and underperformed in recent years.
  • 4.6 – Termination of Victory Capital: Approved termination of the small-cap value equity money manager due to underperformance. Mr. Ravens noted the manager was hired in 2017.
  • 4.7 – Fifth Amendment with Northern Trust Investments: Approved the fifth amendment to add the Northern Trust Russell 2000 Value Collective Index small-cap value equity fund as a replacement for the terminated managers.
  • 4.8 – Investment in PIMCO Income Fund: Approved investment of up to $30,000,000 in the PIMCO Income Fund Institutional Class mutual fund to improve diversification and reduce duration risk.

Key Outcomes

  • All agenda items (4.1–4.3, 4.5–4.8) were approved by unanimous vote of the trustees.
  • Item 4.4 was withdrawn without action.
  • Two investment managers (Atlanta Capital Management and Victory Capital) were terminated due to underperformance.
  • The pension plan will add a passive small-cap value index fund via Northern Trust and a fixed-income mutual fund via PIMCO.

Meeting Transcript

2026 pension trustees meeting. So motion to approve the minutes. So move. Second. All those in favor? Aye. Aye. Opposed. Unanimous. Move to item three. Are there any sentences to be heard regarding items not on today's pension trustees agenda? There are none. Move to item 4.1. Approve the new hires for acceptance into the pension plan as listed. Good afternoon, Mayor, Council, Jessica Harmeson, Human Resources Assistant Director. Here to answer any questions that you may have. Okay. Is anyone here to speak to item 4.1 on today's pension trustees agenda? Hearing seeing none. Any council discussion? Excuse me, trustees discussion. If not, is there a motion? Move to approve agenda item 4.1. Second. All those in favor? Opposed to unanimous. Agenda item 4.2. Good afternoon, Mayor, Council. Still Jessica Harmison, Human Resources Assistant Director. Here to answer questions that you may have. Okay. You want to hear today the desires to speak to agenda item 4.2. Hearing seeing none. Any trustees discussion? If not, is there a motion? Make a motion to approve the agenda item. I don't know why I'm having trouble. Second. All those in favor? Aye. Opposed, unanimous. Agenda item 4.3. Good afternoon. Mayor, Council, Jessica Harmison, Human Resources Assistant Director. Here to answer questions that you may have.

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