06/28/1963
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June 28, 1963
A meeting of the Clearwater Police Supplementary Pension Board of
Trustees'was held at 12 Noon, Friday, June 28, 1963 at the Jack Tar
Harrison Hotel. '
The following members of the Board of Trustees were present. Police
Chief W.D. Booth, Secretary: Mr. Jack Martens. Capt. William McClannna,
and Det. Sgt. E. Lester Marston. Guests attending were Mr. Guy L.
Kennedy, Assistant city Attorney, and Mrs. Betty ward; Secretary to
Chief Booth.
Mayor Robert Weatherly, Chairman of the Board of Trustees was unable to
be present, therefore Mr. Martens made a motion that Chief willis Booth
be named chairman of the meeting on June 28th in the absence of Mayor
,weatherly. Sergeant Marston seconded the motion. Motion carried unanimously.
Mr. Martens made a motion that Chief Booth as Secretary, direct the city
Treasurer in writing to, at the end of each quarter, remit to the Clearwater
Police Supplementary Pension Fund, all monies in, excess of $1,000.00, for'
deposit to the Pension Fund bank account at the City National Bank. Motion
seconded by Sgt. Marston. Motion carried unanimously.
Mr. Martens submitted the following report regarding the Supplementary
Pension Fund Assets:
,-.-J Treasury Bonds (face yalue)
Savings Account, City National Bank
Interest to date on Savings Account
Bank Balance, city National Bank
Escrow Account, City Hall
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$ 62,000.00
20,000.00
200.00
21,712.13
3.415.13
Total Assets
$ 107,327.26
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Mr. Martens stated, that in view of the fact that the Pension Account has
grown tremendously in'the past few years, it might be a good idea to discuss
the possibility of/appointing a Corporate Trust Department at one of the
local banks to handle the account. All members present agreed. Chief
Booth stated that the office of Chief of Police had been handling the
paper work, disbursement of checks, deposits, etc. since its inception,
and that this office could no longer handle this job. Mr. Martens agreed
to set up a meeting for the Board of Trustees to meet with a representative
of the city National Bank Trust Dept. within the' next few weeks. to go
over the aspects of a Trust Dept. handling this account, which would include
the safeguarding of all monies, investing of same, and ,the mechanical
functions of the entire account. Mr. Mar'cens stated that the Trustees
could check with other local banks also before reaching a decision. Mr.
Martens will notify members as to the time of the proposed meeting at a
later date. '
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Minutes: Police ,supplementary Pension
Board of Trustees.
2.
There was a discussion regarding the actuaria~ survey of the Supplementary
Pension Fund. Since this survey is due in 1964, Mr. Martens suggested
that it might be a good idea to check with someone to ascertain whetl1er
the actuarial survey should be made by an independent firm 'or by the
Provident Insurance Company. Chief Booth advised the group that he
would contact Mr. Harry Boggs, State Treasurer's Office, and ask for
his opinion as to whether the survey, if made by the Provident Insurance
Company, would be adequate, or considered adequate, and whether in his
opinion Provident would be biased in their survey due to the fact that
they are the Life Insurance carriers for the Supplementary Pension plan.
Chief Booth stated that he would also ask. Mr. Boggs if he had any informa-
tion as to the soundness of our city Employees' Pension Plan.
Captain McClamma made a motion that all surplus monies beyond $7,000.00
in the City National Bank checking account be invested in the best securities
at Mr.. Martens discretion. Motion seconded by Sgt. Marston. Motion carried
unanimous ly . Mr. Martens consented to do this.
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Chief Booth advised the members that Patro~man Donald Samuel would become
elibible to participate in the Supplementary Pension ~lan September, 1963,
and that Patro~an Samuel had signed a waiver agreement with the City of
Clearwater concerning a previous injury suffered prior to his employment
with the city of Clearwater. Sergeant Marston made a motion that Patrolman
Samuel be permitted to participate in the supplementary Pension contingent
on the waiver which he has signed, if he so desires to participate in the
Pension pl.an at the time he becomes eligible. Motion seconded by Mr.
Martens. Motion carried unanimously..
Mr. Kennedy was asked by the Board of Trustees to inquire as to the status
of the City Employees' Pension Plan, and to try to obtain a copy of the
recent actuarial survey report, which Mr. Kennedy, agreed to do.
Chief Booth advised the trustees that in September, 1963 all policies are
written for new members eligible to come under the plan, and that a local
insurance firm was desirous of \~iting these policies. Mr. W.W. McDougal,
formerly an agent with Provident Insurance and now an independent agent~
has been writing all policies and handling this account since its inception.
. sergeant Marston made a motion that Mr. McDougal be retained as the Insurance
Agent until further advised, as long as he remains qualified as an agent.
Motion seconded by Captain McClamma.' Motion carried unanimously.
Meeting adjourned at 3:15 P.M.
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W.D. BOOTH, Secre- y, Board of Trustees
Clearwater Police Supplementary Pension Plan.
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