09/19/1967
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POLICE
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SUPPLEMENT ARY
PENSION
Minutes'
'.
DATE
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,
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MINUTES
, <:) Clearwater Police Supplementary Pension Fund
Board of Trustees meeting held 10:00 A.M. Septemb~ 19, 1967 in
the Office of the Police Chief, Police Headquarters.
Those present were Mayor H. Everett Hougen, Assistant City Attorney
Guy L. Kennedy, Mr. Jack Martens, Police Chief Booth, Captain William
McClamma, Sgt. E. Lester Marston.
The meeting was called to order at 10:15 A.M. by Mayor Hougen, chairman.
The minutes of the ,meeting held February 21, 1967 were approved as read.
Mr. Kennedy made a report on the recent meeting he and Chief Booth had
with Mr.' Harry Boggs of the State Treasurer's Office regarding early
retirement for Police Officers participating in the Supplementary 2eBR
Pension Plan. Mr. Boggs interpretation was that the participants would
be able to retire and receive a discounted retirement before age 55 or
retire and defer receipt of benefits until such time as they reach the
proper retirement age. Mr. Kennedy read corres~ondence to and from the
Provident Insurance Company ~elative to early retirement'with specific
regard to sgt. Paul Cason who had inquired about this matter.
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There was a discussion as to whether the age for early retirement is
age SO or 55. Mr. Boggs' interpretation is age 50. Provident states
'the age for early retirement is 55.
A Reso~ution was adopted by Mr. Martens making the motion that
the amount of $17,526.20 be withdrawn from the Savings Account at City
National Bank and be deposited in the checking account at Ci.ty National
Dank in order to forward the annual insurance premium to Provident and
to maintain a $500 balance in the checking account. Sgt. Marston
seconded the motion, and motion carried.
Mayor Hougen suggested that Kenneth McCreary, Finance Director, be
contacted regarding the broadening of investment powers, and regarding
a corporate trust officer, and the Board agreed to invite Mr. McCreary
to the next meeting.
~le Board agreed by consensus to renew the certificates of Deposit and
to have Mrs. Ward deposit the interest fram the C.D.ls to the Savings
Account, City'National Bank on a temporary basis.
chairman Hougen had to leave the meeting at 11:15 A.M. and turned the
meeting over to Chief Booth. The Chairman requested an agenda be
prepared for the next meeting.
~ Mr. Martens moved the meeting adjourn at 11:30 A.M. Motion seconded
and carried.
WILLIS D. BOOTH, Secretary
Clearwater Police Supplementary Pension Fund
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Minutes of Board of Trust~es, 'C1earwater Po1i6e ~upp1ementary Pension
Fund, held February 21, 1967 at 9 A.M. in the Office of Chief of'
Police W.D. Booth, police Headquarters.
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Those present at the meeting.were Mayor Turner, Assistant City Attorney
Guy L. Kennedy, Mr. John Martens, Police Chief Booth, Capt. William
McClamma, and sgt. E. Lester Marston~
The meeting was called to order at 9 A.M. by Mayor Turner, Chairman.
The minutes of the meeting held January 19, 1967 were read and
approved.
Chief Booth commended Mayor Turner for having attended all meetings
of the Clearwater Police Supplementary Pension Fund, and for his
valuable assistance as Chairman of the Board.
Chief Booth read a letter from the Provident Life Insurance Company
dated February 13, 1967, relative to the purchase of an annuity for
retired police personnel, with specific regard to Melvie Dyal.
Mr. Martens made a motion that the contract the Board of Trustees has
with Melvie Dyal be implemented by purchasing the required annuity
to which he is entitled as a retired police officer of the City of
Clearwater. Motion seconded by sgt. Marston and carried unanimously.
A discussion was held regarding the possibility of broadening the
investment powers of the Board of'Trustees. Mr. K~nnedy submitted
a proposed ordinance and there was a discussion as to who would act
as a professional investment counselor. The Mayor said it was his
understanding that we would be able to hire a professional counselor
per the ordinance.
Mr. Martens made a motion that the Board of Trustees of the CPSPF
heartily endorses the suggested ordinance enlarging the investment
'privileges of the Trustees as outlined in the proposed amended
prdinance prepared by the city legal department. Motion seconded by
Sgt. Marston, and carried unanimously.
There being no further business, the meeting adjourned 10:30 A.M.
R~spectfully submitted, . __
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W.D. BOOTH, ;~~ary -'
Clearwater Police Supplementary Pension Fund