09/10/1974
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POLICE
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SUPPLEMENTARY,
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PENSION
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AGENDA FOR THE 'BOARD OF TRUSTEES MEETING OF THE CLEARWATER POLICE
SUPPLEHENTARY PENSION'FUND:
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1: 30 ,P .M.. Sept,embe~ 10,. 1974
O'ffice' ,of Police Chief ,Frank Daniels
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, ,AGENDA'
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App~oV'e for payment' the. annual billing from Provident
Insurance, Company for' the renewal premium in the amount
,cif$~O , 016. '40.
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2. . ~equest' from Jack Marsh, for pension benefits
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
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MINUTES
Meeting held September 10, 1974
in the Office of Police Chief Daniels.
Meeting was called to order at 1:30 P.M. by the Chairman, H.
Everett Hougen. Members present were Guy Kennedy, Assistant
,-City Attorney, Donald Hibbard, Chief Daniels, Officer Jerry
Roberts and C~ptain Bernard Enlow.
The minutes of the meeting held June 11, 1974 were distributed
with Mr. Kennedy making the following correction to the minutes.
He said the' Amendment referred to in Paragraph four of said
minutes was not drawn up by him, but by Mr. McDougal of the
Provident Life and Accident Insurance Company. ,Mr. Hibbard made
a motion that the minutes be accepted showing the correction.
Officer Roberts seconded the motion. Motion carried unanimously.
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The first item on the agenda was the approval for payment of an
invoice from Provident Insurance Company for the renewal premium
for present participants~ in the'amount of $60,016.40. Chief
Daniels in presenting the invoice advised that Mrs. Ward, his
secretary, had checked the invoice and had corrected it to show
the deletion of premium due for Officer Marsh who has" retired
and Richard Terrell who has resigned, leaving the total amount
due Provident, ,$60,016.40. Officer Roberts made a motion that
the invoice be paid, and ,the Secretary be authorized to transfer
the necessary funds from the Barnett Savings account to the
Barnett checking account to complete the transaction. Motion
seconded by Mr. Hibbard. Motion carried unanimously. Mr.
'Hibbard suggested that payment be withheld until after October 1st
due to interest purposes. Chief Daniels said that 'this could be
done.
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The second item on the agenda was the request from retired police
officer Jack Marsh for supplementary pension benefits. Mr.
Kennedy read 'the correspondence from Provident Insurance Company
in the form of a Request for Supplementary Contract for Officer
Marsh, with the Trustees to purchase a deferred annuity for
Officer Marsh at the age of fifty years. Using the cash value
olf Officer Marsh's insur~ce policies ($5,622.87) together with
a check from the Pension Fund in the amount of $9,455.26, the
total cost for the deferred annuity would be $15,078.13. Mr.
Hibbard made a motion that the deferred annuity ?e purchased by
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Supplementary Pension Fund Minutes
PAGE TWO
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,the Trustees for Officer Marsh,' SUbject to his being advised
and h is approval' of the terms of the contract, and that the
Secretary be authorized to disperse from the pension funds' a
check in the amount of $9,455.26 needed to purchase the deferred
annuity. Jerry R~be~ts seconded the motion. Motion carried
unanimously.
'Mayor Hougen advised that the City of Clearwater had received
the check from the 'State of Florida which represents, the net
proceeds of the one per cent e~cise tax imposed by the city'
upon certain casualty 'insurance companies on their gross
receipts of premiums from holders of policies covering property
withi'n the corporate limits of the City of Clearwater. Chief
Daniels stated that the check was in the amount of $80,404.02
and had been deposited to the Barnett Savings Account.
Mrs. Ward advised that there would be a balance in the Barnett
Savings account of $52,789.17 after the invoice from Provident
for the renewal premium is paid. ,Chief Daniels advised the
Board that they could anticipate a second billing from Provident
Insurance Company to cover the new police officers who are
eligible to participate in the Pension Fund as of September 17,
1974.
There being no further business, meeting adjourned at 2~OO P.M.
Respectfully submit~ed,
Pension
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