11/18/1974
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POLICE
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SUPPLEMENTAR'Y "
PENSION
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Minutes
DATE
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MINUTES
Clearwater Police Supplementa~y
Oension Fund
Minutes of Meeting held November 18, 1974 in the Office of Police Chief
Frank Daniels. Members present were Mayor H. Everett Hougen, Chairman,
Guy Kennedy, Assistant City Attorney, Donald Hibbard, Chief Daniels,
Jerry Roberts and Bernard Enlow. Also present was Mr. W.W. McDougal
represent~ng the provident Insurance Company.
Meeting was called to order at 10:45 A.M. by the Chairman, H. Everett
Hougen. Minutes of the meeting held September 10, 1974 were distribu'ted
and a motion was made by Jerry Roberts that the minutes be approved.
Motion ,seconded by Mr. Hibbard. Motion carried unanimously.
The purpose of the meeting was to discuss changing the present formula of
1.3%'to 1.1%. This change could possibly reduce the annual premium
payments and make the Fund more actuarially sound.
The Chairman requested that it be made a part of the official record that it
would be more feasible for the Trustees to reduce the present formula. ,Mr.
Kennedy asked Mr. McDougal if he could produce figures from the survey made
by Provident Insurance Company. Mr. McDougal said that he could produce
"..~,letters from Provident and a recommendation that the formula be reduced
'~from 1.3% to 1.1% with a maximum of 35'years service, and that Provident
Insurance Company found it to be practical and feasible because a man's
prospective pension may be reduced but not his earned pension. Mr.
McDougal said he based his statements on his review of this matter with
Provident as the insurance carrier. He also stated that the effective
date should be September 17, 1974.
Mr. Kennedy called to the attention of the Trustees ,the provisions of
Florida State' Statute 185.21, "Death Prior to Retirement, Refunds, or
Death Benefits". He stated that in the event the death benefit paid by
a life insurance company exceeded the limit set forth in Florida
Statute 185.061, sub-paragraph 6, the excess of the death benefit over
the limit should be paid to the Municipal Police Officers' Retirement
Trust Fund. Mr. McDougal said that he would obtain from Provident
Insurance Company written documentation providing that any excess life
insurance coverage'on any of the participants would be paid over to the
Clearwater Police Supplementary Pension Fund Trustees in accordance with
the regulations of the Florida Statutes.,
Captain Enlow stated that based upon the reports and actuarial' information
presented by Mr. McDougal from the Provident Insurance Company he would
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Clearwater Police Supplementary
Pension Fund
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r-; Minutes
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make a motion to amend 'the present benefit formula to 1.1% of monthly
'salary of credited service with the Police Department not to exceed
'a maximum of thirty-five years, and that said change would be in effect
from September 17, 1974 for all participants. Mr. Hibbard seconded the
motion. Motion carried unanimously. It was requested that the Legal
Department of the City of Clearwater be requested to prepare for
submission to the City Commission an appropriate ordinance amending the
benefit formula as presently set forth' in the existing Police Supplementary
Pension Fund ordinance.
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Jerry Roberts ,moved that the Secretary and appropriate representatives of
the Board of'Trustees be authorized to immediately forward a check in the,
amount of $5,000.00 to the Provident Insurance Company and explain that;
this is a partial payment of the annual premium for the period commencing
September 17, 1974 for new participants in the Fund, and notifying the
insurance company that the applications for such participants are in the
possession of their agent or representative, Mr. W. W. McDougal. to be
forwarded to the Home Offi~e at which time proper billing will be made
for,the to~al premium due. Captain Enlow seconded ,the motion. Motion
carried unanimously.
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, ,"-' 'Captain Enlow stated that some of the Officers had requested that the
procedures pertaining to Lump Sum Payment of small retirement income as
, presently regulated by Florida Statute 185.91 be modified to provide
greater flexibility. Mr. McDougal stated that some cities, specifically
Ft. pierce and Lakeland have previously passed ordinances pertaining to
this matter. Mr. Kennedy was requested to look into this matter and to
contact the appropriate' officials in Tallahassee, and to report back to
the Trustees as to whether such a procedure would be proper.
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There being no further business, the meeting was adjourned at 11:35 A.M.
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Respectfully submitted,
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