12/02/1977
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POlJICE
SUPPLEMENT ARY,
PENSION.
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Minutes
DATE~mber ~, 1J11
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AGENDA
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Clearwater.Police Supplementary Pension Fund
Board .of Trustees Meeting
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'Friday, December 2, 1977 at 11:00 A.M. in
the. :Police Conference Room, 644 Pierce street,
Clearwater, Florida
ITEMS
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1. Approval of Minutes of Meeting. held
November 1, 1977
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2. Report from.Assistant City Attorney
regarding Fideiity Bonds
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3. Approval of Invoice from Provident
Insurance Company in the ronount of
$10,395.83 covering increased benefits
for 114 participants
4. Correspondence from Thomas A. Bustin,
.City Attorney.re request from George T.
, McClamma, retired Chief of Police,
Clearwater made through his attorney,
. .Alex D. Finch, seeking benefits from
. Clearwater Police Supplementary Pension
Fund
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IELS, Secretary
';['rustees.
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MINUTES
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
BOARD OF TRUSTEES
A meeting of the Board of Trustees was held on
December 2, 1977 in the Conference Room of the Police.
Building, 644 pierce Street, Clearwater, Florida.
The following Board members were present:
GABRIEL CAZARES, Chairman
FRANK DANIELS, Secretary
OFFICER RAY KAMINSKAS
OFFICER BILL SEDRICK
Donald Hibbard was absent.
Also present were Rick Griesinger, ~ssistant City.
Attorney, and'Betty Ward, Chief Daniels' Secretary.
Chairman Cazares called the meeting to order at 11:15 A.M.
and called for approval of the minutes of the meeting held
November 1, 1977 (Item #1 on the agenda); Motion was made
;byOfficer Kaminskas to approve the.minutes. Motion seconded
by Officer Sedrick. Motion passed unanimously.
Item Number Two on the agenda was a report from Mr. Griesinger
with regard to the purchase of a fidelity bond for the Board of
Trustees and the bookkeeper. Mr. Griesinger stated that he had
checked the proposals from Bruce Taylor, 'Rodgers & Cummings and
the Veghte Agency, and that he would recommend the Blanket
position Bond quotation received from Aetna Casualty Company
through Rodgers & Cummings in the amount of $200,000.00 at a
.cost of $210.00 per year, or $538.00 for three years prepaid.
Mr. Griesinger explained that the term blanket position bond
meant coverage of $200,000.00 for each trustee and the bookkeeper
individually. Mr. Griesinger felt that this was the broadest
coverage possible.
During the discussion Officer Kaminskas inquired as to which
quote Mr. Griesinger would recommend the Board purchase, the
annual coverage or the three years prepaid. Mr. Griesinger
stated that he recommended the three years prepaid due to the
saving for the three year period.
Officer Sedrick inquired if this bond is required by law. Mr.
Griesinger stated that there is no State requirement to purchase
this bond, and the reason he had been requested to check into it
was. the. result of a letter the Board received from the auditing
firm of Turnburke, Brock and Gadney stating that a fidelity bond
wquld be an added protection. Mayor Cazares entertained a motion
in this matter. Officer Sedrick made a motion that the Trustees
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MINUTES
Page Two
Clearwater Police Supplementary Pension Fund
purchase the Blanket position Bond as outlined by Rodgers and
Cummings through Aetna Casualty) at'a cost of $538.00 for three
years. prepaid. Motion seconded by Officer Kaminskas. Motion
carried unanimously.
Item Number Three on the agenda was an invoice from Provident
Insurance Company in the amount of $10,395.83 covering increased
benefits effective 9-17-77 for One hundred fourteen participants.
Officer Kaminskas made a motion that the invoice be approved for
payment. Motion seconded by Officer Sedrick. Motion carried
unanimously.
The fourth item on the agenda was correspondence from City Attorney
Tom Bustin regarding a request from George T. McClamma, retired
Chief of Police, Clearwater, through his attorney, Alex D. Finch,.
seeking benefits from the Clearwater Police Supplementary Pension
Fund. Chief Daniels made a motion that this item be referred to
Rick Griesinger, Assistant City Attorney for his review and
recommendation. Motion seconded by Officer Sedrick. Motion carried
unanimously. Chief Daniels suggested that Mr. 'Griesinger contact
Betty Ward for any information he might .need from the files.
Chief Daniels advi~ed the Board that the savings account balance at
Barnett Bank was quite large and that perhaps the trustees might
wish to purchase additional certificates of deposit. Betty Ward
advised that the balance in the Barnett savings account after the
Provident invoice for the increased benefits is paid would be
$72,391.02. Officer Sedrick made.a motion that two CD's be
purchased, one CD in the amount of $40,000.00 and one CD in the
amount of $20,000.00, for a period of one year, at no less than
6~% interest, and that the Secretary be authorized to do all things
necessary to purchase the two certificates of deposit, and to stay
within the City of Clearwater if possible, and if not feasible, to
make theBe purchases within Pinellas County. Officer Kaminskas
seconded the motion. Motion carried u~animously.
. There being no further business, a motion to adjourn was made by
Officer Kaminskas, seconded by. Officer Sedrick and carried
unanimo~sly. Meeting adjourned at 11:45 A.M.
sUbmt\ted,
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Secretary