02/21/1978
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POL'ICE'
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PENSION
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CLEARWATER POLICE SUPPLEMENTARY PENSION'
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AGENDA FOR MEETING OF E'EBRUARY 21, 1978
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1. Approval of Minutes of Meeting held December 2, 1977."
',2. PRESENTATION BY PROYIDENT LIFE AND ACCIDENT INSURANC~
COMPANY' REPRESENTATIVES
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3. RATIFY CERTIFICATE OF DEPOSIT PURCHASES
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REPORT FROM RICK GRIESINGER, ASSISTANT CITY ~TTO~EY'
RE GEORGE T; McCLAMMA'SREQUEST FOR SUPPLEMENTARY
PENSION BENEFITS.
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MATURITY NOTICES RE CERTAIN, CERTIFICATE OF DEPOSITS
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REPORT FROM CHIEF DANIELS REGARDING TERMS OF OFFICE
FOR ELECTED TRUSTEES
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,F~K DmUELS, Secre tary ,
C~earwater Police su~plementary
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Pension
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
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BOARD OF TRUSTEES HEETING HELD FEBRUARY 21, 1978.
A meeting of the Board of Trustees was held on
February 21, 1978 in the Conference Room of the Police
Building, 644 pierce Street, Clearwater, Florida.
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The following Board members were present:
GABRIEL CAZARES, Chairman
FRro~K DANIELS, Secretary
DONALD HIBBARD
OFFICER RAY K&~INSKAS
OFFICER WILLI~~ SEDRICK
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Also present were Rick Griesinger, Assistant City
Attorney, and Betty Ward, Chief Daniels' Secretary.
Guests attending the me~ting were: Mr. W.W.
McDougal, local Provident Insurance representative,
Mr. Ron Earle, Shelby Kaplan, and Forrest Newton,
of the Provident office in Chattanooga, Tennessee.
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Mayor Cazares called the meeting to order at 10:00 A.M. and
called for approval of the minutes of the meeting held
December 2, 1977. Motion was made by Officer Sedrick to
approve the minutes as distributed. Motion seconded by Officer
Kaminskas. Motion carried unanimously.
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Chief Daniels introduced the guests from Provident Insurance
Company. Mr. McDougal spoke briefly on the Clearwater Police
Supplementary Pension Fund and cited the advantages of our
Supplementary Pension Plan. Shelby Kaplan reassured the
Trustees that Provident had no major problems with our Plan,
and that the Plan was financially sound due to the investment
practices of the administrators. Mr. Kaplan referred to the
handout material which included a Cash Flow Chart and the
Actuarial Valuation Report prepared by Provident for the Plan
Year September 17, 1977 and ending September 17, 1978, and the
Pension Plan Cost Study. He advised the Board that Provident han
a full range of investment facilities if the Trustees at some
later date would decide to take advantage of this service. Ron
Earle, Actuary, then spoke to the Board regarding the effect on
increasing the yield of the investment fund, and advised that
Provident is paying 7~% interest compounded annually. The Mayor
inquired as to the types of investments held by Provident and was
told that approximately 50% are in long-term mortgages and 50% in
stocks and bonds. The Mayor requested if possible a breakdown of
Provident's investments. Mr. Earle said they could furnish this
at a later date. Mr. Kaplan asked the Board's permission to
update and draw 'up a consolidated ordinance for review by the
City Attorney's office. The Board agreed to ask the legal staff
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CLEARWATER POLICESUPPLE~mNTARY PENSION FUND
,~ . MINUTES OF ~reETING HELD FEBRUARY 21, 1978
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to review the material if Mr. Kaplan would mail a sample
consolidated ordinance, to them.
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Mayor Cazares was excused from tne meeting at 11:15 A.M. due to
a Special Commission meeting he was attending at 11:30 A.M.
The representatives from Provident Insurance Company left 'the
meeting and the regular business was resumed.
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Item Number 3 on the agenda was the ratification of Certificate
of Deposit purchases. Mrs. Ward distributed copies of the
transactions which included the December 15, 1977 purchase of one
$40,000.00 Certificate of Deposit from Home Federal Savings and
Loan Association for one year at the rate of 6~% interest, and
the December 15, 1977 purchase,~f one Certificate of Deposit in
the amount of"$20,OOO.OO for one "year at the rate of 6~% from
, Florida Federal Savings and Loan Association. Donald Hibbard
made a motion to approve these purchases. Motion seconded by
Officer Sedrick. Motion passed u~animous1y.
Item Number 4 on the agenda was a report from Rick Griesinger,
Assistant City Attorney, regarding George T. McClamrna's request
for Supplementary Pension Benefits. Mr. Griesinger stated that
he had lIlritten the office of the state Treasurer for an opinion
regarding this matter, and had received a letter from Marvin
Clayton, Assistant Director of Municipal Police Officers' Retirement
Trust Funds stating that it was the opinion of that office that the
Supplementary Pension, established in 1959, made no provisions for
police officers who retired prior to that date, and that Mr.
McClamma' would have no legal claim to police pension fund monies,
and that an attempt to give him any share would obviously be a
violation of the pension ordinance. The Board asked Mr. Griesinger
to so advise Mr. George McClamrna through his Attorney, Mr. A.D.
'Finch.
Item Number Five concerned the maturity notices for certain
Certificates of Deposit which are maturing. Mrs. Nard advised
that the Certificate of Deposit at Guaranty Federal Savings and
Loan will mature March 14, 1978 and that it could ,be renewed at
the same 'rate of interest, 6~% for one year. Also, that the .
Certificate of Deposit at First Federal Savings and Loan Association
will mature March 12, 1978 and that it could be renewed at the
same rate of interest, 6~% for a period of one year. Mr. Hibbard
made a motion that the Secretary be authorized to renew the
Certificate of Deposit at Guaranty Federal S&L and at First Federal
S&L. Motion was seconded by Officer Kaminskas. Motion carried
unanimously.
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CLEARWATER'POLICE, SUPPLEMENTARY PENSION FUND
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MINUTES OF MEETING HELD FEBRUARY 21, 1978
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Item Number six on the agenda was a report from Chief Daniels
regarding terms of office for Trustees.' Chief Daniels informed
the Board that the two-year terms of Donald Hibbard, Officer'
Kaminskas, and Officer Sedrick have expired~], Chief Daniels
explained that the vacancies of the two officers must'be'filled
by two 'policemen to be chosen by the legislative body of the
Municipality upon recommendation of the majority of the police
officers ~overed under Supplementary Pension. The resident,Trustee
"is appoint~d by the Board of Trustees subject to approval by. the
City Commission. The resident Trustee also serves for a period of
,two years and may succeed himself in office. The Police Officers
may.also succeed ~hemselves in office. Officer Kaminskas made a
,motion that Chief Daniels make the necessary arrangements to
conduct an, e1ec.tion to fill 'the two police officer vacancies.
Motion seconded by Officer Sedrick. Motion.carried unanimously.
The Board will wait until after this election to fill the resident
vacancy. This will be placed ~n,the agenda' for ' the next meeting.
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There being no further business the meeting adjourned at 12:15 P.M.
R~~UllY submitted, ,
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, F '~__1ANIELS, Secretary
:~. Cl arwater Police Supplementary
Pension Fund
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