04/20/1979
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POLICE
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SUPPLEMENTARY
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PENSION
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Mfuutes
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DATE
April
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CLEARWATER POLICE SUPPLEMENTARY'PENSION FUND
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AGENDA
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MEETING:
Friday, April 20, 1979 at 9:00 A.M.
in Conference Room at Police Department.
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Approval of minutes of meeting held
February 20, 1979.
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Request from Officer George Howell for
, Supplementary Pension benefits.
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'Maturity of Certificate of Deposits:
, a.C1earwaterFederal Savings and Loan-
maturity~date: April 26, 1979.
b. First Federal Savings ,and Loan of
Largo-maturity 'date: Mayl, 1979.
(Each in amount of $40,000.00.)
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Request from retired Pollee Officer Russell
Riendeau to convert ,his monthly pension check
to a cash settlement.
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5. ,Request appr~val for Brock and Lewis, CPA
firm to prepare the Annual Return Form 550Q-G
Internal Revenue Service.
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6. Approval of semi-annual payment to Betty Ward
for bookk~eping services-$325.00.
7, Ratification of purchase of CD (Money Market)
,at Guaranty Federal. Ratification of purchase
of CD (Money Market) at First Federal of Clearwater.
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Secretary, Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
MEETING HELD APRIL 20, 1979
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A meeting of the Board of Trustees was held on April 20,
1979 in the" Police Department Conference Room, 644' Pierce
Street, Clearwater, Florida.
The following Trustees were present:
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CHARLES F. LeCHER, Chairman
F~NK DANIELS, Secretary
DONALD HIBBARD
RAY KAMINSKAS
WILLIAM SEDRICK
Also present was Betty Ward, Chief Daniels' secretary.
Rick Griesinger, Assistant City ,Attorney, was absent.
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Mayor LeCher called the meeting to order at 9:10 A.M. and called
for approval of the minutes of the Ineeting held February 20, 1979.
Donald Hibbard made a motion that the minutes be approved. Motion
seconded by Ray Kaminskas. Motion carried unanimously.
The second item on the agenda was request from Police Officer
George Howell for supplementary pension benefits.. Chief Daniels
read a letter from Mr. Howell advising the board that he would be
retiring from Police Department May 18, 1979, and requesting
benefits under the Supplementary Pension. Chief Daniels
recommended the request be approved. William Sedrick made a motion
that the request be approved, subject to the approval of the
computations from Provident Insurance Company by the State Treasurer's
Office in Tallahassee. Donald Hibbard seconded the motion. Motion
carried unanimously.
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The third item on the agenda was a report from Betty Ward concerning
,certificates of deposit maturing at Clearwater Federal and First
Federal of Largo. Mrs. Ward advised that the CD at Clearwater
Federal will mature April 26, 1979. It is in amount of $40,000.00
and present rate of interest is 6~%. Chief Daniels recommended the
Board do as in the past, and have Mrs. Ward reinvest the monies in
Certif~cates of Deposit at the best rate possible. Donald Hibbard
made a motion that Mrs. Ward reinvest the monies from the proceeds
of the matured certificate in a money market ce~tificate at the
best interest rate possible. Motion seconded by Ray Kaminskas. Motion
carried unanimously.
Mrs. Ward advised that the second CD is at the First Federal Savings
and Loan of Largo, maturing May 1, 1979, amount of $40,000.00, present
interest 6~%. Ray Kaminskas made a motion that Mrs. Ward reinvest
these monies in a money market CD at the best interest rate, possible.
William Sedrick seconded the motion. Motion carried unanimously.
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MINUTES, OF MEETING APRIL 20, 1979
PAGE TWO
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Item number four on the agenda was request from Russell
Riendeau, retired police officer, to convert his monthly
,retirement check to a lump sum settlement. Chief Daniels'
advi'sed that Mr. Riendeau presently draws $95.28 monthly
under the supplementary contract. Chief Daniels said
,that he saw no problem with approving the request as long
as the proper release was signed by Mr. Riendeau. Donald
Hibbard made a motion that the secretary write a letter to
Provident Insurance to determine the amount available to
Russell aiendeau and that a release be prepared for Mr.
Riendeau's signature releasing the Board from any future
claims. Motion seconded by Ray Kaminskas. Motion carried
unanimously.
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Item number five on the agenda was approval by the Board
for Brock and Lewis, Certified Public Accountants, to
prepare the Internal Revenue Service Form 5500-G. Chief
Daniels advised that" Brock and Lewis had prepared this
, form the past two years, and Mrs. Ward advised that the
form is due July 15th but that it was not too early to
'start preparations for completion of the form. Ray Kaminskas
made a motion that Brock and Lewis be instructed to prepare
the form. Motion seconded by Donald Hibbard. Motion carried
unanimously.
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Item number six on the agenda was the approval of the semi-
annual payment in amount of $325.00 to Betty Ward for her
bookkeeping and secretarial services. William Sedrick made
a tnotion that the invoice submitted by Mrs. Ward be approved.
Motion seconded by Donald Hibbard. Motion carried unanimously.
Item number seven on the agenda was the ratification of
purchase of certificates of deposit. Mrs. Ward reported
that a money market CD had been purchased on March 12, 1979
, at First Federal S&L of Clearwater in amount of $40,000.00
with interest rate of 9.665%, and a money market CD was
purchased on March 14, 1979 from Guaranty Fede~al S&L in
amount of $40,000.00 at an interest rate of 9.445%
compounded daily. William Sedrick made a motion, seconded
by Donald Hibbard that the two CD purchases be ratified.
Motion carried unanimously. '
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There ~ no further, business the meeting adjourned at 10 A.M.
spectfu~~ submitted,
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NK NIELS, Secretary
ard 0 Trustees