02/22/1980
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PENSION
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
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AGENDA
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. MEETING OF FEBRUARY 2 2 " 1980
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ITEM ONE:
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'Approval of Minutes of meeting held Dece~er 14, 1979.
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ITEM TWO:.
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Approval for city Audit of. Books for 197~
ITEM THREE:
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certificates of Deposit Maturing:
Biscayne Federal
Atlantic Bank of
Largo
Fortune Federal
Guaranty Federal
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$40,000.
40,000.
40,000.
20,.000.
ITEM FOUR:
Correspondence from Ron Earle, Provident Life and Accident
Insurance Company, Chattanooga..
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND, CLEARWATER, FLORIDA
MINUTES OF MEETING HELD FEBRUARY 22, 1980 IN CONFERENCE, ROOM OF
POLICE DEPARTMENT, 644 PIERCE STREET. '
A meeting of'the Board of Trustees was held' February 22, 1980
in the Conference Room, Police Department" Clearwnter, Florida. '
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The following Trustees were present:
CHARLES F. LeCHER, Chairman
FRANK DANIELS, Secre~ary
DONALD HIBBARD, Trustee,
RAY KAMINSKAS, Trustee
WILLIAM SEDRICK, Trustee
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Also,present were Mr. Griesinger, Assistant City Attorney, and
Betty Ward, Chief Daniels' secr~~ary. '
Mayor LeCher called the meeting to order at 9:00 A.M. and called
for approval ,of minutes of meeting held December 14, 1979. Ray
Kaminskas made a correction to minutes in that Rick Griesinger,
Assistant City Attorney was shown in the minutes as being present
when in fact he was absent. Mr. Hibbard made a motion that the
minutes be approved showing this correction. Motion seconded by
Ray Kaminskas. Motion carried unanimously.
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Item two on the agenda was approval of audit of books for 1979.
Chief Daniels advised that Jeff Butler. had inquired whether there
'would be any problem with changing the date for the Annual Report
and Audit to the City's fiscal year rather than calendar year.
Also, Mr. Butler advised that the City could then tie iri this
report with the City's annual report, and the City's auditors
would do the auditing without charge to the Board of Trustees.
Officer Sedrick made a motion 'that the Board change the reporting
date to fiscal year, and utilize the services of the City's
auditing firm. Motion seconded by Donald Hibbard. Motion carried
unanimously.
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Mrs. Ward advised that Money Markets would be maturing in March
at Biscayne Federal ($40,000), Atlantic Bank of Largo ($40,000)"
Fortune Federal ($40,000) and Guaranty Federal ($20,000). Ray
Kaminskas stated that he had checked on all monies needed to
purchase retirement benefits for retiring personnel namely Bobby
Kinder, James Shaffer, and Kenneth Williamson. A total of
$27,369.69 is needed from Savings for these paymentp.' He
recommended and then made a motion that Mrs. Ward be authorized
to turnover all maturing CO's at the best, interest rate possible
at maturity, with the exception ,of the $20,000.00 CD at Guaranty
'Federal, and that this CD be redeemed and placed in savings until
needed for the retirement benefits due. Donald Hibbard seconded
the motion. Motion carried unanimously.
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING FEBRUARY 22, 1980.
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Page Two'
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Mrs.' Ward reported that the final figures had been received for
Major E.H. Wichelns and that the Trustees would receive' from
Provident .Insurance the cash surrender value of ' his life
insurance policies in the 'amount of $14;979.38, and that an
additional amount would be needed from savings of $31,471.22.
for Major Wichelns' .1ump sum which is $46 ~ 450.60.. Chief Daniels
,.made a motion that the .Board approve the figures for Major
Wichelns. Motion seconded by Ray Kaminskas. Motion carried
unanimously.
Item Four on the agenda was correspondence from Ron Earle,
Actuary for Provident Insurance advising the Trustees of a
new Company called 'Provident National and their inte~est,rates'
on investments. The letter, dated February 15, 1980., and an
enclosed booklet showed the estimated 1980 money rate for cash
deposits for Provident National which is'a subsidiary of
Provident Life. william Sedrick made a motion that no action
'be taken and that the letter be placed in the files. Motion
seconded by Ray Karninskas. Motion,ca~ried unanimously.
no further business, the meeting was adjourned at
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