10/17/1980
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'POLICE
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SUPPLEMENTARY
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'PENSION
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Minutes
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CLEARWATER POLICE SUPPLErmNTARY PENSION FUND
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MEETING:
9:00 A.M.
J7
OCTOBER -rs-; 1980
Police Conference Room
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AGENDA
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APPROV,AL OF MINUTES OF MEETING HELD AUGUST 29, 1980.
APPROVAL OF INVOICE FROM PROVIDENT INSURANCE COMPANY
IN M~OUNT OF $21,483.49, COVERING NEW PARTICIPANTS.
AND INC,REASEDBENEFITS.
3~ 'APPROVAL OF INVOICE FROM BETTY WARD FOR SECRETARIAL
'AND BOOKKEEPING SERVICES IN AMOUNT OF $325.00.
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4.' RESULTS OF ELECTION TO FILL,EXPIRED TERMS OF SERGEANT
RAY KAMINSKAS AND 'WILLIAM SEDRICK.
5. LEGAL OPINION REGARDING BENEFITS ,FOR RETIRED 'POLICE
OFFICER CRAIG GIESEKE.
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6. REINSTATEMENT OF GEORGE RUPPERT BY ARBITRATION BOARD.
7., CERTIFICATES OF DEPOSIT MATURING:
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Clearwater Federal:
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One $40,000 CD matures October 23, 1980
One $40,000 CD matures October 28, 1980.
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Guaranty Federal:
One'$20,OnO CD matures November l2~ 1980.
8. Ratification of CD Purchases by Betty ,Ward.
(bY Ratification of CD's withdrawn.
9. Ratification of all action taken by Board of
Trustees fr9m April 6, 1980 to present date.
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~. H. McCL~~.m, Secretary ,
Board of Trustees
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CLEAR\-1ATER POLICE SUPPLEMBNTAHY PENSION FUND MINUTES
OF MEETING HELD OCTOBER ~7, 1980
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A meeting of the Board of Trustees was held on Qctober,l7,1980
in the Conference Rooln, Police Department, 644 pierce Street,
Clearwater, Florida.
The following Trustees were present:
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CHARLES F. LeCHER, Chairman
WILLIAM H. McCLAMMA, Secretary
DONALD HIBBARD
RAY ~~INSKAS (arrived 9:45 A.M.)
WILLIAM SEDRICK ,i
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Also present were Frank Kowalski, Chief Assistant city Attorney,
and Betty Ward, Secretary t~ Interim Police Chief W.H. McClan~a.
Mayor LeCher called the meeting to order at 9:00 A.M. and called
for' approval of the minutes of the meeting held August 29, 1980.
Donald Hibbard made a motion that the minutes be approved. Motion
seconded by William Sedrick. Motion carried unanimously. Item
number two on the agenda was approval of invoice in amount ,of
$21,483.49 from Provident Insurance Company covering new
participants and increased benefits for members. William Sedrick
made a motion that invoice be approved for payment. Motion seconded
i......." by Donald Hibbard. l-lotion carried unanimously.
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Item number three on the agenda was approval of invoice from Betty
Ward in amount of $325.00 representing semi-annual payment for
bookkeeping services. Donald Hibbard made a motion that the
invoice be approved for payment. Motion seconded by l'lilliam
Sedrick. Motion carried unanimously.
Item number four on the agenda was with regard to the election
held at the Police Department to elect two trustees to fill
the expired terms of Ray Kaminskas and William Sedrick. Chief
McClarnma advised that the election was held from 7 A.~1. on
September 10 to 7:00 A.M. September 11, 1980 and the results
were as follows:
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~INUTES OF MEETING HELD OCTOBER 17, 1980
PAGE TWO
"Lump Sum Settlement" requires that a police officer have 20
years, or more service in order to take benefit of this option,
therefore Officer Gieseke, with 11 years service and under the
age of 50, has the option of a deferred annuity to be purchased
by the Board of Trustees for him at age 65. Mrs. Ward stated
that the calculations received from Provident show his cash
surrender value to be $5,623.86, total cost to purchase, the
deferred annuity $6,337.67, leaving a balance of $713.81 to
be paid by the Board of Trustees from the assets. William
Sedrick made a motion that the secretary do the necessary work
to purchase the deferred annuity at age 65 for Craig Gieseke.
Motion seconded by Donald Hibbard. Motion carried unanimously.
Item number six on 'the agenda ,was the reinstatement of George
Ruppert by the Arbitration Board. Chief l1cClamma read the
arbitra~ion order wherein the hearing officer ruled that Officer
Ruppert be reinstated with no loss of benefits. Frank Kowalski
had a question regarding seniority benefits with regard to
pension aspects of the arbitration. Hayor LeCh~r stated that
in order to clearly define this matter he thought it should be
continued. William Sedrick made a motion that Mr. Kowalski look
into the matter and render a legal opinion to the Board. Motion
seconded by Donald Hibbard. Motion carried unanimously.
Item number seven on the agenda were Certificates of Deposit
maturing in" the near future. T\'lo CD's at Clearwater Federal
,each in amount of $40,000 mature in October and one $20,000.00
CD at Guaranty Federal matures November 12, 1980. William sedri.ck
reported that there is money in the Barnett Savings account to
meet all the expenses voted on at this meeting and still be
able to rollover the money markets which are maturing. Donald
Hibbard made a motion that f1rs. Nard renew the three CD's at the
best interest rate possible at maturity. Motion seconded by
william Sedrick. Motion carried unanimously.
Item number eight on the agenda was ratification of purchases made
by Betty Ward and of money market CD's withdrawn at the request of
the Board. The following report was made by Betty Nard:
Renewed:
5-30-80 $40,000 CD Tallahassee Federal for G months at 8.003%.
6-13-80 $20,000 CO Franklin Federal for 6 months at 11.769%.
9-4-80 $40,000 CD Biscayne Federal for 6 months at 10.50\.
Redeemed:
Fortune Federal
Florida Federal
Atlantic Bank
$40,000 on 9-0-80
$40,000 on 6-13-80
$40,000 on 9-5-80
William Sedrick made a motion that all transactions made by Betty
Ward be approved. Motion seconded by Ray Kaminskas. ' Motion
carried unanimously.
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'CLEARWATER POLICE SUPPLEMENTARY PENSION FUND'
PAGE THREE
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Minutes of meeting held October 17, 1980
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Item nine on the agenda,was the ~atification'of all action
taken by the Board from April 6, 1980 to present date.
William Sedrick made a motion that all action taken,by
the Board from April 6, 1980 to the present'date be
ratified.' Motion seconded by Ray Kaminskas. 'Hotion carried
unanimously.
There being nomrther business a motion to adjourniwas made
',by William,Sedrick, seconded by. Ray Kaminskas., Motion carried
unanimously.
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Bo~rd of'~rustees
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