08/28/1981
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:POLICE
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'SUPPLEMENT AR,Y
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PENSION
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Minutes
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CLEARWATER POLICE SUPPLEMENTARY'PENSION FUND
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AGENDA
FOR MEETING OF AUGUST 28, 1981
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1. . Approya1 of minutes of meeting held ,~u1y 13, 1981.
2." Certificates of Deposit maturing ~
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:3., Invoice ,from Bank of Clearwater for renewal of
rental of safe deposit box.
4.' ,Invoice from Provident Life and Accident Insurance
Company for life insurance renewal premiums as at
'anniversary dat~ (September 17).
5~Report from Richard Griesinger, Assistant City
'Attorhey, ,on .the following legal matters:
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Review'of proposed master contract
amendment.
Review of proposed information
booklet.
'6.
Legal Opinion re inquiry from retired
captain David panossian, relative to
future benefits to which he would be
'entitled on his official retirement
date of March 8, 1982.
(4) Review of eligibility of Police Chief
sid Klein to enter Supplementary Plan.
(5) Review of subject of vested rights.
Internal Revenue Service Tax Form Number '4972
(Special Ten Year Averaging Method) for lump sum
distributions.
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SID KLEIN,' Secretary
Board of Trustees,
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~ CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MINUTES OF MEETING HELD
AUGUST 28, 1981.
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A meeting of the Board of Trustees was held on August 28, 1981, in
the Police Conference Room, Police Department, 644 pierce street,
Clearwater, Florida.
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The following Trustees were present:
Charles F. LeCher, Chairman
Sid Klein, Chief of Police
Donald Hibbard
William Sedrick
'Ray Kaminskas
~lso present were Richard Griesinger, Assistant City Attorney, and
B~ttY,Ward, secretary to Police Chief sid Klein.
Mayor LeCher called the meeting to order at 11:30 A.M. and called for
,approval of the minutes of the meeting held July 13, 1981. Donald
Hibbard made a motion that the minutes of the meeting held July 13,
1981 be approved. Motion seconded by William Sedrick. Motion carried
unanimously.
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The second item on the agenda concerned maturity of certain certificates
C:) of deposit. Betty Ward reported that the following CD's would be
1 maturing in September, 1981.
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Biscayne Federal
Bisyayne Federal
Freedom Savings,
September 3, 1981
September 4, 1981
September 17, 1981
$40,000
$30,000
$50,000
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Sergeant Kaminskas advised that monies were needed to pay the invoice
to Provident for life insurance premium renewals for all present
participants, and made a motion that the CD's at Biscayne Federal
and Freedom Savings be withdrawn at maturity. Motion seconded by
William Sedrick. Motion carried unanimously.
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Item number three on' the agenda was, invoice from Bank of Clearwater
for a safe deposit box rental at Bank of Clearwater. William Sedrick
made a motion that the invoice be approved for payment. Motion
seconded by Donald Hibbard. Motion carried unanimously.
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Item number four on the agenda was an invoice from Provident
Insurance Company in the amount of $130,145.73 covering life
insurance premium renewals' for all present participants. Donald
Hibbard made a motion that the' invoice be approved for payment.
Motion seconded by Ray Kaminskas. Motion carried unanimously.
Item' number five on the agenda concerned legal matters. Richard
Griesinger, Assistant City Attorney, made a report on the following
-..J items:
1. Review of Master Contract Amendment and booklet
submitted by Provident - Mr. Griesinger recommended that
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Clearwater Police Supplementary Pension Fund
~ Minutes of Meeting held August 28, 19B1
Page 2
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, 2.
Ed Sever and Associates, the City's consulting firm, review
in-depth the contract and booklet. He stated that Sever and
Associates sh~uld report back to him in about one week.
Legal Opinion regarding retired Captain David panossian's
request relative to future benefits to which he would be
entitled on his official retirement date of March 8, 1982.
Mr. Griesinger stated that there would be nothing in the ,
Statute which would permit Captain Panos sian taking over his
own insurance policies. Th owner of the po1icies'is the
Board of Trustees. This is not allowed under the ordinance.
The money has to flow through the Board. He may do whatever
he wishes with the lump sum settlement. C~ief Klein asked
if the Board could have this opinion in writing. Mr.
Griesinger said that' he will furnish the Board a written
opinion.
3.
Review of eligibility of Police Chief sid Klein to
participate in the police Supplementary Pension. Chief
Klein asked the Board if they would prefer that he left the
meeting during the discussion of this item. Richard Griesinger
felt that this would not be necessary, and the Board agreed.
Richard Griesinger advised that under the Statute and the
'Ordinances, he could find nothing which would prohibit Chief
Klein from participating in the Police Supplementary Pension.
The criteria is one year's service as of the anniversary date
of the plan. Chief Klein would be eligible to participate
as of Septemberl?, 1982. Chief Klein asked if the Board
could have this opinion in writing. Mr. Griesinger stated
that he will furnish the Board a written opinion. Mr.
Griesinger advised the Board that a motion was ,not needed in
this case, that Chief Klein could become a member without a
motion.
4. Review of subject of vested rights - Mr. Griesinger stated
that he would submit a written opinion on this matter when
completed. He recommended that perhaps some of the wording
in Section 26.78 of the City Code is not clearly defined,
and should possibly be changed. Mayor LeCher suggested
that the'City Attorney submit ordinance changes to the
Board for approval prior to forwarding them to the City
Commission.
Item number six on the agenda was a review of Internal Revenue
Service tax' form number 4972 (Special Ten )"ear Averaging Method)
for lump sum distributions. Chief Klein reported that retired
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Minutes "of A~gust 2.8, 1981 meeting- Police Supplementary Pension
,Page 3
,/..: ~Police Chief Frank Daniels' and retired Sergeant, Charles Hayden
:'; f"~,,,:'hav,e, asked the board to, complete the' employer portion of IRS tax
,';; , form Number 4972 dealing with "Lump Smn Distributionsll'. ' Jeffrey
Butler; Assistant City Manager, has as~igned'D~vid Curtis of
his office to work,with Betty Ward in completing the form. In
reviewing tile tax'form, there iS'one question Mr. Butler would
reconunend the board. seek the advice of the tax department of '
Price.Waterhouse, the cityfs auditors. The question. to' be . '
resolved is" "Does the Supplementary ,Police Pension qualify as,
,a lump sum distribution?" The cost of an opinion from Price'
W~terhouse, if any cost, ~ould be small according to David
Curtis. Sgt. Kaminskas made a motion 'that the Finance Dir,ector
refer the tax form question to Price Waterhouse tax department.
Motion seconded by Donald Hibbard. Motion, carried unanimously.
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, There,being no further business, the meeting was adjourned'at
12:lS.P.M; '"
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Respectfully submitted,
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SID KLEIN, Secretary
Board, of 'Trustees
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