10/30/1981
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SUPPLEMENT ARY
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PENSION
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
AGENDA.
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,FOR MEETING OF OCTOBER 30,' 1981
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c 1. . APPROVAL OF MINUTES OF MEETING HELD
SEPTE~mER 25, 1981.
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CERTIFICATES OF DEPOSIT MATURING
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'RATIFICATION OF 'CERTIFICATE OF,
, DEPOSIT TRANSACTIONS MADE BY BETTY WARD.
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4~ INVOICE, FROM PROVIDENT INSURANCE COMPANY
COVERING LIFE INSURANCE POLICY INCREASES
AND NEW PARTICIPANTS TAKEN INTO PLAN.
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5. PENDING LEGAL MATTERS.
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6. PENSION BENEFITS FOR RETIRED MAJOR WILLI~1
Ii. . McCLAMMA.
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7. CORRESPONDENCE FROM BARNETT BANK.
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SID KL IN, Secretary
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
HELD OCTOBER 30, 1981.
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A meeting of the Board of Trustees was held on October 30, 1981,
in the Police Conference Room, Police Department, 644 'Pierce
street, Clearwater,' Florida.
The following Trustees were present:
Mayor Charles F. LeCher, Chairman
Police Chief sid Klein '
Donald Hibbard
Sgt. Ray Kaminskas
Officer William Sedrick
Donald Hibbard was absent.
Also present were Richard Griesinger, Assistant City
Attorney, and Betty Ward, secretary to Police Chief Sid Klein.
,Mayor LeCher called the meeting to' order at lO:OO'A.M. and,called
for approval of the minutes of the meeting held September 25, 1981.
Chief Klein made a motion that the minutes be accepted. ',Motion
seconded by Ray Kaminskas. Motion carried unanimously.
Ray Kaminskas made a motion that the board instruct Mrs. Ward to
renew all of the maturing certificates with the exception of
the $40,000 certificate at Tallahassee Federal, and that it be
withdrawn at maturity. Motion seconded by William Sedrick.
Motion carried unanimously.
Item number three on the agenda was the ratification of CD
purchase made by Mrs. Ward. She reported that the $50,000
certificate ,of deposit at Clearwater Federal Savings and Loan
had been renewed at a new interest rate of 14.045%. Officer'
Sedrick made a motion that the purchase be ratified. Motion
seconded?y Chief Klein. . Motion carriep unanimously.
Item number four on the agenda was an invoice from Provident
'Insurance Company, in the amount of $19,137.34, covering new
eligibles and increases.as of the 9-17 anniversary date of
the' Plan. Ray Karninskas made a motion that the invoice be
\-J approved for payment. Motion seconded by William Sedrick.
Motidn carried unanimously. .
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Minutes of Meeting held October 30, 1981
Clearwater Police Supplementary Pension Fund Page 2
item number five on the agenda concerned pending legal matters.
Richard Griesinger, Assistant City Attorney, advised that the
proposed contract amendment submitted by Provident Insurance
was being reviewed by Siver and Associates, and he should
have a report from them next week.
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Sergeant Kaminskas asked for the status on retired Sergeant
Charles Hayden's tax information request., Betty Ward advised
that David Curtis, Assistant Finance Director, was working
on this, and that she would check 'with him and see what the
status is at this time.
william Sedrick had prepared some questions for clarificaticn
by Richard Griesinger, Assistant City Attorney, regarding the
eligibility of Police Chief Klein to enter the Supplementary
Pension Plan. Trustee Sedrick assured the Board that his
interest wa,s primarily ,that the Board not act imprudently in
setting ,a precedent concerning appointed administrators entering
the Plan. He also wanted clarification of city ordinance under
Division II, interpretation of the word, "Supplemental"., He
asked if it was meant to be supplemental to the, General Employees'
Pension Plan.
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Mr. Griesinger stated that the code does give that implication, but
he did not think it was the intent of Florida statute 185. As
to the section on early retirement, it does apply to the general
pension. He advised that Chief Klein could be'a member of the
1'...'\ Supplementary Pension with the exception of "Early Retirement"
\....,j benefi ts. Mr. Griesinger sta'ted that he would recommend the
term, "Supplemental" be deleted in the wording. He also
recommended that the board request an opinion from the Insurance
Commissioner's Office in Tallahassee. Chief Klein stated that
there seemed to be a conflict in the City Code and the State
Statute, and according to the FSS he would be entitled to all
benefits. Chief Klein said the issue would be what is the
legal interpretation of "enrollmenttl. The Board requested that
Mr. Griesinger request an opinion from Tallahassee on the
matter. Sergeant Kaminskas asked if any changes would require
a referendum. Mr. Griesinger said he would check on this.
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Item number six on the agenda was correspondence from Provident
Insurance concerning retired Major McClamma's computations for
pension benefits. Ray Kaminskas made a motion that the
benefits be paid. The board was advised by Chief Klein that
Major McClarnma had been given a copy of the computations to
take home and study, and that it shows that his cash surrender
value which the board will receive from Provident totals
,$24,612.93, and the amount of the lump sum settlement would
be $86,801.20. The amount needed from the assets of the board
would be $62,188.27. Motion was seconded by Officer Sedrick.
Motion carried unanimously.
Sergeant Kaminskas advised the board 'that Major McClamma had
expressed a desire to buy back a few of his certificates. Mr.
Griesinger stated that the Trustees are the owners of the
policies and any conversion would have to be between Major
McClamnla and prov~dent Insurance Company. Chief Klein said
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, Minutes of ,Clearwater Police Supplementary ,pension Fund meeting
~eldOctober 30, 1981,
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",that his office had spoken' with Shelby Kaplan of Provident that
same morning and assured that the transaction could be handled'
between Major McClamma and Provident.
Item number 70n the agerida was correspondence from Barnett' Bank
of Clearwater~ Chief Klein advised that the first letter
concerned the fact that the Barnett Bank of Clearwater' and the
Barnett Bank of St. Petersburg, effective October 1, 1981, would
be known as 'the Barnett Bank of Pine1las County. The deposits will
"continue to be ,insured by the Federal Deposit Insurance Corporation.
The' second item of corres'pondence from Barnett Bank was a notice of
a 'change in monthly maintenance charges, the amount to be based
upon an analysis of the account 'each month. The correspondence 'was
" .' noted ',and will be' filed.,
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"There being no further business, the meeting was adjourned at '10: 45 A.M.,
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SID KLEIN, Secretary
Board of Trustees
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