12/18/1981
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POLICE
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DATE.J)eurnber
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AGENDA
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'Meeting of'Clearwater Police Supplementary Pension Fund to be
held December IS; 1981 in Police Conference Room.
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1. Approval of minutes of meeting held October 30, 1981.
,2. Certificates of Deposit Maturing (Betty Ward).
3. Ratification of certificate of Deposit Transactions
(Betty Ward) .
4.' ,Invoice from Provident Insurance Company for 1981
1iincrease in life ,insurance for David panossian,
retired Captain.
S. Pending Legal Matters (Richard Griesinger, A~sistant
City' Attorney) .
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1. 'Amendment to Provident Master Contract
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. '2. ' Eligibility of Chief Klein' to enter
Clearwater police Supplementary Pension Fund
(Status Report from Mr~ Griesinger).
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6. 'Status on Internal Revenue' Service form Number 1099R
,'requested by Frank Daniels, retired Chief of Police,
David panossian, retired Captain, and William McClamma,
.retired Major. (Report by Chief Klein) .
7. Correspondence from retired Major, William McClamma,
concerning finalization of his lump sum payment.
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8. Correspondence from Jeffrey Butler, Finance Director,
regarding ,the 1981 Actuarial Report prepared by
Provident Insurance Company. (Chief Klein)
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SIn KLEIN,' Secretary
Board of Trustees '
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
~ELD DECEMnER 18, 1981
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A meeting of the Board of Trustees was held on December IB, 19B1, in
the Police Conference Room, Police Department, 644 pierce Street,
Clearwater" Florida.
The following Trustees were present:
Mayor cCharles F. LeCher, Chairman
Police Chief Sid Klein, Secretary
Donald Hibbard
Sgt. Ray Kaminskas
Officer William Sedrick
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 11:00 A.M. Chief Klein advised
that Ron Earl, Actuary for Provident Insurance, and W.~V. McDougal, Agent
for Provident Insurance, were present to discuss Item number 8 on the
agenda (Correspondence from Jeffrey Butler, Finance Director, regarding
the 1981 Actuarial Report prepared by Provident Life and Accident
Insurance Company). Chairman LeCher stated that the first item on
the agenda would be item eight. Ron Earl referred to a letter from
,_,Chief Klein requesting that Provident prepare the 1981 actuary in such
: 'a manner that it would comply with Chapter 112 and 22-D of the Florida
~~State Statutes. Mr. Earl stated that he had met in Tallahassee on
December 15th with Charles Slaven, Acting Bureau Chief .of the Bureau of
Local Retirement Systems in an effort to determine if it was necessary
to change the format of the actuarial report. Mr. Slaven continued to
request the new format and advised Mr. Earl that it is now the law of
the State of Florida and the Board of Trustees have no choice but to
comply with the law. Mr. Earl did not know what the opinion of the
Attorney General might be, and said some cities may wish\to pursue this.
He stated that the approximate charge would be $1250.00 for the report
this year. Chairman LeCher inquired as to what the lIapproximatelt meant.,
Mr. Earl stated that since this was the first year for the new format
that the cost may run a little under or a little over, and next year
they would be i~ a better position to quote an exact figure. He stated
that the Board would not be, required to pay over the $1250.00 figure
this year. william Sedrick made a motion that the charge of up to
$1250.00 for the 1981 actuarial report be approved when received.
Motion seconded by Chief Klein. Motion carried unanimously. Mr. Earl
and Mr. McDougal left the meeting.
Chairman LeCher returned to Item One on the agenda and called for
approval of the minutes of the meeting held October 30, 1981. Chief
Klein made a motion that the minutes be approved. Motion seconded by
Ray Kaminskas. Motion carried unanimously.
"lItem number two on the agenda was the maturing of'certain certificates
~of deposit. Betty Ward reported that the money markets ~t Franklin
Federal and First Federal of Largo each in the amount of $80,000.00
would mature on January 7, 1982. Sgt. Kaminskas advised that the
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Minutes of Police Supplementary Pension Fund Mee.ting
Page 2
~December 18, 1981
retirements of Captain David Panos sian and Frederick Miller would both
become effective in March 1982 and we would need to reduce one of the
CO's to take care of these pension benefits. Sgt. Kaminskas made a
motion that the $80,000 money market at Franklin Federal be renewed,
and that the $80,000 money market at First Federal of Largo be reduced
to $60,000.00 at the best interest rate possible at maturity. Motion
seconded by Donald Hibbard. Motion carried unanimously.
Item number three on the agenda was the ratification of certificate of
deposit transactions made by Betty Ward. Mrs. Ward reported that she
renewed the following certificates of deposit, in accordance with the
Board's instructions:
November 2, 1981
Noverilber 12'~ 1981
December 3, 1981
$40,000 CD
$20,000 CD
$20,000 CD
Clearwater Federal
Fortune Federal
Franklin Federal
14.033% interest
13.161% interest
11.09% interest
william 'Sedrick made a motion that the transactions be ratified. Motion
seconded by Ray Karninskas. Motion.carried unanimously.
Item number four on the agenda was an invoice from Provident Insurance
Company in the amount of $35.05 for 1981 life insurance increase for
retiring Captain David Panossian. Donald Hibbard made a motion that
~.)the invoice be. approved for payment. Motion seconded by William Sedrick.
\- Motion carried unanimously.
Item number five on the agenda was pending legal matters. Richard
Griesinger, Assistant City Attorney, reported that he had sent a letter
regarding Chief Klein~s eligibility to enter the Police Supplementary
Pension Plan to Marvin Clayton in Tallahassee, and that he 'had not
heard from him as yet. He stated that he would send a second letter.
Chief Klein suggested that the Board wait until the legal opinion is
received. The matter was tabled.
Richard Griesinger presented the report by Ed Siver and Associates with
regard to the proposed amendment to the master contract submitted by
Provident Insurance Company. The Board felt that. there were questions
which needed clarification, and Richard Griesinger stated that he would
call Ed Siver and get clarification. Chairman LeCher made a motion
that the matter be tabled. Motion seconded by Donald Hibbard. Motion
carried unanimously.
Item number six was the status of IRS Form I099R requested by retired
Police Chief Frank Daniels and retired Sergeant Charles Hayden. Chief
Klein read a memo dated December 15; 1981 from Jeffrey Butler, Finance
Director, in which he' adv.tsed that the City' q actuary, Nyatt and'
Company had advised that the General Employee's Pension Plan and the
Police Supplementary Pension Fund were administered as a separate trust
and that both Plans were assumed to be qualifiable for lump sum distribution.
Ray Kaminskas made a motion that we check the block "yes" on the IRS form
~as being qualified. . Motion seconded by Chief Klein. Motion carried
unanimously.
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Minutes, of Police Supplementary Pension Meeting
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',.,'t.iOecember 18, 1981
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. Item number 7 on the agenda concerned correspondence dated November 2,
'1981 from William H. McClamma whose retirement is' effective December 18,
1981. Major McClamma asked if he could receive his lump sum settlement
the first week in January, 1982. Motion was made by Donald Hibbard .
to grant this request... Motion seconded by William Sedrick. Motion
carried unanimously..
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Ray Kaminskas apprised the board of the fact that John Borsch was
,retiring under disability effective January 13" 1982 and that there
seemed to be a question as to whether he was entitled to benefits
under. .the Police Supplementary Pension. Betty Ward stated that
under the present Provident master contract ru1es,'a participant
must. have been under the Police Supplementary Pension Plan for at
least ten years and retiring under disability pension under the.
General Employee's Pension Plan before he was eligible for pension
b~nefits under the Supplementary Pension. '.Officer Borsch joined the
Clearwater Police Department on April 12, 1971 and entered the Police
. 'Supplementary Pension on september 17, 1972, therefore, he has not
been under Supplementary pension for a period of' ten years. Ray
Kaminskas stated that there seems to be a.conflict in the term,
"credited service" which appears in the Florida State Statute 185,
'~ arid he felt that.a legal opinion .should be obtained. Richard Griesinger
(2)was requested to submit a legal opinion in th~s matter.
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There being no further business, the meeting was adjourned at 12:00 Noon.
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SID ,KLEIN, Secretary
Board of Trustees
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