02/12/1982
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POLICE,
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SUPPLEMENT ARY
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,PENSION
Minutes
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AGENDA
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7. Correspondence from Marvin Clayton, Director of
Municipal Police Retirement Trust Funds, regarding
Proposed Rules and Regulations for Chapters 175
and 185, Florida Statutes.
8. Request from retired Police Chief Nillis Booth to
Cash In Deferred Annuity purchased in 1968 by
Board of Trustees for Willis Booth.
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Meeting of Clearwater ,Police Supplementary Pension Fund to be
held Friday, February l2~ 1982 in the Police Conference Room.
1. Approval of minutes of meeting held December 18, 1981.
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2. Proposed Amendment to Master Contract
Robert I. Siver of E. v7. Siver and Associates
discussion of proposed amendment.
3. Memorandum from Richard Griesinger, Assistant City
Attorney, regarding eligibility of Chief Klein to
participate in Police Supplementary 'Pension.'
4. Memorandum dated January 4, 1982 from Jeffrey Butler,
,Assistant City Manager for Finance, regarding Actuarial
'Report for Police Supplementary annual reports.
5. Ratification'of Certificate, of Deposi~ transactions
made by Betty Ward.
6. I. Approval of expenditures for pension benefits for
Frederick Miller, retired Police Officer, and David
panossian, retired Police Captain.
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9. Invoice in t~e amount of $1,100 from Provident
Insurance Company for preparation of 1981 Actuarial
Report.
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SID KLEIN, SECRETARY
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
HELD FEBRUARY 12,,1982
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A meeting of the Board of Trustees was held on February 12, 1982, 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 (absent)
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Also present was Betty Ward, secretary to Police Chief Sid Klein.
'Richard Griesinger, Assistant City Attorney, was absent.
Guests at the meeting were Robert I. Siver of E. w. Siver Associates
and W. W. McDougal, agent of Provident Life & Accident Insurance.
Chairman LeCher called the meeting to order nt 11:30 A.M. and called
for approval of the minutes of the meeting held December 18, 1981. Motion
made by Sgt. Kaminskas to approve the minutes. Motion seconded by Donald
Hibbard. Motion carried unanimously. Chief Klein introduced Mac ,
McDougal of Provident Insurance' Company and announced that Mr. McDougal
, "'as present for the purpose of answering questions concerning the proposed
~,.........,.lnendment to the Provident contract. Since Bob Siver had not yet ,
arrived, Chairman LeCher proceeded to Item number 3 on the agenda, which
concerned a memo from Richard Griesinger, Assistant City Attorney,
regarding Chief Klein's eligibility to enter the Supplementary Pension
Plan. Chief Klein advised the board that copies of the memo and the
opinion from Marvin Clayton, Bureau Chief of Police and Fire Municipal
Pensions, had been distributed to all board members. Chief Klein stated
that he did not agree with the opinion of Mr. Clayton, however it was not
his intent to pursue the matter at this time. If he chose to pursue the
matter in the future he would do 50 on a personal basis and not as a
board member.
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Item number 4 on the agenda concerned a memorandum from Jeffrey Butler,
Assi,stant City Manager for Finance, regarding the preparation of the 1981
actuarial report. Chief Klein advised that copies of this memo had been
distributed to all board members. Jeffrey Butler concluded that the
Police Supplementary Pension Plan is required to submit an actuarial report
including all disclosures required pursuant to Chapter 112 of the Florida
Statutes. Chief Klein stated that Provident has prepared :the report for
1981 in compliance with all the rules.
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Item number 5 concerned ratification of Certificate of Deposit transactions
made by Betty Ward. Mrs. Ward reported the following:
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On December 23, 1981 renewed the following money markets:
$70,000 CD' at Atlantic Bank
$70,000 CD at Clearwater Beach Bank
$80,000 CD at Fortune Federal
The new interest rate on the above certificates is 12.088%.
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Minutes of Meeting Held February 12, 1982
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"'"f...bn January 7, 1982 renewed the following c. D. ' s:
$80,000 at Franklin Federal - interest rate 12.532%
Reduced the $80,000 CD at First Federal, Largo to '$60,000 - Interest
rate - 12.532%
Item number 6 concerned approval of expenditures for pension benefits for
retired Captain David panossian and retired Detective Frederick Miller.
Mrs. Ward reported the following:
According to Provident's calculations, Fred Miller's cash surrender
yalue of his insurance policies is $11,375.86, and his lump sum
would be $30,354.02. This would leave a balance of $18,978.16 to
be paid from the cash assets. '
David panossian's cash surrender'va1ue is $12,749~87. His lump sum
would be $14,458.56, leaving a balance of $1,708.69 to be paid from
the cash assets.
Sgt. Karninskas made a motion that the secretary be authorized to complete
the necessary paperwork in order that the benefits may be paid to retired
captain David panossian and retired Detective Frederick Miller. Motion
seconded by Chief Klein. Motion carried unanimously.
._'Item number 7 concerned correspondence dated January 29, 1982 from Marvin
r.~layton, Director of Police and Fire Municipal Pensions. The letter of
transmittal contained a copy of the Proposed Rules and Regulations for
Chapters 175 and 185 of the Florida State .Statutes. Chief Klein advised
that copies of this correspondence had been distributed to each board
member. The board members will review the proposed rules and regulations.
Item number B concerned correspondence from willis D. Booth, retired Chief
of Police, requesting to cash in the deferred annuity purchased for him
in 1968~ Mrs. Ward stated that Chief Klein had received a request from
Willis Booth to cash in his deferred annuity. There will be no cost to
the Board, and according to Provident's calculations received in
December, 1981 the cash value of the annuity at that time was $11,662.24.
Sgt. Kaminskas made a motion that Ni1lis Booth's request be approved.
Motion seconded by Donald Hibbard. Motion carried unanimously.
Under new business, Chief Klein presented a legal opinion dated February 12,
1982 from Richard Griesinger, Assistant City Attorney, regarding the
eligibility of Officer John Borsch for disability benefits. It was his
,opinion that' Officer Borsch has not participated for more than ten years
in the Supplementary Plan and he is not entitled to receive disability
benefits. The board accepted the opinion. Sgt. Kaminskas made a motion
that the secretary complete the necessary paperwork to surrender all
policies in John Borsch's name for the cash surrender value and to deposit
this amount to Barnett savings account.
'~Under new business Sgt. Karninskas reported that there would be a balance
",-,,'of $63,580.96 'in Barnett savings account after the benefits are paid to
Captain 'panossian and Detective Fred Miller. He made a motion that a
$50,000 money market CD be purchased. Chairman LeCher suggested that
the CD be purchased, if possible, at one of the b~nks who have supported
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Minutes of l-teeting Held February 12, 19,82
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P. A'. C. T. Mrs. Ward sta ted that she ha!:t purchased some of the CD I S
at banks and savings and loans supporting P.A.C.T. Sergeant Kaminskas
made a motion that the $50,000 money market be purchased at the
Bank of' Clearwater. Motion .seconded by Chief Klein. Motion carried
unanimously: Mayor LeCher suggested that the Bank of Clearwater be
,advised that one of the reasons their bank was selected for this
'purchase was due to the fact that they have supported P.A.C.T. in
the past. Chief Klein stated that this would be done.
Under new business, Sgt. Kaminskas advised that retired Captain Dave
panossian, presently employed at Dean witter Reynolds, had contacted
him and requested a meeting with'the board to discuss investments.
Chairman LeCher suggested that Sgt. Kaminskas contact Captain
panossian' and have him send the information to each Trustee to study.
After reviewing the 'material the board would invite Captain panossian
to the next meeting to make a presentation.' Mayor LeCher suggested
this be done between'February 12th and the next meeting.
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Robert Siver of E.W..' Siver and Associates arrived at the meeting at
12 Noon, and the board went back to Item #2 on the agenda, the
proposed contract amendment. Mr. Mac McDougal presented a revised
amendment. 'Mr. 'Siver stated that the work he had already completed
consisted of comparing the old contract with the first proposed
"~"revised amendment, and that he had not seen this second revision.
~~_dergeant Kaminskas made a motion that the matter be continued until
Mr. Siver could review this second revised amendment to the contract.
Motion seconded by Donald Hibbard. Motion carried unanimously.
Nr. Siver stated that he should have his report back to the board in ..
written form within two weeks.
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There being no further business, the meeting was adjourned at 12:30 P.M.
Respectfully submitted,
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SID KLEIN, ,Secretary
Board of Trustees
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