06/04/1982
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PENSIO,N
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AGENDA
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~learwater Police Supplementary Pension Fund Meeting to be held
June 4, 1982 at '10:30 'A.M. in the Police Department Conference
Room, 644 pierce Street, Clearwater, Florida.
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1. .
Approval of Minutes of meeting held
March 17, 1982.
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2. Certificates of Deposit Maturing.
3.
,Request from Detective Charles W. Butler
for disability pension benefits.
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Ratification of Certificate of Deposit
Transactions made by Betty Ward.
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Report on Balance in Savings Account,
Barnett Bank.
,6. Correspondence:
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1) Letter from Marvin Clayton, Director
of Police and Fire Municipal Retirement
Trust Funds, dated April 9, 1982.
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2) Letter dated March 23, 1982 from
retired Captain David Panossian,
Dean Witter Reynolds.
3) Letter dated May 7, 1982 from
Peter F. Crowell, Chief, Bureau of
Local Retirement Systems, Tallahassee.
14) 'Letter dated May 31, 1982 from Fortune
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Federal Savings and Loan Association
concern~ng p~oxy vo~e~
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SID KLEIN, Sec~etary
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
HELD JUNE 4, 1982
A meeting of the Board of Trustees was held on June 4, 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, Secretary
Sgt. Ray Kaminskas
Officer William Sedrick
Donald Hibbard, Trustee, was absent.,
Also present was Betty Ward, secretary to sid Klein, Police
Chief. Richard Griesinger, Assistant Cit~ Attorney, was absent.
Chairman LeCher called the meeting to order at 10:30 A.M. The first
item on the agenda was the approval of the minutes of the meeting
held March 17, 1982. Sgt. Kaminskas made a motion that the minutes
be approved. Motion seconded by Officer Sedrick. Motion'carried
unanimously. '
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Item' #2 on the agenda concerned certificates of deposit maturing.
Betty Nard reported as follows:
Maturity Date
June 11, '1982
June 22, 19B2
June 22, 1982
June 24, 19B2
July 8, 1982
July B, 19B2
Financial Institution
Amount
Franklin Federal
Atlantic Bank
Clearwater Beach Bank
Fortune Federal
Franklin Federal
First Federal of Largo
$20,000
$70,000
$70,000
$80,000
$80,000
$60,000
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Sgt. Kaminskas advised that he and Betty Ward had gone over the
assets and contemplated insurance premium expenses during the next
few months, and based upon these facts (which will be explained
under Item #5 on today.s agenda) he made a motion that the Board
renew all of the maturing June CD's, that the $60,000,CD maturing
in July at First Federal of Largo be withdrawn, and the CD at
Franklin Federal maturing in July be reduced from $80,000 to
$60,000. Motion seconded by Officer Sedrick. Motion carried
unanimously.
Item #3 on the agenda was a request from Police Officer Charles W.
Butler for disability retirement benefits. Chief Klein advised
that the Pension Advisory ,Committee had met and approved for
recommendation to the City Commission Officer Butler's request for
on the job disability p~nsion. Chief Klein recommended that the
Board vote on Officer Butler's eligibility for supplementary pension
benefits. Chief Klein made a motion that the Supplementary Pension
Board approve Officer Butler for those benefits he would be due
under the Supplementary Pension when his retirement under the
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SUPPLEMENTARY PENSION FUND
MINUTES OF MEETING HELD JUNE 4, 1982
PAGE'2
General Employee's Pension plan would be effective. Sgt. Karninskas
seconded the motion. Motion carried unanimously,
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Item #4 on the agenda was the ratification of the following certificate
of deposit transactions made by ~Betty Ward:
$50,000.00 money market CD renewed at Pioneer Federal
on April 22, 1982. New interest rate of 14.045%.
$40,000.00 money market CD renewed at Pioneer Federal
on May 3, 1982. New interest rate of 13.015%.
$20,000'.00 money market ,CD renewed at Fortune Federal
on May 12, 1982. New interest rate of 12.843%.
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Item #5 concerned a report on the Barnett savings account balance.
Betty Ward reported that there was a balance in the savings account
of $271,589.97. She reported that on June 1,' 1982 the check from ,
,the State of Florida had been received via the City Finance Department
, 'in the amount of $223,254.95. Sergeant Kaminskas recommended that
additional 'CO's be purchased, using those banks and savings and
loans which have supported P.A.C.T. Sergeant Kaminskas made a motion
that the following money market CD'S be purchased at the highest
interest rates possible.
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$100,000 at Exchange National Bank
$100,000 at First National Bank of Clearwater
$70,000 at Southeast Bank
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Officer Sedrick seconded the motion. Motion carried unanimous~y.
Item #6 concerned correspondence received by the Board:
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1. Copies of Rules and Regulations fort-he Municipal
Police Officers' and Firefighters' Retirement Trust
. Funds under Chapters 175 and 185, Florida Statutes.
(Each Trustee received a copy.)
Chief Klein suggested that this be received as an
information item, and encouraged the Board to read
it over and if there were any questions to bring
them back to the next meeting.
Letter dated March 23, 1982 from retired Captain David
panossian, now employed by Dean Witter Reynolds.
(Each Trustee received a copy.)
2.
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Chief Klein stated that it was his understanding
that,a proposal containing details regarding the
investments being offered by Dean Witter Reynolds
was to be submitted for review by each Trustee
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SUPPLEMENTARY PENSION FUND
MINUTES OF MEETING HELD JUNE 4, 1982
PAGE 3
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before inviting Capt. Panossian to appear before
the Board. Mayor LeCher suggested that Chief Klein,
send a memorandum ,to Jeff Butler, Asst. Manager for
Finance, asking for his 'opinion as to whether or .
'not the Ginnie Mae mortgage backed certificates (as,'
referred to in Captain Panossian's letter) would be
a prudent, safe investment. Chief Klein stated that
he would do so.
,3., Letter dated May 7, 1982 from PeterF. Crowell,
Director of Local Retirement Systems, Tallahassee.
Chief Klein reported that Mr. Crowe111s'letter
contained several questions concerning the 1981
Actuarial Report, and that information was being
'. requested frorn,Provident in order to comply with
Mr; Crowell's request,. '
Letter dated May 31, 1982 from Fortune Federal Savings
and Loan concerning proxy vote for adoption of stock
option plan.
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Mayor LeCher made a motion that the Board vote to
, allow them to go public. Motion seconded by Sergeant
Kaminskas. Motion carried unanimously.
There being no further business, the meeting was adjourned at
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, Respectfully sub~itted,
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SID KLEIN, Secretary
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