11/19/1982
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,PENSION'
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AGENDA
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'Clearwater.police Supplementary Pension Fund Meeting Friday, November 19,
1982 in Police Conference Room, 644 ~ierce Street, Clearwater, Florida.
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1.. App.roval 'of minutes of meeting held October 8, ,'1982.
2. Certificates of Deposit Matu~ing - report by Betty Ward.
3.' Rati,fication. of iCD . transactions made by Betty Ward.
4. Correspondence .,from Provident Insurance Company:
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Letter dated October 18, 1982 reference
premium increases for officers not actively
on duty prior to retirement. I
Letter dated November '4, 'l982 reference cash
"stirr~~der value of all life irisurance 'policies.
Invoice in .amount of $133.81 (additional amount'
needed to purchase Charles Butler's Annuity).
:Invoice in amount of $205.00 for policies of
Officers Kanaris and LaFollette.
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5. Results of election held October 22 and 23, 1982 to
fill t~o existing Board vacancies.
6. William Sedrick, Trustee - Presentation.
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SID KLEIN, Secretary
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
HELD NOVEMBER 19, 1982
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A meeting of the Board of Trustees was held on November 19, 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
Donald Hibbard
Officer'William Sedrick
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Lt.. Ray Kaminskas was absent.
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Also present was, Betty Ward, secretary to Police Chief Klein.
Richard Griesinger, Assistant City 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 October 8, 1982. . Donald Hibbard made a motion that the
minutes be approved. Motion seconded by William Sedrick. Motion
. carried unanimously.
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Item #2 on the agenda concerned maturing certificates of deposit.
Betty Ward reported that the following CD's would be maturing in
I~ecember and' January, 1983:
December 9, 1982
December 9, 1982
December 10, 1982
Oecember 13, "l9B2
December 21, 1982
December 21, 1982
December 22, 1982
January 6, 1983
$lOO,OOO
$ 70,000
$ 20,000
$100,000
$ 70,000
$ 80,000
$ 70,000
$ 20,000
CD
CD
CD
CD
CD
CD
CD'
CD
Exchange Bank
Southeast Bank
First City Federal
Florida Federal
Clearwater Beach Bank
Fortune Federal
Atlantic Bank
First City Federal
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Chief Klein stated that the money markets are now at 9% which
means the banks could start paying a lower interest than the
Savings and Loans. Since there are eight money markets to be
renewed, and of those eight, four are with banks, the board needs
to make a motion as to how they wish to renew these. The board
can either renew all of the maturing CD's (banks included), or
renew the savings and loans, and wait until maturity to see if
the banks are offering as high an interest rate as the S&L's, or
withdraw the bank money markets at maturity and purchase new ones
at Savings and.Loans. William Sedrick made a motion to wait and
see if the banl~s are offering the same interest as the Savings and
.Loans at time of maturity, and if not, withdraw and purchase new
ones at Savings and Loans. Motion seconded by Donald Hibbard.
Motion carried unanimously.
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'---.Item #3 on the agenda was the ratification of CD transactions made
-by Betty Ward. Mrs. Ward stated that the following transactions
were made:
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On October 21, 1982 renewed $50,000 CD at Pioneer Federal,
new interest rate - 8.98%
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
HELD NOVEMBER 19, 1982
MINUTES OF MEETING
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On November 2, 1982 renewed $40,000 CD at Pioneer Federal,
new interest rate - 8.972
On'November 16, 1982 renewed $20,000 CD at Fortune Federal,
new interest rate - 9"000%
Item #4 on the agenda concerned correspondence received by the board.
Chief.Klein presented a letter from Provident Insurance
Company dated October 18, 1982, reference the issuance of
premium increases on police officers not actively on duty
just prior to the time of official retirement. Provident
agreed with the Trustees in the case of George Morse, and
advised the board that the 1982 policy has been issued.
The second item of correspondence was a letter from Provident
Insurance Company, dated November 4, 1982 correcting the
figure previously issued fpr the cash surrender value of
~a1l life insurance policies as of the anniversary date of
September 17th. The correct figure is $661,066.67. '
The third item of correspondence was a letter from Provident
Insurance Company, dated October 21, 1982, with reference to
the purchase of a deferred annuity for. retired Detective
Charles Butler. The board was advised that at the time of
the calculation to purchase the annuity, they had failed to
include the applicable Florida tax in the amount of $13l.8l.
Chief Klein made a motion that the invoice be approved for
payment. Motion seconded by Officer Sedrick. Motion carried
'unanimously.
The fourth item of correspondence was a 'letter from Provident
Insurance Company, dated November 11, 1982, reference an
error in Provident's original billing for the ,life insurance
premiums. certificate Number 1328 for Officer P. Kanaris,
and Certificate Number 1619 for Officer M. LaFollette were
not shown on the original billing. The total amount due for
these certificates is $205.00. Officer Sedrick made a motion
that the invOice be approved for payment. Motion secorided
by Donald Hibbard. Motion carried unanimously. .
Item #5 on the agenda concerned the results of the election held at
,the Police DepartJ~ent to fill the two expired terms on the board.
Chi~f Klein reported that an election was held on October 22 ~nd
October 23, 1982, and that Ray Kaminskas and William Sedrick were
re-elected for a two-year term. Chief Klein also advised that the
re-appointments of Ray Kaminskas, William Sedrick and Donald
Hibbard were approved by the City Commission at their meeting of
November 18, 1982.
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."... A CLEARWATER. POLICE SUPPLEMENTARY PENSION FUND
.~,,:: . r,"'I.:'il ~ELti i NOVEMBER 19; 1982
Page 3
MINUTES OF MEETING
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. Item" #6 on, the agenda concerned, a. present'ation by Officer Willi'am
. .Sedrick, ,Trustee, regarding a proposal for reformulating the' present
SupplementaryPerision Plan.. Chief Klein asked Officer Sedrick if
it would not be be~t to schedule this agenda 'item for thenex~
meeting :si~ce one of the board ,members was abse'ut, and the. Assistant :"
City Attorney'was absent. Officer Sedrick stated,that.it would be-.
.betterto schedule .the presentation for next meeting and at that
.' time he'\'fould have \ a. list of questions to be presented to the' ,
. ,Assis,tant: City Attorney. '
',.. 'Ther~ . being no further business", the me~ting was adjourned at. 11: 00 :A. M.' '.
Re~pectfully submitted,
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SID KLEIN, Secreeary
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