02/04/1983
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POLICE
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SUPPLEMENTARY
PENSION
Minutes
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AGENDA
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Clearwater Police Supplementary Pension Fund Meeting on Friday,
February 4, 1983 in the Police conference Room, 644 Pierce street,
Clea~water, Florida.
1. Ron Eart, Actuary, Provident National Assurance Company
and W.W. McDougal, Provident Agent
a. cost for 1982 Actuarial Report
:b. Changes made by Provident in their
Pension Services Division
2.,' Approval of Minutes of meeting held ,November 19, 1982.
3. Certificate of Deposit Maturing -- report by ,Betty Ward.
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4. Ratification of certificate of Deposit'Transactions
made by Betty Ward. '
5. correspondence from' Peter Crowell, dated December 20, 1982,
reference Actuarial Valuation. '
6. Memorandum to Chief Klein, Trustees, and Members of,
Clearwater Poli~e Pension Plan from W.W. McDougal.
7. Memorandum to All Members Supplementary Police Pension
Board from Sid Klein, Chief of Police, reference
Distribution' of Memorandum by Mr. W.W. McDougal.
8'. Discussion reference Barnett Savings Account.
9. Semi-Annual Payment of $500.00 for secretarial services-
Invoice from Betty Ward.
10. Supplementary Pension Benefits for Sgt. George Morse,
retired.
11. Hilton Holzhauer, retired Police Offi~er (Information Item)
12.
Discussion of proposal for change to Supplementary Pension.
~eport by William Sedrick, Trustee.
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'SID KLEIN, Secretary
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
HELD FEBRUARY 4, 1983
f~ meeting of the Board of Trustees was held on February 4, 1983, in the
Police Conference Room, Police Department, 644 pierce Street, Clearwater,
Florida.
The following Trustees were present: '
Police Chief sid Klein, Secretary
,Donald Hibbard
Officer William Sedrick
Lt. Ray Kaminskas
Also present was Betty Ward, secretary to Police Chief Klein.
Mayor Charles F. LeCher, Chairman and Richard Griesinger, Assistant
City Attorney, were absent.
Acting Chairman Klein called the meeting to order at 11:00 A.M. The first
item on the agenda concerned changes made by the provident Life and Accident
Insurance,Company in their Pension Services Division. Mr. Ron Earl, the
Actuary 'for Provident National Assurance Company, and Mr. W.W. McDougal,
local Agent for Provident Insurance, attended the meeting. Ron Earl
advised that the Provident National Assurance Company would be preparing
the Actuarial Reports for 'the Supplementary Pension Plan in the future,
and would be performing the pension retirement services previously
handled by Provident Life and Accident Insurance Company. He submitted
invoices from the two Provident Companies as follows: $1,100.00 from
r".....Jrovident Life and Accident Insurance Company for preparation of: the '
'~w1982 Actuarial Report as of the anniversary date of September ~7, 1982.
The second invoice was from Provident National Assurance Company in the
amount of $400.00 for Revisions to the 9/17/82 Pension Actuarial Report.
He further advised that the fee to'provide for the 9/17/83 to 9/17/84
plan year had been estimated to cost $3,150.00. The reason for the
increase in cost is due to the several new requirements to comply with
the Department of Administration, Division of Retirement, Tallahassee.
Lieutenant Karninskas made a motion to approve the $1100.00 invoice and
the $400.00 invoice for payment. Donald Hibbard seconded the motion.
Motion carried unanimously. Chief Klein recommended that the Board
withhold any action until the Board and the City Attorney have had an ,
opportunity to review the contract. Copies of the 1982 Actuarial Report
were distributed to board members. Mr. Earl and Mr. McDougal left the
meeting at 12:10 P.M.
The meeting resumed with Item #2 on the agenda, the approval of the
minutes of the meeting held November 19, 1982. Donald Hibbard made a
motion that the minutes be approved. Motion seconded by Lt. Kaminskas.
Motion carried unanimously.
Item #3 on the agenda concerned a Certificate of Deposit maturing.
Betty Ward reported that the $40,000 CD at the Bank of Clearwater will
mature February 25, 1983. Chief Klein made a motion that the CD be '
withdrawn from the Bank of Clearwater and re-invested at a Savings
"and Loan Association si.nce the interest at banks at this 'time is
I,Jower than at the Savings and Loans. Motion seconded by Donald Hibbard.
Motion carried unanimously.
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CLEARWATER POLICE SUPPLEMENTARY PENSION, FUND - MINUTES OF MEETING
HELD FEBRUARY 4, 1983
Oge 2
Item #4 on the agenda was the ratification of CO transactions 'made by
Betty Ward. 'Mrs. Ward reported the following transactions were made in
accordance with the Board's instructions:
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December 10, 1982
withdrew $100,000. CD from the Exchange Bank
Purchased $60,000. CD at First City Federal,
interest rate 8.853%.
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December ,9, 1982
Renewed $20,000. CD at First City Federal,
new interest rate 8.853%.
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withdrew $70,000. CD from Southeast Bank.
Purchased $10,000. CD at pioneer Federal,
interest rate 8.853%. '
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December 13, 1982 .
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Renewed $100,000. cq at Florida Federal,
new interest rate 8.853%~
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December 21, ,1982
Purchased $100,000. CD at St. Petersburg
Federal Savings & Loan, interest rate 8.853%.
Renewed $80,000. CD at Fortune Federal,
new interest rate 8.768%.
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withdrew $70,000. CD from Clearwater Beach Bank.
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December 22, 1982
withdrew $70,000. CD from Atlantic Bank.
Purchased $100,000. Jumbo Certificate at
Glendale Federal Savings & Loan, interest
rate 9.25%.
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January 6, 1983
Renewed $20,000. CD at First City Federal,
new interest rate 8.576%.
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Item #5 on the agenda concerned correspondence dated December 20, 1982
from Peter Crowell, Chief of Division of Retirement, Tallahassee, reference
the 1982 actuarial report. Chief Klein reported that Provident is
preparing the report and when it lis completed a copy will ,be mailed to
Mr. Crowell. ' ,
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Item #6 on the agenda concerned a memorandum distributed to the Board and
all participants of the Supplementary Pension Fund by W.W. McDougal, Provident
Agent. Chief Klein advised that the memorandum had been distributed without
his knowledge or consent.
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, CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
HELD FEBRUARY 4, 1983
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Item #7 on the agenda concerned a memorandum dated December 7, 1982 to
the Board of Trustees from Chief Klein reference the distribution of a
memorandum by Mr. McDougal. Chief Klein stated that Mr. McDougal had
been advised tha~ all correspondence would be forwarded to the Board of
Trustees and would not be distributed to all participants without the,
Board's consent. '
Item #8 on the agenda concerned the Barnett Savings Account. Chief Klein
recommended the Board check out the new Money Market Accounts for the
savings account due to the higher interest rate. The Board recommended
that Chief Klein check on the money market accounts and'report back at
the next ,meeting.
Item #9 on the agenda concerned the first $500. semi-annual payment to
Betty Ward for bookkeeping, and secretarial services. Officer Sedrick made
a motion that the $500. invoice from Betty Ward be approved. Motion
seconded by Lt. Kaminskas. Motion carried unanimously.
'Item #10 on the agenda concerned pension benefits for Sergeant George Morse,
'retired. Chief Klein' repor:ted that the cash surrender value, of all life
insurance pOlicies issued in George Morse's name is $14,142.35. The cost
for a lump sum settlement would be $45,690.02. The balance needed from
,~'~he Trust Assets 'to purchase the lump sum settlement would be $31,547.67.
\~~hould George Morse choose the, Deferred Annuity Option, the cost would
be $31,597.67. Lieutenant Kaminskas made a motion that the pension
benefits for George Morse be approved. Motion seconded by Officer
Sedrick. Motion carried unanimously.
Item #11 on the agenda concerned retired Police Officer Hilton Holzhauer.
Chief Klein reported that Holzhauer's date of employment was October 29,
1973, and that he entered the Supplementary Pension Plan September 17,
1975. He has not been a participant for the required ten years 'in
the Plan, and is not entitled to Supplementary Pension benefits.
Lieutenant Kaminskas made a motion that the life insurance contracts
in Officer Holzhauer's name be cancelled and that a cash surrender
refund" be requested. Motion seconded by Officer Sedrick. Motion
carried unanimously.
Item #12,on the agenda concerned a discussion of the proposal for
changes in the Supplementary Pension. Officer Sedrick reported that
he was still working on this'at the pres~nt time.
There being no further business, the meeting was adjourned at 12:45 P.M.
Respectfully submitted,
J1-1I~'
SID KLEIN, Secretary
, 'oard of Trustees
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