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04/26/1983 " ,e -; ,,', ' " ' , , 1: .~;]!;;)~,1~~i>'J'~J;;"::' > ~: f I',. \: /". ~:~ ~;;~.~~,~:;:;- ~;~j,t~~. ~t~~~'."lr\.;~:?" .(,:,}~+~ 'I. :.\<:. ,; '~,;' j,:~,:;, ;~o' ."1 , , , ,",J"' " , '~';{\',~~~, t! i :,:/\~~~:,~~~~:'! ~;~;~/,~;}~?:,~\\~\~M~ j~ ' ., , . ., ,; j '; :, ,~ <....,;~ ,1 ,'I '" ....., ;,'. '" " (. , r,:, ,I" ~ ." ~;j.>~ " '", ~ ., ~ " ._.J,. <, , . '., . .c-: ,-C." , . ~ ,I >". ,': .\ ~ .'; < ;')~,!./ :?.~:" ': !:'J~::.~ 1.\:' ;yr::~\~ ~:~.;'" .~r:/.c!- FJ.>- to', ,'." ;' : ,::' ,',,; ,,;,:.,.:';c"::..:'::,;':; . I ~." : - I ,: I' '" 'Ie , " .~ " I:. (H T '} : "., " 'I.'. . :' ~.. I: >>' ':<1"'<"\ '\; .: ~ ..,.. " " ' , i >~ ~, . , , ',1 ' ";,:';;';':',i:-':,:", . '\':1' I' ',I' :..... ,. .,.t' . ." \. '- ' ,', '.1 , " > : ':~<~....{:~':-,~..~.. ". ,.....:~,. :{. "''''1 .,> .:... . ..<.... ',~ " , :'.. : I Yo: .~1: ,:,'c <'"-; .....,..... \ol ~w. . . .. , ~' : ,:"j POLICE ,SUPPLEMENT A.RY " PENSION ,\ Minutes I; , ,-' :DATE I1PQI .,,~ I'~ ~9CJ', " I, l'i:(~r,: \;;:";;2";';:\;,:'(1. \' t\t.:,~;,~,:,;t:;":" .", " '" " ~:~::~:.:<"; .,..f' . J' , ~.l . . ; ,<~~~: ':I,.~.~L:r;~.::'f~ ::t:~~ ..' .I, _ .' ,,~. ~~,': ',n :< " .', ':';;;'t,</~"':' u ',.I.,'j/ ~..:. ",.1'". .~\;;:':'J:~!:'./ ~~ !,. > l', .:(,~ . . ". , ", , " . ~.". :.' ..,. )' " ' , ',:.~.~ 'n..' I , . ", 1 ~ : ~.. . .~. ~.:." , ~ ~ 'l- 1~' .1 . .,. ,". :J .. 3.1:., } : ,. ;'. ... ~ , .' ',1 . ~ .' . , i \" .,. .t .:L ,~,~: '. :. ; . . ~'\. ".; , ;. "'" " < " I. ~ .' I, ' ," , .; I' .,. . ' ~(>::;,: :', "" ' ", " ,.' lL, ;:. \ .' In' ',..:" .'1. i.., " ..; :',tl "':I'<I,*l!~"'~.'l'" :,': ' . " >: I. .:'" .: .' . ~i ,t!i/.,\,;:,,! .,! ""~ '.l~M,t<~")I~., "\l.1i.""~."1' . "'j',{I.., . '.' ... J. ,\ ,.", ....'f". "r"'~~"'.1"""'1h_~~.".~~~~.~, " . ,. " , " . ., , ., .. < . ~ . l , .' .' ..' . l 'l . . .. I .' . '. , . i. ~ , ,~, . . . + , , ..\ ",~.'.' , . ~~.r~'I"I.'" .~,..,~:('. ,.:..'I'.~:. ".',:~':'" ":'\.:~';:'Jl"'\:'I\' to.; "\~":"+;:~'!'.~~~"'I~\"'I ""P.,,,," .~, '.. ' ) "fl.'" AGENDA Clearwater Police Supplementary' Pension Fund Me'eting on Tuesday , April 26,1'11983 in the Police Conference Room, 644 Pierce Street, Clearwater, ,Florida. 1.' Approval of Minutes of meeting held February 4; 1983. 'I" 2. Certificates of ,Deposit Maturing - Report by Betty Ward. ., 3. . Ratification of Certificate of Deposit Transactions made by Betty 'Ward. ' "4'. Correspondence from. Peter Crowell, Chief, BureaU of Local Retirement Systems, Tallahassee.' Letter dated March 18, 1983 reference the ,1~82' :Actuarial Report. Memorandum from Peter Crowell, received March 31, 1983 reference an Annual Report which ,has been prepared by,the Bureau of Local Retirement Systems, Tallahassee. 5.' Memorandum dated March 31, 1983 from David curtis, Acting Finance Director, reference the Annual Report covering the Police Supplemenatary Pension Fund. 6. Distribution of Annual Report and Audit. , ' ,:l' ~~RL SID KLEIN, Secretary Board of Trustees ., I 1 I , ~ "E J'>", u '" '. ,! , , \ J , l ;;:;,~~~?, ",:P:: ". " . '!j" , . ,!l;'!;.(:'~" ::''::\', ':;"'/,':":""'i',':,::--, :',1 ',';,.,' I .. ' ~ CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING HELD APRIL 26, 1983 A meeting of the Board of Trustees was held on April 26, 1983, in the r-Jolice Conference Room, Police Department, 644 Pierce street, Clearwater, "r'lorida. The following Trustees were present: Mayor Kathleen F~ Kelly, Chairman Police Chief Sid Klein, Secretary Donald Hibbard Officer William Sedrick Lt. Ray Kaminskas Also present were Robert G. Walker, Jr., Police Legal Advisor, and Betty Ward, secretary to Police Chief Sid Klein. Chairman Kelly called the meeting to order at 9:00 A.M. The. first item on the meeting held February minutes be approved. unanimously. agenda was the approval of the minutes of the 4, 19B3. Lt. Ray Kaminskas made a motion that the Motion seconded by Donald Hibbard. Motion carried Item #2 on the agenda concerned maturing certificates of deposit. Mrs. Ward reported that the $50,000 CD at Pioneer Federal matured April 21, '1983. A $40,000 CD at pioneer Federal matures May 2, 1983, and a $20,000 CD at Fortune Federal matures on May 17, 1983. Mrs. Ward stated "'--J""hat there were no outstanding expenses and would recommend these be ,..._enewed.Officer Sedrick made a motion that the two CD'S at Pioneer Federal, and one CD at Fortune Federal be renewed at the highest rate ,possible at maturity. Motion seconded by Donald Hibbard. Motion carried unanimously. Item #3 on the agenda was the ratification of Certificate of Deposit transactions made by Betty Ward. Mrs. Ward reported that pursuant to the Board's instructions she had withdrawn the $40,000 CD at the Bank of Clearwater on the maturity date of February 25, 1983, and on the same date purchased a $40,000 money market CD at Home Federal Savings and Loan at an interest rate of 8.733%. Item #4 on the agenda concerned correspondence from Peter Crowell, Bureau Chief, Local Retirement Systems, Tallahassee. Chief Klein reported that a letter dated March 18, 1983 had been received from Peter Crowell informing the Board that he had received the Actuarial Valuation Report dated January 1, 1982 for the Employees' Pension Plan and the Actuarial R~port dated September 17, 1982 for the Police Supplementary Pension Plan. His letter advised that the Bureau staff will review these reports and will contact, the Board when their analysis is complete. Chief Klein reported that a memorandum was received on March 31, 1983 from Peter Crowell's office, in which he advised that the State had completed its annual report of all pension ,systems in the State of Florida and a form was enclosed to complete and mail to Mr. Crowell if a copy of the annual rciport was desired. Lieutenant Kaminskas, inquired' as to the cost for . :he report. Chief Klein advised there was no cost. Officer Sedrick made "~d motion that the report be obtained. Lt. Ray Kaminskas seconded the motion. Motion carried unanimously. . '.+.' ."'. ',',. ;;t:'t~,~~,,~ ::' ~'.:..'ll':l'.":""~~~!'+;'~"':'~'I":"....'" '=' '::'"".q '+" ...., i, ^ of ... \.j CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING HELD APRIL 26, 1983 I ""l 1 "1Jage 2 h..... Chief Klein also reported that Peter Crowell's letter stated that it was not mandatory to forward a copy of the annual reports for the Police Supplementary Pension Plan to his office, however he stated that the reports .had been helpful in the past. Chief Klein advised that a copy had been, sent to Mr. Crowell's office on March 15, 1983, prior to receipt ,of the memorandum. .I'." Item #5 on the agenda concerned a memorandum from David H. Curtis, Acting Finance Director, regarding correspondence his office had received from Peter Crowell. Mr. curtis wanted to ensure that the Board had received this information, and was aware of the fact that it was not mandatory to forward a copy of the annual report to Peter Crowell's office. " Item #6 - Distribution of 1982 Annual Report and Audit for 1982 by Price Waterhouse. Chief Klein advised the Board that copies of each of the reports had been distributed to each Trustee. . "~,' Chief Klein reported that there was one additional item which was not the agenda. He advised that he had recommended at the February 4, 1983 meeting that the 'Board investigate the new money market accounts, and that the Board had instructed him to do so. Chief Klein advised that ,"~')etty Ward had investi~ated banks and savings am: loans, and had visited '~ortune Federal on Apr~l 25th and found that the~r Money Market'Account appears to meet the needs of the Supplementary Pension Fund. The rates fluxuate weekly, and the interest for .the week of April 26th was 8.40%. ~: . .',., ..;",." ~'.,C .~ ';', '\': ~';} :: .' , . Chief Klein advised that $100,000 of the Supplementary Pension assets is invested in a money market CD at Fortune Federal, and since funds are insured up to $100;000, Mrs. Ward spoke with Michael Kennedy, Assistant Vice President at the downtown Fortune Federal, who stated that in the case of a public unit, when the balance exceeds the $100,000, the Savings and Loan must pledge securities in a like amount for those funds exceeding the $100,000 insured amount. Mr. Kennedy stated that he would furnish the Board of Trustees with a letter to this affect. Mayor Kelly inquired what the present Barnett savings account is paying, and Mrs. ward advised that it was paying 5~%. Lieutenant Kaminskas asked how many checks could be written without penalty and Chief Klein stated that three checks could be written monthly, however if a bank voucher is used, this would not count as one of the three monthly checks. Chief Klein recommended that the checking and savings accounts at Barnett be closed, and that a money, market account be opened at Fortune Federal. Donald Hibbard made the motion that this be done. Motion seconded by Lt., Kaminskas. Motion carried unanimously. ".' ". . ~ \ '. \:.,';" .; ... ~'~~:~ , ~.{, . ' "., . '.~', , :. .Ij. ~ ,', ", .'~ .\ ,"' '" '.'(.' '..... ..,I.:. . :~ ," I.;.. ':.' ~, :I~.'; ~ There being no further business, the meeting was adjourned at 9:20 A.M. ',. .. ,-~ J -/ /c:L. SID KLEIN, Secretary Board of Trustees ~l.'\,: ':., , ' .". /': "." . ",' . ,. ,,' ~ ...:.- '. , ';, / '~~j ~,?r ........:/... ..... :":ii~._""':" -...; :....~ :;,..... '(if! i);\,~,;:';;j<:.t;,,:)::\ :)::..;. r; b,:';{:t:.",(:c(,:) '.',: ;..':<"ti($,{:g;s;:;;i:{;,,/;i;t.:.\,:'o"Y:: ", ',' ..",' ,':' "',,'~::"~c ',';"", \>~';':":. "::'.'" . .:.: .'",... . \l;;,..1 ',~ . ..: N~",,,~, . !',: .:\ ~,~/" . '"....," .24., ,,'" ,,':"; ..I. ';; ',.."'" ,':: " ,.:\" ,.