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P0LIC'E SUPPLEMENTARY PENSION ,I Minutes . , ~ ._r ' , , ... ,DATE 1>>11'1 Jf I',J J9y 1. , ~'I "I, .' ,'. , . ..!, " , ..', :,.': ~:t:,i:' ,',' .,', . ',' :,., "~'I < . ,': : "?:! ,,:",", ../g1~'~?~:~~i\';!"~~"i:~,'':. "'::".':f~('r:::?-:i :~:'.'~':'t~. ,.'~i;' i~: } ',:';. ~ l:.,}:':,,:':,~' ,,:":;" ,., ' i ..,', ,.' c :.../.. .,.~!,.':..:",:~~;';~~Jm ~~:. of.,', ." F~,.:':-'" " :t ~', .: ", ': ~",.. '... " ' <,", ' . !', 1',. ..' '" ~':,.,.' <\ \ , , " . 'c' ," , . '. . . , . " ,;. .,'.. 'l, 't',.' .,' "" . t . . .: ,\'; . ~ .. , I; '. .. , J' ' ~ ~', . , ; ';, " " '. , , . . ~ '., . , ' " ", " ' ,', '~,' ~ ::. ;i"~\I',:.~'~.\:;:~i.1{~~~;~~~~tr~"~~?:q "t.'~;." \:,. "i~;" ,.,,:' ;: " .;:J j"'~J ,{< , ti):... ..~..,..\ "'." ,....,;:;., ,I.J~,'l....,:p,th.:.tIT~.'r'-'i.,"~" ~, . '".....~,f;-,: :\1'.,,' <":'.~(" '<"_"1 "'-'~",\',\~.'~<~'{ ~j.I''''''J'~.'''~' ,"'~~t"f~".'_<'L\_f' ; . ". . ~,. , '" ~"....... .." , ';, '" (~ .~"tH'- , CLEARWATER POLICE SUPPLEMENTARY PENSION FUND ~', 'I AGENDA .. . ' '0' ,; " ::~ ' , ',' MEETING MAY '31, 1983' AT POLICE DEPARTMENT CONFERENCE Rom.l, 644. PIERCE STREET, CLEARWATER,' FLORIDA AT 9:30 'A.M. :i I, ,1. Approval of Minutes of meeting held April 26, 1983. 2. -Certificates of Deposit Maturing - Betty Ward. . 3., Ratification of Business Transactions - Betty Ward. I" , ,: .' i ...--..\ ' "J 4. Correspondence dated May 3,.1983, from Michael Kennedy, Assistant Vice President, Fortune Federal Savings and Loan Association. . , :'.: 'i'? 5. Correspondence dated May 19,' 19B3 from Peter Crowell, Director ,of Local 'Retirement Systems, Tallahassee, reference the 1982 Actuarial Report. 6~ Provident Service Contract for 1983/84 - Report by Bob Walker,' Assistant City Attorney. 7.\ Reinstatement of Police Officer Leonard Marotta, Eligibility date for participation in Supplementary . Pension. ',,: \'. . .,' ",' ~ .. ' ",i' ';L' 8. Request for Legal Opinion relative to Vesting Rights ~ Lieutenant Kaminskas. .' . , ' ':"'" 9. Request from Major Donaid W. Weaver for Supplementary Pension Benefits. .",< ~ " I ,':, J-I~L SID KLEIN, Secretary Board of Trustees ,.,'" , '-..-/' !. ~., Of ..q...........:.,""...(..._'-' -J ' ,. :.'<' ",~,(,.,.~, : ' ,. f _ ~ ." ..., .' "T_ ~ " ", ~ 1 .,.., <',. l' ',: .. ..' ": .;.:p :./': ,.:;: '. '\',,<:>;? <f>,;:.';;:~\:':;U /, .',,2,. :.~!;<. . ,,', ?>;/ ;::i":.L: ,:'...:;"<~\ '. '~,':' "'''<'.:\.., ",':'1~1 ","; :,:.. '~~I ;';, ,,', ..... amrl,:,,(:':"'-l.,,'~:,:." ':':,.; 1, ;:,.,'....:':..'.,"'.:.' ',.i<', ;,,) '::..,>:....., ,\ '1 . ~,p" , J',' ~.. ',:.' \, :' 'I ','~:, " ' '~ ',.": ' ,l .~. , ; i I ~ ' ','cl."" . .,' ,'.' .'> . '~ . ,~, ; , ,- " , .~ ;" ~: I ...~" . , . ' " . , , ( , .~ > . (I :~ ,t' , , " ., "" ., .! ~ '. t,," {:'. , .. "',' ",' , ...lJjJ{fJ.:t!.:~'{r~frt'c.~'f~rnk~"'44 \ ' \.' ~r1)~!)~" ":"~~'~~L.I'[.\1'\',,,;,,, ..>I.~{It,t'+';~>UI'}I~. .' . ' 'Ii )~':".'c~ ~':.\,.j. ."',;~.. ,~' 'I-:.'~,~:j:.~~~c,~,~~~~-:t'l:.c :',.".,~.,I...,..> ,. . <. ,,'~' .. ,"\. r ~ '" . ' .': r _ ~. ,:1" CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MINUTES OF MEETING ~~ELD MAY 31, 1983 ( J """A, meeti'ng of the Board of Trustees was held on May 31, 1983, in the Police Conference Room, Police Department, 644 pierce Street, Clearwater, Florida. The following Trustees were present: Mayor Kathleen F. Kelly, Chairman Police Chief Sid Klein, Secretary Donald Hibbard Officer William Sed rick Lt. Ray Kaminskas " 'q "," Also present were Robert G. Walker, Jr., Assistant City Attorney, and Betty Ward, . secretary to police Chief sid Klein. i:~~, ' Chairman Kelly called the meeting to order. at 9:30 A.M. The first item on the agenda was the approval of the minutes of the meeting held April 26, 1983. Donald Hibbard made a motion that the minutes be approved. Motion seconded by Officer Sed!ick. ~otion carried unanimously. Item #2 on the agenda concerned certificates of deposit maturing. Mrs.,Ward reported that the following C.D.'s would be maturing: June 10, 1983 .'...'- ,-' '.,:-.'. >'(, : " '.,' o $20,~00 CD at First City Federal $60,000 CD at First city Federal $10,000 CD at Pioneer Federal \~:, I , , .::,~ :~ ,.:' June 13, 1983 ",[1 :': $100,000 CD at Florida Federal $100,000 CD at St. Petersburg Federal June 21, 1983 , ,v < ' ~ ,~ <' ',~ " $80,000 CD at Fortune Federal ,~ .' June 21, 1983 'l'> 'I $40,000 CD at Ameri-First Federal , . l' . '. June 22, 1983 $100,000 at Glendale Federal ;"::: : ' ~.: , . July 7, 1983 $20,000 CD at First City Federal 1:/ ,~ ,',', " \....J Lt. Ray Kaminskas made a motion that the CD's maturing on June 10th, June 13th, June 21st, June 22nd and' July 7th,,1983 be renewed at the highest interest rate at maturity. Motion seconded by Donald Hibbard. Motion carried unanimously. Item #3 on the agenda concerned ratification of business transactions made ...'. , ::' ;\.~;,~:,;,:'l'>:,~:::l'~;::~'I-:';::'!~,'.,'", " ',' ~. ... "'.1:' '.,' I, C.:,..I;,"~",':,':',,',,:~.',"'.:.'~" .,..:.,.~ ., I ~,' ,l'~' '> c, I't" . jf' 'I. ~ ,~ . '_ ",::-:;.:, ".,':;;:::~;,:.3<::'::'>>,::,. .".", , ' ,,, ,>"(.c' ":', ",,"", 0"; ".,,", '.' ..' .., "~'!',~i;:':i;i:i;k;;/::j:;;;':Yt-:~,',',~:,:,;::::,!~~~U'iei\j~~i;..\;.~~::{ ,.\,:1,);:,~iO:;'i:~:,:,:\.".'..'\'~,;::(:i:. , :'.;,~: .:::::'~ . \ ,- " . ';m:w", ," , , :(.~,.;;"if '-:" ~ .',', .' I "" I, ~...- t ~,~ Minutes of Meeting held May 31, 1983 Page 2 f'-,\ I I . 'by Betty Ward. Mrs. Ward reported that pursuant to the Board's instructions, the following business transactions were completed: April 21, 1983 May 3, 1983 May 17, 1983 $50,000 CD Pioneer Federal $40,000 CD Pioneer Federal $20,000 CO Fortune Federal Renewed - 8.98% Renewed - 8.84% Renewed - 8.64% Off~cer Sedrick made a motion that the transactions be ratified. Motion seconded by Chief Klein. Motion carried unanimously. Item #4 was an information item and concerned correspondence from Michael D. Kennedy, Assistant Vice President, Fortune Federal Savings and Loan Association. Chief Klein reported that Mr. Kennedy's letter dated May 3, 1983 advised the Board that any amounts not insured by the F.S.L.I.C. (This would include any balance over $100,000) would be secured by a direct obligation of the United States Treasury. ' This question had been brought up previously due to the fact that the Board already has one $100,000 CD at Fortune Federal Savings and Loan Association, and is considering a Money Market Account at Fortune. Item number 5 concerned correspondence from Peter Crowell, Director of Local Retirements, Tallahassee. Chief Klein stated that Mr. Crowell's letter, dated May 19, 1983, concerned the 1982 Actuarial Report which was prepared by Provident Insurance Company. Chief Klein advised the Board that a copy (~-of the letter was sent to Ron Earl, Provident Actuary, for clarification of ,~the items referred to by Mr. Crowell. If there is a charge for this service, the Board will be advised. Item #6 on the agenda concerned the Provident Service Contract for 1983/84. Robert Walker, Assistant City Attorney, reported that he had reviewed the contract and stated that it seemed to be in line with other service contracts of its type, and that it would be the Board's decision whether they wished to continue having Provident prepare the annual Actuary Report. The estimated cost to be $3,150.00. Lieutenant Kaminskas made a motion to authorize Provident to prepare the 1983/84 Actuarial Report at an estimated cost of $3,150.00. Motion seconded by Donald Hibbard. Motion carried unanimously. Item *7 on the agenda concerned the reinstatement of Police Officer Leonard Marotta, and his eligibility date for participation in the Supplementary Pension Plan~ Leonard Marotta resigned on August 26, 1982 and was re-hired on April 25, 1983. Chief Klein referred to a legal opinion from Richard Griesinger, dated April 22, 1983, relative to Officer Marotta's pension rights regarding the General Employees~ Pension plan. The opinion stated that computation of pension benefits requires "continuous service" with the City of Clearwater and therefore his previous service prior to his termination may not be considered in computing his benefits. Chief 'Klein stated that Officer Marotta's insuranc~ policies had been cancelled and a cash refund had been received from ~rovident at the time of his termination on August 26, 1982. He also advised that new participants are )nly taken into the Plan on September 17th (anniversary date of Plan) ~fo11owing the completion of one year's service, and Officer Marotta's eligibility date would be September 17, 1984.; Chief Klein made a motion that the records reflect September 17, 1984 as Officer Harotta's !f~V~)lil' T. ";,,, c',' ; 'J ',:' ,~. " ~:B.\~;":~ ,', ': ", c:' "', ~c , '. . . I ~f ~. 1 ". ,c 'f Minutes of Meeting held May 31, 1983 Page 3 t-, "Supplementary Pension eligibility date. Motion seconded by Lt. Kaminskas. Motion carried unanimously. Item #8 concerned a request for a legal opinion regarding Vested Rights. Lieutenant Kaminskas reported that he had received several inquiries ,about vesting of Supplementary Pension benefits, and would recommend that Robert Walker, Assistant City Attorney, research the subject and submit a legal opinion to the Board. Chief Klein referred to a legal opinion dated February 12, 1982, concerning Jack Borsch, who retired on a disability pension from the General Employees' Pe~sion Plan. The opinion was that Officer Borsch had not participated in the plan for ten years or more and was not entitled to Supplementary Pension benefits. Officer Sedrick.. made a motion that Robert Walker, Assistant city Attorney, submit a legal opinion on whether or not police officers have any vesting rights in.the Police Supplementary Pension. Motion seconded by Donald. Hibbard. Motion carried unanimously. ) . !: ,";'.r' 'co' , Item #9 concerned a request from Major Donald W. Weaver for Supplementary Pension benefits at retirement. Chief Klein advised that Major Weaver's official retirement date as computed by the Personnel Department is April 2, 1984, and that a motion is needed to approve pension benefits, which will be calculated by. provident Insurance Company, t'or Major Donald ~leaver. Officer Sedrick made a motion that the request be approved. Motion seconded by Lieutenant Kaminskas. Motion carried unanimously. (...-...," ..,-J'he following items not on the agenda were discussed: .... J ~': c I.i", .... ': ' 1. Chief Klein reported that in accordance with the Board's instructions, the Barnett savings and checking accounts were closed on May 6, 1983 and a cashiers check for $29,900.24 was received from Barnett. A Fortune Federal money market account was opened on May 10, 1983 with an initial deposit of $29,900.24. Interest on date opened was 8.25%. ". " 1 ,i ',~ : 2. Officer Sedrick stated that prior to the next meeting he would have ready a request for legal opinions relative to possible changes in the Police Supplementary Pension, and would like the' Board to look into the possibility of a self-contained Plan. " ' (,....... :"!~' , , . ';,r ~ .\"l He compared the lump sums received by retired Sergeants Hayden and Morse - and noted there was a large difference due to the age factor. The older employee gets a larger benefit. , '..' ,'}:'!:' , ,,' ; . There being no further business, the meeting was adjourned at 9:55 A.M. " , : ;, ".''!: Respectfully submitted, ";.', .~~( J-I/!L. , L ,;'. ~. .. fJ ~', SID KLEIN, Secretary Board of Trustees ", ',' <', \\ ~. :- ". ". ,I t:.. ~, I,', '." 'J ~ '~';,;:..:'/;;>': ;:';<; :::>,.:,,'..';,"'.:1',:;-::";"" ,:':<:~';:? 'I"'. .. ,i:':.':,;:i:,>,'::/,\"~'::.~"',>' '.,:..,'.' "...' .~:',' ''');';/;'>''''''~' ,', '....'..; :;".,~. .' '..'''', " I ".,'., "',, c" "" "",' ,'.:,';',', ",,', ..;.,,,.,, ~.. '." ; , . , " 't " "',:,:.::'" ,~~ :::':.~.;;;:.'~.' '~;,.: ;,':.:~,\,'~<,:,:,:;..,ll :,'c,':.&..:~<t., :'::;~'."~~,,.~ .,;,......,,:,:.:"'_,',.,i.,;.:.~._,'.' :.....'.'_,.,,',..','~ ":.";:.: c' :':',-'.:,'::: . ';,"""',:"".:c: , " ," " . 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