08/18/1983
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AGENDA,
,,0
Clearwater Police Supplementary pensio~ Fund Meeting' Thursday,
August 18~,1983at 9:00 A.M. in Police Conference Room, 644 pierce
Street~ Clearwater, Florida.
1. Approval o::r'Minutes of meeting held May, 31, 1983.
2. Receipt of State check in amount of $258,829.59.
a. Investment of funds
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3. Certificate of Deposit maturing
Betty Ward.
, 4.' Ratification of busines~ transactions made by Betty ~vard.
"
Invoice from Provident ,National Assurance Company,
Chattanooga, Tennessee, in the amount of $100.00
for special research relative to the 1982 Actuarial
Report.
6. Request for pension benefits from Sgt. Robert Pitman.
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5.
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Report by Robert G. W~lker, Police Legal Advisor,'
relative to Legal Opinions on the following:
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'1
1. Request from William Sedrick for a legal
opinion regarding the question of
discrimination in the administration of
the Supplementary Pension.
2. Request from Ray Kaminskas for a legal
opinion relative to the subject of
Vested Rights in the Supplementary Pension.
8. Report by William Sedrick reference possible changes
to be proposed in the administration of the Supplementary
Pension..
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SID KLEIN, Secretary
Board of Trustees
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CLEARWATER POLICE SUPPIIEMENTARY PENSION FUND - MINUTES OF MEETING
HELD AUGUST 18,1983.
A meeting of the Board of Trustees, was ,held on, August 18, 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 Sedrick
captain Ray Kaminskas
Also present were Robert G. Walker, Jr., Assistant City A~torney,
and Betty Ward, secretary to Police Chief Klein.
Chairman Kelly called the meeting to order at 9:00 A.M.
The' first item on the agenda was the approval of the minutes of the
meeting held May '31, 1983. Ray Kaminskas made a motion that the
minutes be approved. Donald Hibbard seconded the motion. Motion
carried unanimously.
Item #2 on the agenda concerned the receipt of the check from the'
State of Florida via City of Clearwater Finance Department. Chief
Klein reported that the State check in the amount of $258,829.59
was received on July 19, 1983. captain Kaminskas advised that the
savings account balance is $305,801.23, and that sufficient funds
'must be on hand to pay the annual insurance premiums for all present
participants. He recommended that $150,000 be invested in money
market certificates of deposit at the, highest rate possible. Motion
made by Chief Klein to invest $150,000 in mqney market certificates
of. deposit. Motion seconded by Donald Hibbard. Motion carried
unanimously.
Item #3 on the agenda concerned a certifiate of deposit maturing.
Betty Ward reported that the $40,000 CD at Home Federal matures
August 26, 1983, and recommended that it be withdrawn in order to
have sufficient funds on hand to pay the annual life insurance
premiums which are due September 17, 1983. Captain Kaminskas made
a motion that the CD at Horne Federal be withdrawn at maturity.
Motion seconded by Officer Sedrick. Motion carried unanimously.
Item #4 on the agenda concerned ratification of business transactions
made by Betty Ward. Mrs. Ward reported that pursuant to the Board's
instructions, the ,following business transactions were completed:
Renewed:
June 10, 1983
June 13, 1983
$20,000 CD First City Federal 9.04%
$60,000 CD First City Federal 9.04%
$10,000 CD Pioneer Federal 9.04%
$100,000 CD Florida pedera1 9.04%
$100,000 CD St. Petersburg Federal 9.04%
$00,000 CD Fortune Federal 9.27%
$40,000 CD ArneriFirst Federal' 9.27%
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June 21, 1983
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Minutes of Meeting held August 18, 1983
Page 2
June 22, 1983
$100,000 CD Glendale Federal 9.27%
$ 20,000 CD First City Federal 9.45%
July 7, 1983
Ray Kaminskas made a motion that the transactions be ratified.
Motion seconded by William Sedrick. Motion carried unanimously.
Item #5 concerned an invoice' from Provident Insurance Company
in the amount of $100.00 for special research in the preparation
of the 1982 evaluation of the Plan. Ray Kaminskas made a motion
to approve the invoice for payment. Motion seconded by William
Sedrick. Motion carried unanimously.
Item #6 concerned a request from Sgt. Robert pitman for retirement
benefits. Chief Klein stated that Sergeant Pitman had submitted a
request for pension benefits. His official retirement date is
January 31, 1984, and prior to that date the calculations would be
requested from Provident. Officer Sedrick made a motion that
Sergeant pitman's request be approved. Motion seconded by Ray
Kaminskas. Motion carried unanimously.
I.
Item #7 concerned legal opinions which had been requested by Board
.~~~ members. The first legal question concerned the subject of
~~ discrimination. Robert G. Walker, Police Legal Advisor, stated
that the pension is not unlawful, however the manner in which the
actuaries figure the rate tables may be discriminating. Mr.
Walker recommended that the ~ecretary send a letter to Provident
Insurance Conwany to determine whether their computations have
been modified to conform with the recent u.s. Supreme 'Court decision
relative to discrimination in insurance tax tables for females.
Ray Kaminskas made a motion that this be done. Motion seconded by
William Sedrick. Motion carried unanimously.
The second legal question concerned the subject of Vested Rights
for participants of the Supplementary Pension. Bob Walker stated
that he would continue to research this matter. Chief Klein asked
if the legal opinions would be in writing. Mr. Walker stated that
he would submit the legal opinions in writing to the Board members.
Item #8 concerned a report by William Sedrick reference possible
'changes to be proposed in the administration of the Supplementary
Pension Plan. He stated that he was continuing to work on this
'and was awaiting legal opinions at this time.
There being no further business, the meeting was adjourned at 9:30 A.'M.
~l
Respectfully submitted,
.J1J I!~ .
SID KLEIN, Secretary
Board of Trustees