10/20/1983
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POLICE
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SU.PPLEMENTARY
PENSION
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Minutes
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AGENDA
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Clearwater,Police Supplementary Pension Fund Meeting THURSDAY,
OCTOBER 20, 1983 at 9:15 A.M. in the Police Conference ~oom,
644 pierce Street; Clearwater', Florida.
1. Approval of Minutes of meeting held August 18, 1983.
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2. . Certificates of Deposit Maturing.
l., Ratification of business transactions made by Betty Ward.
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4'.' Approval of invoice from Provident Insurance Company
covering new participants and increases for present
participants. Amount: ~33,674.53
5. Invoice from Bank of clearwater for safety deposit box rental.
6~ Semi-annual payment to Betty Ward in the amount of $500.00
for secretarial and bookkeeping servi?es.
-7. Invoice from Provident Insurance Company covering life
insurance premiums for all present participants in the.
amount of $156,212.22.
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Status of Legal Opinions - Bob Walker, Assistant City Attorney.
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10.
Request from retired Major Albert Vellucci for pension benefits.
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Leave of Absence and Subsequent i
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Monty L; Krysko, Police Officer
Retirement.
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SID KLEIN, Secretary
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
HELD OCTOBER 20, 1983.
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A meeting of the Board of Trustees was held on October 20, 1983 in
the Police Conference Room, Police Department, 644 pierce Street,
Clearwater, Florida.
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The following Trustees were present:
Mayor Kathleen F. Kelly, Chairman
Police Chief Sid Klein; Secretary
Donald Hibbard
ICaptain Ray Kaminskas
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Officer William Sedrick ~as absent from the meeting.
Also present were Robert G. Walker, Assistant City Attorney,
and Betty Ward, secretary to Police ,Chief Klein.
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Chairman Kelly called the meeting to order at 9:15 A.M.
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The first item on the agenda was the approval of the minutes of
,the meeting held on August 18, 1983. Donald Hibbard made a motion
that the minutes be approved. Motion seconded by Ray Kaminskas.
Motion carried unanimously.
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Item #2 on the agenda concerned Certificates of Deposit maturing.
Betty Ward reported the following CD's would mature:
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October 20, 1983
October 31, 1983
November 15, 1983
$50,000 CD
40,000 CD
$20,000 CD
Pioneer Federal
Pioneer Pederal
Fortune Federal
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Ray Karninskas made a motion that the three C.D. fS be renewed, and
that a new $10,000 CD be purchased at the best interest rate
possible, since the savings account balance is sufficient to
make another purchase at this time. Mati.on seconded by Chief
Klein. Motion carried unanimously.
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Item #3 concerned ratification of transactions made by Betty Ward.
Mrs. Ward reported the following transactions were made.
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August 18, 1983 a $50,000 CD was purchased at Ameri-First
Federal at interest rate of 9.80%.
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A $100,000 Jumbo CD was purchased at Citizens Pederal
on August 18, 1983 at interest rate of 10.30%.
August 26, 1983 withdrew the $40,000 CD at Horne Federal
as instructed, and deposited the proceeds to the Fortune
Federal money market account.
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Donald Hibbard made a motion that the transactions be ratified.
Motion seconded by Chief Klein. Motion carried unanimously.
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Item #4 on the agenda concerned an invoice from Provident Insurance
Company:- in the amount of $33,674.53 covering new participants and.
increases for present participants. Ray Kaminskas made a motion
that the invoice be approved for payment. Motion seconded by
Donald Hibbard. Motion carried unanimously.
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Minutes of Meeting held October 20, 1983
Page 2
Item #5 - Invoice from Bank of Clearwater in the amount of $15.00
covering annual safe deposit box rental. Ray Kaminskas made a
motion that the invoice be approved for payment. Motion seconded
by Donald Hibbard. Motion carried unanimously.
Item #6 concerned the semi-annual payment to Betty Ward for
sec~etarial and bookkeeping services in the amount of $500.00.
Ray Kaminskas made a motion that the invoice be approved for
payment. Motion seconded by Donald Hibbard. Motion carried
unanimously.
Item #7 concerned an invoice from Provident Insuranc~ Company
in the amount of $156,212.22 covering life insurance premiums
for all present participants. Ray Kaminskas made a motion that
the invoice be approved for payment. Motion seconded by Donald
Hibbard. Motion carried unanimously.
Item #8 concerned legal opinions requested from Bob tqalker, Police
Legal Advisor. Bob Walker made a verbal report regarding Officer
SedriSk's prior request for a legal opinion on the constitutionality
of our present Police supplementary Pension Plan. I He reported that
it was legal, and was not unconstitutional, and that he would submit
a written legal opinion at a later date. Mr. Walker stated that he
was still working on his legal opinion regarding vesting of rights
in the Supplementary Pension.
Item #9 concerned a letter of request from retired Major Al Vellucci
for pension benefits. Chief Klein advised the board that a letter
had been received from Major Vellucci requesting pension benefits
to be effective November 19, 1984, his official retirement date.
Chief Klein stated that he would obtain computations from Provident
Insurance Company regarding the cost of these benefits. Ray
Kaminskas made a motion that Major Vellucci's request for benefits
'be approved. Motion seconded by Donald Hibbard. Motion carried
unanimously.
Item # 10 ,concerned Police Officer Monty Krysko, who is presently on
leave of absence. Chief Klein reported that Monty Krysko has
requested a disability pension from the General Employees Pension
Plan. During the interim period he is on leave of absence. The
Board has paid his annual insurance premium which was due on
September 17, 1983. Should this insurance remain in force during
the unpaid leave of absence period? Monty Krysko has been a
participant in the Supplementary Pension since'september 17, 1970,
and would be eligible for a deferred annuity effective on the .
date his disability pension is approved by the city commission.
Ray Karninskas made a motion that we keep the insurance in effect
for Officer Monty Krysko until he retires. Motion seconded by
Chief Klein. Motion carried unanimously.
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Item #11 concerned an invoice from Rodgers and Cummings Insurance,
in the amount 'of $305.00 for three-year renewal of Blanket Po~ition
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October
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1983
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Bcind " covering' the ,Board of Trustees, and
:Hibbard made, a, motion that the invoice-be
'Motion seconded by Ray Kaminskas. !Motion
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the bookkeeper; Donald
approved ,'for .payment..
carried unariimciuily.
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,Ther,e' being no further' ~usiness,' the
,9:35 A.M.
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meeting was
~djourneci.: at
,Respectfuily submitted"
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SIn ,KLEIN,,: Secretary
Board of Truste~s '
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TO:
FROM:
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Board of Trustees, Police Supplementary Pension Fnnd
sid ,Klein, Secretary, Board of Trustees,
COPIES:
(See Below)
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SUBJECT:' Approval To Pay Invoice'
DATE:
September I, 1983
The invoice from Provident Life and Accident' Insurance, Company ,
, for the annual life insurance premiums for all present participants
, of~he' Clea~ater Police Supplementary Pension Fund has been'received.
,The invoice has ,been checked for accuracy, by Be'tty Ward, and is', found,
',to be correct. The amount due is $156,212~22. Payment should be :
"m'ade on or before September 17, 198~'. '
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Would you please'indicate your approval for payment 'of, the invoice
by signing below. .
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.' Mayor Kathleen F. Kelly,
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sid K ein, Secretary,
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Donald ar
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