03/26/1984
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.POLI.CE.
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SUPPLEMENTARY
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,.PENSION
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Minutes
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AGENDA
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MEETING OF CLEARWATER POLICE, SUPPLEMENTARY PENSION FUND
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Monday, March 26,. 1984 at 9:00 A.M. in the Police Conference
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Koom, secon~ floor, Police Headquarters.
1. ,Approval of minutes 0 t' meeting held January 23,
-1984.' '
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2. Ratification of bu~iness transactions made by Betty
.Ward.
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3. Certificates of Deposit Maturing.
4. ' Approval of pension benefits for retired Maj or
BernIe-Enlow.
, 5. Approval of pension benefits for retired Maj or
'. Donald Weaver.
6. Approval of pension benefits for retired Maj or Al
, Vellucci.
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,7. Correspondence from W.W.McDougal, Agent, Provident
Insurance ,Company.
8. Payment to Betty Ward for secretarial ahd
bookkeeping services. $50Q.OO
9. tnvoice from Provident Insurance Company for 1983
insurance certificates for Police Officers Daniel
O'Connell and Timothy stewart.
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SID KLEIN, Secretary
Board of Trustee~
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF ,MEETING
HELD MARCH 26, 1984
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A mee~ing of the Board of Trustees was held on March 26, 1984 in
the Police Conference Room, Police Department, 644 pierce ~treet,
Clearwater, Florida.
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The following Trustees were present:
Police Chief. sid Klein, Secretary
Donald Hibbard
Captain Ray Kaminskas
Officer William Sedrick
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Mayor Kathleen F. Kelly, Chairman, was absent.
Also present was Betty Ward, secretary to Police Chief Sid
Klein. Robert G. Walker, Jr., Assistant City 'Attorney, was
absent.
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In the absence of Mayor Kelly, Chief Klein served as Chairman.
'Chief Klein called the meeting to order at 8:30 A.M. The first
,item on the agenda was the 'approval of ,the minutes of the meeting
held January 23, 1984. Donald Hibbard made a motion that the
minutes be approved. Motion seconded by Ray Kaminskas. Motion
carried unanimously.
The second item on the agenda was the ratification of the
following business transactions made by Betty Ward.
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February 15, 1984 the $50,000 CD at Ameri-First was
reduced to $40,000. Interest rate: 9.50%
February 16, 1984 $100,000 CD at Citizens Federal was
renewed. Interest rate: 9.80%
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Captain Kaminskas made a motion that the transactions be
ratified. Motion seconded by Officer Sedrick. Motion carried
unanimously.
Item number three on the agenda concerned certificates of deposit
that are maturing. ,Mrs. Ward reported that the following
certificates of deposit would be maturing within the next two
months:
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$50,000 CD at Pioneer Federal matures April 20, 1984.
$10,000 CD at Ameri-First matures April 20, 1984.
$40,000 CO at pioneer Federal matures April 30, 1984.
$20,000 CD, at Fortune r'ederal mature s l>1ay 15, 1984.
officer Sedrick made a motion that all of the certificates of
deposit be renewed at the best interest rate possible at
maturity. Motion seconded by Donald Hibbard. Motion carried
,~ unanimously.
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~ Clearwater Police Supplementary Pension Fund
Minutes of Meeting held March 26, 1984
page 2
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Items 4, 5, and 6 were placed together as one item, since they
concerned the computation of benefits.for retired Majors Enlow,
Weaver and Vellucci. There was a discussion as.to the manner in
which these retirements were computed by Provident. It was
determined that Provident had changed the insurance rates and
were using a different set of mortality tables than had been used
.in all previous calculations for benefits. Chief Klein made a
motion that a letter be sent to provident, advising them that the
Board had not authorized a change in the rates, and requesting
that they re-compute the benefits for all three persons using the
rates that have always been used in the past. Motion seconded by
Officer Sedrick. Motion carried unanimously.
Captain Kaminskas made a motion that retirement benefits for
Majors vellucci, Enlow and Weaver be approved, using the old
rates for the computations. Motion seconded by Donald Hibbard.
Motion carried unanimously.
Item number seven concerned a letter dated February 9, 1984 from
Mr. W.W. MCDougal, agent for Provident Insurance Company. Mr.
MCDougal requested a meeting with the Board to discuss changing
the present insurance contract. The Board agreed that they would
remain status quo, and that Mr. McDougal should be advised that
there was n~ need for any additional proposals from Provident at
this time.
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'.......~ Item' number eight concerned payment to Betty Ward in the amount
of Five Hundred Dollars for bookkeeping and secretarial services.
Officer Sedrick made a motion that the funds be expended to pay
Mrs. Ward. Motion seconded by Captain Kaminskas. Motion carried
unanimously.
Item number nine concerned an invoice from Provident Insurance
Company in the amount of $269.77 for the cost of 1983 policies
for Officers Timothy Stewart and Daniel O'Connell. Officer
Sedrick made a motion that the invoice be approved for payment.
Motion seconded by Captain Kaminskas. Motion carried
unanimously.
There being no further business, the meeting was adjourned at
9:30 A.M.
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SID KLEIN, Secretary
Board of Trustees
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