07/25/1984
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POLICE
SUPPLEMENTARY
PENSION
"Minutes
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. POLICE SUPPLEMENTARY PENSION
MEETING OF JULY 25, 1984
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AGENDA
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1. 'Approval of Minutes of meeting held June 6, 1984~
2. Certificates of Deposit Maturing - Betty Ward.
3,. Ratification, of business transactions made by Betty Ward.
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4. ~etter and Invoice from Provident National Assurance Company
covering cost of, Actuarial Evaluation for 1984-85 - $2,068.00.
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a. . Information reference Agent' W.W. McDougal r s, '
statement that he would' absorb the cost'of the
1984-85 Actuarial Evaluation.
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5. Correspondence from Henry J. corriggio, Bureau of Local
Retirement Programs, Tallahassee.
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6. ',' Receipt of State check.
7. Discussion of Share Plan concept.
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SID KLEIN, Secretary
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
HELD JULY 25, 1984
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A meeting of the Board of Trustees was held July 25, 1984 in the
second floor Conference Room at Police Headquarters, 644 pierce
street, Clearwater, Florida.
The'following Trustees were present:
Mayor Kathleen F. Kelly, Chairman
sid Klein, Chief of Police, Secretary
Captain Ray Kaminskas
Trustees Donald Hibbard and Officer William Sedrick were
absent.
Also present were Robert G. Walker, Jr., Assistant City
Attorney, and Betty Ward, secretary to Chief Klein.
The Mayor 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 'June 6,1984. Captain Kaminskas made a motion that the
minutes be approved. Motion seconded by Chief Klein. Motion
carried unanimously.
The second item on the agenda concerned certificates of deposit
maturing. Betty Ward reported that there were two CD's maturing
in August, a $50,000 CD at Ameri-First and a $100,000 CD at
'.-..\ Citizens Federal. Chief Klein made a motion that the two C.D. 1 s
\~ be renewed at maturity at the best rate possible. Motion
seconded by Captain Kaminskas. Motion carried unanimously.
Item number three on the agenda was the ratification of C.D.
transactions made by Betty Ward. Mrs. Ward reported that she had
renewed all of the C.D.'s maturing'between June 8, 1984 and
July 5, 1984 at interest rates ranging from 9.55% to 10.85%.
Captain Kaminskas'made a motion that the transactions be
ratified. Motion seconded by Chief Klein. Motion carried
unanimously.
Item number four on the agenda concerned an invoice from
Provident National Assurance Company in the amount of $2,068
covering the cost of the 1984-85 Actuarial Evaluation. Captain
Kaminskas made a motion that the invoice be approved for payment.
Motion seconded by Chief Klein. Motion carried unanimously.
Item number five on the ~genda concerned correspondence from
Henry J. Corriggio, Bureau of Local Retirement, Tallahassee
in which he enclosed a copy of proposed changes in the
legislature which would effect retirement Plans.. Chief Klein
stated that he would provide all Trustees with a copy.
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MINUTES - Police Supplementary Pension,
July 25, 1984
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Item'number six on the agenda concerned the state check. Chief'
Klein reported that a check in the amount of $302,,577 had be~n
received June 26, ,1984. This amountre'presents 1 % o'f all
liability insurance sold within the ,corporate' limits of the City
of Clearwater. Chief Klein inquired how the Board wished to"
,invest these additional funds., Betty Ward advised that the'
,'savings account balance is $327,157.10 as of this' date, and that
the board shOUld set aside sufficient monies to pay the annual
insurance premium payment due September 17th. Last year the '
premium cost was $156,212.22 for the present participants plus
$33,674.53 for 23 new 'eligibles. This year there will be'
about the same number of participants' for renewal plus 17 n'ew "
eligibles. Captain Kaminskas made a motion that the board invest
$100,000 in a c.o. or C.D.ls at the best interest ,rate offered.
Motion seconded by Chief' Klein. Motion parried unanimously.
The meeting adjourned at 9:20 A.M.
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S1D- KLEIN, Secretary'
Board of Trustees
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