09/14/1984
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POLICE'
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,PENSION
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POLICE SUPPLEMENTARY PENSION '
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MEETING OF SEPTEMBER 14, 1984
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AGENDA
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1. Approval of Minutes of Meeting hel~ July 25, 1984.
2.' ,Certificates of Deposit Maturing - Betty Ward.
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3. Ratification of business transactions made by Betty
Ward.
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" 4 . 'Correspondence from' w.w. MCDougal, agent for provident
Insurance Company, reference' cost of Annual Evaluation
of plan
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5. Correspondence from ~enry J. Corriggio, Bureau of Local
',Retirement Systems, Tallahassee.
6. Semi-annual payment to Betty Ward'for secretarial
services - $500.00.
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7. ,Approval of Invoice from Bank of Clearwater for Safe
Deposit Box Rental.
'8. Approval of Invoice from Provident for annual life
insurance premiums for all present participants.
9. 'Discussion of Share plan Concept.
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--, SID KL};IN, Secretary
~ Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF MEETING
HELD SEPTEMBER 14, 1984
I~ A meeting' of the Board of Trustees was held september 14, 1984 in
the second floor Conference Room at Police Headquarters,
644 pierce Street, Clearwater, Florida.
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The following Trustees were present:
Sid'Klein, Secretary
Donald Hibbard ,
Captain Ray Kaminskas
Officer ,william Sedrick
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Mayor Kathleen F. Kelly, Chairman (Absent)
Also present, were Robert G. Walker, Jr., Assistant City
Attorney, and Betty Ward, secretary to Chi~f Klein.
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Chief Klein acted as Chairman and catled the meet1ng to order at
9:30 A.M. The first item on the agenda was the approval of the
minutes of the meeting held-June-o, 1984. Captain Kaminskas made
a motion that the minutes be approved. Motion seconded by
Officer Sedrick. Motion carried unanimously.
The second item on the agenda concerned certificates of deposit
maturing. Mrs. Ward reported that there are 3 CD'S maturing in
October, and it might be necessary to withdraw one of the CD'S in
order to have sufficient monies on hand to pay provident for the
new eligibles coming into the plan, and Sgt. Cichowicz' benefits.
Captain Kaminskas explained that the figures for Sergeant
Cichowicz' benefits and the invoice for the new eligibles have
not been received. He recommended that the $10,000 CD matu~ing
in October be withdrawn, and that the other two CDls maturing in
October be renewed. Officer sedrick made a motion that the
$10,000 CD be withdrawn and the other two CDls be renewed at the
best interest rate at maturity. Motion seconded by Don Hibbard.
Motion carried unanimously.
Item number three on the agenda was the ratification of business
transactions made by Betty Ward. Mrs. Ward reported that she had
renewed both of the CD's maturing in August at interest rates of
11.75% on the $50,000 CD and 12.25% on the $100,000 Jumbo CD.
Officer Sedrick made a motion that the transactions be ratified.
Motion seconded by Ray Kaminskas. Motion carried unanimously.
Item number four on the agenda concerned correspondence from Mr.
W.W. McDougal, agent for provident Insurance Company in which he
advised that his agency would absorb the payment of the 1984
Actuarial Report, the cost being $2,068. The Board discusse~
this item, and decided that since we are a public agency we feel
that all of our debts should be paid from the fund. Captain
Kaminskas suggested a letter be forwarded to Mr. McDougal stating
our pOSition, and thanking him,for his kind offer..
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,CLEARWATER POLICE SUPPLEMENTARY PENSION F'UND
MINUTES OF MEETING HELD SEPTEMBER 14, 1984 '
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Item number five on the agenda concerned correspondence from
Henry J. Corriggio, Bureau of Local Retirement Systems,
Tallahassee. Copies of this memorandum, which pertained to
changes in laws of Florida which affect local retirement systems,
were distributed to the board members.
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Item number six concerned the semI-annual payment of Five Hundred
Dollars to Betty Ward for secretarial and bookkeeping services to
the board. Officer Sedrick made a motion that this payment be
approved. Motion seconded by Donald Hibbard. Motion carried
unanimously.
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Item number seven concerned invoice in amount of $15.00 from Bank
of Clearwater for safe deposit box rental. captain Kaminskas
made a motion that the invoice be approved for payment. Motion
seconded by Donald Hibbard. Motion carried unanimously.
Item number eight concerned invoice from Provident Insurance
Company covering the renewal of all life insurance policies for
present participants. The invoice was in the amount of
$175,044.92. Mrs. Ward stated that the invoice had been checked
for accuracy. Ray Kaminskas made a motion that th~ invoice be
approved for payment. Motion seconded by William Sedrick.
Motion carried unanimously.
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Item number nine concerned the Share Plan Concept. The board'
.-....'1 discussed the various aspects of a share plan. William Sedrick
~) made a motion that the Board of Trustees direct their efforts
toward the establishment of a pension fund on a share formula.
That the share plan system, if and when implemented, shall have
met with the approval of the Bureau Chief of the Bureau of
Municipal Police Officers' Retirement Trust Fund prior to formal
implementation. ,That the share plan system, if and when
implemented, shall have received approval of a majority of the
participants of the Clearwater Police Supplementary Pension Fund
prior to formal implementation~ That any legal issue effecting
any member of the Clearwater Police Supplementary Pension Plan
shall have been resolved to the satisfaction of the Board of
Trustees of the plan prior to formal implementation of a share
plan. Motion seconded by captain Ray Kaminskas. Motion carried
unanimously.
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Captain Kaminskas advised that his term and that of Officer
Sedrick would be expiring in November, 1984. The Secretary was
requested to make the necessary arrangements to conduct the
election for the purpose of filling these vacancies. It was
noted that the term of Donald Hibbard would also expire in
November, 1984. Chief Klein inquired as to whether Donald
Hibbard would be interested in serving another term and Mr.
Hibbard stated that he would serve if appointed by the Board..
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There being no further business, the meeting was adjourned at
10:30 A.M.
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SID KLBIN, Secretary
Board of Trustees
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