04/19/1985
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PO'LICE
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SUPPLEMENTARY
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PENSION
Minutes
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POLICE SUPPLEMENTARY PENSION
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MEETING OF APRIL 19, 1985
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1. ,App~oval of, Minutes of Meeting held Ja~uary 22,' 1985.
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2. ,Certificates of Deposit Maturing
Betty Ward.
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Ratification ofbuslness transactions made by Betty
Ward.
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Payment to Betty Ward for secretarial services - $500.00
Correspondence from Louis Kwall, Attorney, dated
March 13,1985.
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Discussion of the Share Plan.
Kaminskas.
Report'from Captain
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l::i;a. , IIQ, ,o:ecretary
Board of, Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF
MEETING HELD APRIL 19, 1985
A meeting of the Board of Trustees was held April 19, 1985 in
the second floor Conference Room at Police Headquarters, 644
pierce Street, Clearwater, ,Florida.
The following Trustees were present:
Sid Klein, Secretary
Donald Hibbard
Captain Ray Kaminskas
Officer William Sedrick
Mayor Kathleen F. Kelly, Chairman (Absent)
Also present were Robert G. Walker, Jr., Assistant City
Attorney, and Betty Ward, secretary to Police Chief
Sid Klein.
Chief Klein acted as Chairman and called the meeting to order at
9:00 A.M., and noted that a quorum was present. The first item
on the agenda was the approval of the minutes of the meeting held
January 22, 1985. Donald Hibbard 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. Betty Ward reported that there are two Co's maturing
in April, one CD maturing in May and eight CD'S maturing in June.
Ray Kaminskas made a motion that only those CD'S maturing prior
to June 1st be renewed at this time, and that the co's maturing
in June be voted on at the next meeting. Motion seconded by
William Sedrick. Motion carried unanimously.
Item number three on the agenda was the ratification of business
transactions made by Betty Ward. Mrs. Ward reported that
pursuant to the Board's instructions, a $100,000 CD at Home
Federal was renewed on January 25, 1985 at an interest rate of
8.75%, and on February ,15, 1985 a $40,000 CD at Ameri-First was
renewed at an interest rate of 8.50%, and a $100,000 CD at
Citizens Federal was renewed at an interest rate of 9.10%.
Ray Kaminskas made a motion that the transactions be ratified.
Motion seconded by Donald Hibbard. Motion carried unanimously.
Item number four on the agenda was the approval of payment to
Betty Ward in the amount of $500.00 for secretarial and
bookkeeping services to the Boar~ of Trustees. Donald Hibbard
made a motion that the payment be approved. Motion seconded by
W~llia~ Sedrick. Motion carried unanimously.
Item number five on the agenda concerned correspondence from
Louis Kwall, Attorney, reference Officer Walter Kosiba, and how
his benefits would be effected by changing the present
Supplementary Pension to that of a Share Plan. The Legal Advisor
stated that there is no vesting for present participants until
their retirement, and that he had no "rights" under the present
Plan. Chief Klein made a motion that Robert Walker, pol~ce Legal
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Minutes of Supplementary Pension
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April 19, 1985
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,Advisor, draft a reply to Louis Kwall advising him that his
request had been conside~ed and that the Board unanimously agreed
that there would be no grandfathering and all participants will
be treated equally. Motion seconded by Ray Kaminskas. Motion
carried unanimously.
Item nlmber six concerned the proposed ordinance for the share
Plan concept. Ray Kaminskas advised that he had spoken with
Marvin Clayton, the Bureau Chief of Police and Fire Retirement'
Pensions, Insurance Commissioner's Office, and that he had noted
, some problems which Mr. ,Clayton had 'with the proposed ordinance.
The five problem areas we~e discussed separately as follows:
1. ,Page 3 Sec.26-70 - Definitions (a) 3. Police Officer
Mr. Clayton states that Chief Klein is not eligible due
to his participation in I.C.M.A. and not the General .
Employees' Pension Plan.
Chief Klein made a motion that the wording be Changed,
d~leting "Chief of Police" and inserting "All Sworn
Police Officers". Motion seconded by Ray Kaminskas.
Motion carried unanimously.
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2. page 7, Sec.26.72 - Power and Authority of Board of
Trustees (e) 3.
Mr. Clayton recommended changing the word "investment"
and substituting "independent professional counsel
and/or secretarial-clerical work".
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Robert Walker, Legal Advisor, suggested using the word
"services" rather than the word "work" which would read
as follows: "The Trustees in the performance of their
duties are authorized to seek, obtain and engage in
independent professional counsel and/or
secretarial-clerical services and to pay reasonable
charges for the servicell. Chief Klein made a motion
that the change in the wording be made. Motion seconded
by Ray Kaminskas. Motion carried unanimously.
3.
page 7 Sec.26.73 - Death/Disability Benefits
Marvin Clayton states you cannot have a Share plan and
be self-insured. If you want insurance, you can either
use part of the fund to purchase term insurance in the
amount of $50,000 for all participants, or have each
member contribute one or two per cent of his salary to
purchase a group term policy.
Chief Klein 'made a motion that:
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1. We do additional research, to be conducted by Ray
Kaminskas, of the Fire Department and other cities
presently under. the Share'Plan.
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Minutes of Supplementary Pension
Page 3
April 19, 1985
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2. . That during the current In-Service Training, all
participants of the Plan will be informally polled
regarding the option for retention or elimination of
,insurance, and that poll results will be the deciding
factor to be discussed during the next Board meeting.
Motion seconded by William Sedrick. Motion carried
unanimously.
Robert Walker, Legal Advisor, st'ated that it would be a very good
idea to place a notice in the newspaper advising that the Board
is seeking term insurance, and to request that insurance
fi~ms could send their proposals in writing to the
Board.
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4. page 8 Sec.26.73 - Death/Disability B~nefits ,
Mr. Clayton advised that first sentence at top of page
~hould be changed to read: "Upon satisfactory proof of'
total and permanent job related disability to
function as a police officer to, the board o~trustees,
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Chief Klein made a motion to accept the name change as
stated. Motion seconded by Ray Kaminskas. Motion
ca~ried unanimously.
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5. 'Page 8' Sec.26.74 - Separation Benefits (a)
Mr. Clayton advised that the only way a participant can
get early,retirement without death or disability is to
reduce the amount the employee would get by 3% or more
for each year the employee is away from his normal
retirement date.
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Ray Kaminskas made a motion that the board re-state
Sec.26-74 (a) to mean that the person would lose 3% of
his share value for each year that he is shy of his
normal retirement date - to mean a date twenty years
from ,his date of hire. Motion seconded by Donald
Hibbard. Motion carried unanimously.
The Board agreed to meet in one month. Captain Kaminskas to
re-draft another proposed ordinance and have it ready for the
next meeting.
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There being no further business, the meeting was adjourned at
10:15 A.M.
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~' SID KLEIN, Secretary
Board of Trustees
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