06/04/1985
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POLICE
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Minutes
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PENS.ION
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POLICE SUPPLEMENTARY PENSION
MEETING OF TUESDAY JUNE 4,1985
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AGENDA
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Approval of Minutes of Meeting held April 19,. 1985
Certificates of Deposit Maturing Betty Ward.
Ratification of business transactions made by Betty
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Sh~re Plan
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Action To.Be:Taken
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SID KLEIN, Secretary
Board. of Trust.ees.
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND - MINUTES OF
MEETING HELD JUNE 4, 1985
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A meeting of the Board of Trustees was held June 4, 1985 in
the second floor Conference Room at Police Headquarters, 644
pierce street, Clearwater, Florida.
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The following Trustees were present:
Mayor Kathleen F. Kelly, Chairman
sid Klein, Secretary
Donald Hibbard
Captain Ray Kaminskas '
Officer William Sedrick
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Also present was Betty Ward, secretary to Police Chief
Sid Klein. Robert Walker, police Legal Advisor, was absent.
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Mayor Kelly 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'April 19, 1985. Officer Sedrick mace a motion to approve
the minutes. Motion seconded by Donald Hibbard. Motion carried
unanimously.
Item number two on the agenda concerned certificates of deposit
maturing in June. Betty Ward reported that there were eight
money'market certificates maturing in June and one on July 4,
1985. Officer Sedrick made a motion that the June CD's and the
.:.j one maturing July 4th be changed to three-month certificates ih
~~ order to have the monies available for conversion to the Share
Plan at an earlier date. Motion seconded by Ray Kaminskas.
Motion ,carried unanimously.
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Item number three on the agenda concerned ratification of
business transactions made by Betty Ward. Mrs. Ward reported
that the following CD transactions were made:
Renewed $50,000 CD Pioneer Federal on April 22, 1985
(Interest: 9%)
Renewed $40,000 CD pioneer Federal on April 30, 1985
(Interest: 8.85%)
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Renewed $20,000 CD Fortune Federal on May 14, 1985
{Interest: 8.75%)
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Ray Kaminskas made a motion that the transactions be ratified.
Motion seconded by Chief Klein. Motion carried unanimously.
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Item number four on the agenda concerned the proposed Share Plan.
Captain Kaminskas reported that the proposed ordinance had been
re-written to reflect the changes required by Marvin Clayton,
Director.of Police and Fire Pensions, Tallahassee. The proposed
ordinance was mailed to Marvin Clayton on May 31, 1985. No
answer has been received, as yet. He stated that the Legal
Advisor had reviewed the amended ordinance, and that hopefully
it would be approved by Marvin Clayton's office. ,Chief Klein
made a motion to approve the amended ordinance based on the
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Minutes of Meeting Held June 4, 1985
Page 2
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discussion items of the meeting of April 19, 1985 which are
included in the ordinance. Motion seconded by Ray Kaminskas.
Motion carried unanimously. .
Captain Kaminskas reported on the In-Service Training classes
where the officers were asked to vote on whether or not to
include insurance: in the proposed Share Plan. Chief Klein made a
motion that based on a vote of participants with 113 persons
voting in favor of "no insurance" and 21 persons voting in favor
of "insurance", that with the new share Plan, insurance be
.deleted from th~ program. Motion seconded by Officer Sedrick.
Motion carried unanimously. '
~here was.a discussion on the next steps to be taken to finalize
.the Share plan so that it could be submitted to the City
Commission for their approval. After receiving the approval of
Marvin Claytonfs off'ice, a formal vote will be taken of all
.Supplementary Pension participants on whether or not they wish
to change to the Sha~e plan. .The next step will be obtaining the
approval of the. City Commission, cancelling the provident
. insurance policies, and hiring a money manag~r.
Ray Kaminskas advised that there was at least one person in the
present Plan who may not benefit from the change to a Share Plan.
This person is Officer Walter Kosiba. There is no way to tell'
what impact the change would have on his benefits until the Plan
is in operation.
There being no further business, the meeting was adjourned at
9:15 A.M.
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SID KL'IN, Secretary
Board of Trustees
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