09/11/1985
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.POLICE
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POLICE SUPPLEMENTARY PENSION
MEETING OF SEPTEMBER 1-1 ,. 1985
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AGENDA
1. Approval of Minutes of.meeting held A~gust 13, 1985.
2. Certificates of Deposit maturing - Betty Ward.
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.3. . Ratification of Business Transactions - Betty Ward.'
4. Correspondence from Henry J. Corriggio, Tallahassee dated
. '.August 13, 1985_
5. Correspondence from Marvin ciayton, .Tallahassee, dated
september 3, 19856
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6'. Memorandum from Robert Walker, Police Legal Advisor,
ref~rence John. Borsch request.
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7. Approval of invoice from First National Bank.of Florida
for safe deposit box rental - $25.00.
8.. Approval of invoice from Betty Ward' for semi-annual pa~ent
of $500 for bookkeeping and secretarial services.
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9. Invoice from Provident Insurance Company for annual premium
due Sep~ernber 17. 1985 - Amount: $202,386.09
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SID KLEIN, Secretary
Board of Trustees
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POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD SEPTEMBER 11, 1985
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A meeting of the Board of Trustees was held September 11, 1985 in
the second floor conference room at Police Headquarters,
644 pierce Street, Clearwater, Florida.
The following Trustees were present:
Donald Hibbard
Captain Ray Kaminskas
Sergeant William Sedrick
Mayor Kathleen F.Kelly, Chairman (Absent)
Poli~e Chief Klein, Secretary (Absent)
Robert ~. Walker, Police Legal Advisor (Absent)
In the absence of the Chairman and the Secretary, Betty Ward,
Administrative Secretary to Chief Klein chaired the meeting.
Mrs. Ward called the meeting to order at 4:00 P.M. and called for
approval of the minutes of the meeting held August 13, 1985. Ray
Kaminskas made a motion that the minutes be approved~ Motion
seconded by William sedrick. Motion carried unanimously. '
Item #2 on the agenda concerned certificates of deposit maturing
in October, 1985. Mrs. Ward reported that there were eight CDls
, that would be maturing during the month of October. There was a
discussion concerning the time frame for the hiring of the money
manager. William sedrick made a motion that the October cnls be
withdrawn at maturity and that the monies be deposited in the
Fortune Federal money market account temporarily. Motion seconded
by Ray Kaminskas. Motion carried unanimously.
Item #3 on the agenda concerned the ratification of business
transactions made by Betty Ward. Mrs. Ward reported the
following CD transactions:
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8-15-85 renewed and changed to 3-month certificate the
$40,000 CD at Ameri-First - interest 7.25%.
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8-16-85 renewed and changed to 3-month certificate the
$100,000 CD at Citizens Federal - interest 7.6%.
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9-10-85 renewed $100,000 CD at Florida Federal - interest 7.25%
9-10-85 renewed the $80,000 CD at Crossland - interest 7.80%
9-10-85 renewed $10,000 CD at pioneer - interest 7.95%.
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Ray Kaminskas made a motion that the transactions be ratified.
Motion seconded by Donald Hibbard~ Motion carried unanimously.
Item 44 conce~ned correspondence from H~nry J. Corriggio,
Department of Retirement, Tallahassee, in which he requested a
copy of the new share plan ordinance. Captain Raminskas stated
that he would obtain a copy for him.
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Item #5 concerned correspondence from Marvin Clayton, Bureau
Chief, Municipal Police Officers Retirement Trust Fund,
Tallahassee. Each board member received a copy of the letter,
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Minutes of Police Supplementary Pension
Meeting held September 11, 1985
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which concerned former police officer John Borsch's request for
pension benefits which had been denied him at the time of his
retirem~nt. The board instructed the secretary to reply to the
letter and again inform Mr. Clayton that the board's-decision has
not changed.
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Item #6 concerned a memorandum from Robert G... Walker, Police
Legal Advisor, reference John Borsch's request for pension
benefits. Each board member received a copy. Mr. Walker stated
in his memorandum that he had spoken with Mr. Gabe Mazzeo,
attorney for Mr. Clayton's office, and that Mr. Mazzeo had
indicated that he was in agreement with the board's decision in
the John Borsch case.
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Item #7 concerned an invoice in the amount of $25.00 from the
First National Bank of Florida for the annual safe -deposit box
rental. . ,Donald Hibbard made a motion that the invoice be
approved 'for payment. Motion seconded by Ray Kaminskas. Motion
carried unanimously. ,.
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Item i8 concerned approval for payment of semi-annual fee of $500
to Betty Ward for secretarial and bookkeeping services. Donald
Hibbard made a motion that'the invoice be approved for payment.
Motion seconded by William Sedrick. Motion carried unanimoUSly.
Item #9 concerned an invoice from Provident Insurance Company in
the amount of $202,386.09 for annual premium for all present
participants 'in the supplementary pension plan. William Sedrick
made a motion that the invoice not be paid, and that the
secretary direct a letter to the Provident Companies advising
that the board wishes to cash in all policies effective
September 17, 1985, and to mail the cash refund check along with
an itemized list of each policy and each cash surrender value to
the secretary of the Board of Trustees. Motion seconded by Ray
Kaminskas. Motion carried unanimously.
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Captain Kaminskas advised the board that he had spoken with Dan
Deignan, Finance Director with reference to the City's money
managers. Mr. Deignan stated that the city was in the process of
changing its equity' managers at this time. The City presently
employs the Denver Investment Group - the Aetna Insurance Company
and uses Loomis-Sayles for stock options. He advised that the
City would be interviewing money managers in about one week and
that the board was welcome to sit in on these interviews if they
wished'to do so.'
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There being no further business; the meetin~ was adjourned at
4:20 P.M.
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SID KLEIN,' Secretary
Board of Trustees
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;~TE TR EASUR ER' '
".:.AURANCE COMMISSIONER'
FIRE MARSHAL
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THE CAPITOL
TALLAHASSEE 32J01
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July 26~ 1985
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Chief Sid Klein
Chief of Police
,644':Pierce St.
'Clearwater, FL 33516
Dear Chief Klein:
This is in response to your letter dated June 17, 1985,
and ,the attached proposed ordinance.
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, ,The ordinance appears to be in compliance'with state
la~ and the suggestions 1 made earlier appear to have been
incorporated into this latest proposal.
Please furnish this office 'a signed and dated copy of
the 'ordinance when passed.
'If this office can be of further assistance or if you
have any questions, please let me know.
Sincerely,
J; !a i!~~ 4: ~/C
~~rvin B. Clayton, Bureau Chief
Municipal Po1ice Officers'
Retirement Trust Fund
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