10/24/1985
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PENSION I,
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Minutes
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POLICE SUPPLEMENTARY PENSION
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MEETING OF'OCTOBER 24, 1985
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,I AGENDA
1. Approval of Mlnutes,of meeting held September 11, 1985.
2. Ratification of business transactions - Betty Ward.
3. Certificate of Deposits Maturing - Betty Ward
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4. ,Invbice from Provident Insurance Company for c6st to
prepare 1985-86 Actuarial Valuation.
.5. Letter Qated'September 25, 1985 from Marvin Clayton, Bureau
'of Municipal Retirement Systems, Tallahassee, and a .
. .Memorandum froRl Gabriel Mazzeo, Attorney for Marvin,Clayton~s
,office, dated September 26, 1985. (Reference John Borsch).
6. Memorandum to Trustees from Robert G. Walker, Police Legal
Advisor, dated October 9, 198? -John Borsch.
7. Correspondence from Stephen Birdwell, Government Guaranteed
Funding, Corporation, Houston, Texas, reference our Plan
investing fundsl with his firm. '
a'.. Presentation by John Willoughby , Florida National Bank, on
Money Management of our Plan.
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SID KLEIN, Secretary
Board of Trustees
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POLICE SUPPLEME~T^RY PENSION
MINUTES OF MEETING HELD OCTOBER 24, 1985
A meeting of the Board of Truste~s was held October 24, 1985 in
the second floor conference room at Police Headquarters,
644 pierce Street, Clearwater, Florida.
The following Trustees were present:
Sid Klein, Chief of police, Secretary
Donald Hibbard
Captain Ray Kaminskas
Sgt. William Sedrick
Mayor Kathleen F.Kelly, Chairman (Absent)
Also present were Robert G. Walker, Assistant City Attorney,
and Betty Ward, secretary to Police Chief Sid Klein.
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In the absence of the Chairman, Chief
order at 9:00 A.M. and called for the
the meeting held September 11, 1985.
motion that the minutes be approved.
~ibbard. Motion carried unanimously.
Chief Klein advised the board that he was changing the order of
the agenda and would proc~ed to Item Number 8, in order that the
representative of Florida National Bank be allowed to make his
presentation reference money management, to the boara at this
,time. Chief Klein introduced Mr. Arvel Gschwend, Vice President,
Trust and Investment Group, Florida National Bank, Tampa. Mr.
Gschwend advised that Mr. John Willoughby, Senior Vice President,
was unable to be present.
Klein called the meeting to
approval of the minutes,of
Sergeant Sedrick made a .
Motion seconded by Donald
Mr. Gschwend distributed copies of a booklet prepared by Florida
National Bank concerning investment philosophies and investment
performance by FNB. There was a discussion of money management,
and fee schedules, and the board asked Mr. Gschwend when he could
present his written proposal to the board of trustees. Mr.
Gschwend stated that he would have a proposal back to the board
by Nov~mber 5th. Mr. Gschwend departed the meeting.
Chief Klein informed the board that the check from Provident
Insurance Company representing all the cash values of insurance
policies issued to all police officers had been received. The
check was in the amount of $873,980.01. He further stated ihat
the present balance in the money market account as of October 24,
1985 is $1,410,757.63, and that the Provident check is included
in that balance.
Item number 2 on the agenda concerned ratification df business
transactions made by Betty Ward. Mrs. Ward reported that
certificates of deposit maturing on September 12th, 17th and
23rd were renewed for a period of three months at interest
rates ranging from 7.25% to 7.3%. She also reported that all
certificates maturing from October 7, 1985 through October 20,
1985 had been withdrawn and the proceeds deposited to the
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Clearwater Police Supplementary Pension Fund
Minutes of Meeting held October 24, 1995
Page 2
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Fortune Federal money market account. Sergeant William Sedrick
made a motion that the transactions be ratified. Motion seconded
by ~onald Hibbard. Motion carried unanimously.
'Item number 3 on the agenda concerned Certificates of Deposit
maturing in November and December, 1965. Mrs. ward reported that
there would be three certificates maturing in November, and seven
certificates maturing in December. Captain Ray Kaminskas made a
motion that the certificates maturing in November and December,
1965 be withdrawn and the proceeds deposited to the Fortune money
market account. Motion seconded by Sergeant William Sedrick.
Motion carried unanimously.
I~em number four on the agenda concerned an invoice from
Provident Insurance Company covering the cost to prepare the new
,actuarial report for 1985-86. Chief Sid Klein made a motion,
that payment be denied, since the Supplementary Pension is no
longer connected with the Provident Insurance Company. Motion
seconded'by Captain Ray Kaminskas. Motion carried unanimously.
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Item number five on the agenda concerned correspondence from
Marvin Clayton, Bureau of Municipal Retirement' Systems,
Tallahassee" dated September 25, 1985, and a memorandum from
Gabriel Mazzeo, Attorney for Mr. Clayton's office, dated
September 26, 1985, reference John Borsch. Mr. Clayton's letter
requested that the Board of Trustees review certain sections of
Florida State Statute 185, with reference to the John Borsch
case. '
Item number six on the agenda concerned a memorandum dated
October 9, 1985, to the Board of Trustees from Robert G. Walker,
Police Legal Advisor reference the John Borsch matter. Mr. Walker
stated that his opinion has not changed, and that John Borsch is
not entitled to benefits from the Clearwater Police Supplementary
Pension Plan. Chief sid Klein made a motion to deny a9ain any
supplementary pension benefits to John Borsch, based upon the
discussed opinion of Robert Walker, the Attorney for the Police
Supplementary Pension Plan. Motion seconded by Captain Ray
Raminskas. Motion carried unanimously. Chief Klein asked
Captain Kaminskas to draft a reply to Marvin Clayton, for Chief's
signature, advising him of the Board's decision.
Item number seven on the agenda concerned correspondence from Mr.
Stephen Birdwell, of the Government Guaranteed Fun~ing
Corporation, Houston, Texas. Chief Klein reported that Mr.
Birdwell was interested in handling the investment of a portion
of the Fund's a~sets, and that his firm deals mainly in Fede~al
National, Mortgage Association (Ginny Mae's). Chief Klein made a
motion that based on his review of the material, he did not
believe these were the type of investments the board was seeking
--/i at this time. Mot ion seconded ,by Sergeant Will iam Sedrick.
Motion carried unanimously. .
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Clearwater police'Supplementary Pension Fund
Minutes of Meetin9:held,Octob~r 24, 1985
Page 3
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There was a discussion of the next steps to be taken in "
implem~ntirig the.~har~ Plan. It was agreed that,~ meeting would
'be scheduled after Mr. Gschwend's written proposal is 'received b
the board.' In the interim Captain Kamihskas and Sergeant.
Sedrick advised that theY' would prepare certifidates 'for the,
police officers showing the number of shar.es they would be ,
entitl~d to effective.September 17,,1985, and that they'would
~6rk up on th~ computer a form to be used for the change to the
Share Plan. .
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There being no further business, a motion was made by Donald
Hibbard to adjourn, seconded by Captai~ Ray Kaminskas. Meeting
was adjourned. at 10:45 A.M.
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SID KLEINi Secretari
.Boardof'Trustees
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