01/07/1986
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,'PENSION
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POLICE SUPPLEMENTARY PENSION
MEETING OF JANUARY, 7, 1986,
AGENDA
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1. 'Approval of minutes of meeting held November 15, 1985.
'2,. 'R~tification of business transactions- Betty Ward.'
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,Approval of Contract between Police Supplementary Pension
Board'of Trustees and Florida National Bank, Tampa,
Florida.'
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Approval 'of Request from retired Captain James O'Neill for,
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,5. "Approval of Request from retired Officer Alan Kronschnabl
for' benefits.
6. Correspondence f~om ~arvin 'Cl~yton, Director,'police and
Fire Pensions, Tallahassee, reference John Borsch.'
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SIO,KLEIN, Secretary
Board of Trustees
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POLICE SUPPLEMENTARY PBNSION
MINUTES OF MEETING HELD JANUARY 7, 1986
A meeting of the Board of Trustees was held January 7, 1986 in
the second floor conference room at Police Headquarters,
644 Pierce Street, Clearwater, Florida.
The following Trustees were present:
Mayor Kathleen F. Kelly, Chairman
Sid Klein, Chief of police, Secretary
Donald, Hibbard
Captain Ray Kaminskas
Sergeant William Sedrick
Mike Stua~t, president, F.O.P., attended the meeting.
Also present were Robert G. Walker, Assistant City Attorney,
~nd Betty ward, secretary to Police Chief Sid Klein.
Mayor Kelly called the meeting to order at 9:00 A.M. and called
for approval of the minutes of the meeting held November 15,
1985. Chief Klein advised that a meeting had been scheduled for
December 24, 1985, and that there had not been a quorum present,
therefore a motion would be needed to approve the minutes of the
meeting held November 15, 1985 and the business which had been.
discussed on December 24, 1985. Sergeant Sedrick made a motion
that the minutes of the meeting held November 15, 1985 and the
recommendations made at the December 24, 1985 meeting be
approved. Motion seconded by Ray Kaminskas. Motion carried
unanimously.
The second item on the agenda was the ratification of business
transactions made by Betty Ward. Mrs. Ward advised ,that all of
the C.D.fs had now been withdrawn, and the proceeds deposited to
the Fortune Federal money market account.
Item number three on the agenda concerned the approval of the
Contract between the Police Supplementary Pension Board of
Trustees and the Florida National Bank, Tampa, Florida. Chief
Klein introduced Mr. Arvel Gschwend, Vice President of the Trust
Oepartment, who advised that once the Contract is approved, he
and John Willoughby, Senior Vice President, Trust Investment
Division, Florida National Bank, Tampa, would be the managers of
the Police Supplementary pension Account.
Chief Klein advised that the Contract has been reviewed by Robert
Walker, Police Legal Advisor, and Mr. Walker stated that he found
nothing out of line or unconscionable in the wording of the
contract. A motion for approval of the Contract was made by
William Sedrick. Motion seconded by Ray Kaminskas. Motion
passed unanimously. The original of the Contract was signed at
the meeting by Kathleen F. Kelly, Chairman and Sid Klein,
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Secretary. The Contract was dated January 7, 1986.
Chief Klein presented a breakdown on the total assets of the
Supplementary Pension Fund as follows:
Funds to be retained in Fortune Money Market Account:
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Clearwater Police Supplementary Pension Fund
Minutes of Meeting Held January 7, 1986
Page 2
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$17,247.84 (represents A.Kronschnabl's lump sum)
30,183.72 (represents O!Neill's lump sum)
8,971.69 Retain in Fortune Money Market Account
$56,403.25 Total
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Balance in Fortune Money Market Account 1/7/86
Total Funds to,be Retained:
$2,246,403.25
56,403.25
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To be turned over to Investment Managers:
$2,190.000.00
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A check co-signed by Chairman Kathleen F. Kelly and Secretary Sid
Klein was turned over to Mr. Gschwend, Florida National Bank, in
the amount of $2,190,000.00. Mr. Gschwend left the meeting at
this time.
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Item number four ,on the agenda concerned a request from retired
Captain James O'Neill for pension benefits to which he is
~ntitled under the Supplementary Pension. Chief Klein noted
that Captain O'Neill will be retiring effective January 31,
1986, and that he has 21 shares credited to his account, with a
total share value of $30,183.72. William Sedrick made a motion
that the pension benefits for ,Captain James 01Neill be approved.
Motion seconded by Donald Hibbard. Motion carried unanimously.
The secretary was instructed to retain sufficient funds in the
money market account to cover this expenditure.
Item number five concerned a request from retired Police Offic~r
Alan Kronschnabl for pension benefits under the Police
Supplementary Pension. Chief Klein noted that Alan Kronschnabl
would be retiring effective May 23, 1986, and that he has 12
shares credited to his account, with a total share value of
$17,247.84. William Sedrick made a motion that the pension
benefits for Alan Kronschnabl be approved. Motion seconded by
Donald Hibbard. Motion carried unanimously. The secretary was
instructed to retain sufficient funds in the money market account
to cover this expenditure.
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Item number six on the agenda concerned correspondence from
Marvin Clayton, Director, Police and Fir~ Pensions, Tallahassee,
in which he repeated his opinion that retired Officer Borsch is
entitled to benefits from the Police Supplementary Pension.
Robert G~ Walker, Police Legal Advisor, stated that he was not
going to change his opinion, and that if the Board wished, he
would correspond with Mr. Mazzeo, the attorney for Marvin
Clayton's office in an attempt to determine the legal reasoning
for Mr. Clayton's intransigent opinion. The Board agreed with Mr.
Walker's recommendation.
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There being no further business, the meeting was adjourned at
9:40'A.M.
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SID -.Jtifrt, - ~cretary
Board of Trustees
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