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07/23/1986 ):\::':>:""~:' ~~:~. I . .i,. " ' ,\", .,' f;,{f;;;; :;':"',</: ,< :> ""., "',', ;'" : ;. "::,') "': 1 ... ~ ~ '.t,~ '! . :, ~ . <~ 'I .~, \ .I . ',. p' ,. ,,~."I.:~,...,..O.: """~:,:'?;~'. .... ,., :~;"'::'I . ~. I . , I .~" ~ ',1': ~' -, :, '.' ~ ~ ' ~.' ~: c . ~. ';~,>. . ,1,:." ,.t. . ", 'H .,... '" , . '. I,. ...: c'<, :, ;.. " , . ,: " . .:, ." '.' '.' '. ' .,.", I ,. ,.,', '. '... ~ ,,' \ . I . . ~ I I " .... ,j > I' ~ ~ .~. " c, . ,< ~ , .,' , , , . . , . . ., ." .?,..~...~~. "') ""...~'.>C.~;o.:.' 4", ~!. .;. "I' . >.,~....:. ." ~...."',I:'C'J';\~'..., r""":'1'~'~ .... ~...,~.~ ""t' '1 . ,". . ~ : . . I"' ':.l POLI"CE " "SUPPLEMENT ARY . 'I .1 , .. , ".j.,.. PENSION , ' :", ': Minutes' .' '/, " \ ",' " I, . ~ ,/:: ~ ..,' , .~, . ; ~ ~: , . DATE ~ J~ /",r ~. ,,' .:.:,: : ;.':: ,; }. 9~;7 '."1", I'" '. ~. 'T >;",,;.::. ",'. \ . ~.:::: ;~:; >..:,:,' . i'. :. '" , .,., I : ~ ~ ~. > ; " ',' ~ :'.~;~, ,f ,'. ~ ' ," ,~"': :. " ~ ',' ; :. I .,r' . ,~' , ',l: < /'. 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',1, <:.. .~ I;'~: ': \.:l, .".:.' <.'. ..",Ie'. . ~ .' " L I. , . '," ",. ."..., ...", . ". ":I~ . ~......~W~ POLICE SUPPLEMENTARY PENSION " , : ~ AGENDA . MEETING OF JULY 23, 1986 . ~ . 1. Approval of minutes' of meeting held April 22, 1986. 2. Invoice from Florida National Bank - Fee for the 'period 1/9.186 . - ~ /3 1 /86 . Arno u n t : . $ 1 , 79 8 . 69 . Invoice from Florida National Bank - Fee for the period. 4/1/86 - 6/30/86. Amount: $2,031.74 .3. .Corresponderice from Florida Nati~~al Bank dated May 29, 1986 reference report from Touche Ross & Co., C.P.A.'s for Florida National Bank. 4. Correspondence from Florida National Bank dated June 26, . 1986 reference .the portfolid "mix" of the Share Plan. " ..,...-.." '. . .' J -" 5. Monthly financial reports from Florida National Bank. Report by' Pat Buzek, City Internal Auditor. 6,., Proposed Change of Share Plan Dates - Robert G. Walker, Police Legal Advisor 7. Correspondence dated April 24, 1986 from Attorney James B. Loper reference John Borsch case. - Robert G. Walker, Police Legal Advisor 8~ Amendments to .statute 185 Police and Fire Pensions~ Robert, G. Walker, police Legal Advisor ;, (. ~~c"L...:. . SID KLEIN, Secretary Board of Trustees . . . ,\ ......-' ',- . i , <t ( . " ,:::..,),.:,.:.<:!~, \" " ~ ~ \ '\ ',' ~ :1 " '.. ;. \ , : ~ '. " 1/ ~ i"1 . .1 ( ", . ~,~ \/, < " .. ".t It " , ........: ." ", ~1~ l'.~:~:.: ~I '. '1 <~/<.":' .., '~'< : . 'J. ~:' :..~..c~ J. "._ POLICE SUPPLEMENTARY PENSION MINUTES OF MEETING HELD JULY 23, 1986 r) "._r' A meeting of the Board of Trustees was held July 23, 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 Police Chief Sid Klein, Secretary .Donald Hibbard Captain Ray Kaminskas Sergeant William Sedrick Also present were Robert G. Walker, Police L~9al AdviBor, Pat Busek, Internal AUditor, City of Clearwater, and Betty Ward, secretary to Police chief Klein. Mayor Kelly, Chairman, 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 22,1986. Sergeant Sedrick made a motion that the minutes be approved. Motion seconded by,Capt. Kaminskas. Motion carried unanimously. t,~ ! " , " ~-, . " <...J The second item on the agenda concerned two invoices from Florida National Bank, one in the amount of $1,798.69 for the period 1/9/86 - 3/31/86, and the other invoice in the amount of $2,031.74 for the period 4/1/86 - 6/30/86. Captain Kaminskas made a motion that the invoices be paid. Motion seconded by Sergeant Sedrick. Motion carried unanimously. , , ,~ '. ~'.\ :. \" ~ ~~.' .' '" ~ \ t . ~: '.f;'" The third item on the agenda concerned correspondence from the Florida National Bank dated May 29, 1986 which included a report from Touche Ross & Co., C.P.A.'s for the Florida National Bank in which they state that the bank is in good shape at this time. The letter was noted and will be filed. '. . )',.'::.: ~'::: ; c." ~ ,: .:~...~ . '. lj'. . '.~I~ .(~ . The fourth item on the agenda was correspondence from Florida National Bank dated June 26, 1986 in which they outlined the "mix" of the investments in the police Supplementary Pension portfolio. At this time Chief Klein' called upon Pat Busek, Internal Auditor for the city of Clearwater. Mrs. Busek had questioned the percentage of funds in certain investments. The board requested Robert Walker's help in the interpretation ot the new law governing Florida statute #185 relative to investments. Mr. Walke~ will review this section (26-73 5{c). ) ~+" ; : ~ : :'/,. .' , '. ; . ~ I : ~.' /:1' L ~.,:, . <c',.;' ',J Chief Klein advised that the investment managers have requested a meeting in August with the board to go over the investments. ,The board will decide on a date and Chief Klein will confirm with Mr. Arvel' Gschwend, Vice President, Trust and Investments, Florid~ National Bank. i::.', ;! .., -.:. >'j: '\ ,.".' :~ I . : \.:. ',. ,.':, , ~ I; '.' F.: ': , '.~ " ~ ' '. I.', ..... ~.~, ..,;\ ~.x" .~c< I' , : ':'~.: .' ~f~j~!~'l~t'~::!~~:~ ~ )~",1:;'(:.' .. 1~H...1'1 ;. T~:.; ~'c .' ~,[~~~....E" .:.~. > ': '....~~..: '.,' .;. \'.t I. '. . ., ,,' ~ c : Minutes of Meeting July 23, 1986 Page 2 .,.-, ! I ..' Sergeant Sedrick advised the board that he had received a letter from Louis C. Gerber, Investment Consultant, Orlando, Florida 'with the firm of Willingham & Fenner. The letter stated that Wi1lingham and Fenner is the only recbgnized performance analysis firm headquartered in Florida. Mr. Gerber stated that he would be in touch with the Board at a later date. The board agreed that this letter referred to the Actuarial Evaluation of Pension I Plans and the letter will be filed. Item #5 on the agenda concerned the financial reports from Florida National Bank through June 30, 1986. pat Buzek, Internal Auditor, distributed copies of financial reports she had drawn up , from the bank's reports so that the board could yet a clear picture of the investment portfolio. Chief Klein stated that the reports were excellent and they would be of value to the board members. Item #6 on the agenda concerned a proposed change in the Share Plan fiscal year date. Robert Walker advised that this would necessitate an amendment to the present ordinance. The board agreed that the fiscal year date would change to september 30th, and the eligibility date would remain September 17th. Mr. Walker also brought up a section of the present Share Plan Ordinance which states that the monies would be allocated upon receipt of the State funds. This would mean sometime in July. Be stated ,",",\ that the dates need to be corrected in the ordinance. Chief -_) Klein stated that he would work with Robert Walker on an agenda item for this amendment. Item #7 concerned Correspondence dated April 24, 1986 from Attorney James B. Loper reference the John Borsch lawsuit. Robert Walker stated that Mr. Loper is the attorney for John Borsch. There was a lengthy discussion concerning the case. Chief Klein advised the board that the State funds had been frozen until the lawsuit was resolved, per Marvin Clayton, Director of Police and Fire pensions. The state check, which is frozen, is in the amount of $396,527.51. Chief Klein noted that last year1s check was in the amount of $331,209.58. Mr. Walker advised the board of the various aspects of such a suit. It is possible that the if the board loses the lawsuit, it may be required to pay the attorney for John Borsch. Chief Klein advised the board that he would ascertain how much the benefits for John Borsch would have been had he been under the Plan for a period of ten years. The figure will be the amount he would have been entitled to at the time of his retirement from the city, and will be furnished by the provident Insurance Company. Captain Kaminskas asked how many previous employees there have been who were not under the plan for ten years and who retired under disability from the General. Employees' Pension but did not receive Supplementary pension benefits. Chief Klein asked Mrs. Ward to research this item and report back to the Board. ,-,' \,.. cd." . .. ~,...", . .... ... " - . . " t~ I _............~ I ~_._...J "_.A' I"~ , . , . I. '. Minutes ot Meeting July 23, 1986 Page 3 Sergeant Sedrick noted the large amount of the State check which is frozen, and the fact that the case could drag on tor quite, some time, and if the Board loses there is a possibility that the Board would be ordered to pay John Borsch's legal expenses. Sergeant Sedrick stated that he thought the Board might be better off financially if it settled the lawsuit without letting it progress any further. Robert Walker said that he would make some inquiries to see if .Mr. Loper would be in favor of this move, 'ana get back to the Board~ Captain Kamlnskas suggested that Robert Walker write Marvin Clayton a letter advising him that the Board would like the fact that their monies are frozen, in writing. The letter to be signed by Robert Walker as Assistant City Attorney, and a copy furnished Chief Klein as secretary. The Board all agreed that the letter be sent to Mr. Clayton. Item #6 concerned proposed changes in Florida Statute 185. Robert Walker outlined the changes which would effect the Clearwater Police Supplementary Pension Plan. One important change would be the composition of the Board of Trustees. The position of the chairman and the Police Chief has been changed in that the Mayor must be appointed by the city Commission, and the resident 'trustee must also be appointed by the City Commission, and must be legal residents of the City of Clearwater, Florida. The two police officer trustees must be elected by a majority of the participants, and approved by the city Commission. They must be members of the General Employees' Pension Plan, but need not be legal residents of the City. The fifth member is appointed by the other four trustees. It was Robert Walker's opinion that the fifth member need not be a participant in the General Employees' Pension' pension nor be a legal resident of the City. He or she must, however be a sworn police officer. other changes concern whether or not the participant must contribute to the Supplementary pension. chief Klein advised that Marvin Clayton had said that the Attorney for the Police and Fire Pensions, Tallahassee, was reviewing this section. Chief Klein outlined the work ahead for the Board. First, the ordinance must be amended to i.nclude the changing of the fiscal year date, and all other changes which are included in the new laws pertaining to Florida statute 185 (and specifically 185.35). Chief Klein appointed a sub-committee composed of Robert Walker, Captain Ray Kaminskas and Betty Ward to work on the re-drafting of the ordinance. The next step would be to prepare an agenda item for the City commission. Mayor Kelly suggested that the. board work with the City Clerk's office with regard to deadlines for commission items, advertising, reading .of the ordinance as it is sometimes a lengthy process and time is of the essence. Mayor Kelly asked if the board could receive written material concerning those employees who have retired from the General Employees' Pension plan but did not receive Supplementary Pension benefits prior to the date of the next +.; '. 1 ~ :,.", '., :~.' ~~~ ',. ,j~: , . I(~ . "t j.~, '.' ~ ~:: .~! , . Co'l' , , . . - " \1.. Ii <I', ". ..... ""-..........,..~.....J_;...,_ ~__ '_~." "f.. . ..t ..........u \.'-."10- I ~~{~aj;i~\Q~~\~~~~~~~ .Minutes of' Meeting P~ge 4'~" " L ., .IC!. .. ~ ' l; ,1.', ;. .. ,i ~ . i:" "., ~. ":",,...j,:;"", ~'T:"::: H"./~':: .:,/.,' ~,;.; :/~. ,', .::~\ :l'); ;);.:<~,:! J~:,: :.!:..::.,~',~. :,.':: \',:"\':;', ":':'~l;; ;" ('h"i~~';"i','~;~:~'~~'" ~~..,. ....: ',:;.;;.".,:.,.",~..':~ :;-.~ .~~:,~l:: , 'i:'I~~ :/:~i I., ~, . ~ ';. ','/ .: ,:"J "", <': '.,' :. \ >" :;'.":\';:: ~.::Y:'~:.,:'") !:~~;.:;::;:Y': :\:~:.:'~;: " , :;,':: :;;?;;:~~{)?;:~t, fj::~) r::~4~a~ .....<' "':"':." /:f' . '. ~ J ,..>,t::~.: '. ' '~,c -:', :"':~.f4 . "c':.':;. . '. 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'.<,' I\"'~c "l.,,"'~ .... ~"'JI.~.......~". .;, July 23 t. 1986 .., .1 \ :"0 .. t.' " ......' meeting. Relly'sciio. serVe-on the Chief Klein she would take Board at the' assured her this 'would be done.': Mayor up.the'rnatter' of her.continuirig.to next City commission Work Session. , , " ':~ ,. There 10:.23 being A.M. no further business, the meeting.was adjourned, at .~ " " ., ,r, ----:S?I~ SID KLEIN, Board of Secretary Trustees /\ . ./. ., ,', ,. , . ., <' .:' ,. :, " , ; 'i .J. \ . ,j,' j~,/: ' "1' .. ~;:;;' ::: i: : ~.i\ . .:r;", <~J:. " .\ .,' , , " ..' " " '. '"