10/30/1986
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POLICE
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S,UPPLEMENT ARY
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..PENSION
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POLICE SUPPLEMENTARY PENSION
MEETING OF OCTOBER 30, '1986
AGENDA
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.1., Approv~l of Minutes' of Meeting .of present Trustees held
,September 25, '1986.,
;Approval of Minu~es,ofMeetin9 of newly elected ~nd
'appointed Board of ~ruste~s held September 25,1986.
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Borsch case'- Decision on ~ttorney's Fees.
,Borsch, case - Approval of Supplementary Pension Payment
(based on co~~utations by provident Insurance Company).
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, ~equest from Gre99Bickm~n for benefits..
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Distribution of Monthly, Fina~cial Report from Florida
National Bank."
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Report on Share Allocation for 1986.
. Compos! tion of Board, of Trustees. '
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SID KLEIN, Secretary
Board of Trustees
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POLICE SUPPLEMENTARY PENSION
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MINUTES OF MEETING HELD OCTOBER 30, 1986
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, A meeting of the Board of Trustees was held on October 30, 1986
in the second floor conference room at Police Headquarters,
644 pierce street, Clearwater, Florida.
The following Trustees were present:
captain Ray Kaminskas, Chairman
Sergeant William Sedrick, Vice-Chairman
ROy' l>lay
police Chief Sid Klein and Donald Hibbard were absent.
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Also present were Mike stuart, president, F.a.p., and Betty
Ward, secretary'to police Chief Sid Klein.
Chairman K&ninskas called the meeting to order at 9:00 A.M. and
advised, the board that Donald Hibbard and Chief Klein were not
able to attend the meeting and that Robert Walker, Assistant
City Attorney, was in court and could not attend the meeting.
Items 1 and 2 on the agenda were the approval of the minutes
of the two meetings held on September 25, 1986. The first
set of minutes was for the Board of Trustees consisting of
Mayor Kathleen F. Kelly, Police Chief Sid Klein, Sergeant William
Sedrick, Captain Ray Kaminskas and Donald Hibbard. The second
'-..' set of minutes was. for the newly elected and appointed Board of
Trustees consisting of Roy May, Donald Hibbard, Sergeant William
Sedrick, Captain Ray Kaminskas and police Chief Sid Klein.
Sergeant Sedrick made a motion that the two sets of minutes be
approved. Motion seconded by Roy May. Motion carried
unanimously.
The 'third item on the agenda was the Borsch case. Chairman
Kaminskas advised the board that Attorney Robert Walker had
requested that the board authorize the hiring, on behalf of
the board, an attorney to assist him in determining reasonable
attorneyrs fees that are due Mr. Loper. Mr. Loper has stated
that his fees should be $13,425 for 53.7 hours work. Sergeant
Sedrick said that he would like to see a cap on the fees for the
a~torney to be hired to assist Mr. Walker. Sergeant Sedrick made
a motion that the hiring of an attorney be approved and that a
cap of $300 be placed on the fee. Motion seconded by Roy May.
Motion carried unanimously.
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The fourth item on the agenda concerned the approval of payment
to Jack Borsch, based on computations from Provident Insurance
Company. Chairman Kaminskas adv~sed the board that the Judge
will determine the amount of payment after listening to both
sides. Sergeant Sedrick made a motion that the board approve
payment to Jack Borsch at the figure determined by the Court.
Motion seconded by Roy May. Motion carried unanimously. Chairman
Kaminskas asked Betty Ward to phone provident and seek their
clarification on why the pension benefit figures quoted by their
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Minutes of Meeting October 30, 1986
Page 2
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firm for Jack Borsch were different from those quoted by their
Agent, W.W. McDougal. Mr. McDougal quoted a much higher figure.~
The fifth item on the agenda concerned a letter of request from
Greg9 Hickman, former Police Officer, Clearwater police
Department, ,for benefits from the Supplementary pension. Officer
Hickman stated that his letter was in reference to a recent
change in the understanding of the Qenefits of the Supplementary
Pension, and that his disability retirement became effective on
February 23, 1984 and that he was requesting any benefits to
which he might be entitled. Chairman Kaminskas stated that since
the board, already has a Jadgets ruling in the Borsch case, that
the Hickman case would probably result in the same ruling, and in
order to save attorney's fees, he would entertain a motion to
approve the request from Gregg Hickman. Sergeant Sedrick made a
'motion to approve the benefits to Gregg Hickman, subject to
statutory interest rates compounded annually to date of payment.
Motion seconded by Roy May. Motion carried unanimously.
Chairman Kaminskas said that provident had been requested to
provide calculations in this case.
The sixth item on the agenda was the distribution of the
financial report for the'month of September prepared by the
Flo'r:ida National Bank, Tampa. Each board member was provided a
copy for his review.
The seventh item on the agenda was a report, on share allocations
for 1986. Chairman Kaminskas asked S~rgeant Sedrick to report on
this. Sergeant Sedrick stated that the total assets of the plan
as of September 30, 1986 were $2,750,978.17. Total number of
participants - 202. Total outstanding shares - 1664. Single
share value - $~,653.23. Sergeant Sedrick stated that he had
carried the figures out to one millionth of a penny and the
total comes out to one, one hundred thousandth of a penny, for
purposes of reporting and auditing.
The eighth item on the agenda concerned the composition of the
board of trustees. Chairman Kaminskas stated that Robert Walker,
Assistant City Attorney had said that by vitue of the Chief being
the Chief, he cannot serve as the fifth member of the board of
trustees. Mr. Walker is also asking that we do not ask for an
opinion from the Attorney General at the present time because
there are six municipalities in Leon County that have brought a
lawsuit against the State Treasurer's office challenging the
latest,changes in the 185 statute. Chairman Kaminsk~s
recommended that the board take no action in this matter pending
more information from Marvin Clayton's office and the pending
litigation by the various municipalities.
Robert Walker arrived at the meeting at 9:30 A.M. He then
advised the board that this was a dual office holding matter.
Mr. Walker recommended that you offer someone not a public
,official to serve as the fifth member of the board. Vice
Chairman Sedrick asked why he recommended that the board not
request a legal opinion from the Atto!ney General. Mr. Walker
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"Minutes'of Meeting October 30,1986
,Page 3
said that the Attorney General will not 'answer because of the
pending litigation. Chairman Kaminskas asked to. delay a, decision
on the composition of the,board until the lawsuits of the other,
,municipalities are settled. Mr. Walker said this could be six
months or more. Mr. Walker advised the board that they,could
function because they did have a quorum with Captain Kaminskas,
Sergeant william Sedrick and Mr. Roy May. Since the Mayor was no
longer on the board, and Chief Klein was no longer a member of
the board, it was determined that the signer and co-signer of the'
checks and other business transactions' would need to be'changed.
Roy May made a motion that ,the checks be signed by Chairman Ray
Kaminskas and Co-chairman William Sedrick. Motion seconded by
Vice-Chairman William Sed rick. They request~d that the necessary
paperwork be done to accomplish this..' Chairman Kaminskas asked
how the safe deposit box was set up. Betty Ward advised that
her name 'and that of Chief Klein and captain Kaminskas were on
the authorization cards at First Florida Bank. It was agreed to
make no changes at this time.
ROY May inquired about certain portions of the Florida National
B~nk September financial report. Chairman Kaminskas suggested
that the money managers be invited to the 'next meeting to answer
any"questions the b,oard might have.
There being no further business, a motion to adjourn was made by
William Sedrick and seconded' by Roy May. The meeting adjourned
at 10 A.M.
.~~~nairman
Police Supplementary Pension
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