03/10/1987
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POLICE
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. SUPPLEMENTARY.
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PENSION
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Minutes
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AGEND1\
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CLEARWATER POLICE SUPPLEMENTARY PENSION MBETING
644 Pierce Street, Clearwater, . Florida
Second Floor Conference Room
March 10, 1987
1. Approval of Minutes of meeting held December 9, 1986.
2. ApFJOintme'nt by the Board of Trustees of fifth member.
. II
3. Report from John Willoughby and David Kenney,
Florida National Bank, Tampa.
4~ Correspondence:
1.' Letter from Inverness Counsel,' Inc., N.Y.
2~ Notification of Eighth Annual Trustees' School
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5.
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Rece~pt of F1nanclal Reports from Florida National
. Bank .for periods 10/31/86 thru 11/28/86, 11/28/86 thru
12/31/86 and 12/31/86 thru 1/30/86.
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6'.' Approval of invoice for investment fees in th'e amount
of $2~295.15 from Florida National Bank for period
10/1/86 - 12/31/86. '
7. Semi-Annual Payment of $500.00 to Betty Ward for
Bookkeeping Services.
8. Internal Revenue Service Forms for 1986 calendar year.
9. Terminations from Supplementary Pension Fund.
10. Request from Walter Kosiba for Share Value
prior to official retirement.
11. Supplementary Pension benefits for John Welch.
MINSKAS, Cha1rman
T1:ustees
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POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD MARCH 10, 1987
~ A meeting of the Board of Trustees was held on March 10, 1987 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-Cha.irman
Donald Hibbard
. Roy May
Also present were William Horton, Property Manager, and
Betty Ward, secretary to Police Chief Sid Klein.
Chairman Kamlnskas called the meeting to order at 9:00 A.M.
and called for approval' of the minutes of the meeting held
December 9, .11986. Donald Hibbard made a motion that the minutes
be approved. Motion seconded by William Sedrick. Motion carried
unanimously.
Item t2 on the agenda concerned the appointment of a fifth member
to the Board of T~ustees. Captain Kaminskas advised the board
that according to a legal opinion rendered by the City Attorney,
it would be"a conflict of interest for Police Chief Sid Klein to
serve on' the Board of Trustees. Captain Kaminskas introduced
William norton, Property Manager, Clearwater Police Department,
',"-". and 'stated that Mr. Horton had indicated he would be willing to
serv~ as the fifth member of the board. Mr. Horton addressed the
board, giving a little of his background and qualifications.
Vice-Chairman Sedrick nominated William Horton as the fifth
member of the board. Motion seconded by Roy May. Motion carried
unanimously.
Item #3 on the agenda was a report from John Willoughby, David
Kenney and Gary Campbell, Florida National Bank. Mr. Kenney is
the Tampa accounts manager, and Mr. Willoughby Mr. Campbell are
from the Jacksonville office. These gentlemen answered
questions and clarified items on the financial statements.
Mr. Willoughby, Mr. Kenney and Mr. Campbell departed the meeting
at 10:00 A.M.
Item 14 on the agenda concerned correspondence from Inverness
Counsel, Inc., New York. This firm wishes to be considered when
year-end performance results of the money managers are evaluated.
The board asked that the letter be filed for future reference.
The second piece of correspondence concerned a brochure notifying
the trustees of the Eighth Annual Trustees' School. This letter
will also be filed. None of the trustees planned to attend.
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Item #5 on the agenda concerned financial reports from Florida
National Bank for periods 10/31/86 thru 11/28/86, 11/28/86 thru
12/31/86 and 12/31/86 thru 1/30/B7~ This item was discussed
previously during the Florida National Bank money managers
informational meeting listed under Agenda Item #3.
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Minutes of Meeting held March 10, 1987
Page 2
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Item i6 was the approval of invoice for investment fees in the
amount of $2,295.15 from Florida National Bank for period
10/1/86 - 12/31/869 Since this invoice came in quite some time
ago and there was no meeting scheduled, the ~ank as a matter of
routine deducts this amount from our account. Chairman Kaminskas
inquired of the board if this procedure would be satisfactory in
the future, as it seemed extra work to request the money from our
account in order to send the check right back to them. Donald
Hibbard made a motion that the fees be automatically deducted by
the bank. Motion seconded by Roy May. Motion carried
unanimously. .
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'Item #7 was the semi~annual payment of $500 to Betty Ward for
secretarial and bookkeeping services. Motion to approve the
payment to Betty Ward was made by William Horton. Seconded by
Donald Hibbard. Motion carried unanimously.
Item :(fa was an informational item concerning the Lump Sum
Distribution tax forms for "this year. Chairman Kaminskas advised
the board that the 10991s have been prepared by"Florida ~ational
Bank and that Mrs. Ward had received copies of the material which
will be forwarded by the bank to the IRS on magnetic tapes.
Item #9 concerned terminations from Supplementary Pension.
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Chairman Kaminskas advised that Charles C. Kimball retired
12-2-86, and that his lump sum distribution has been
processed.
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John E. Sims retired 1-30-86 and his lump sum distribution
has been processed.
Charles Hughes retired '-30~86 and his lump sum distribution
has been processed.
Chairman Kaminskas advised that the following terminations
need motions from the board, as they did not retire from the
City - they resigned.
George R. Ellis resigned 2-13-87 - he had 4 shares -
total of $6,612.93.
Vice-Chairman Sedrick made a motion that the shares held by
George R. Ellis revert back to the fund, as he did not meet the
criteria for benefits. Motion seconded by Donald Hibbard.
Motion carried unanimously.
Mary Calio resigned 2-25-87 - she had 2 shares - total
of $3,306.46.
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Motion made by Sergeant Sedrick that the shares held by Mary
Calia revert back to the fund, as she did not meet the criteria
for benefits. Motion seconded by Donald Hibbard. Motion carried
unanimously.
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Minutes of Meeting held March 10,1987
Page 3
Item 10 on the agenda concerned a request from Walter Kosiba for
benefits prior to official retirement date. Sergeant Sedrick
made a motion that in the absence of a written request from
Walter Kosiba, that the matter be tabled. Motion seconded, by Roy
May~ Motion carried unanimously.
Item 111 concerned John Welch. Captain Kaminskas advised the
board that John welch was approved for a non jOb-connected
pe~sibn from the. General Employees' Pension Plan effective June
12, 1986. There has 'been no written request yet from John Welch
for Supplementary Pension benefits, however it will need to be
determined which date should be used 'in calculating the share '
value. Sergeant Sed rick made a -motion that in the absence of a
written request from John Welch, that the matter be tabled.
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Chairman Kaminskas stated that there was a matter he would like
to discuss ,which does not appear on the agenda, that being. the
fact that when the .Share Plan was started we excluded Police
Recruits in the Share Plan. Since that time the City has
separated the Police Recruit classification into two different
titles, that of Recruit I and Recruit II. The board agreed that
the ordinance needs to be amended, and stated that he would
submit a draft'of the amendment a~ the next meeting.
There being no f~rther business the meeting adjourned at
,,'-', '1 0 : 45 A. M "
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