04/23/1987
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,POLICE.,
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SUPPLEMENTARY
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,PENSION
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Minutes
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AGENDA
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CLEARWATER POLICE SUPPLEMENTARY PENSION
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,644 'Pierce Street; Clearwater, Florida
~econd Floor Conference Room
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April 23, 1987
8:30A.M. '
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~pproval of Minutes of Meeting held March 10, 1987.
Confirmation by City Commission of appointment of, fifth
member"Williarn Horton, to the Board of Trustees.
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3. Appointment of one Trustee as Secretary.
'4. Financial Reports from Florida National dated 2-27-87
and 3-31-87.
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5. Request from Walter Kosiba for Supplementary Pension
6. Request from John Welch for Supplementary Pension
benefits.
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POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD APRIL 23, 1987
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A meeting of the Board of Trustees was held on April 23, 1987
in the second floor conference room at Police Headquarters,
644 Pierce Str~et, Clearwater, Florida.
The following Trustees were present:
Captain Ray Kaminskas, Chairman
Donald Hibbard
William' Borton
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Also present was Betty Ward, secretary to Police Chief
William Sedrick, Vice Chairman, and Roy May were absent.
Guests present were Daniel Deignan, Finance Director, and
Patricia Buzek, Internal Auditor, City of Clearwater.
Chairman Kaminskas called the meeting to order at 9:00 A.M., and
introduced Daniel Deignan, Finance Director, and patricia Buzek,
Internal Auditor, and advised that the order of the agenda would
be changed and the first order of business would be a discussion
of the Annual Report to, the State Treasurer. The report was
returned for revision due to the fact that the annual report and
the auditorts report were figured according to cost value and the
Florida National Bank figures were submitted at market value.
Linda Hinson, representing the State Treasurer1s office,
instructed that the annual report and the share values must be
the same total figure. She instructed Mrs. Ward to advise the
board that Page 2 (Assets and Liabilities) and Page 3 (Revenues
and Expenditures) of the 1986 annual report would need to be
amended.
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After a discussion relative to cost value and market value, the
board agreed that the market value figures should be used for the
investment counselor1s figures and for the annual report. It
was decided that the expenses for John Borsch, Gregg Hickman
and the legal fees in the Borsch case be deleted from the 1986
report and that they be reflected in the 1987 report. Mrs. Buzek
informed the board that there were a few minor errors in the
money manager's financial statements and, suggested that next year
,the board ensure that everyone is in agreement with the figures
before proceeding with the share allocations.
Chairman Karninskas advised the board that an investment fee had
not- been deducted from the 9-30-86 Florida National Bank
financial statement and the State felt that it must be carried as
an unpaid expense for the fiscal year. This means the share
balances will have to be adjusted to take care of this
difference. Chairman Kaminskas said that the share 'balances
would be adjusted.
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Minutes of Meeting held April 23, 19B7
Page 2
Mr. Deignan said he would have no problem with using either cost
value or market value but emphasized that the audit would be
prepared at cost figures and the auditors will so state in their
report that cost figures were used in preparing the report. He
said this is in accordance with general accounting standards.
Since there are various expenses to figure around the 9-30 fiscal
date, (and some expenses which the board has very short notice
of) Chairman Kaminskas suggested that the participants of the
Police Supplementary Pension be advised that in the future shares,
will be figured after January 1 of each year and payments for,
benefits will only be paid after January 1st for those
participants who retire between September 30th and January 1st of
each year. All other retirements during the year will be paid on
or near the official retirement date. The Finance Director and
Internal Audi to'r thought this would be a good" idea. The board
agreed that this would be implemented during this fiscal year.
Mr. Deignan and Mrs. Buzek left the meeting at 9:30 A.M. .
The first item on the agenda was approval of the minutes of the
meeting held ,March 10, 1987. Donald Hibbard made a motion that
the minutes be approved. Motion seconded by William Horton.
Motion carried,~nanimously.
Item #2 on the agenda concerned the confirmation by City
Commission of the appointment of a fifth member, William Horton,
to the Board of Trustees. Captain Kaminskas stated that he had
submitted an agenda item to Police Chief Klein and that he would
check to see whether the Commission had confirmed this
appointment.
Item ,#3 "Appointment of one Trustee as secretary" was tabled due
to the absence of board members William Sedrick and Roy May.
Item #4 - Financial Reports from Florida National Bank dated
2-27-87 and 3-31-87. Copies of these reports were distributed
to each board member.
Item i5 - Request from Walter Kosiba for Supplementary Pension
benefits. Captain Kaminskas stated that the date of July 11,
1986 was the official retirement date computed by the General
Employee's Pension Plan for Walter Kosiba, and that the
Supplementary Pension benefits are based on the number of shares
credited as of September 17th preceding the official retirement
date. He also stated that Walter Kosiba's shares as of 9-17-85
tot~led $26,041.32. His shares totaled $31,411.41 as of 9-17-86.
Donald Hibbard made a motion that the lump sum settlement be
based on the shares to his credit as of 9-17-85. William Horton
seconded the motion. Motion carried una~imously.
Item #6 - Request from John Welch for Supple~entary Pension
benefits. Captain Kaminskas advised the board that John Welch
was granted a pension by the General Employees' Pension Plan
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Minutes of,Meetingheld April 23, 1987
Page 3 ' ,
effective,June 12, '1986',Bis is the same case as Walter
Kosiba's. His shares as of 9-17-86 totaled $28,104~95. As~of'
9-17-85 his sharea totaled $23,147.84. William Borton made a, '
motion that the lump sum settlement be based on the shares to his
credit as of 9-17-85. Motion seconded~by Donald Hibbard. Motion
carried, unanimously. '
There beim~r' no 'further bus i ness, the meeting was adj ourned at
9:55 A..M:
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. ,RAY'~AS~airman
,'Police Supplementary perision
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