06/10/1987
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POLICE
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SUPPLEMENTARY
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PENSION
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Minutes
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AGENDA
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POLICE SUPPLEMENTARY PENSION FUND
MeetirigJune 10~ 1987
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9:00 A.M.
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Approval of, Minutes of meeting held Apr,il 23', 1987.
Confirmation of William Horton'~ appointment ,to Board of
Trustees, by city Commission.
A.ppointment of Secretary, Board of Trustees.
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Invoice from Florida National Bank - in the amount of
$2,315.78 for p~riod 1/~/a7 - 3/31/~7.
Financial statement from Florida National Bank for
period 3/31/87 thru 04/30/87.
Request from Douglas H. Carey, for Supplementary Pension'
benefits.
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7. Correspondence from Merrill Lynch, pierce, Fenner &
Smith, ,Inc.
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CLEARWATER POLICE SUPPLEMENTARY PENSION
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MINUTES OF MEETING HELD JUNE 10, 1987
A meeting of the Board of Trustees was held on June 10, 1987 in
Captain Ray Kaminskas' office at Poli6e Headquarters, 644 Pierce
Street, Clearwater, Florida.
The following Trustees were present:
Captain Ray Kaminskas, Chairman
Sergeant William Sedrick, Co-Chairman
Donald Hibbard
ROY May'
William Horton
Also present was Betty Ward, secretary to poliqe Chief sid
Klein.
Chairman Kaminskas called the meeting to 9rder at 9:00 A.M.
The. first item on the agenda was the approval of the minutes of
the meeting held April 23, 1987. ,Donald Hibbard made a motion
that the minutes be approved. Motion seconded by William Horton.
Motion carried unanimously.
Item #2 on the agenda concerned the confirmation of William
("-'~ Horton as' the fifth 'member of the Board of Trustees. Captain
'~ Kaminskas advised the board that William BortonJs appointment was
confirmed by the City Commission at their meeting held on May 21,
1987.
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Item #3 concerned the appointment of a secretary to the Board of
Trustees. A discussion of the duties of secretary was held.
Those duties include the preparation of meeting agendas, and the
signing of the official minutes. Vice-Chairman William Sedrick
nominated Roy Mayas secretary. Motion seconded by Donald
~ibbard. Motion carried unanimously.
The board requested Mrs. Ward to obtain the necessary signature
cards from the Fortune Federal and Florida National Bank to
include Roy Mayas a signer on these accounts. The withdrawal of
funds or any other business transaction would require any two of
the three signatures - the three names on file f.or signing checks
will now be Ray Kaminskas, William Sedrick and Roy R. May.
Item #4 was the approval of an invoice in the amount of $2,315.78
from Florida National Bank for the period of 1/1/87 - 3/31/87.
Captain Kaminskas advised that the fee would be automatically
deducted from the account, but that he felt this item needed a
motion. Donald Hibbard made a motion that the invoice be
approved. Motion seconded by William Sedrick. Motion carried
unanimously.
Item #5 - financial statements for the' periods of 3/31/87 thru
4/30/87 and 5/1/87 thru 5/29/87. Board members received copies
of these reports.
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MINUTES OF JUNE 10, 1987 MEETING
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Item #6 - Request from Douglas H. Carey for Supplementary Pension
benefits. Captain Kaminskas read a memorandum from Douglas H.
Carey in which he requested benefits. His official retirement
date is June 12, 1987 and his 17 shares total $28,087.17.
William Horton made a motion to approve pension benefits for
Douglas Carey. Motion seconded by William Horton. Motion
carried unanimously.
Item 17 concerned correspondence dated 'May 6. 1987 from Merrill
Lynch, Pierce, Fenner & smith reference their desire to be
considered at such time the evaluation of the money managers is
conducted. The board requested that the letter be filed for '.
future reference.
Under new business, Chairman Kaminskas reported that the State
check this year would be in the amount of $483,059.41 but that it
had not yet been received. He recommended that when the check is
received~ the board forward $480,000 to the Florida National Bank
money managers and deposit the balance of the check in the
,Fortune money market account.
Chairman Kaminskas presented a draft memorandum addressed to all
members of the supplementary pension advising them that a minor
accounting adjustment had been made to the share values~ The
cover memorandum would be attached to a letter to each member
showing their corrected share totals. The board approved the
cover memorandum.
There was a discussion as to whether the annual share allocations
should be figured as early as was done last year, to ensure that
all thi bills are' received and that there is sufficient time to
review the money manager's figures. It was recommended that this
be done as early as possible, but no definite date would be set.
The board decided to invite the money managers to attend the next
meeting to discuss the preparation of their next fiscal year
report which is used in the preparation of the Supplementary
Pension annual report.
The meeting adjourned at 9:35 A.M.
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ROY R. MAY, Secretar
police Supplementary Pension
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