09/24/1987
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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 POLICB SUPPLEMENTARY PENSION FUND
MEETING SEPTEMBER 24, 1907
9:00 A.M.
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'1. Approval of f.1inutes of meeting held June 10,1987.
2 ~ Investment Counselor David R. Kenney, ,Florida National
Bank, 'J.1ampa.
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3.' Inv6ice frrnn Florida,National Bank ,- in the amount of
$2550~94 for period of 4/1/87 - 6/30/87.
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4~ Invoice from First Florida Bank in the amourit of $18.90
for safe deposit box rental for period of 9/1/87.thru
9/1/88'. '
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5. Second, semi-annual payment to Betty Ward for boo'kkeeping
and secretarial services to Board of 'rrrustees - $500.00
6. Information requested by Bernard Enlow, retired Police'
Major - Vice Chairman William Sedrick.
7. Distribution of monthly financial reports for June 30,
July 31, and August 31, 1987' from Florida National Bank.
8; Terminations from S~are Plan:
Officers:
Charles A. Kettell - dismissed 06-18-87
'William H. Weller - demoted 07-20-87
John D. outtrim - resigned 08-14-87
Melissa Hamilton - resigned 09/19/87
Recruit: Frederick J. Sager - resigned 09/15/87
'9. Request from William H. Hebert for Supplementary
Pension benefits. Effective date of disability
retirement: October 1, 1987.
10. Lett'er from Department of Administration , Tallahassee,'
reference Insurance for Retired Former Employees.
(Sections 1 and 2 of Chapter 87-373; Laws of Florida),.
11. Status of Recruit(s) c1assification." Requested by
Marvin B. Clayton, Police & Fire Pension Plans,
Tallahassee, Florida.
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ROY MAY, Secretary
,Clearwater Police
Supplementary Pension Fund
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD SEPTEMBER 24, 1987
A meeting of the Board of Trustees was held on Septemb~~ 24,
1987 in the second floor Conference Room of pollee
Headquarters, 644 pierce street, Clearwater, Florida.
The following ~rustees we~e present;
Captain Ray Kaminskas, Chairman
Sergeant William Sedrick, Vice-Chairman
Donald Hibbard
Roy May
William Horton
Also present was Oavid Kenney, Vice President, Trust, and
Investments, Florida National Bank. Mr. Kenney is the
portfolio manager of the police Supplementary Pension
investments deposited at Florida National Bank.
Mrs. Betty Ward, Secretary to Police Chief sid Klein, was
present and 'recorded the minute~.
Chairman Kaminskascalled 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 June 10, 1987. William Horton made a motion
that the minutes be approved. Motion seconded by William
Sedrick. Motion carried unanimously.
Item ,#2 on the agenda was a report from Mr. David R. Kenney of
the Florida National Bank, Tampa. Mr. Kenney and the Trustees
discussed the investment policies and board members asked various
questions and advised Mr. Kenney that the year-end figures as
of the fiscal year ending September 30th would be due soon. It
was agreed that Mr. Kenney would meet with Betty Ward and Pat
Buzek, Internal Auditor for the city of Clearwater, to see if
there were any questions regarding the bank's figures as they
pertain to the calculations needed for the preparation of the
annual report which must be submitted to the state Treasurer's
Office in Tallahassee. The meeting was set for 9:00 A.M. on
Wednesday, october 14, 1987 in 'the second floor conference room
of police Headquarters. Mr. Kenney stated ,that he would like to
return to a board meeting with John Willoughby in November, so
that the board could ask any questions they might have regarding
their fiscal year-end figures submitted to the board. The board
, ag reed to invite them to the next lneeting scheduled after
November 1st.
Item #3 was the approval of an invoice in the amount of $2,550.94
from Florida National Bank for the period of 4/1/87 - 6/30/87~
Captain Kaminskas advised that the fee would be automatically
deducted from the account, but that he' felt this item needed a
motion. William Sedrick made a motion that the invoice be
approved. Motion seconded by Roy May. Motion carried
unanimously.
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MINUTES OF ,MEETING
SEPTEMBER 24, 1987
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Item #4 concerned an invoice from Firat Florida Bank in the
amount of $18.50 for sa fe depos it box rental fO,r period of 9/1/87
thru 9/1/88. Chairman Kaminskas advised the board "that since
Certificates of Deposit are no longer kept in the safe deposit
'box; it really is serving no purpose to continue the rental of
same. Roy May made a,motion,that the safe deposit box rental be
cancelled and that ,Mrs. Ward close out the account and return the
box keys to First Florida Bank, and to determine if a pro-rata
share of the period the box has been used in September, and if
so, to prepare a check for signature for the bank. Motion
seconded by Donald Hibbard. Motion carried unanimously.
Item is concerned an invoice from Mrs. Betty Ward for $500.00 for
secretarial and bookkeeping services rendered to the board, this
being the second semi-annual payment of $500.00. Donald Hibbard
made a motion that the invoice be approved for payment to Mrs.
Ward. Motion seconded by William Horton. Motion carried
unanimously.
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Item #6 concerned information which had been requested by Bernard
Enlow, retired Major of the Clearwater Police Department. Vice
Chairman Sedrick advised that he had sent a letter to Mr. Enlow
answering his inquiry as to the amount of his lump sum payment,
at the time of his retirement-and the breakdown of the monies as
to capital gain and ordinary income (this information had been
furnished to Mr. Enlow at time of his retirement). A copy of the
letter will be placed in the files.
Item #7 - All board members received copies of the monthly
financial reports for June 30, July 31 and August 31, 1987 from
Florida National Bank.
Item #8 concerned terminations from the Supplementary Pension
Plan. Chairman Kaminskas advised the board that the following
persons had terminated and that he would like to have a separate
motion on each for the record.
Charles ~. Kettell - dismissed 06-18-87.
william Sed rick made a motion that his 4 shares totaling
$6,608.75 revert back to the fund. Motion seconded by'
William Horton. Motion carried unanimously.
William H. W~ller - demoted 07-20-87.
William Sedrick made a motion that his 7 shares totaling
$11,565.30 revert back to the fund. 'Motion seconded by
William Horton. Motion carried unanimously.
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John, D. Outtrirn - ~esigned 08-14-87.
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MINUTES OF MEETING
SEPTEMBER 24, 1987
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William Sed rick made a motion that his 4 shares totaling
$6,608.75 revert back to the fund. Motion seconded by
William Horton. Motion carried unani~ously.
Melissa Hamilton - resigned 09-19-87.
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Chairman Kaminskas advised the board that Melissa Hamilton
has one share totaling $1,652.19 at this time, and will be
entitled to one additional share on 9-17-87.
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Donald Hibbard made a
Hamilton one share on
shares with the money
seconded by ROy May.
motion that the board give Melissa
9-17-87 and on 9-19-87 cancel her two
reverting back to the fund. Motion
Motion carried unanimously.
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Recruit Frederick J. Sager - resigned 09-15-87.
No action was needed with regard to Recruit Sager as he had
no benefits to his credit.
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Item #9 concerned a request for Supplementary Pension benefits
from sgt. William H. Hebert. His date of disability pension from
the General Employees' pension Plan is October 1, 1987. captain
Kaminskas explained that since the shares have not been
calculated for the 9-17 anniversary date, he would recommend that
Sgt. Hebert receive a check for his total shares as of 9-17-86,
and at such time as the new calculations are made, that a
separate check be issued to him for the additional share.
William Horton made a motion that Sgt. William Hebert be issued a
check dated October 2, 1987 for the amount he now has in shares
which totals $28,087.17, and that a separate check after the
shares are calculated for 9-17-87 be'issued to him for the
additional share. Motion seconded by Donald Hibbard. Motion
carried unanimously. Mrs. Ward w~s instructed to obtain a check
dated October 1, 1987 in the amount of $28,000 from the Florida
National Bank and deposit to the Fortune Federal money market
account, and issue a check dated October 2, 1987 to William H.
Hebert in the amount of $28,087.17
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Item #10 concerned correspondence from the Department of
Administration, Tallahassee reference insurance for retired
former employees (Sections 1 and 2 of Chapter 87-373, Laws of
Florida. The Board felt that this law would have no impact on
the administration of the po+ice Supplementary.Pension Fund.
Mrs. Ward was instructed to file the letter.
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Item ill concerned the classification of Recruit(s). Chairman
Kaminskas and vice Chairman Sedrick advised that in talking with
Marvin Clayton, Director of Police and Fire Retirement" Plans,
there was a question as to why we had not placed the Recruits
under the Supplementary Pension until such time as they are
police officers'. Captain Kaminskas explained that we have both a
Recruit I and a Recruit II classification which we did not have
when the ordinance was amended. He felt perhaps a change in the
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MINUTES OF MEETING
SEPTEMBER 24, 1987
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ordinance would clarify the matter. He further explained that a
Recruit' I' is a person who has' not attended a police Academy. The
Recruit II is a person who has' arrest powers and is state
certif;ed and has graduated from a'state academy. 'The board ;\
agreed that a Recruit II should be treated as a police officer In
the criteria for participation in the Supplementary pension. '
'captain Kaminskas, with the board's approval, will start the
process for changing the city ordinance 'to so note this change.
He also mentioned,that Section 26.71, b(2) ,states that the
Trustees will"set aside those amounts which shall be deemed to be
needed. 'fo'r expenses for the coming year, befor:e calculating the
shares~' 'This.is almost an impossibility and he feels the section
should' be deieted. Roy May asked if this, was in' compl'iance with
the State Rules and Regulations, and Chairman Kaminskas stated
that it:was not in 'conflict with the rules. 'The board agreed to
make this, addition~lchange in the present ordinance.' '
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There 'being no further business, the meeting was adjourned at
10:05 A.M.
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ROY R. MAY, Secretary
Clearwater Police Supplementary,pension
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