06/01/1988
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.POLICE
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SUPPLEMENTARY
PENSION
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION. FUND
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Meeting June 1, 1988
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.B:30 A.M.
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'1.~ Approval of Minutes of Meeting held May 4, 198B
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2. Request;from.police Officer Michael stuart for pension
.~enefits ~
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.'3.~; .Request from.Sherill Wargin, widow.of Officer William Wargin,
"for penslon.benefi~s. .
4., Approval. of invoice from Florida National for fee for period
1/1/88-3/31/88 - Amount $2,648.70.
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD JUNE 1, 1980
8:30 A.M.
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A meeting of the Board of Trustees was held on June 1, 1988 in
the second floor Conference Room of police Headquarters,
644 pierce street, Clearwater, Florida.
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The following Trustees were present:
Captain Ray Kaminskas, Chairman
Sergeant William Sedrick, Vice-Chairman
Roy May, Secretary
william Horton, Trustee
Donald Hibbard, Trustee
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Also present was Assistant City Attorney Rob Surette,
Police Leg.a! Advisor.
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Betty Ward, Secretary to Police Chief sid Klein, was present
and recorded the minutes.
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captain Kaminskas called the meeting to order at 8:30 A.M. The
.first item on the agenda was the! approval of the Minutes of the
meeting held May 4, 1988. william Horton made a motion that the
minutes be approved. Motion seconded by Sergeant Sedrick.
Motion carried unnnimously.
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Item #2 on the agenda was a request for benefits from police
Officerj Michael Stuart. Captain Kaminskas explained that Mike
Stuart's resignation from the police Department would be
effective June 2, 1988. Officer stuart's date of hire is
October 2, 1972, and he meets the requirements of the ordinance
in that he has ten or more years' service. ordinance No.
4041-85, Sec. 26.75. Separation benefits - states that if any
participant shall separate from service for any reason whatsoever
after ten or more years in the Plan, he shall be paid the entire
amount to his net credit as of the last preceding fiscal year, ,
reduced by three (3%) per cent per year for each year that the
employee is short of his normal retirement date. For the
purposes of the Plan, normal retirement shall mean twenty (20)
years from the date of hire as a police officer. '
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There was a lengthy discussion as to what percentage the shares
in this case should be discounted. The Board felt that the
ordinance should be amended to allow the participant to receive
credit for the months he did work during the year in which he
terminated, and to discount the shares accordingly. Officer
stuart began employment on october 2, 1972 and his termination
was effective June 2, 1988. If the shares were discounted 3% for
every year he was short of the 20 year normal retirement, the
shares would be discounted 15%. If he were given credit for the
partial year, the shares would be discounted 13%. Chairman
Kaminskas asked Attorney Surette for counsel in this matter and
Mr. Suret~e stated ,that since the ordinance was going to be
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MINUTES OF MEETING JUNE 1, 1988
Page 2
amended, that it would be proper to begin immediately using the
new procedure and give Officer stuart the credit for the partial
year.
Sergeant Sedrick made a motion that Michael stuart's shares be
discounted 13% - that he receive 87% of the total benefits to his
credit. Motion seconded by William Horton. Motion carried
unanimously.
There was a discussion relative to changing the method of
computing the shares - which would require an additional
amendment to the present Ordinance. An attempt was made to
reach Marvin Clayton by phone during the meeting. He was not
available at his office in Tallahassee. Sergeant Sedrick stated
that he would call him later in the day.
Item #3 on the agenda concerned a request from Sherill Wargin,
widow of William Wargin, deceased. Captain Kaminskas stated that
he had received by telephone a request for benefits from Sherill
Wargin. captain Kaminskas stated that he had advised Mrs. Wargin
that the board would require a copy of the death certificate, a
copy of the marriage certificate, and an order from a probate
judge relative to her being the beneficiary of his estate.
captain Kaminskas explained that even though the Wargins were
separated, Mrs. Wargin stated that they had not been divorced as
yet. Attorney Surette was in agreement with these stipulations.
Sergeant Sedrick made a motion that Sherill Wargin's request be
denied pending the order from a probate Judge. Motion seconded
by Donald Hibbard. Motion carried unanimously.
Item #4 on the agenda was the approval of invoice from Florida
National for fee for period 1/1/88-3/31/88 - amount $2,648.70.
Even though the fee is automatically deducted from the account,
the Board wished to have this expense included in the Minutes.
Sergeant Sedrick made a motion that the invoice be approved.
Motion seconded by Donald Hibbard. Motion carried unanimously.
One.item not on the agenda was brought to the Board's attention
by Sergeant sedrick. Be announced that a Pension Trustee's
conference was scheduled for June 20 - 22, 1988 at the Grosvener
Resort in Orlando. He recommended that the Board be represented
at this conference, as he felt the information gained would be
valuable to the Board of Trustees. William Horton made a motion
that Sergeant Sed rick attend the conference and that his expenses
be paid from the assets of the police Supplementary Pension Fund.
Motion.seconded by Donald Hibbard. Motion carried unanimously_
There being no further business, the meeting was adjourned at
9:15 A.M.
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RO~~ ~ecretary
Board of Trustees