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" f')?>',',:',' ":, :,C"i ,':',:.", ;::'f)~"};:'~:':~;:~;t:} , .' " ' ." 1. ~ .:P' '~, . '..~. ;~.. : ", ~~ ~>: . , ."!:! . ,. '. . I < ~ ',' t, "',:' ',I " , . : ,;I'i . . .' ':.j ,:'. '." :' .i ~, . < , , ',' .' . , . e,. " .'.1 , , i: Ie:' " ....>.' I,e . J. : jd ;::>J < .:: :,~ ~'~,:.: .' r' " :< ~ ,< .' I . " .". ", \,:' . e ' \ 'e ~tl'fi,'t'-n:.o-J...~..)~tL-I.-,p...!.......,..........t.W,...-l"':\'t1o..J-""''''''''J_. ,'.<, ,,;', ~ ~,,>' . ! \ I', I " . ' ":~;\ ,; e':' " "i:: , . . ." ,:> , : ~ r ,.,.,. "" -'< .. "'r~ '.."" ',.. ~~.""'4 '" AGE N: D A CLEARWATER POLICS SUPPLEMENTARY PENSION FOND Meeting of December 5, 1988 1. Approval of Minutes of the two meetings held on October 7, 1988. 2'. Approval of the request" of James J. Weber for his Share Values on the effective date of his retirement (December 2, 1988). '3. Discussion of Performance Evaluation. , f. Discussion of Correspondence received from provident reference retired officer Charles "Bo" Butler. s--:....\ ~~L), 5. Distribution of Monthly Financial Report from the Month .of. September 1988 and the end of Fiscal 1987/88.' 6. . Approval of the Payment of $2,921.90 the Florida National Bank forthe;periodof 7/1/88 to 9/30/88. 7. Approval. of entry of seven officers into the Supplementary Pension Plan. I . 8. Other business. ~~, WILLIAMS RICK, Chairman Board of Trustees ( ~ .f ! '" , ". " ~ ' '+' .:, ~ .... ~ . h " t , :i. ":. .". .," , '" " < " . L ":'" .;:1 ~": " , . '~ ; , ". . , . .' . , If, ,. . " ~'o ' . >, ' ' ..-l"I':~"-./J '"~,~~ "c' ,I, . ~~,~ r, .' " d.....'.,' .. .. ~,I '/. ~ ' r~, ~ ,. y> . CLEARWATER POLICE SUPPLEMENTARY PENSION MINUTES OF MEETING HELD DECEMBER 5, 1988 9:00 A.M. A meeting of the Board of Trustees was.held,on December 5, 1988 at 9:00 A.M. in the second float conference room of Pollce .Headquarters, 644 pierce street, clearwater, Florida. ,The followIng trustees were present: Sergeant William Sedrick, Chairman Roy Ma~f Vice-Chairman JohnD~~n, Secretary ,nona~d Hibbard, Trustee Mll~s Lance, Assistant city Attorney and Police Legal Advisor cindy Hicks, secretary to Deputy Chief Desmarais was present to record the minutes william Horton, Trustee was not present. . , . ' BIll Moyle, Trust Officer, Florida National Bank and 'Tom James, Investment Counselor, Florida National Bank ~ere also In attendance. Chairman Sedrick called the .meeting to order at 9:00 A.M. The first item on the agenda was approval of the minutes of the two meetings held on October 7, 1988. Motion was made by Roy May that the minutes of both meetings be approved. Seconded by John Dean. Motion carried unanImously. '-' The ~econd item on the agenda was approval of a request from James J. Weber for his share values on the effective date of his retirement, which was December 2, 1986 (end of work day). Discussion was held regarding the amount of money due Sergeant Weber, which cannot be calculated until the value of the plan as of the end of the day on December 2nd can be determined by Florida National Bank. Upon receipt of the information from Florida National, that figure will be added to the total in the checking account at Fortune Federal (Clearwater). The total of these two figures will be entered into the computer to determine the amount due sargeant Weber. The amount of money is estlma~ed to be around $47,000. BlIl Moyle and, Tom James explained the ~roblems Florida'National will encounter In determining the value of the plan on any given day. They' suggested making the determination on the value of the plan to the nearest end of month value of the plan, which would be easier for them to determine. In order t6 calculate the value in that manner, ;{\C::~(I:' .; i" ': -:: ,,:' , ;; :. .", ,:' " '" " : ,e ." '.1'...'.'...".....1, ", ,'1 Minutes to Meeting Held December 5, 1988 I?a ge 2 another amendment to the ordinance would be required according to Attorney Miles Lance. Therefore, it was decided to determine the value according to the present ordinance (according to the actual date of retirement). A motion to authorize the payment of approximately $47,000 to retired Sergeant James J. Weber vas made by Don Hlbuuzd. The motion ~as seconded by Roy HdY and passed unanimously. (The amount of money actually paid is to be ratified at the next meeting of the Board.) Discussion was held on a non-agenda presentation may by'Mr. James. His presentation consisted of an overview of investments ~ade by Florida National Bank. He stated that the breakdovn is, as follows: Cash = 18\; Bonds & GIC's = appr~ximately 70%; stocks = 11.5% at ,the present time. cash flow is running about $250,000 to $300,000 per year. Questions from trustees vere answered .relatlve to present investments and future possibilities. , '.., ",~' At this point in the meeting, Chairman Sedrick called a brief recess (of approximately 5 minutes) duririg which Mr. James and Mr. Moyle departed. The meet Ing re-convened with i tern >>3. ,I tern H 3 on the agenda concerned a discussion of the equipment for a performance evaluation on the money managers (since they have been in charge of the funds). This evaluation is required every three years (this Is the first time that it has bA~n required) by state law, which also sets the required standards. After discussion, it was decided to limit the number of evaluators to be considered for the jo6 to five and to limit those five to local (within the state of Florida or having a branch office within the state). It was also decided to look 'for a company that would offer a flat fee for this service. A motion was made by Roy May to limit the number of evaluators constdered for the job to 5; to require that they be located within the state' of Florida (or have a branch office within Florida); and to require a flat rate up front. Motion was seconded by John Dean and carried unanimously. A second motion was made by Roy May for the Board to contact Dan Deignan (City Finance Director) to determine which firm does the evaluation on the City's pen~ion plan. Motion seconded by Don Hibbard and carried unanlmously. Item ~4 on the agenda concerned correspondence received from Provident Insurance reference retired officer Charles' "Bo" Butler'. Dlsc~ssion was held regarding his request to cash In his ~nnulty insuran~e pollcy. Chairman Sedrick explained to the Board members that there is nothing that w~ can do. The Board is j , -...' I' . ~ ., .'. (,; :' ~ ."~.,' . .. " " t'tllNi.;'(,(:">, ,. . ; . . .' .' .(fllt.;:" ...., " \t~~l.~',~:': ~ < ~ . ..> .' / , "~ ~/ () Minutes to Hce ting Held December 5, 1988 ", ~.' Page 3 the owner of the policy on M~. Butler which ~as purchased at the time of his retirement in accordance with the ordinance that was in e'ffect at that 'time. (Purchasing an annuity insurance polley is the manner in which disability pensions were handled at the time that Mr. Butle~ retired - over six years ago.) Also under that ordinance, n particIpant could not receive money for a disability retirement until he reached age 50 which in Mr. Butler's case will be In approximately 1-1/2 years. Based on advice from MIles Lane, a motion was made by Roy May that we' write a .letter to Provident Insurance telling them that under " city ordinance, we cannot make any change In the annuity purchased for charles Butler. The motion was seconded by John Dean anacarried unanimously. . ..... Item #5 concerned the report for the month year report for 19~7/8a. ear.lier at the time of ~ames and Mr. Moyle. Item #6 was approval of the National Bank for the period by Don Hibbard to ratify the Dean and carried unanimously. distribution of the monthly financial of september 1988 and the end of fiscal Discussion on the reports was held the financial presentation made by Mi. , . , payment of $2,921.90 to Florida of 7/1/88 to 9/30/88. Motion made payment. Motion seconded by John Item #7 was approval of supplementary pension plan. the entry of seven officers into the The new members are: Michael E. Harrell Lawrence J. palombo Jose A. Reid Jack st. Hilaire James D. steffens Peter V. Vilardi Faye A. Wilkinson 10-22-88 (employment date) 10-15-88 (employment date) 11-16-88 (employment date) 10-24-88 (employment date) 10-22-88 (employment date) 12-05-88 (employment date) 11-07-88 (employment date) A. motipn to approve their entry into the plan was made by John Dean. Motion seconded by Don Hibbard and carried unanimously. Item H8 on the agenda was other business. trustees should closely scrutinize the monthly submitted by Florida National Bank. Roy May noted that financial reports There being no furthet business, the meeting was adjourned at 10:20 A.M. ...........,J JOh~&~tarY (. " . . . :: .' .... . . ','. .':: i ' .' .::;'.::..... .: ,;.: ':" . 'I.','. Y. <. ::'.::.;. "':!:.~': ;..) : :i.' >:'" ~:/.....<';;..:\:../.: ;.: :~.::;:<:>:.; <\~~:. ~'.; J'.. ~ ;::;.,~.:. ," ::'~ !;::'.; :: :.':'..i., :,:~.:... ::.'./<.~,\'~ . '. :. .' "',,' :' """."""<'1"'.'" .....i..--,<.~.\ .:~t..:..,I'\"'.I'I',~'.",;":".",, ~'.""':...: '. :." I ':..:.' , ,\.~,l. ,',.',', .. 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