04/05/1989
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"POLICE
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SUPPLEMENTARY
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,PENSION
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Minutes
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AGE N 0 A
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
Meeting of April 5, '1989
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1. Approval of the Minutes of the meeting held ori January 31,
1989. '
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2. Introduction of Dennis M. Gaines, Florida National
Bank - new account manager.
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3. Presentation by Bishop Smith, Southeastern Advisory
servlces,' Inc., regarding Peformance Measurement and
Evaluation of Money Manager.
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4~ Ratification of the payment of $14,633.49 to Dennis L.
Babini for his Share Value effective on his retirement
(disability) date of February 15,1989 (end of day).
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5.
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Approval of the payment of ' $46.46 to James J. Weber for
additional share values due him (caused by error in previous
calculation). '
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,6.. ' 'Ratification ,of the payment of $40,924.64
.. MCNell~y for his Share Values on the effective
reti~ement, end of day, January 31, 1989.
7. Approval of the Payment of $500.00 to Cindy Hicks for
Bookkeeping Services from 4/1/89 to 9/30/89.
to John H.
day of his
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8~ Discussion of City ordinance 4782-69 reducing the rate
of premium tax to .85%.
9. Distribution of Monthly Ftnanclal Report from Florida
National Bank for the 'months of January and February 1989.
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11. Approval of the payment of $3,020.96 to Florida National
Bank for the Period of 10/1/88 to 12/31/88.
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10. Approval of the Entry of Seven (7) Officers into the
Supplementary Pension Plan.
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11. Other business.
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WILLIAM SE~, Chairman
''''~' . Board ..of Trustees
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',,,,,,I CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD APRIL 5. 1989
9:00 A.M.
A meeting of the Board of Trustees was held on April 5, 1989 at
9:00 A.M. in! the second floor conference room of Police
Headquarters, 644 Pierce street, clearwater, Florida.
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The following trustees were present:
Sergeant William ,Sedrick, chairman
Roy May, Vice-chai~man
John Dean, Secretary*
Donald Hibbard, Trustee
William Horton, Trustee
Mlle~ Lance, Assistant city Attorney and
PolIce Legal Advisor
cindy Hlck~, secretary to, Deputy Chief Desmarais
vas present to record the minutes
*Arrived a few minutes late.
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chairman sedrlck called the meeting to order at 9:00 A.M. The
first item on the agenda was approval of the minutes of the
me~ting held on January 31, 1989. Motion was made by Don Hibbard
that the minutes be approved. Seconded by William Horton.
Motion carried unanimously. '
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Item >>2 on the agenda was the introduction of Dennis M. Gaines,
'Florida .National Bank, the new account manager. Mr. Gaines
greeted the members of the Board and discussed the recent "take
over"of Florida National Bank by First Union. Mr. Gaines felt
that no changes would be forthcoming that vould affect our
account. He had two 'questions from Tom James (investment
counselor) on the most recent ordinance amendment. The first
question vas "Can the pension funds be invested in Fannie Maee or
Ginnie Macu?" Chairman' Sedr lck stated that if they are
guaranteed as to 'principle and interest by the United states, it
is alright. Miles Lance concurred. The second question was
regarding section 3{3a), the section on buying stocks, the Board
can buy stocks that are on any of the recognized stock exchange-
since !lover the counter" is not technically an exchange, is it
alright to deal with them? Miles Lance stated that as long as it
meets one of the standards listed in Florida State'statute
185.061. Chairman'Sedrlck asked Mr. Gaines'ahollt the compilation
of account value on a given date, 1.e. when someone retires, how
much time 15 needed to compute the figures. Mr. Gaines stated at
least two weeks. Chairman Sedrlck also agked Mr. Galhes lf there
Is some limit on the number of computations we can receive
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MInutes
Supplementary Pension Fund
Page 2
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annually. Bill Hoyle had given us a figure of 6 per year. Is
this figure correct? Mt. Gaines said that he felt he could work
~lth us on that figure a~ ~ome years more personnel would retire
than others. 'The Board had no further questions, and Hr. Gaines
left.
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Item 83 on the ,agenda concerned a presentation by Bishop smith,
Southeastern Advisory services, Inc., reg~rdlng performance
measurement and evaluation of our money manager. Mr. Smith
distributed an overview of their proposal to members of the
Board.
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Hr~ Smith advised Board members that they are
independent company, not p~rt of a national firm.
a registered investment advisory firm with the
Exchange Commission, as are the money managers.
Their proposal includes starting at the beginning of our
investment history with Florida National Bank and tracing their
performance for the entire time that they have handled our
account. Their evaluation includ~s quarterly reports. Hr. Smith
discussed their proposal and answered questions from Board
,members. After discussion, Mr. ,Smith left the meeting and a
brief break was held.
a completely
They are also
Securities and
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(Mr. Hibbard left the meeting at this poInt also-10:OO AM, due to
a previous commitment.)
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The meeting ~as resumed at approximately 10:15 AM. Further
discussion was held on the selection of a performance evaluator.
Chairman Sedrick is to contact some of Southeastern Advisory
Services' clients to ascertain if they have saved them money, how
they like the service, if they have a written statement of goals,
etc. The companies are to be picked at random from the supplied
list. Discussion was also held on whether to have presentations
from any other evaluators. Hiles Lance advised the Board that
there is nothing that precludes the Board from selecting an
'evaluator after having only one presentation. After much
discussion, it was decided that a decision ~ould be delayed
until Monday, April 17th, when another meeting would be
scheduled. At that time" Cha!rman Sedrick would advise the
Board of the results 0,1: hls informal survey and ,'1 decision would
be made on any further presentations.
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Item #4 on the agenda, was ratification of the payment of
$14,633.49 to Denn10 L. Bablni Eot his share value effective on
his retirement (disability) date cif February 15, 1989 (end of
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Minutes
Supplementary Pension Fund
~age 3
day). Motion made by Roy May. Seconded by John Dean. Motion
was approved unanlmously.
Item >>5 on the agenda was ratification of the payment of $46.46
to James J. Weber for additional share values due him caused by
an error In previous calculation. The employment year of an
officer was inadvertently entered incorrectly in the computer (by
two y~ars). In xe-figuring the amount due, it was determined
that Sergeant Weber was due an additional $46.46. Motion made by
William Horton. Seconded by Roy May. Motion carried
unanimously.
Item >>6 on the agenda ,was ratification of the payment of
$40,924.64 to John H; MCNeilly for his share values effective on
the day of his retirement, January 31, 1905 (end of day). Motion
made by John Dean. Seconded by William Horton. Motion carried
unanimously.. ,
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Item >>7 ,on the agenda was approval of the payment of $500.00 to
Cindy Hicks for bookkeeping services from 4/1/89 to 9/30/89.
Motion made by William Horton. Seconded by John Dean. Motion
carried ,unanimously.
Item H8 concerned discussion of City Ordinance 4782-89 reducing
the rate of premium tax to .85%. Chairman Sedrick advised the
Board that the state Legislature mandated this change.
Item U9 on the ugcnda concerned the distribution of the monthly
financial reports from Florida National Bank for the months of
January and February 1989. ReceIpt of these reports was noted by
members of the Board.
Item U10 on the agenda was
to Florida National Bank for
Motion made by John Dean.
Motion carried unanimously.
approval of the payment of $3,020.96
the period of 10/1/68 to 12/31/88.
Motion seconded by William Horton.
Item U11 was approval of the entry of seven (7) officers into the
supplementary pension plan. The ne~ members are:
Elizabeth Alvarez
stephan A. Hole
Bryan, C. Mako'Wsk i,
John W. Smith
03-27-89
03-27-09
03-27-09
03-27-09
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(Date of 03-27-09 1~ the date the abov~ officers
graduated from the Pollee Academy and' were promoted to
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Minutes
Supplementary Pension Fund
Page 4 '
the rank of Recruit II.)
New police offlcera hired effective 04-03-89:
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James A. Houck
Rhett R. Morgan
Linda J. Stverak
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~ ,motion to approve their entry into the plan was made by William
Horton. I Motion seconded by Roy May and carr led unanImously.
Item #12 on the agenda was other business. Chairman Sedrick
advised the Board that there had been a ~roblem in calculating
the amount of money owed to Dennis Babini for his share values.
The city Personnel Department' had changed DennIs Babini's
retirement from Februa~y 23rd to F~bruaty 15th.' This was done
after a letter had been sent to Florida National Bank requesting
the calculation. Chairman Sedrlck salo that he did a rough
calculation of the difference and found that it would only be
approximately $13.00 in Dennis Bablnl~s favor and that Florida
National would charge us $150 (based on what Florida NatIonal had
told us before) to r~-calculate the fund value. He thought we
could go ahead and use the value of February 23rd and a
retirement date of February 15th. Chairman Sedrick advised that
he'contacted Marvin Clayton in Tallahassee and asked him about
it. Mr. Clayton advised that he could see no problem with it as
long as it was approved by the Board. The figures used for the
calculation were the fund value'as of February 22, 1989 (end uf
day) and account value, including ,interest, at Fortune Federal
through February 15, 1989.
Chairman Sedriek advised the Board that Kathy S. Rice, new
assistant city manager of administration, has shown interest in
our pension fund. She has requested copies of all the minutes
and agendas for the past year.
John Dean advised the Board that he 1s going to attempt to create
some type of informal information packet on exactly what
supplementary pension is, etc., for officers who have questions
about it.
John Dean brought. up a que~tion regarding the DeSantis
reinstatement. ChaIrman Sedrlck advised that he understood that
Sergeant Desant Is 1 s to return ta :war k on, Apr i 1 10, 1989. 1 t is
unknown exactly, what date ls to be used, for supplementary
pension. It was decided to wait and see what the regular City
Pension Board does.
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