05/23/1989
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POLICE
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SUPPLEMENTARY
PENSION
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Minutes
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AGE N.D A
. CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
Meeting of May 21, 1989
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Approval of the Minutes of the meeting held on April 17,.
198~.
Ratification of the Payment of $15,382.58 to Vicki J. Hare
for her Share Values effective on her Resignation Date of'
'May 1, 1989.
2.
Approval of the Agreement between the Board and Southeastern'
Advisory Services, Inc., for Performance Measurement and
Evaluation of the Money Manager.
Approval of the Payment of $3,022.73 to Florida National
Bank for the period of 1/1/89 to 3/31/89.
. Distribution of the Monthly Financial'Report from Florida
National Bank for the month of April 1989~
Other ,Business.
c. ~c-" (
WILL~D~K, Chairman,
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD MAY 23; 1989
9:00 A.M.
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A meeting of the Board of trustees was held on May 23, 1989 at
9:00 A.M. in the second floor conference, room of Police
Headquarters, 64 Pierce street, Clear.water, Florida.
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The following trustees .were present:
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Sergeant William Sedrick, Chairman
Roy Hay, Vice-Chairman
Donald Hibbard, Trustee
William Horton; Trustee
Hiles Lance, Assistant City Attorney and
PolIce L~gal Advisor
Cindy H~cks, secretary to Deputy Chief
Desmarais was present to record the minutes
John Dean, Secretary, was unable to attend.
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Chairman Sedrick called the meeting, to order at 9:00 A.M. The
first item ori the agenda was approval of the minutes of the
',meeting held on April 17, 1969. 'Motion was made by Roy May that
the' minutes be approved. . Seconded by William Horton. Motion
carried unanimously.
.Item U20n the agenda ~as approyal of the payment of $15, 382.58
t~ .'Vicki J. Hare for her share values effective on her
Icsignatlon date of May 1, 1989. Chairman Sedick advised the
Board that the amount due to Vicki Hare was computed as follows:
Regular retirement date would be 06-12-98.
Resignation is effective 05-01-89.
This is 3,329 days (based on 365.25 days per year)
short of a regular retirement.
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3.329 days Is the equivalent of 9.1143082 years (shy of 20)
9.1143082 x 3\ (penalty for early withdrawal) = 27.34291%
27.34291% x $21/171~48 (what the shares would have been
valued at if this had been a regular 20 year retIrement)
= $5,786.90
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$21,1'71.48
$5,'700.90 = $15,382.50
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The amount o~ed to Vicki Hare is $15,382.58. Motion
the payment ~as made by Don Hibbard arid seconded
Horton. MotIon carried unanimously.
to approve
by William
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Item U3 on the agenda concerned the approval of the agreement
bet~een the Board and Southeastern AdvIsory ServIc~5, Inc., for
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Minutes
Supplementary Pension ~Fund
Page 2
(
performance measurement and evaluation of the money manager.
Chairm~n Sedrlc~ advised the Board that Mil~s Lance had reviewed
the agreement and found rio problem with it. Hiles' Lance advised
that his only question concerned the arbitration clause, but ,he
couldn't see ~here we would have that much of a controversy
arise, 50 it should not be any problem. Roy May expressed .hls
concerns that the service meet all the requirements of Florida
state statute 165. Miles Lance said there was no problem with
it. Motion to'approve the agreement was made by William Horton,
.seconded by Don Hibbard. Motion ~pproval unan~mously.
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Item. "4 on the agenda concerned approval of the payment of
.S3,022~73 to Florida National Bank for the period of 1/1(89 to
3/31/89. Chairman ,Sedrlck explained that thIs \l,'as the regular
quarterly manage~ent fee. There.was an additional $25.00 charge
added. to this quarterly fee due to Florida National Bank
preparing five (5) 1988 ,IR~ 1099 for~s for five persons who
received their share values during 1988. Motion to approve the
payment wag m~de by Don Hibbard and seconded by'Roy May. Motion
carried unanimously.
Item #5 concerned the distribution of the monthly.firiancial
:report from Florida National Bank for the month of April 1989.
Distribution of the report 50 noted by the Board.
Under other business, after further discussion of the agreement
with southeastern Advisory Services, Inc., it was decided to
'request that the phrase .llio full compliance with the applicable
Ci ty Ordinance" be added. to their reports to the Board. They
will also be furnished with a copy of the applicable ordinance at
the time .the signed agreement 15 returned .to them. '
There being no further, business, the meeting was adjourned at
9:40 A.M.
(
k, Chairman
Dean, Secretary
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