07/20/1989
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POLICE
SUPPLEMENTARY'
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PENSION
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AGE N D A
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
Meeting of July 20, 1989
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1.. Approva,l' of the Minutes 0 f the meet ing held on May 23, 1969.
2. Approval of the payment of. $2,000.00 to Southeastern
Advisory Services, Inc. for Consulting'Service for Period
Ending March 1989 and Historical Data Collection.
3~ .Presentation of Per~ormance Analysis and Riport for Period
End ing March 31, '1989. by Representat i yes of Southeastern
Advlso;y Services, Inc.
4. DiscussIon, of Updated Form ADV, Part II fr6m Southeastern
A~visory Services, Inc.
, 5. Approval of Payment of Share Values to Mark .F. Cairns upon
his Resignation effective July, 10, 1989 (start of work. day).
6. Notification to Board of . DeP9sit of $499,143.16 received
'fr'om. the state. of Flor'ida.,
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7., 'Repot~ Qn Telephone ConveI5atlon Held with Marvin clayton
regarding Performance Evaluation.
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6. Di~ttlbution of Monthly Financial Reports from Florida
National Bank for the months of May and June 1989.
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9. Approve the Entry of six (6) new Officers into the plan:
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Robyn L. Bastin (recruit II)
Jimmy L. Cabaniss (polic~ officer)
Wayne E. Mlllen (po1lce officer)
Michael E. Jacobs~n(recrult II)
Pet~r Tsagaratos (recruit II)
Richard A. Ruby (recruit II)
06-07-89
06-07-89
. 06-07-89
06-21-89
06-21.~89
07-03-B9
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10. Other busIness.
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J WILLIAM' 'SEDRICK, Chairman
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD' JULY 20, 1909
9:00 A.M.
Ameetlng of the Board of trustees was held on July 20,. 1989 at
9:00 A.M. in the second floor conference room of Police
Headquarters, 64 Pierce Street, Clearwatex, Florida.
The following trustees were present:
Sergeant William Sedriek, Chairman
Roy May, Vice-Chairman
John Dean, Secretary
Donald Hibbard, Trustee
William Horton, Trustee
Miles Lance, Assistant 'City Attorney and
Police Legal Advisor
Cindy Hicks, secretary to Deputy Chief
Desmarais was present to record the minutes
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John Dean, Secretary, was unable to attend.
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Chairman sedrick called the meeting to ord~r at 9:00 A.M. The
fIrst lte~ on the agenda was approval of the minutes of the
meeting held on May 23, 1989. Motion was made Donald Hibbard
that the minutes 'be approved. Seconded by william Horton.
Motion carried unanimously.
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Item #2 on the agenda was payment of $2,000.00 to Southeastern
Advisory services, Inc. for consulting service for the period
ending March 1989 and historical data collection. A motl~n was
made by Donald Hibbard to approve the payment. Seconded by John
Dean. Motion caxried unanimously.
Item U3 on the agenda was a presentatLon of the performance
analysis and report ,by Angela sessler, Southeastern Advisory
Service, Inc. The analysis was for the period 'ending March 31,
1989 (the first period to be analyzed by Goutheastern). Mrs.
Sessler explained each section of the report for the Board. she
,stressed that the investments made by Florida National Bank have
been based on a very conservative asset mix at the request of the
Board. Southeaster.n Advisory Services, Inc., is a member of the
Wilshire Cooperative, which is made up of 24 similar firms. The
comparisons listed in the report are with 2,100 other pJnns
(referred to in the report as the "universe~) carried by these 24
firms. Plans are ranked according to returns and like funds are
compared to like funds - equity funds compared to other equity
funds, etc.
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Also 'included in their evaluation was an intervlew wIth the
fund':3 portfolio manager at Florida National Dank (Tom James),.
It was .learned during the Interview that Flbrida National Bank is
'oper~ting under the impression that the Board desired a lower
equity investment. .Board members did not understand this view,
. as they had never iiwtructed Flor id.3 Natiopal Bank to do this,_
The Board's concern Is that th~ investments be handled according
to the provisions of the ordinance - which would allow up to 25'
to be invested in equi ties. Mrs. Sessler suggested" that the
Board meet with Mr. James and reiterate their desires. It was
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Minutes
Supplementary Pension Fund
Page 2
decided by the Board to invite Hr. James and the account manager,
. Dennis Gaines, to attend.
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Mrs. Sessler said that they (Southeastflrn Advisory Services,
Inc.) feel that Florid.l National Bank 18" \nvestlnq the fund's
assets within the guidelines of the state statute.
Roy May suggested to the Board that it would be helpful to
members if the monthly report submitted by Florida National Bank
contained a page summarizing all of the transactions (dIvidends,
purchases, disbursements, etc.) for that partlcularmohth. Board
members agre~d to request this page from' the bank. Discussion
also ensued upon the advisability of supplying a copy of the
'report to Florida National Bank. Hlles Lance said that there"
would be no problem with supplying a copy 'to the bank (although
it .would not be mandatory) and discussing the report with them,
. asking for their reactions/suggestions based upon the contents of
the report. Chairman Sedrick advised the Board that he would
send a letter to Florida National Bank, inviting them to the next
iee~ing of the Board (to be held sometime in. August) and
submitting a copy of the evaluator's report, so that they can be
prepared to discuss it at the meeting.
Roy May also que5tioned ~hat Intcy.e~t is being paid on cash being
held.by Florld~. National Bank. He requested that they be
contacted'for this information.
Mrs. Sessler advised the Board that she would be available the
first part of October to meet with the Board and representatives
from Florida National Bank, if the Board would like to have such
a meeting.
I tern "4 on the agenda concerned a "Form ADV, Par t I I" h: om
Southeastern Ad~isory Services, Inc., to be signed by Chairman
Sedrick. Mrs. Sessler advised that this was strictly a fo~m to
be filed with the Securities and Exchange Commission, telling
what their company does, thei~ fees, etc.
chairman. Sedrick called for a 15 minute break at 10:15 A.M~,
during vhlch Mrs,. Sessler departed.
Meeting was reconven~d at 10:30 A.M.
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Item US ~n the agenda concerned approval of the request of Mark
F. Cairns for payment of his share values effebtive'. on his
resignation date of July 10, 1989 (start of shift). Chairman
Sedrlck 'advised the Boatd that since Mark Cairns was transferring
to the Fire Department (which also has, a supplemental pension
plan), he contacted Marvin Clayton and asked if the money should
be transferred Into ,the firefighters plan or paid directly to
Mark Cairns. Marvin Clayton said that sInce the two funds are
not compatible, the money should be paid directly to Mark Cairns.
Motion to approve the request was made by William Horton,
seconded by Don Hibbard. Motion carried unanlmously.
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Minutes
Supplementaxy Pension Fund
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I~em >>6 concerned notification ~o the Boaid of the receipt of
$499,143.16 from the state of Florida. This money has been
deposited into the money, market account at Fortune Federal,
pending transfer to Florida National Bank. ,ChairmanSedrick
suggested to the Board at $475,655 be deposited wlth'Florld~
Nation~l . B~rik, the remainder to be held in the money market
account to pay Hark Cairns.
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Item 87 concerned a telephone conversation Chairman Sedrick had
with Marvin Clayton" regarding performance evaluations. He
advised that he had called Marvin Clayton to ask him about the
~equirement to advertise the hearing that, the performance
evaluator would attend. Marvin said that that portion of the law
has been overtur~ed; not only do we not have to advertise, 'we
don't have to employ an evaluator. Chairman Sedrick said that he
felt it. vas a good idea to have an evaluator even though it Is
I not required. The' contzact the Board signed is for one year, and
the Board decided to stay ~ith them for that time period.
ItemHa concerned the . dlst~ibutlon of the monthly financial
report from Florida National Bank for the months of May and June
'1989. The Board acknowledg~d receipt of the ~eports.
Item "9 concerned the entry of six (6) new officers into the
plan:
Robyn L. Bastin (recruit II) .' 06-07-89
Jimmy L. Cabaniss (police officer) 06-07-89
Wayne E. Millen (polIce officer) 06-07-69
Michael E. Jacobson (recruit II) 06-21-89
Peter Tsagaratos (recruit II) 06-21-89
Richard lA Ruby (recruit II) 07-03-69
Motion made by John Dean to
seconded by William Horton.
approve their entry into the plan,
Motion carried unanimously.
There being no further business, the mp.etlng was adjourned at
11:50 A.M.
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John Dean~secretary
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