12/01/1989
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SUPPLEMENTARY.
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PENSION
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
Meeting of December 1, 1989
1. Approval of the Minutes of the meeting held 'on Saptember ~3,
1999.
2. Approval of the Payment of Share Value to Paul A. Carter upon
his Disability Retirement, effective October 13, 1989
($33,242.86), based upon an Agreed upon Averaging of the Total
Plan Value.
3. Ratification of the Payment of $17,989.64 to Charles A. Kettell
for his Share Value based upon his Disability Retirement date of
October 23, 1989.
4. Ratification of the Payment of $44,641.87,to Ernest J. Dowling
for his Share Value based upon his Retirement Date of November
18, 1989.
5. Approval of the Payment of $500.00 to Cindy Hicks for Bookkeeping
Services fro~' 10/01/89 to 03/31/90.
,
6. . Approval of the Payment of $1,000.00 to Southeastern Advisory
Services, Inc. for the Quarter ending September 30, 1989.
7. Ratification of the Payment of $3,444.05 to Florida National
Bank for the Period of 7/1/89 to 9/30/89.
B. Discussion on the Renewal of a USurety Bond ,. Insurance Plan due
on December 2, 1989.
9. Distribution of the Third Quarter Report (period ending September
30, 19~9) prepared by Southeastern Advisory Services, Inc.
10. Distribution of Monthly Financial Reports from Florida National
Bank for the Months of August, September and October 1989.
11. Notification to the Board of the Appointment of Et new Account
Administrator - Susan Mitchell.
12. Approve the Entry of Six (6) New Officers into the Plan:
Fontayne petkoson (recruit II)
Daniel W. Ander~on (recruit II)
Terence 'D. ,Kelly (police officer)
Karin M. Bennett (recruit II)
'Thomas J. Bracalento (recruit II)
Ga~y R. Marx (recruit. II)
John A. Schmalzbauer (police aie)
13. Other Business.
10-28-89
11-03-89
11-03-89
11-04-89
11-04-89
11-04-89
11-06-89
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WILLl.\M
Board of
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"ORICK, Chairman
Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD December 1, 1989
9:00 A.M.
A meeting of the Board of trustees vas held on December 1, 1989
at 9: 00 A. M. in the second floor conference room of Pollce
Headquarters, 644 Pierce street, Clearvater, Florida.
The following trustees were present:
Sergeant William Sedrick, 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 pi~sent to record the minutes
Chairman Sedrlck called' the, meeting to order at 9:0,0 A.M. The
first tte~ on the agenda was approval of the minutes of the
meeting held on September 13, 1989. Motion was made by William
Horton that the minutes be approved and seconded by Donald
Hibbard. Motion carried unanimously.
Item ~2 on the agenda concerning th~ payment of share value to
Paul A. Carter was postponed until late~ in the meeting due to
his being late.
Item #3 on the agenda vas ratification of the payment of
$17,989.64 to Charles A. Kettell for his share value based upon
'his' disability retirement date of October 23, 1989. The
calculation of this amount was made as follows:
Florida National Bank Value (10/22/89)
Less (payment to Carter)
Tota1
4,662,851.07
-331242.66
4,629,604.21
Fortune Savings Balance (10/22/89)
Interest
Less payment to southeastern Advisory
Grand Total
3,410,86
+10.27
-1,000.00
4,632,025.3-1
$17,969.64
TOTAL DUE (cornpute~ calculation)
Motion to ratlfy the payment of $17,989.64 to Charles A. Kettell
for his share value based upon his disability retirement date Qf
October 23, 1989 was made by Donald Hibbard and seconded by,John
Dean. Motion carried unanimously.
Item ~4 on the agenda was ratification of the payment of
$44,64i:87 to Ernest J. Dowling for his' share value based upon
his retirement date of November 18, 1909. The calculation of
this amount was made as follows:
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Minutes
Supplementary Pension Fund
Page 2
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Florida National Bank Valu~ (11/18/89) 4,664,708.18
Less (payment to Carter) -33,242.86
Less (payment to Kettell) -17,989.64
Total 4,613,476.18,
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Fortune Savings Balance (11/18/89)
Interest
2,426.79
, +6,22
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Grand Total
4,615,909.19
$44,641.87
TOTAL DUE (computer calculation)
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Motion to ratIfy the payment of $44,641.87 to Ernest J. Dowling
for his share value based upon hie retirement date of November
18,1989 was made by William Horton and seconded.by Roy May.
Motion carried' unanimously.
Item *5 on the agenda was approval, of the payment of $500.00 to
Cindy Hicks for bookkeeping services from 10/01/89 to 03/31/90.
Motion to approve the payment made by WillIam Horton and seconded
by Donald Hibbard. Motion carried unanimously.
Item' #6 on the agenda was approval of the payment of $1,000.00
to Southeastern Advisory Services, Inc. for the quarter indlng
September 30, 1969. Motion to approve the payment was made by
John Dean and" seconded by William Horton. Motion carried
unanrmou~ ly.
Item #7 on the agenda was ratification of the payment of
$3,444.05 to Florida National Bank for the period,of 07/0189 to
09/30/89. Motion to ratify the payment made by Donald Hibbard
and seconded by John Dean. Motlon carried unanlmously.
Item U8 on the agenda was discussion of the renewal of a "surety
bond" 'insurance' plan which is due on December 2, 1989. Chairman
Sedrick advised the Board that this policy was taken out many
years ago' to insure the integrity (employee dishonesty) of the
board in the amount of $200,000 which is paid every three years.
Miles Lance advised that it would be a good idea to keep the
coveIage.After general discussion, a motion was made by Roy May
to renew the policy for $200,000 and seconded by Donald Hibbard.
Motion carried unanimously.
Item U9 on the agenda wa.s distribution of the'third quarter
report (for the period endIng September 30, 1989) prepared by
Southeastern Adv isory Setv ices, !'ne. Cha lrman Sedr ick adv Ised
the.Board of a telephone discussion he had with Angela Sessler on
the operation of the share plan system. Board members not~d the
recetpt of the report.
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Item U10 on the agenda was distribution of the monthly financial
reports from Florida National Bank for the months of August,
September and October 1989. Board members noted the receipt of
the report.
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Minutes
Supplementary Pension ,Fund
Page 3
Item NIlan the agenda ~a5'notlflcation to the Board of the
appointment of a new Account AdmInistrator by Flotlda National
Susan 'Mitchell. Chal~man sedtick adviaed the Board of a letter
he had received from Florida National naming the new account
ad~ln15trator.' This apparently was a part of the recent merging
of Florida National Bank and First Union National Dank.
Item n12 on the agenda was approval of the entry of seven (7) new
officers .1nto the plan. They are:
Fontayne Petko5on (recruit II)
Daniel W. Anderson (recruit I~)
. Terence D. Kelly (pollee officer)
Karin M. Bennett (recruit II)
Thomas J. Bracalento (recruit II)
Gary ~. Marx (recruit'II)
John A. Schmalzbauer (police of c)
10-28-69
11-03-89
11-03-89
11-04-89
.11-04-89
11-04-69
11-06-89
,..
Motion to approve the entry of the seven officers was made by
'William Horton and seconded by. John Dean, Motion carried
unanimously.
At this point, Chairman Sedrick returned to Item 12 on the agenda
which was the approval of the payment of share value to Paul A.
carter upon his disability retirement date of october 13, 1989 in
the amount of $33,242.86, based upon a agreed upon averaging of
the tot~l plan value. Chairman Sedrick introduced Paul Carter to
the Board. Chairman Sedrick advised the Board why he had asked
Paul Carte~ to attend the meeting.
We did .not find out about Paul Carter's disability retirement
date until well after the fact that his official retirement date
~ould be October 13, 1989. This would mean that we would have to
ask Florida. National to go back to that date and calculate the
value of the plan as of that date. Chairman Sedrlck asked Paul.
carter if "averaging" the value of 'the plan,would be acceptable
to him. This would be done in this manner: We knew the value of
the plan as of 9/30/89 and we had already gotten a value of the
plan as of 10/23/89 (for Charles Kettell), , right in the middle
would be the date for Paul Carter (10/13/89). Chairman Sedrick
.sald. that he called Miles, Lance to see if this \..ould cause a
problem and he said no, as long uS it was agreed to by Paul
Carter.
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Paul carter indicated to the Board that he would agree to the
above described "averaging"of the total value of the 'plan. The
calculation is a follows:
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MinutcG .
Supplementary Pension Fund
page 4
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Florida National Bank Value (09/30/89) 4,536,824.53
Florida National Bank Value (10/22/89) +4,662,851.07
Total
Divided 'by 2 =
Fortune Savings Balance (.10/12/89)
Interest
9,199.675.60
4,599,837.80
3,410.86
+5.65
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Grand Total
4,603,254.31
.$33,242.86
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TOTAL DUE (computer calculation)
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.Chairman sedr lck asked Paul Carter 1 f that amount of, money was
acceptable to him and he said that it was. Motion to approve the
payment of sh~revalue to Paul A. Carter in the 'amount of
$33,242.86 upon his' disability retirement date of' Oc:t:ober 13,
1989 .(based upon an agreed upon a~eraglng of the total plan
value), was made by Donald Hibbard and seconded by WillIam
Horton. Motion carried unanimously.
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Item 813 on,the agenda was other business. John Dean asked if we
maintained current beneficiary forms for plan members. Chairman
SedrIck advised that we do h~ve forms, but they need to be
updated from time td time. Chairman Sedrick said that he will be
se'nding out a memorandum to all plan' members advising them to
update this benefl~iary form.
Under oth~r business, Chairman Sedrick advised that he had
received correspondence from Ray Kaminskast attorney requesting
.that if state law permits, could shares for his former wife be
set aside in her name. The Board felt they should not get
involved in an officerts divorce proceedings. Miles Lance said
tha t' 1 t 1 s not poss 1 ble to set as ide a por t i on for someone who Is
not an actual participant and then let them take it from there.
He w6uld also send a copy of the letters to the Board. Motion
was made by John Dean to have Miles Lance write letters to both
sides 5t~ting .that it is not possible to set aside shares.
Motion seconded by William Horton and carried unanimously.
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There being no further business, the meeting was adjourned at~
9:50 A.M.
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