02/21/1990
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POLICE,
..SUPPLEMENTARY
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PENSION
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Minutes
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AGE'NDA
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CLEARWATER POLI~E SUPPLEMENTARY PENSION FUND
Meeting of February 21, 1990
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1. Approval of the Minutes 'of the meeting held on January
25, 1990.
2. Presentation by Angie Sessler, Southeastern Advisory
,Services, Inc.
3. Ratify the Payment of $46,018.84 to Robert A. Baker,for
his Share Value on hi~ Retirement Date of January 28,
1990 (end of shift).
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4. Approval of the Payment of $1,000 to, Southeastern
Advisory Services, Inc. for the Quarter beginning January
1,'1990.
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5. Ratify the Payment of $3,509.93 to Florida National Bank
for the Period of 10/1/89 to 12/31/89.
6. Ratify the Payment of $40.00 to Florida ,National Bank for
the Prepara~ion of Eight'1099-R Tax Forms.
7. Distribution of the Monthly Financial Reports from
Florida National Bank for the month of January 1990.
'8. Other business.
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WIL IAM S RICK, Chairman
'Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD FEBRUARY 21, 1990
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A meeting of the Board of Trustees was held on February 21, 1990
at 10:00 A.M." in the second floor conference room of Police
Headquarters, 644 Pierce Street, Clearwater, Florida.
The following trustees were present:
Sergeant William Sedridk, 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.
Chairman Sedrick called the meeting to order at 10:00 A.M. The
first item on the agenda was the approval of the minutes of the
meeting held on January 25, 1990. A motion was made by William
Horton that the minutes be approved. Motion was seconded by Donald
Hibbard. Motion carried unanimously.
Item #2 on ,the agenda (presentation by Angie Sessler) was postponed
until the end of the meeting. .
Item #3 on the agenda was ratification of the payment of $46,018.84
to Robert A. Baker for his share value on his retirement date of
January 28, 1990 (end of shift). The calculation of this amount
was ,made as follows:
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Florida National Bank Value (01/28/90)
Fortune Savings Balance (01/28/90)
Interest from Fortune Savings (01/28/90)
Total
4,565,946.00
+1,249.43
29.58
4,567,225.01
$46,018.84
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TOTAL DUE (computer calculation)
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A Motion to ratify the payment of $46,018.84 to Robert 'Baker was
made by John Dean. ,Motion seconded by William Horton and carried
unanimously.
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Item #4 on the agenda was approval of the payment of $1,000.00 to
Southeastern Advisory Services, Inc., for consulting service for
the quarter beginning January 1, 1990. Motion to approve the
payment wa~ made by Donald Hibbard and seconded by Roy May. Motion
carried unanimously.
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Item #5 on, the agenda was ratificaton of the payment of $3,509.93
to Florida National Bank for the period of 10/1/89 to 12/31/S9.
Motion to approve the payment was made by John Dean and' seconded
by William Horton. Motion carried unanimously.
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Minutes
Supplementary Pension Fund
'Page 2
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Item #6
Florida
forms.
carried.
on the ,agenda was ratification of the payment of $40 to
National Bank :ear the preparation of eight 1099-R tax
Motion made by John Dean and seconded by Roy May. Motion
unanimously.
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Item #7 on the agenda was the distribution of the monthly financial,
report from Florida National Bank for the month of January 1990.
Board members acknowledged the receipt of the report.
At this point, Chairrnai\ Sedrick returned to Item #2 on the agenda,
which was the presentation by Angie Sessler, Southeastern Advisory
Services, Inc. Ms. Sessler distributed copies of their report
which reviewed the performance of the fund for the fourth quarter ,
of 1989 and the year of 1989 as a whole. The report also includes
a review of the 3-year period (1987, 1988, 1989). '
Ms. Sessler went over the returns realized for the yea'r - the
returns last year for stocks and bonds were' triple what they
. normally are and she 'urged the Board not to expect this type of
return every year. The fourth quarter was one of extraordinary
growth (4.5%) with the twelve month period showing an overall 13.9%
growth. General discussion was held on the projections for the
stock and bond markets for the coming year. Ms. Sessler explained
the' rest of the report to the Board and answered questions.
Ms. Sessler advised that she felt that the take-over by First Union
National Bank, of Florida should not have much, if any, affect on
the investments being made for the Board.
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Item #8 on the agenda was other business. Chairman Sedrick advised
the Board that the had received information from the State on their
annual seminar on pensions, entitled "Police and Firefighters
Trustees' School" is to be held in Tallahassee on March 20 - 21,
1990. He advised members of the Board that he would be attending
the seminar and asked if anyone else would like to attend.
Chairman Sedrick said the registration was $80 and requested that
the fee be paid by the fund. A motion was made by William Horton
that the registration fee ($80) be paid by the fund. Motion
seconded by John Dean and carried unanimously.
Chairman Sedrick requested that Miles Lance offer an opinion at the
next meeting on the court cases that he 'has for the Board.' Miles
Lance said 'he has not had a chance yet to go over the paperwork but
he will do so in time for the next meeting.
There being no further business, the meeting was adjourned at
10:30 A.M.
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