04/30/1990
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POLICE
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SUPPLEMENT ARY
PENSION
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AGE N D A
CLEARWATER POLICE SUPPLEMENTARY ,PENSION FUND
Meeting of April 30, 1990
1. ,Approval of the Minutes of the meeting held on February 21, .1990.
2. Presentation by Susan Mitchell and Tom James, First Union Bank 6f
Florida.
3. Approval of the Payment of $10,858.97 to Henry Kohout for his
Share Value on his DisabilIty Retirement Date of April 2, 1~30
(end of shift).
4. Approval of the Payment of $28,838.69 to David W. Miller for his
Share Value on his Resignation Date of April '7, L990 (beginning
of shift), less applicable 3% penalty for early withdrawal.
'5. Approval of the Request of AlexIs J. Simpkin for her Share Value
on her Disability R~tirement Date of May 2, 1990 (end of 'shift).
,6. Approval of the Request of Peter A. Fire for his share Value on
his Disability Retirement Date of May 9, 1990 (end 'of:shlft).
7.
'Approval of the payment of $875.00 to Southeastern
Services" Inc. for Consulting Service for Quarter
April 1, 1990.
Advisory
beginning
,8. Ratify the payment of'$3,477.27 to First Union National Bank for
the per iod of Januar.y 1,' 1990 to March 31, 1990.
9. Discussion of correspondence received from Torn James, First Union
Bank reference G.I.C. Contracts held In the Clearwater Police
Supplementary Pension Fund.
10. Dlstrlbution of HonthlY,Flnancial Reports from FIrst Union Bank
for the months of February and March, 1990.
11. Approval of the Payment to ChaIrman Will lam Sedrick for Expenses
incurred attending the "Police and Firefighters Trustees' School"
, in Ta llahassee .
12.
Approval of the paymcDt of
Bookkeeping/Secretarial Service
through,September 30, 1990.
$500.00 to Cindy Hicks fot
for the Period of April 1, 1990
:'
13. Distribution of Copies of the Annual Rel)or,t',on'the Plan. '
14. Othe~ business.
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WILLIAM SEDR , Chairman
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION
'MINUTES OF HEETING HELD APRIL 30, 1990
10:00 A.M.
A meetin~ of the Board of Trustees was held on 'April 30, 1990 at
10:00 A.M. in the second floor conference room of Pollee
Headquarters, 644 pierce stieet, Clearwater, Florida.
The follovlng trustees were present:
Sergeant William sedrlck, Chairman
Roy May, Vice-Chairman
John Dean, secretary
Donald Hibbard, Trustee
William Horton, Trustee
Miles Lance, Assistant city Attorney and
Pol~ce Legal Advisor
Cindy Hicks, secretary to Deputy Chief
Desmarais was pr~sent to record the minutes
Chairman Sedric~ called the meeting to order at 10:00 A.M. The
first item on the' agenda was approval of the minutes of the
'meeting held on February 21, 1990. A motion was made by Donald
Hibbard that the minutes be approved and seconded by Roy May.
Motion carried unanimously.
Item 12 on the agenda was a presentation by Susan Mitchell and
Tom James, First Union Bank of Florida. Chairman sedrlck also
included Item ~9, correspondence received from Tom James
reference G.I.C. contracts held in the name of the fuhd, with
this one. Tom James distributed copies of his letter and the
latest quarterly statement. Mr. James informed the Board that
their bank utilized ~n outside company (The Laughlin Group) to
analyze the two G.I.C. contracts currently held by the fund.
Both companies were highly rated. Tom James then continued his
presentation. He revie~ed the quarterly statement with the, Board
also discussed some changes he has made and some he anticipates
making in the stock investments. He also said that he Is
gravitating toward Treasury Bonds.
Mr. James state that he had reviewed the latest quarterly
performance report completed by Southeastern Advisory Services
and is satisfied with their report. At this poInt, Mr. James and
Ms. Mitchell left the meeting.
Item U3 on the agenda was approval of the payment of $10,858.97
to Henry Kohout for his share value based upon his disability
retirement date of April 2, 1990 (end of day). The calculation
of this amount was made ae follows:
Florida National Bank Value (04/02/90)
Fortupe Savings Balance (04/02/90)
Interest
Refund from Southeastern Advisory
Grand Total
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4,564,261.48
+3,410.86
+ .59
+125.00
4,566,347.90
TOTAL DUE (computer calculation)
$10,050.97
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Minutes
Supplementary Pension Fund
'Page 2
A motion to ratify the payment of $10j8S6.97 to 'Henry Kohout for
, his share value based, upon his disability retirement date of
April ,2, 1990 (end of day) was made by John Dean a'nd seconded by
William Horton. Motion cariied unanimou~ly.
Item 1t3 on the agenda ~as appr'ovalof the payment of $28,848.69
to David W. Miller for his share value on his resignation dat~ of
April 7, 1990 (beginning of day), less applicable 3% penaity for
early withdrawal. Calculation was made as follows:
Florida National Bank Value (04/06/90)
Fortune Savings Balance (04/06/90)
Interest
Refund from Southeastern Advisory
Total
4,564,261.48
+1,960.83
+ 1.77
+125.00
4,566,349.08
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Less amount paid to HenrY,Kohout,
'Grand Total
-101858.97,
4,555,490.97
33,409.05
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Computer Calculation:
Penalty 'calculation:
'Regular retirement date: 10/28/94
Resignation date: 04/07/90
Days' short of
regular reti~ement:
11665
1,665 days = 4.65 years (1/665/365.25)
4.56 x 3% (number of years times the 3% penalty for early
withdrawal) = 13.68%
13.68% x 33,409.85 (percentage to be deducted from the
total) = $4,570.36
33,409.85 minus penalty of 4,570.36 = 28,838.69
TOTAL DUE TO DAVID W. MILLER = $28,838.69
A motion to approve the payment of $28,838.69 to David W. Miller
for his share value upon his resignation date of April 71 1990
(beginning of day), less applicable, 3% penalty, was made by
William Horton and seconded by Don Hibbard. Motion carried
unanimously.
Item #5 on th~ ag~nda was approval of the request of Alexis J.
Simpkin for het share value on her disability retirement date of
May 21 1990 (end of 'shift). h motion to approve the request was
made by John Dean and seconded by William Horton. Motion carried
unanimously.
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'Minutes
supplementary Penslon Fund
Page 3
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Item ~6 on the agenda was approval of' the request of Peter ^.
Fire for his 5hare value on his disability retirement date of
Hay 9, 1990 (end of shift). ^ motion to approve the request was
made by John Dean and seconded by William Horton. 'Motion caxried
unanlmously.
.
Item ~7 on the agenda was apprGval of the payment of $075 to
Southeastern Advi50r.y services, Inc., for the Quarter beginning
April 1, 1990. Motion to approve the payment was made by Oonald
Hibbard and seconded by ROy May. Motion carried unanlmously.
Item 18 on the agenda was ratify the payment of $3,477.27 to
First Union Bank for the period of 01/1/90 to 03/31/90. Motion
to approve the payment was made by William Ho~ton and seconded by
John Dean. Motion carried unanlmously.
Item >>10 on the agenda was distribution of the monthly financial
reports from First Union Bank for the months of F~bruary and
Harch 1990. Board members noted the receipt of the reports.
Item 1#11 on the agenda was approval of the payment to Chairman
William sedrlck for expenses incurred attending the "Police and
Firefighters Trustees' Schoolu held in Tallahassee.' Chairman
Sedrick explained to the Board'that at the previous meeting he
had requested approval for funds for the registration to attend
the school, but had neglected to include the price of hIs room.
He is now requesting $100 for the motel room. A motion to
approve the reimbursement to Chairman Sedrick in the amount of
$100 for motel room vas made by Don Hibbard and seconded by John
Dean. Motion carried unanimously.
Item n12 on the agenda was approval ,of the payment of $500 to
Cindy Hicks for bookkeeping/secretarial service for the period of
AprIl 1, 1990 through September 30, 1990. Motion to approve the
payment was made by William Horton and seconued by John Dean.
Motion carried unanimously.
Item H13 on the agenda was distribution of copies of the Annual
Report. Receipt of the report was noted by the Board. .
Item >>14 on the agenda was other business. Chairman Sedrick
advised the Board that he had received information from Attorney
Miles Lance reference the request from the attorney of R.
Kamlnskas' former wife indicating that the ",request is not a
qualified domestic relations order" with regard to the plan and
"any benefits under the plan are not vested until they are due
and payable at Ietlrement and shall not be subject to attachment,
garnlshment or any other legal process." Chairman Sedrlck
advised the Board that he will be drafting a letter to each of
the concerned attorneys furnIshing this information.
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Su~pl~~eritar~'Pension Fund
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