08/28/1990
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POLICE
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....SUPPLEMENT ARY
PENSION
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Minutes
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A G'E N 0 A
, CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
Meeting of August 28, 1990
1. Approval of the Minutes of the meeting held on April 30,
1990.
2.
Approval of the Request of George F. Mobley for, his Share
Value on his Disability Retirement Date of August 13, 1990
(end of shLft).
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3. Approval1of the Payment of $875 to Southeastern Advisory
Servi~es, Inc. for the Quarter beginning July 1, 1990.
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4. Discussion,of the Change in Definition of Recruit II and its'
impact on Eligibility for Entry into the Plan.
5.
Discussion of the Expiration of Terms of Office of Board
Members.
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6. Notification to the Board of the Deposit of State Check in the
Amount of,$502,955.08.
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7. Distribution of the Monthly Financial Reports from First
Union Bank for the months of April, May, ,June and July
1990.
8. Distribution of the Quarterly Report for the First Quarter qf
1990 from Southeastern Advisory Services, Inc.
9. Approval of Entry into the Plan of the following Recruit II's:
Robert L. Kinchen
David C. Koscielniak
Gregory S. Stewart
Christine M. Collin
Christopher J. Squitieri
David M. Young
8. Other business.
03/24/90
03/24/90
03/24/90
06/02/90
06/02/90
06/02/90
/~rV (-
~IAM SEDRICK, Chairman
Board of .Trustees
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CLF.ARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD AUGUST 28, 1990
A meeting of the Board of Trustees was held on August 28, 1990 at
8:30 A.M. in the training room at Police'Headquarters, 644 Pierce
Street, Clearwater, Florida.
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The following trustees were present:
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Sergeant William Sedrick, Chairman
Roy May, Vice-Chairman
Donald Hibbard, Trustee
Miles Lance, Assistant City Attorney and
Police Legal Advisor
Cindy Hicks, secretary to Chief Klein
was present to record the minutes.
John Dean, Secretary, and William Ho~ton,
, Trustee, were absent.
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Chairman Sedrick' called 'the meeting to order at 8:40 A.M. The
first item on the agenda was the approval of the minutes of the
meeting held on April 30, 1990. A motion was made by Don Hibbard
that the minutes be approved. Motion was. seconded by Roy May.
Motion carried unanimously.
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Item #2 on the agenda was the approval of the request of George F.
Mobley for his share value on his disability retirement date of
August 13, 1990 (end of shift). A Motion to approve George F.
Mobley'S request was made by Don Hibbard. The motion was seconded
by Roy May and carried unanimously. '
Item #3,on the agenda was approval of the payment of $875.00 to
Southeastern Advisory Services, Inc., for consulting service for
the quarter beginning July 1, 1990. Motion to approve the payment
was made by Roy May and seconded by Don Hibbard. Motion carried
unanimously.
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Item #4 on the agenda was a discussion of the change in definition
of Recruit II and its impact on eligibility for entry into the
plan. Chairman Sedrick explained to the Board that the City
Personnel Department has recently changed the definition of Recruit
II so that it now includes applicants who have a four-year degree,
giving them 2 1/2% more pay to start with, even though they will
still have to attend the police academy. The criteria for entry
into the plan presently requires that the employee either be a
Recruit II or Police Officer - that th~ employee has to be state
certified, which ,requires graduation from the academy (or
comparative compliance).
The definition change has not been put in writing yet, and
applicants are verbally informed when they contact the Personnel
Department. There are presently three recruits that have just been
hired that fall into this new classification definition. Chairman
Sedrick is going to draft a memo to Chief Klein requesting
clarification of this change.
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Minutes
Supplementary Pension Fund
Page 2
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Item #5 on the agenda concerned the expiration'of terms of office
of Board Members. The terms of office of Donald Hibbard and Roy
May expire on October 6, 1990. Chairman Sedrick'asked each trustee
if they would be interested in serving another term. Each replied
that they would'. Chairman Sedrick notified the Board that the
terms of office for himself and John Dean would also expire at the
same time. He said that he had talked to John Dean about running
for re-election to the Board. John Dean is not interested in
running' again. Chairman Sedrick said that he would seek re-
election.
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Chairman Sedrick will be sending out a memo to all plan members
regarding holding a meeting to accept nominations for the two seats
on the Board. After the nominees have been determined, a date will
be set for an election. This will all be conducted as soon as
possible due to the deadline of October 6th.
Item #6 on the agenda was notification to the Board of the deposit
of the state check in the amount of $502,955.08. The Board noted
the deposit.
Item #7 on the agenda was the distribution of the monthly financial
reports from First Union Bank for the months of April, May, June
and July 1990.' Board members acknowledged the receipt of the
reports.
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Item #8 on the agenda was approval of the entry into the plan of
the,following certified Recr-uit II's:
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Robert L. Kinchen
David C. Koscielniak
Gregory S. Stewart
Christine M. Collin
Christopher J. Squitieri
David M. Young
03/24/90
03/24/90
03/24/90
06/02/90
06/02/90
06/02/90
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A motion was made by Donald Hibbard that the entry of the recruits
be approved. Motion seconded by Roy May and carried unanimously.
Item #=9 on the agenda was other business. Chairman Sedrick
informed the Board that a former officer who retired several years
ago (1982) on disability pension has been requesting that an
annuity policy that was purchased by the Board in his name at the
time of his retirement be "cashed in. II At the time of the
officer's retirement, the plan was being handled under the previous
insurance policy sys'tem through Provident. Chairman Sedrick
advised the Board that he had sent a letter to Provident (July 10,
1990) requesting information on cashing in the policy, the form to
be filled out, etc., and to date has not received any reply.
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Minutes
Supplementary Pension Fund
Page 3
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Chairman'Sedrick asked Miles Lance to look over the , policy and see
if he could find anything that would preclude this' policy being
cashed in early. Miles Lance said that it appeared to be ,a
standard, annuity policy. Chairman Sedrick that the officer
realizes that there would be a penalty for early'withdrawal, but
he would like to, go ahead with it, if the ,Board 'approves. Miles
Lance said that as long as the previous ordinance would allow this
type o'f early "cash in, II he could' see no problem with it. The
general consensus of the Board was that they would approve the
request, if it fell' wi thin the guidelines of the ordinance in
effect at that time.
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There being no further business, the meeting was adjourned at
9;30 A.M, 1
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WILLIAM SEDRICK, Chairman
for John Dean, Secretary
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