10/09/1990
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POLICE
,SUPPLEMENT ARY
,:
PENS'ION
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Minutes
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, 4., Ratify the Payment' of $15,031.85 to George F.
'Mobley for his Share Value on his Disabili ty
Retirement Date of August 13, 1990 (end of shift).
5. . Approval of the Request of Michael E. LaFollette
for his Share Value on his Disability Retirement
Date of September 7, 1990 (end of shift) and the
Payment, of $40,854.03 for his Share Value.
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, AGE 'N 0 A
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
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Meeting of October 9, 1990
1. Approval of the Minutes of the meeting held on
August 28,1990.
2. Presentation of Fund Status Report by Susan
Mitchell and Tom James, First Union Bank.
3. ' Notification of Election of Two (2) Board Members
and Introduction of New Member.
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6. Approval of the Surrender of the Annuity
. Policy Held in the Name of Charles W. Butler.
7. Approval of the Payment of $500 to Cindy Hicks for
Bookkeeping Services for the period of October 1,
1990 through March 31, 1991.
, 8. Approval of the Payment of Registration and Hotel
Fees for Chairman Sedrick and Trustee Breest to
Attend the Annual Policeman's and Firefighters J
Pension Administrators' Conference to be Held
October 16-17, 1990.
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9'. Approve the Entry into the Plan of New Police
pfficers.
10. Other business.
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WILLIAM SEDRICK, 'Chairman
Board of Tru~tees
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD OCTOBER 9, 1990
A meeting of the Board of Trustees was held on October 9, 1990 at
9: 30 A.M. in the second floor conference room at Police Head-
quarters, 644 Pierce Street, Clearwater, Florida.
The following trustees were present:
Sergeant William Sedrick, Chairman
John Dean, Secretary
Donald Hibbard, Trustee
William Horton, Trustee
Miles Lance, Assistant City Attorney and
Police Legal Advisor
Richard Breest, Trustee-Elect
Cindy Hicks, secretary to Chief Klein
was present to record the miDutes.
Roy May, Trustee, was absent.
Chairman Sedrick called the meeting to order at 9: 35 A.M. The
first item on the agenda was the approval of, the minutes of the
meeting held on August 28, 1990. A motion was made by Don Hibbard
that the minutes be approved. Motion was seconded by William
Horton. Motion carried unanimously.
Item #2 on the'agenda was a presentation of the fund status by
Susan Mitchell and Tom James, First Union Bank. Susan Mitchell
introduced Tom James and turned over the presentation to him. Tom
James said that he had reviewed the latest 'quarterly report from
Southeastern Advisory Services and was pleased with the evaluation
of the fund. He also commented on the three year overview of the
plan and how it was in the upper 36 percentile of similar plans.
Tom James distributed copies of the report on the account value as
of September 30, 1990. He said that he had maintained a
conservative stance due to the current market volatility. He then
discussed each section of the report and answered Board members'
questions.
At this point Chairman Sedrick called for a brief recess while
Mr. James and Ms. Mitchell departed. The meeting was re-convened
'in approximately 5 minutes.
Item #3 on the agenda Wfl5 election notification by ChaIrman
Sedrick. Chairman Sedrick'advised the Board that he had been re-,
elected to the Board and that Officer Richard Breest had been newly
elected to serve. Officer Breest would be replacing departing
trustee John Dean. The Board thanked Of ficer Dean for his
assistance during his tenure on the Board.
Item #4 on the agenda was ratification of the payment of $15,031.85
to George F. Mobley for his share value on his disability
retirement date of August 13, 1990 (end of shift). A Motion to
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Computer calculation:
40,854.03
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Minutes
Supplementary Pension Fund
Page 2
ratify the payment was made by Bill' Horton. The motion was
seconded by Don Hibbard and carried unanimously.
Item #5,on the agenda was approval of ;therequest of Michael E.
LaFollette for his share value on his disability retirement date
of September 7, 1990 (end of shift) and the payment of $40,854.03
for his shares. The calculation was made as follows:
First Union balance (09/08/90)
First Union Accruals (09/08/90)
Fortune Sa~."ing!:i "balance (09/08/90)
Interest from Fortune Savings (09/08/90)
TOTAL
Deduct check to George Mobley
(dated 09/19/90)
TOTAL
4,478,045.43
156,515.40
+507,521.64
+,681.33
5,142,763.80
-15,031.85
5,127,731.95
Motion to approve the payment was made by John Dean and seconded
by William Horton. Motion carried unanimously.
Item #6 on the agenda was approval of the surrender of the annuity
policy held in the name of Charles A. Butler,. Chairman Sedrick
reminded of the Board of previous discussions held relative to this
matter, including the fact that previous correspondence indicates
that the annuity plan can be cashed in when Mr. Butler turns 50
years of age (at his request) and that he did turn 50 several weeks
ago. All that was necessary at this time was for the Board to
approve submitting the .. surrender II form to Provident Insurance.
The appropriate value of the annuity at the time of receipt will
be calculated by Provident and a check for that amount (less early
withdrawal penalty) will be remitted to the Board. The Board will
then forward the money to Charles Butler. A motion was made by
William Horton to approve the surrender of' the annuity policy on
Charles A. Butler. The motion was seconded by Don Hibbard and
carried unanimously.
Item #7 was approval of the payment of $500 to Cindy Hicks for
bookkeeping services for the period of October I, 1990 through
March 31, 1991. Chairman Sedrick told Board members that this
payman t had not been iI}creased in over 9 years and he plans to
discuss increasing the amount at a future meeting. A motion to
approve the payment of $500 to Cindy Hicks was made by Don Hibbard.
The motion was seconded by William Horton and carried unanimously.
Item #8 on the agenda was approval of the payment of registration
and hotel fess for Chairman Sedrick and Trustee-elect Breest to
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Minutes
Supplementary Pension Fund
Page 3
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attend the Annual Policeman's and Firefighters' Pension
Administrators' Conference to be held in Orlando on October 16-
17, 1990. Chairman Sedrick advised the Board that the amount of
money involved was $150 for both of them to attend. This is an
annual conference that would provide invaluable' information' to
Officer Breast as a new member and would also be good for him (as
Chairman) to attend to find out the most recent information on
laws f policies, ete. A motion was made by William Horton to
approve the payment of up to $150 for hotel fees (no registration
fee involved) for' Chairman Sedrick and Officer Breest. Motion
seconded by Don Hibbard and carried unanimously.
Item #9 on ~he agenda was approval of the entry into the plan of
the following certified police officers and recruit II* on the
indicated dates:
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Scott D. Dawson
Michael R. Kochom
Craig J. McGarry*
09/24/90
09/24/90
09/29/90
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A motion was made by John Dean that the entry of the officers and
recrui t be approved. Motion' seconded by William Horton and carried
unanimously.
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Item #10 on the agenda was other business. Chairman Sedrick led
discussion on the changed interpretation of the Recruit II
classification. Chairman Sedrick reviewed the new interpretation:
as a recruitment tool, newly hired of~icers who possess a 4-year
college degree are hired under the Recruit, II classification
(giving them an approximate 2 1/2 percent higher salary), even
though they are still required to attend the Police Academy and are
not certified by the state until they have graduated from the
police academy. He asked Miles Lance if there should be an
ol-dinance change, and Miles Lance suggested that rather than
changing the ordinance, the Board should simply keep track of the
Recruit II's when they are hired and only allow entry into the plan
of those Recruit II's who have been state certified (have graduated
from the academy). This upcoming class will have four recruits
who fall under the new interpretation.
There 6eing no further business, the meeting was adjourned at
10:15 A.M.
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