01/24/1991
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'POLICE
SUPPLEMENT ARY
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PENSION
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Minutes
DATE
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AGENDA
'CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
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Meeting of January '24, 1991
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1. Approval of the Minutes of the meeting held on
October 9, 1990.,
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2.
Quarterly Update Report. from Bishop
Southeastern Advisory Services, Inc.
3. Selection of. Chairman, Vice-Chairman and Secretary
of the Board of Trustees.
Smith,
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4. 'Ratify the Payment of $875.00 to Southeastern.
Advisory Services, Inc. for the Fourth Quarter of
1990 .'1 '
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5. Approval of the Request of Robert E. Kennedy for
his Share Value on his Disability Retirement Date
of January 29, 1991 (end of shift).
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6. Distribution of the Monthly Reports from First
Union for the Months of AU9ust, September. and
December 1990.
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7. Distribution of the Third Quarter 1990 Report from
Southeas.tern Advisory Services I Inc.
8. Discussion on Increase in Payment for Bookkeeping
Services.
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9. Entry of New Officers into Plan.
10. Other business.
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WILLIAM SEDRICK, .Chairman
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD JANUARY 24, 1991
A meeting of the Board of Trustees was held on January 24, 1991 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
Roy May, Vice-Chairman
Richard Breest, Secretary
Donald Hibbard, Trustee
William Hortoni Trustee
Miles Lance, Assistant City Attorney and
Police Legal Advisor
Cindy Hicks, secretary to Chief Klein
was present to record the minutes.
Chairman Sedrick called the meeting to order at 9:30 A.M. The
first item on the agenda was approval of the minutes of the meeting
held on October 9, 199 0 . A motion was made by Don Hibbard to
approve the minutes. Motion was seconded by William Horton and
carried una~imously.'
Item #2 on the agenda was a quarterly update report from Bishop
,Smith, Southeastern Advisory Services, Inc. Chairman Sedrick
advised the Board that Mr. Smith had notified him that he could not
attend the meeting due to a prior commitment. Chairman Sedrick
advised the trustees that he had forwarded them copies of a letter
from Bishop Smith on the status of the plan for the last quarter
of 1990.
Chairman Sedrick advised the Board that at this point he wanted to
move to Item #lO on the agenda (other business). He advised the
Board that Bill Horton's term of office had expired and asked Bill
if he would like to retain his position. He advised that he would.
Chairman Sedrick asked the other members of the Board if they would
like to nominate someone for the position or if they would like to
retain Bill Horton. By unanimous decision, the Board voted to
retain Bill Horton. Bill thanked the Board for their vote and
accepted re-appointment. Chairman Sedrick advised that he would
have the proper paperwork prepared for the City Commission to
ratify the appointment.
Chairman Sedrick returned to Item #3 on ,the agenda which was
selection of the Chairman, Vice-Chairman and Secretary to the
Board. The present Chairman and Vice-Chairman agreed to serve
another term in their offices. By unanimous decision, the Board
selected Officer Richard Breest as the Secretary.
Item #4 on the agenda was ratification af the payment of $875.00,
to Southeastern Advisory Services, Inc. Chairman Sedrick advised
the Board that he 'would contact Bishop Smith about submitting their
quarterly reports in a more timely manner, as the report for the
quarter ending December 31, 1990 has not yet been received. A
motion to ratify the payment was made by Roy May. The motion was
seconded by Don Hibbard and carried unanimously.
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"Minutes
Supplementary Pension Fund
Page 2
Item #5 on the agenda was approval of the request of RobertE.
Kennedy for his share value on his disability 'retirement date of
January 29, 1991 (end of shift). It was noted by the Board that
their was an error in the agenda item, as the pension for Robert
Kennedy is a reqular pension, not a disability pension. Upon
noting this correction, a motion was made by Bill Horton to approve
the requested" pension payment. The motion was seconded by Don
Hibbard and was approved unanimously.
Item #6 was distributi"on of the monthly reports from First Union
for the months of August, September and December 1990. Receipt of
the reports was noted by the Board. Chairman Sedrick advised that
due to some type of computer error, the reports for the months' of
October or November 1990 were not received. First Union will be
submitting a duplicate set of reports within the next week.
Item #7 on the agenda was distribution of the third quarter 1990
report from Southeastern Advisory Services, Inc. The Board
acknowledged receipt of the report.
Item #8 was discussion of an increase in payment for bookkeeping
services for Cindy Hicks. After Mrs. Hicks left the room,
discussion was held I noting the length of time since the last
increase (April 1981). After discussion, it was agreed by the
Board that the payment should be increased to $850.00 semi-
annually. ,Mrs. Hicks returned to the meeting and thanked the Board
for the increase.
Item #9 on the agenda was approval of the entry into the plan of
the following certified police officers on the indicated date:
Sheila M. Waters
Alaric T. Welke
11/17/90
11/l7/90
A motion was made by Bill Horton that the entry of the officers be
approved. The motion seconded by Don Hibbard and carried
unanimously.
Item #10 on the agenda was other business. Chairman Sedrick
advised the Board that it had come to his attention that questions
had been raised about administration of the plan by the City of
Clearwater as opposed to the present operation. Chairman Sedrick
requested permission from the Board to have a pension attorney, Lee
Dehner (of Christian, Dehner and Watts in Sarasota) review the
plan. After discussion, the Board: unanimously agreed to have
Mr. Dehner review the plan.
There being no further business, the meeting was ad journed at
10:25 A.M.
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Richard Breast, Secretary