03/05/1991
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POLICE
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SUPPLEMENT ARY
PENSION
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
. Meeting of March 5, 1991
1. Approval of the Minutes of the meeting held on
January 24, 1991.
2. Quarterly Update Report from Bishop
Southeastern Ad~isory Services, Inc..
Smith,
3. Account Update from Tom James and Susan Mitchell,
First Union Bank.
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4.. Introduction and Presentation of Lee Dehner..
5. 'Approval of the
to Joseph R.
Re.tirement Date
and the Payment
Request for Payment of Share Value
DeSantis . upon his Disability
of January 11, .1991 (end of shift)
of $24,179.79 to him.
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6.' Ratify the' Payment of
Advisory Services, Inc.
1991.
$875.QO to 'Southeastern
for the First Quarter of
7. Approval of the Payment of $63,906.96 to Robert E.
Kennedy for his Share Value on his Retirement Date
of January 29, 1991 (end of shift).
8. Distribution of the Monthly Reports from First
Union for the Months of October and November 1990
and January 1991.
9. Distribution of the Fourth Quarter 1990 Report from
Southeastern Advisory Services, Inc.
10. Entry of New Officers into Plan.
11. Other business.
tv~r f
WIL~IAM SEDRICK, Chairman
Eoard of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD MARCH 5, 1991
9:30 A.M.
A meeting of the Board of Trustees was held on March 5, 1991 at 9:30
A.M. In the second floor conference room of Police Headquarters, 644
Pierce street" Clearwater, Florida.
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The following trustees were present:
Sergeant William Sedrick, Chairman
Roy May, Vice-Chairman
Donald Hibbard, Trustee
WIlliam Horton, Tr~stee
Hiles Lance, Assistant City Attorney and
Police Legal Advisor
Cindy Hicks, secretary to Chief Sid Klein was
present to record the minutes
Richard Breest, Secretary was absent
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
January 24, 1991. A motion was made by Donald Hibbard that the mInutes
be approved and seconded by William Horton. Motion carried unanimously.
Item, 82 on the agenda was a presentation by Bi~hop Smith, Southeastern
Advisory Services, Inc. At this point Chairman Sedrick advised Board
members that the fourth quarter report from Southeastern Advisory
,Services, Inc. (Item ~9 on the agenda) was with their packet of
materials for this meeting. Bishop Smith stated that In his opinion
First Union Bank is a good, strong equity manager. Mr. Smith felt that
equity investments should perhaps be a greater percentage of the
investments. Mr. Smith also reviewed their fourth quarter report with
the Board.
Item #3 on the agenda was an account update presented by Tom James and
Susan Mitchell of First Union Bank. Tom James said that he is happy
with the overall return for the year of 7.2 overall or 6%. He is very
happy with the equity rating by Southeastern ^dvisory Services. He
explained that the reason the fourth quarter fixed income was so good in
comparison was because the G.I.C.'s pay once a year - in October. Tom
James distributed copies of asset figures as of the end of February 1991
and discussed same with the Board.
Bishop Smith suggested that the Board might like to look at their
requested asset allocation figures. He distributed three papers on
asset allocation: importance of an investment polley; 2 - historIcal
rates of return; and 3 - historical rates of return chart. Bishop Smith
suggested that the Board might want to put more money In stocks.
Presently have limited First Union Bank to 25\ investment in stocks -
legal limit 50%. Further discussion was held on the investments.
At this point (10:00 A.M.) Lee Dehner arrived (agenda item H4). After
. introductions, Mr. Dehner advised the Board that he had studied the
local ordinance and other paperwork submitted to him by Chairman
Sedrlck. He felt that there were several things that the Board should
consider doing: have a written investment policy statement; obtain
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Minutes
Supplementary Pen5i~n Fund
Page 2
fiducla~y insurance coverage for the Board; add required language to the
agenda.page; have rules and bi-la~s; have a proxy policy statement; and
5~veral other items. In the ensuing discussion, Mr. Dehner advised the
Board that if he was hired to represent the Board, he ~ould recommend
that it be on an hourly basis ($150 per hour and $75 per hour travel
plus miscellaneous ~xpenses). After lengthy discussion, a motion was
made by William Horton to hJr.e Lee Dehner to represent the Board in all
legal matters. The motion was seconded by Donald Hibbard and carried
unanimously.
At 10:50 A.M. Chairman Sedrick called for a brief recess. Tom James,
Susan Kitchell and Bishop Smith departed. The meeting was re-convened at
11:15 A.M.
Item #5 on the agenda was approval of the request for payment of share
'., value to Joseph R. DeSantis upon his Disability Retirement Date of
January 11, 1991 (end of shift) and the payment of $24,179.79 to him.
FIrst Union Bank Value ,01/11/91)
First" Union Bank Accruals (01/11/91)
Fortune Savings Balance (01/11/91)
Interest
Grand Total
TOTAL DUE (compute~ calculation)
5,139,435.42
+83,783.62
+4,318.50
+ 7.16
5,221,554.70
$24,1'79.79
A motion to ratify the payment of $24,1'79.'79 to Joseph R. DeSantis for
hIs share value based upon his disability retirement date of January 11,
1991 (end of day) was made by William Horton and seconded by Donald
Hibbard. Motion carried unanimously.
Item '6 on the agenda ~as to ratify the payment of $875 to Southeastern
Advisory Services, Inc., for the first quarter of 1991. Motion to
approve the payment was made by Donald Hibbard. and seconded by Roy May.
Motion carried unanimously.
Item ~7 on the agenda was approval of the payment of $63,906.96 to
Robert E. Kennedy for his share value on his retirement date of January
29, 1991 (end of shift).
First Union Bank Value
First Union Bank Accruals
Fortune Savings Balance
Interest
Total
(01/29/91)
(01/29/91)
(01/29/91)
Less amount paId to Joseph DeSantis
Grand.Total
TOTAL DUE (computer calculation)
5,255,327.67
+64,858.29
+4,318.50
+18.2~
5,324,522.08
241179.79
5,300.342.29
$63,906.96
A motion to approve the payment of $63,906.96 to Robert E. Kennedy for
his share value upon his retirement date of January 29, 1991 (end of
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Minutes
Supplementary Pension Fund
Page 3
shift) was made by William Horton and seconded by Roy May. MotIon
carried' unanimously.
Item 88 on the agenda was distribution of the monthly financial reports
from First Union Bank for. the months of October and November 1990 and
January 1991. Board members noted ,the receipt of the reports.
Item #9 on the agenda was distribution of copies of the fourth quarter
report from 'Southeastern Advisory Services, Inc. . This was already
acknowledged by the Board (see 'item #2).
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Item #10 on the agenda was entry of new officcrs.into the plan. The
following new officers graduated from the Police Academy and were
eligible for. ,entry into the plan effective 02/16/91: .
John J. Cavaliere; Thomas J. FIsherkelleri Catherine
J. Flaherty; Donald .S. Griffi'th; Larry M. Harbert;
Kevin J. Insco; Gary L. Johnson; Michael P.
Kachurik; Michael A. Mendez; Michael J. stoessel;
a~d Harold W. StanbeIry
A motion to approve theiz entry into the plan was made by Will ram Horton
and seconded by Donald Hibbard. Motion carried unanimously.
Item Ill. was other business. chairman Sedrick advised the Board that
Trustee William Horton appointment to the Board had been approved by the
City CommIssion at their meeting on February 21, 1991.
Chairman Sedrick also advised Board that he and Officer Breest would be
attending the 12th Annual Pollee Officers and Firefighters' Trustees
School in Tallahassee at the end of March. He requested Board approval
for payment of the registration ($160 total) and hotel room for two,
nights ($106 total) for a total amount of $266. A motion vas made by
William Horton to approve the payment of $266 for the school and hotel
room. Motion seconded by Donald Hibbard and carried unanimously.
The~e being no further business, the meeting was adjourned at 12:05 P.M.
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