10/01/1991
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POLICE
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SUPPLEMENTARY,
PENSION
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Minutes
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DATE
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AGENDA
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CLEARWATER POl.ICE SUPPLEMENTARY PENSION FUND MEETING
POLICE HEADQUA~TERS, SECOND FLOOR CONFERENCE ROOM
y,
October 1, 1991
10 a.m.
1. Approval of the Minutes of tpe'Meeting held 'on July 31,
1991.
, '
2. Quarterly Performance Report by
Southeastern Advisory Services, Inc.
Bishop Smith,
3. Policy Investment Statement - Lee Dehner.,
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4. Ratify the Payment of $46,652.37 to Raymond L. Piper
for his Share Value, upon his Job-Related' Disabili ty
Retirement Date of July 29, 1991. '
5. Distribution of the Monthly Reports 'from First Union
Bank for the Months of July and August.
6. Other business.
. ~~
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'~ILLIAM SEDRICK, CHAIRMAN
Board of Trustees
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE BOARD,
WITH RESPECT TO ANY MATTER CONSIDERED AT THE MEETING OR,
HEARING, HE WILL NEED A RECORD OF THE PROCEEDINGS, AND THAT,
FOR SUCH PURPOSE, HE MAY NEED TO ENSURE THAT A VERBATIM
RECORD OF THE PROCEEDINGS IS MADE, WHICH RECORD INCLUDES THE
TESTIMONY AN EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED.
, I
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CLEARW A TER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD OCTOBER 1,1991
10 a.m.
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A meeting of the Board of Trustees was held on October 1, 1991 at 10 a.m. in the second
floor conference room of Police Headquarters, 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 Horton, Trustee
Lee Dehner, Attorney for the Board
Cindy Hicks, ~ecretary to Chief Sid Klein was present to record the
minutes.
Chairman Sedrick called the meeting to order at 10: 10 a.m. The first item on the agenda
was approval of the minutes of the meeting held on July 31, 1991. A motion to approve the
minutes was made by Donald Hibbard and seconded by William Horton. Motion carried
unanimously.
Chairman Sedrick then went to Item #4 on the agenda, ratification of the payment of
$46,652.37 to Raymond L. Piper for his share value upon his job-related disability
retirement date of July 29, 1991. A motion to ratify the payment was made by William
Horton and seconded by Richard Breest. Motion carried unanimously.
Item #5 on the agenda was distribution of the monthly reports from First Union Bank for the
months of July and August 1991. The Board acknowledged receipt of the reports.
Item #6 on the agenda was other business. Chairman Sedl;ck advised the Board that he and
Richard Breest had made reservations to attend the 23rd Annual Police Officers and
Firefighters Pension Administrators Conference to be held in Orlando on October 16-17.
Chairman Sedrick invited other Board members to attend the conference which was met with
a negative response. Chairman Sedrick thl~n requested that the Board approve payment of
the fee for their hotel room. Motion to approve the payment made by Donald Hibbard,
seconded by William Horton. Motion carried unanimously.
At this point in the meeting, Chairman Sedrick went back to Item 112 - quarterly performance
report by Bishop Smith - and Item #3 - policy investment statement by Lee Dehner. The
draft investment policy statement was discussed jointly by Bishop Smith and Lee Dehner with
the Board. Lee Dehner also distributed copies of a draft "Operating Rules and Procedurestt to
Board members for their review for the next meeting.
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Minutes
Supplementary Pension Fun'd
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At 11: 15 a.m. the Board too~ a 10 minute break and then returned to the discussion of the
draft investment policy statement. After discussion and some revisions to the dr-aft,' Board
members agreed to have Bishop Smith prepare the policy investment statement with the
recommended revisions in final format for the next meeting. '
Further discussion was held on the performance of the plan money manager (First Union)
, over the past 5 years. Based upon' his evaluation over this period, Bishop Smith
recommended that the retention of the present money manager be re-evaluated. After much
discussion, the Board decided to search for a mo'ney manager who will be required to operate
within the confines of the "policy investment statement." A motion was made by Roy May
that pursuant to the recommendation of the performance monitor, the Board conduct a search
for a money manager. Motion seconded by William Horton and carried unanimously.
, I,
Chairman Sed rick brought up the issue of the contract with Southeastern Advisory Services
and, the amount of work. they have done for the Board. Bishop Smith submitted a proposed
new contract which would include a rate increase. A motion to retain Southeastern Advisory
Services per the proposal submitted by Bishop Smith subject to the contract being executed as
agreed upon and in a form acceptable between the board's attorney and 'Bishop Smith was
made by William Horton and seconded by Richard Breest. Motion carJjed unanimously.
Bishop Smith advised the Board that he would submit a draft "request for proposal" to be
mailed to prospective qualified managers. The proposals will be submitted to Southeastern
Advisory by those qualified for scrutiny.
There being no further business, the meeting was adjourned at 12: 15 p.m.
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,RICHARD BREEST, Secretary
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