01/28/1992
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POLICE
'SUPPLEMENT ARY
PENSION
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Minutes
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AGErsDA
CLEARW A TER POLICE SUPPLEMENTARY PENSION FUND MEETING
POLICE HEADQUARTERS, SECOND FLOOR CONFERENCE ROOM
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January 28, 1992
9 a.m.
1. Approval of Minutes of the Meeting held on December Ig, 1991.
2. Discu'ssion and Selection of Money Manager.
3. Approval of the Request of James E. Mehr for his Share Value upon his Job-Related
Disability Pension date of January 10, 1992 (end of shift).
4. Approval of the Request of Daniel J. O.Connell for his Share Value upon his Job-
Related Disability Pension date of January 24, 1992 (end of shift).
5. Approval of the Request of Thomas A. Pailes for his Share Value upon his Job-
Related Disability Pension date of January 24, 1992 (end of shift).
6. Approval of the Request of Thomas A. Pudelski for his Share Value upon his Pension
date of February 3, 1992 (end of shift).
7. Approval of the Request of Terry G. Byrd for his Share Value upon his Pension date
of February 6, 1992 (end of shift).
8. Approval of the Request of Former Officer Monty L. Krysko to Cash-in the Annuity
Policy held in his Name (less penalty for early withdrawal).
9. Distribution of Monthly Reports from First Union Bank for Months of November and
December 1991.
10. Other Business.
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WILLIAM SEDRlCK, CHAIRMAN
Board of Trustees
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY TIlE BOARD, WITH
RESPECT TO ANY MATTER CONSIDERF.D AT THE MEETING OR HEARING, HE
Wll..L NEED A RECORD OF TIlE PROCEEDINGS, AND THAT, FOR SUCH
PURPOSE, HE MAY NEED TO ENSURE THAT A VERBATIM: RECORD OF THE
PROCEEDINGS IS MADE, WHICH RECORD INCLUDES TIlE TESTIMONY AND
EVIDENCE UPON WHICH TIlE AI)PEAL IS TO BE BASED. .
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD JANUARY 28, 1991
9 a.m.
A meeling of the Board of Trustees was held on January 28, 1992 at 9 a.m. in the second
floor conference room of Police Headquarters', 644 Pierce Street, Clearwater, Florida.
The following trustees were present:
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Sergeant William Sedrick, Chairman
Roy May, Vice-Chairman
Richard Breest, Secretary
Donald Hibbard, Trustee
William Horton, Trustee
Lee Dehner, Attorney for Board
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Guest: Bishop Smith, Southeastern Advisory Services, Inc.
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Chairman Sedrick called the meeting to order at 9 a.m. The first item on the agenda was
, approval of the minutes of the meeting held on December 18, 1991. A motion to approve
the minutes was made by William Horton and seconded by Don Hibbard. Motion carried
unanimousl y.
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Item #2 on the agenda was discussion and selection of money manager. Chairman Sedrick
suggested to the Board that they continue on through the other items and then return to this
one. Board members agreed.
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Item #3 on the agenda was approval of the request of James E. Mehr for his share value
upon his job-related disability pension date of January 10, 1992 (end of shift). A motion to
approve the request was made by Roy May and seconded by William Horton. Motion
carried unanimously.
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Item #4 on the agenda was approval of the request of Daniel J. O'Connell for his share value
upon his disability [not "job related" as was listed in the agenda] pension date of January 24,
1992 (end of shift).. A motion to approve the request was made by William Horton and
seconded by Donald Hibbard. Motion carried unanimously.2
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Item #5 on the agenda was approval of the request of Thomas A. Pailes for his share value
upon his job-related disability pension date of January 24, 1992 (end of shift). A motion to
approve the request was made by Richard Breest and seconded by Roy May. Motion carried
unanimously.
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Item #6 on the agenda was approval of the request of Thomas A. Pudelski for his share value
upon his pension date of February 3, 1992 (end of shift). A motion to approve the request
was made by William Horton and seconded by Richard Brcest. Motion carried unanimously.
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Item #7 on the agenda was approval of the request of Terry G. Byrd for his share value upon
his pension date of February 6, 1992 (end of shift). A motion to approve the request was
made by Donald Hibbard and seconded by Richard Breest. Motion carried unanimously.
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Minutes
Supplementary Pension Fund
Page 2
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Item #8 was approval of the request of former officer Monty L. Krysko to cash-in the
annuity policy held in his name (less penalty for early withdrawal). Chairman Sedrick
advised Board members that Monty Krysko had recently contacted him requesting that the
policy be cashed-in. Chairman Sedrick reminded the Board that purchasing an annuity policy
for plan members retiring before attaining a 20-year pension was the practice prior to the
"share plan" revision to the ordinance. The Board was also reminded that they had approved
an early cash-in for another former employee approximately I 1/2 years ago. A motion to
approve the cash-in was made by Donald Hibbard and seconded by William Horton. Motion
carried unanimously.
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Item #9 on the agenda was distribution of the monthly reports from First Union Bank of the
months of November and December 1991. The Board noted this distribution.
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At this point, the Chairman Sedrick returned to Item 112 on the agenda, discussion and
selection of money manager. Chairman Sedrick asked Bishop Smith for his report on the
background checks he had conducted on those money managers receiving the highest ranking
by the Board. Bishop Smith reminded the Board that Sun Bank was dropped from contention
when they could not agree to a "dailylJ computation of account value. They could only offer
the balance on the first and fifteenth of the month. The other remaining applicants - City
Capital Counseling, Invesco and Capstone - could offer this service.
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Mr. Smith reported that customers he contacted had nothing but praise for each of the
individual money managers. He also reminded the Board that in addition to selecting a
money manager, the Board would need to interview and select a tfcustodiant' as none of the
three finalists would act as custodians of the money.
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Discussion ensued upon the selection of the best qualified money manager and eventually a
motion was made by Roy May to select City Capital Counseling as the money manager,
contingent upon negotiation of a satisfactory contract. The motion was seconded by Richard
Breest and carried unanimously.
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After a discussion of available custodians, the Board decided to have Bishop Smith contact
NCNB and Key Trust to request that they attend a special meeting in the next few days and
present their proposals to act as custodians of the fund.
There being no further business, the meeting was adjourned at 10:30 a.m.
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RICHARD BREEST
Secretary
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