03/11/1992
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POLICE.
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S,UPPLEMENT.ARY.
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PENSION
Minutes
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DATE
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING
POLICE HEADQUARTERS, COMMUNICATIONS CONFERENCE ROOM
March 11, 1992 1 p.m.
. 1. Approval of the Minutes of Meetings held January 28, 1992 and January 30, 1992.
2. Ratify the Payment of $64,887.76 to James E. Mehr for his Share Value on his Job-
Related Disability Pension date of January 10, 1992.
3. . Ratify the Payment of $59,235.38 to Daniel W. O.Connell tor his Share Value on his
w'~IJ-Job-Related Disability Pension date of J3;Jluary 24, 1992.
4. Ratify the Payment of $56,269.44 to Thomas A. Pailes for his Share Value on his
Job-Related Disability Pension dat~ of January 24, 1992.
5. Approve the Change in Pension Date for Terry G. Byrd to February 7, 1992 (end of
day) due to an Error in Computation.
6. Approve the Request of Anthony L. Velong for his Share Value on his Retirement
date of March 19, 1992 (end of day).
7. Update by Attorney Lee Dehner on Investment Policy Statement and Rules and
Regulations Manual.'
8. Distribution of Monthly Report from First Union Bank for the Month of January
1992.
9. Finalization of Contracts with City Capital Counseling and Nations Bank.
10. Other Business.
"-::.:; (
, WILLIAM SEDlUCK, CHAIRMAN
Board of TnJstees
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY. TIIE
BOARD, WITH RESPECT TO ANY MATTER CONSIDERED AT TIlE
MEETING OR HEARING, HE WILL NEED A RECORD OF THE
PROCEEDINGS, AND TIlA T, FOR SUCR PURPOSE, HE MAY NEED TO
ENSURE TIlAT A VERBATIM RECORD OF THE PROCEEDINGS IS
MADE, WIlleR RECORD INCLUDES THE TESTIMONY AND
EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED.
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD MARCH 11 t 1992
1 p.m.
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A meeting of the Board of Trustees was held on March 11, 1992 at 1 p. m. in the
Communications training room at 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
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Lee Dehner, Atto~ey for Board
Guests:
Bishop Smith, Southeastern Advisory Services, Inc.
Hunter Groton and Carole Cox, City Capital Counseling, Inc.
Leta Stoller, N.C.N.B. of Florida
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Chainnan Sedrick called the meeting, to order at 1 p.m. The first item on the agenda was
approval of the minutes of the meetings held on January 28, 1992 and January 30, 1992. A
motion to approve the minutes was' made by Donald Hibbard and seconded by William
Horton. ?vlotion carried unanimously.
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Item #2 on the agenda was ratification of the payment of $64,887.76 to James E. Mehr for
his share value on his job-related disability pension date of January 10, 1992 (end of day).
Motion was made by William Horton, seconded by Donald Hibbard and carried
unanimously.
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Item 83 on the agenda was ratification of the payment of $59,235.38 to Daniel W. O'Connell
for his share value on his disability pension date of January 24, 1992 (end of day). Motion
was made by William Horton, seconded by Donald Hibbard and carried unanimously.
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Item #4 on the agenda was ratification of the payment of $56,269.44 to Thomas A. Pailes for
his share value on his job-related disability pension date of January 24, 1992 (end of day).
Motion was made by Richard Breest, second~ by Donald Hibbard and carried unanimously.
Item #5 on the agenda was approval of the change in pension date for Terry G. Byrd to
February 7, 1992 (end of day) due to an error in computation made by the City Human
Resources office. Motion to approve the change was made by William Horton and seconded
by Richard Brecst. Motion carried unanimously.
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Ite~ #6 on the agenda w~s approval of the request of Anthony L. Velong for his share'value
on his retirement date of March 19, 1992 (end of day). Motion to approve his request was
made by Richard Breest and seconded by William Horto~. Motion carried una~imously.
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Minutes
Supplementary Pension Fund
Page 2
Item #7 on the agenda was an update by Attorney Lee Dehner on an Investment Policy
. Statement and Rules and Regulations Manual. Discussion was held on progress on the items.
Item #8 on the agenda was distribution of the monthly report from First Union Bank for the
month of January 1992. Distribution was acknowledged by Board members. .
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Item #9 on the agenda was finalization of contracts with City Capital Counseling, Inc. and
NationsBank (N.C.N.B.). Contracts were presented to the Board by N.C.N.B. and City
Capital Counseling. Inc. Both had been reviewed by the Board's attorney, Lee Dehner, and
alI.necessary revisions and modifications had been made and agreed upon by the manager
and custodian prior to final presentation. Contracts were signed by the principals.
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Board held lengthy discussion as to procedure for transferring funds assets from first Union
to N.C.N.B. of Florida. It was decided that completion of transfer should take place no later
than close of business on Thursday, March 19, 1992. Chairman Sedrick was to notify Susan
Mitchell by telephone. followed-up by a letter specifying date of transfer, settlement of
outstanding management fees. and a reques~ for a final accounting of the funds assets prior to
transfer.
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The Board rcturned to Item #7 and decided to table the item until the next board meeting.
The next meeting has been scheduled for Friday, April 24, 1992 at 9:30 a.m.
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The Board then returned to Item #9. Ms. Stoller requested the Board designate two trustees
authorized to give instructions to N.C.N.B. relating to the discharge of their obligations. A
motion was made by William Horton that Chairman William Sedrick and Richard Brcest be
so authorized. Motion seconded by Roy May and carried unanimously. Authorization form
signed by.all Trustees.
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. There being no further business, the meeting was adjourned at 3:30 p.m.
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WILLIAM SEDRICK
Chairman
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