04/24/1992
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SUPPL,EMENT ARY
PENSION
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Minutes
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April 24, 1992
9:30 a.m.
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AGENDA
CLEARW ATER POLICE SUPI)LEMBNTARY PENSION FUND MEETING
POLICE HEADQUARTERS, COMMUNICATIONS CONFERENCE ROOM
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1. Approval of the Minutes of Meeting held March II, 1992.
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2. Ratify the Payment of $57,515.07 to Thomas A. Pudelski for his Share Value on his
Pension date of February 3, 1992.
3. Ratify the Payment of $57,222.25 to Terry G. Byrd for his Share Value on his
Pension date of February 7, 1992. .
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4. Ratify the Payment of $60,374.10 to Verling J. Gentile for his Share Value on his
Job-Related Disability Pension date of February 7, 1992.
5. Approve the Request of Joseph P. Egger for his Share Value (Less Penalty for Early
Withdrawal) on his Resignation date of April 3D, 1992 (end of day).
6. Approve the Payment of $850 to Cindy Hicks for Bookkeeping Services for the
Period of March I, 1992 through September 3D, 1992.
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7. Ratify the Payment of $2,500 to Southeastern Advisory Services, Inc. for the Quarter
beginning April 1, 1992.
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8. Ratify the Payment of $285.55 to Lee Dehner for Services Rendered.
9. Finalization oLInvestment Policy Statement.
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10. Review of Draft Operating Rules and Procedures Manual.
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11. Proxy Voting Guidelines.
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12. Request for Legal Opinion from Lee Dehner.
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13.' Other Business.
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WILLIAM SEDRICK, CHAIRMAN
Board of Trustees
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. IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE
BOARD, WITH RESPECT TO ANY MATIER CONSIDERED AT THE
.MEETING OR HEARING, HE WILL NEED A RECORD OF THE
PROCEEDINGS, AND THAT, FOR SUCH PURPOSE, liE MAY NEED TO
ENSURE THAT A VERBATIM RECORD OF TIlE PROCEEDINGS IS
MADE, WHICH RECORD INCLUDES THE TESTII\..fONY AND
EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED.
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD APRIL 24, 1992
9:30 a.m,'
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. ! A meeting of the Board of Trustees was held on April 24~ 1992 at 9:30 a.m. in the Training
. Room at Police Headquarters, 644 Pierce Street, Clearwater, Florida.
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The following trustees were present:
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Sergeant William Scdrick, Chairman
Roy May, Vice-Chairman
Richard Breest, Secretary
Donald Hibbard, Trustee
William Horton, Trustee
Lee Dehner, Attorney for Board
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Guests: Bishop Smith, Southeastern Advisory Services, Inc.; Harold Stone and
Leta Stoller, NCNB
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Chairman Sedrick called the meeting to order at 9:45 a.m. The first item on the agenda was
approval of the minutes of the meeting held on March 11, 1992.' A motion to approve the
minutes was made by William Horton and seconded by Don Hibbard. Motion carried
unanimously.
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Item #2 on the agenda was ratification of the payment of $57,515.07 to Thomas A. Pudelski
for his share value on his pel\sion date of February 3, 1992. A motion to ratify the payment
was made by Richard Breest and seconded by William Horton. Motion carried unanimously.
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Item #3 on the agenda was ratification of the payment of $57,222.25 to Terry G. Byrd for
his share. value on his pension date of February 7, 1992. A motion to ratify the payment was
made by Richard Breest and seconded by William Horton. Motion carried unanimously.
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Item #4 on the agenda was ratification of the payment of $60,374.10 to Verling J. Gentile
for his share value on his job-related disability pension date of February 7, 1992. A motion
to ratify the payment was made by Richard Breest and seconded by Donald Hibbard. Motion
carried unanimously.
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Item #5 on the agenda was approval of the request of Joseph P. Egger for his share value
(less penalty for early withdrawal) upon his resignation date of April 30, 1992 (end of shift).
A motion to approve the request ~as made by Roy May and seconded by Richard Breest.
Motion carried unanimously. '
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Item #6 on the agenda was approval of the payment of $850 to Cindy Hicks for bookkeeping
,services for the period of March 1, 1992 through September 30, 1992. A motion to approve
the request was made by Donald Hibbard and seconded by Richard Breest. Motion carried
unanimously.
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Minutes of Meeting of April 24, 1992
Supplementary Pension Fund
Page 2
Item #7 on the agenda was ratification of the payment of $2,500 to Southeastern Advisory
Services, Inc. for the Quarter beginning April 1, 1992. Chairman Scdrick noted that the
amount of payment should read $2,250. A motion to approve the payment of $2,250 to
Southeastern Advisory SelVices, Inc. was made by Donald Hibbard and seconded by Roy
May. Motion carried unanimously.
Item #8 on the agenda was ratification of the payment of $285.55 to Lee Dehner for the
services rendered.' A motion to approve the payment was made by Donald Hibbard and
seconded by Richard Breest. Motion carried unanimously.
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At this point in the meeting, Chairman Sedrick went to Item #13 (Other Business) for an
update presented by representatives of NCNB on the status of the transfer of funds from First
Union. General discussion was held and it was determined that when account values are
needed (for retirement/resignation payment purposes) NCNB will be notified in writing as
soon as practical. They will contact City Capi~ Investments, Inc. to obtain an accounting
of the outstanding accruals. Once this figure is determined, it will be forwarded to NCNB
and the total of both figures forwarded to the Board. The tum~around time is expected to
take no longer than two weeks. Further discussion was held relative to where to send
different types of correspondence, format of their monthly report, etc., after which Mr.
Stone and Ms. Stoller departed.
Bishop Smith advised the Board that the recaptured investment money will be forwarded to
the Board for deposit into the account for payment of expenses: Upon approval of Lee
Dehner, Chairman Sedrick signed the brokerage commission agreement with Southeastern
Advisory .
Chainnan Sedrick then went to Item #12, request for legal opinions by Lee Dehner. Mr.
Dehner advised the Board that the state had recently passed the "Health Supplemental Bill"
which would allocate $3 per year of service toward h~'1lth care premiums to retirees. He
explained that this program would be partially funded by allocating 1/2 of the increase in
state money that would normally be sent to the plan. In addition, funding would also be
supplied by employee and city contributions. This money would be placed into a separate
fund and used solely for health care premiums. He further advised that even though the bill
had been passed, it would have to be adopted by tlle City of Clearwater for it to have any
affect on the Police Supplemental Pension Plan, who would be responsible for administration
of the fund.
Discussion followed on city "qualification" under IRS Code 415. Mr. Dehner requested
copies of any available materials on the "qualification It of the city pension plan qualification
so that he can monitor the progress. He also requested that he be allowed to review the
materials compiled by the city prior to their submission to the I.R.S. Mr. Dehner further
advised the Board that he would recommend that they follow a new I.R.S. compliance
procedure calling for a six step administrative procedure wherein the Board would police
itself.
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Minutes of Meeting of April 24. 1992
Supplementary Pension Fund
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Chairman Sedrick inquired of the Board their views on the purchase of a letterhead paper and
envelopes for use on all official correspondence. A motion was made by William Horton
that the Board acquire officialletterhead and envelopes. Motion seconded by Richard Breest
. and carried unanimously.
Item #11 was proxy voting guidelines. A draft of the guidelines was distributed to Board
members by Mr. Dehner. The report will be discussed further at the next Board meeting.
This draft witt also be forwarded to City Capital Investments for their review and any
comments. Bishop Smith is to revie~ the guidelines and offer any input at the upcoming
meeting. Bishop Smith also submitted to the Board a paper explaining ERISA which will be
distributed to Board members.
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Item #10 on the agenda was review of the draft Operating Rules and Procedures manual.
Board members discussed several areas of the draft manual and determined there were some
minor revisions and additions required. The additions will be forwarded to Mr. Dehner for.
inclusion in a finat "draft" which will be presented at the next meeting.
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Item #9 on the agenda was finalization of the Investment Policy Statement. After a few
minor corrections. the policy statement was approved by the Board. A formal motion to
adopt the Investment Policy Statement as amended was made by Richard Breest and seconded
by Roy May. Motion carried unanimously. Upon approval by the Board, Chairman Sedrick
signed the statement and returned it to Bishop Smith. Mr. Smith wilI have the revisions
made and a new statement submitted to the Board at the next meeting.
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Discussion was held on a date/time for the next meeting. It was decided to meet on
Wednesday, June 10, 1992 at 9:30 a.m. in the first floor conference room at Police
Headquarters.
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There being nofurther business, the meeting was adjourned at 12:20 p.m.
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CHARD BREEST
Secretary
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