06/10/1992
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POLICE
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SUPPLEMENT ARY
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PENSION
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Minutes
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING
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POLICE HEADQUARTERS, COMMUNICATIONS CONFERENCE ROOM "
June 10, 1992
9:30 a.m.
1. Approval of the Minutes of Meeting held April 24, 1992.
'2. Ratify the Payment of $26,677.24 to Joseph P. Egger for his Share Value (less
penalty for early withdrawal) o~ his Resignation date of April 30, 1992 (end of day).
3. Approve the Request of Bernard J. McKenna for his Share Value on his Retirement
Date of May 20, 1992 (end of day) and Ratify the Payment of $57A70.19 to him for
his Share Value.
4. , ' 'Approve the Request of Barry W. Glover for his Share Value on his Job-Related
Disability Retirement date of July 26, 1992 (I hour into the day).
5. Ratify the Payment of $829.10 to Lee Dehner for Services Rendered.
6. Progress Update by City Capital Counseling.
7. Finalization of Proxy Voting Policies and Guidelines.
8. Distribution of Monthly Financial Reports from NCNB for the period of March 16-
31, 1992 and April 1-30, 1992.
9. 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, \VITH RESPECT TO ANY l\1ATTER 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 VERBA TIM: RECORD OF THE PROCEEDINGS IS
MADE, \VHICll RECORD INCLUDES THE TESTIMONY AND
EVIDENCE UPON WHICH THE APp,EAL IS TO BE BASED.
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CLEARWATER POLICE SUl'PLEMENTARY PENSION
MINUTES OF MEETING HELD JUNE 10, 1992
9:30 a. m.
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A meeting of the Board of Trustees was held on June 10, 1992 at 9:30 a.m. in the
Conference Room at Police Headquarters, 644 Pierce Street, Clearwater, Florida.
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The following trustees were present:
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Sergeant William Sedrick, Chairman
Roy May, Vice-Chairman
Donald Hibbard, Trustee
WilHam Horton, Trustee
Lee Dehner, Attorney for Board
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Guests: Bishop Smith, Southeastern Advisory Services, Inc.; Carole Cox and
Hunter Groten, City Capital Counseling, Inc.
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Richard Breest, Secretary was absent
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Chainnan 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 April 24, 1992. A motion to approve the
minutes was made by Don Hibbard and seconded by William Horton. Motion carried
unanimously.
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Item #2 on the agenda was ratification of the payment of $26,677.24 to Joseph P. Egger for
his share value (including penalty for early withdrawal) on his resignation date of April 30,
1992. A motion to ratify the payment was made by William Horton and seconded by Donald
Hibbard. Motion carried unanimously.
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Item #3 on the agenda was approval of the request of Bernard J. McKenna for his share
value on his retirement date of May 20, 1992 and ratify the payment of $57,470.19 to him.
A motion to ratify the payment was made by William Horton and seconded by Roy May.
Motion carried unanimously.
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Item #4 on the agenda was approval of the request of Barry W. Glover for his Share Value
on his Job-Related Disability Retirement date of July 26, 1992 (1 hour into day). 7, 1992. A
motion to ratify the payment was made by William Horton and seconded by Donald Hibbard.
Motion carried unanimously.
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Item #5 on the agenda was ratification of the payment of $829.10 to Lee Dehner for services
rendered. A motion to approve the payment was made by Donald Hibbard and seconded by
William Horton. Motion carried unanimously.
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Item #6 on the agenda was a update by City Capital Counseling, Inc. Carole Cox,
Managing Director, gave the Board an update on their progress since their selection as
account managers, including a review of their investments as.of June 10, 1992.
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Minules
Supplementary Pension Fund
Page 2
Ch~rman Sedrick and Attorney Dehner questioned whether certain investments met the
criteria in state statutes. After discussion, Carole Cox agreed to verify that all the
investments were within Ule state guidelines and advise the Board of any problems. Ms. Cox
was given additional copies of the city ordinance and state statutes.
Chairman Sed rick asked Carole Cox to determine which accrual figures are to be included in
the amount used when computing "share value" for payment to participants. Specifically
were accruals earned on "cash" and fixed income to be included in the final figure. Ms. Cox
said she would contact Leta Stollert NCNB, to find out and let us know. Due to the present
uncertainty regarding accruals) Chairman Sedrick advised the Board that the share value
payments approved for Joseph P. Egger and Bernard J. McKenna might have to be adjusted,
with an additional check to each of them (probably less than $100 involved).
Bishop Smitht Southeastern Advisory Services) Inc., distributed copies of an ttexecutive
summary" quarterly report on investments. Bishop Smith agreed to supply a copy of the
executive summary for each member of the Board and one copy of larger quarterly report for
the Board and one for Board Attorney Lee Dehner.
Attorney Lee Dehner advised the Board that he is working on the "summary plan
description" which should be ready for review and adoption at the next Board meeting.
At this point, Chairman Sedrick called for a brief break at which time Carole Cox and
Hunter Groteo left the meeting.
The meeting resumed after approximately 10 minutes and continued with Item #7 which was
finalization of proxy voting guidelines. A motion to approve and sign the proxy voting
policy and guidelines was made by William Horton and seconded by Roy May. Motion
carried unanimously.
Item #8 on the agenda was distribution of the monthly reports from NCNB for the period of
March 15-31, 1992 and April 1-30, 1992. The Board noted this distribution.
Under Item #9 other business, Bishop Smith presented the Board with a proposed new
contract with Southeastern Advisory Services, Inc. which would curtail some of the present
services they provide. The contract is to be further discussed at the next meeting after
review by the Board and Board Attorney.
Discussion was held on a date/time for the next meeting. It was decided to meet in August
at a date/time to be announced. '
There being {to further business, the J!1ceting was adjourned at 11 :30 a. m.
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WILLIAM SEDRICK
Chairman
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