08/30/1994
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.IPOLICE
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: SUPPLEMENTARY
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PENSION
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A (j- E'N D A
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING
POLICE HEADQUARTERS, CONFERENCE ROOM
August 30, 1994 9 a.m.
1. Approval of the Minutes of Meeting held July 26, 1994
2.' Approval of the Request from John C. Dean for his Share Value upon
his Retirement Date of October 11, 1994 (end of day)
3. Update on Investments by Invesco Capital Management, Inc.
4. Quarterly Review for Quarter Ending June 30, 1994 by Bishop Smith
5. Discussion on Revision of City Ordinance
6. Other Business
~62- (
\' WILLIAM SEDRICK, CHAIRMAN
Board of Trustees
IF A PERSON DECIDES 1'0 APPEAL ANY DECISION MADE BY THE BOARD, WITH RESPECT TO
ANY MATTER CONSIDERED AT SUCH MEETING OR HEARING, HE WILL NEED A RECORD OF
THE PROCEEDINGS, AND FOR SUCH PURPOSE, HE MAY NEED TO ENSURE THAT A VERBATIM
RECORD OF THE PROCEEDINGS IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND
EVIDENCE UPON WH'CH THE APPEAL IS TO BE BASED.
IN ACCORDANCE WITH THE AMERICANS WITH ,DISABilITIES ACT AND S28G.26, FlORID4
~JA:rVTE~, PERSONS WITH DISABILITIES NEEDING SPECIAL ACCOMMODATION TO
PARTICIPATE IN THIS PROCEEDING SHOULD CONTACT ELEANOR BRELAND, HUMAN
RELATIONS DIRECTOR FOR THE CITY OF CLEARWATER NO LATER THAN THREE DAYS PRIOR
TO THE PROCEEDING AT TELEPHONE 1813) 462.6884 FOR ASSISTANCE; IF HEARING
IMPAIRED. TELEPHONE THE FLORIDA RELAY SERVICE NUMBERS (800) 955.8770 (VOICE},
FOR ASSISTANCE.
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MJNpTES OF MEETING HELD
Aua:ust 30, 1994 9 a.m.
A meeting of the Board of Trustees was held on August -30, 1994 at 9 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
Richard Breest, Secretary
Roy May, Vice-Chairman
William Horton, Trustee
William Schwob, Trustee
Lee Dehner, Attorney for Board
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Guests:
Bishop Smith, Southeastern Advisory Services, Inc.
Bruce Z. Bridges, Invesco Capital Management, Inc.
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Chairman Sedrick called the meeting to order at 9:20 a.m. The first item on the agenda was
approval of the minutes of the meeting held on July 26, 1994. A motion to approve the
minutes was made by William Schwob and seconded by William Horton. Motion carried
unanimously.
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Item #2 on the agenda was to approval of the request from John C. Dean for his share value
upon his retirement date of October 11, 1994 (end of day). A motion to approve the request
was made by William Horton and seconded by William Schwob. Motion carried
unanimously.
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Item #3 .on the agenda was an update on investments by Invesco Capital Management, Inc.
Bruce Bridges reviewed the progress on investments to date and advised the Board that as of
August 26, the fund was up 2.9%. Forty percent of the fund is now invested in stocks.
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Item #4 on the agenda was a quarterly review for the quarter ending June 30t 1994 by
Bishop Smith. Mr. Smith distributed copies of the quarterly report and reviewed the report
page by page with the Board. He advised that the value stocks are performing well.
The Board discussed the possibility of raising the percentage allowed for equity investments
but decided to leave it at 40 % for the present time.
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Mr. Bridges advised that Invesco was in the process of eliminating holdings in Bell South
that exceed the S % investment allowed from the fixed portfolio. He advised that this
investment was inherited from the previous manager and they will correct the overage as
soon as possible.
. Item US on the agenda was discussion of the revision of the city ordinance (plan document).
Lee Dehner advised that the changes would be ready for the next meeting. He asked the
Board if they would also like to change the percentage of investments from the 50%
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Minutes of Meeting held May 16, 1994
Supplementary Pension Fund
Page 2 '
currently allowed under city ordinance [Section 2.474(1)(c)(3)). ,He advised that other
agencies currently have the percentage set at 6S %. After discussion, a motion was made by
William'Schwob to amend the city ordinance to change the ,allowable investments from 50
percent to 6S percent. The motion was seconded by William Horton and carried
unanimously.
Mr. Dehner also advised the Board of legislative changes enacted that do not affect this plan
such as the acceptance of valuation reports and death benefit changes. He advised that the
current divorce policy is working well and he recommends continuing in the same manner.
He also ~vised that there is a possibility that changes may be made in the state law
regarding foreign investments, but, that will not be discussed until the next legislative session
I in March.
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Under Item #6, other business, the upcoming state conference was discussed. It will be held
in Orlando on October 11 and 12. All Board members were invited to attend. After
discussion, Chairman Sedrick and Secretary Breest tentatively agreed to attend the meeting.
A motion was made I>Y William Schwob to approve payment of expenses to attend the state
conference. Motion seconded by Richard Breest and carried unanimously.
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The next quarterly meeting was scheduled for Tuesday, November 22, 1994 at 9 a.m. in the
Police Department conference room. A special meeting to review the revised plan
document will be held in September on a date not yet determined. There being no further
business, the meeting was adjourned at 10:20 a.m.
EiJ734~
RICHARD BREEST) Secretary
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