07/26/1994
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POLICE
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SUPPLEMENTARY'
.,PENSION,
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Minutes
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II
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DATE
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CLEAR\VATER POLICE SUPPLEl\mNTARY PENSION
MINUTES OF MEETING HELD
July 26, 1994 9 B.m.
A meeting of the Board of Trustees was held on July 26, 1994 at 9 a.m. in Ule Conference
Room at Police Headquarters, 644 Pierce Street, Clearwater, Florida.
The following trustees were present:
Sergeant William Sedrick, Chairman
Richard Breest, Secretary
William Schwab, Trustee
Scott Christiansen, Attorney for Board
Guests:
Bishop Smith, Southeastern Advisory Services, Inc.
Bruce Z. Bridges, Invesco Capital Management, Inc.
William Povey, NationsBank
Absent:
Roy May, Vice-Chairman
William Horton, Trustee
Chairman Sedrick called the meeting to order at 9:05 a.m. The first item on the agenda was
approval of the minutes of the meeting held on May 16, 1994. A motion to approve the
minutes was made by William Schwab and seconded by Richard Breest. Motion carried
unanimously.
Item #2 on the agenda was to ratify the payment of $53,331.83 to Gustave A. Nelson for his
share value on his retirement date of June 6, 1994 (end of day). A motion to approve the
payment was made by Richard Breest and seconded by William Schwab. Motion carried
unanimously.
Item #3 on the agenda was approval of the request of Donald A. McMullen for his share
value upon his disability* retirement date of May 31, 1994 (end of day) and payment of
$21,957.88 for his share value. A motion to approve the request and payment was made by
William Schwab and seconded by William Sedrick. Motion carried unanimously.
(*Corrected omission on retirement status.)
Item #4 on the agenda was an update on investments by Invesco Capital Management, Inc.
Bruce Bridges requested that the Investment Policy Statement be revised on page 3,
paragraph #3, to allow the use of the "safety rating" for the Value Une. After discussion by
members of the Board and Bishop Smith, as well as receiving an opinion from Scott
Christiansen that the change would present no problems, the Board agreed to make the
change. A motion to revise the Investment Policy Statement on page 3, paragraph #3,
second sentence to read "... in the top three ratings in either Standard and Poors or Value
Line (as rated for safety) may be purchased." was made by William Schwab and seconded by
Richard Breest. Motion carried unanimously.
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Bishop Smith submitted copies of the recently revised -Investment Policy Statement" for
signature. Each copy was noted with the above agreed upon revision, initialed by Board
members and Bruce Bridges, signed and filed as an original. Copies were also distributed to
Bruce Bridges, Scott Christiansen and Bishop Smith.
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Minutes of MeeUng held May 16, 1994
Supplementary Pension Fund
Page 2
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The Board then discussed the possibility of having NationsBank set up two accounts for the
plan money - one for growth and one for value - for reporting purposes only. Mr. Povey
advised the Board of NationsBank's position. As the change would require considerable
work, they would have to charge the standard 20 basis points for the service. Board
members, as well as Bishop Smith and Scott Christiansen felt that this cost was prohibitive.
After further discussion, the Board decided to leave the account at NationsBanlt as is. The
monthly reports prepared by Southeastern Advisory Services, Inc., will be calculated based
on figures supplied by Invesco Capital Management, Inc.
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Chairman Sedrick questioned the manner in which quarterly payments are made to Invesco.
The present policy is for billing to be sent to the Board for approval and then paid by check.
Attorney Scott Christiansen advised that it was not necessary to handle the billing in this
manner as long as a copy of the billing was submitted to the Board and payment was ratified
at the subsequent meeting. After further discussion, the Board agreed to this change. A
motion was made by Richard Breest for quarterly fees from Invesco Capital Management,
Inc. and Southeastern Advisory Services, Inc. to be mailed directly to NauonsBank for
immediate payment with a copy submitted to the Board for ratification at the next Board
meeting. Motion seconded by William Schwab and carried unanimously.
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Chairman Sedrick requested approval from the Board for the payment of the most recent
quarterly bill from Invesco'Capital Management, Inc. to be paid by NationsBank. Approval
was unanimously granted and the bill was given to William Povey for processing (copy
placed in Board files).
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Bruce Bridges then distributed copies of the quarterly investment report which covered the
period through June 30, 1994. Mr. Bridges discussed the investments currently held. Mr.
Bridges noted that his company had already reimbursed the plan for monies mistakenly
placed in foreign investments and apologized to the Board for the oversight.
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Item IS on the agenda was discussion of revision of the City Ordinance. Chairman Sedrick
asked Attorney Christiansen if he could make the necessary changes in the ordinance, using
the usual .strikeover" and .underlinetl method and bring the proposed ordinance to the next
meeting. Mr. Christiansen agreed to do so and to include a cover letter to the City
Commission explaining the reason for the requested ordinance change.
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Item #6, was other business. Mr. Povey brought up an additional item of business for the
Board. He advised that NationsBank, as plan custodian, had recently received
correspondence about a class action suit against mM (with whom the Board at one time had
an investment). Mr. Poveyasked if the Board if they would want to continue to participate
in the suit? After receiving an opinion from Attorney Christiansen, a motion was made by
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MiJiutes of Meeting held May 16, 1994
'Supplementary Pension Fund
Page 3'
,William Schwob to Continue to be included int he class action suit agaInst. mM.' Motion was
Seconded by Richard Breest and carried unanimously ~ '
The next meeting was scheduled for Tuesday, August 30, 1994 at 9 a.m. in the Police,
Department conference room. There being no further business, the meeting was adjourned
'at 10:45 a.m. '
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72dJ '&if
RICHARD BRBEST,., Secretary
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I,
'POLI'CE
SUPPLEMENT ARY.
, "
I)
"
PENSION
''I
Minutes
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,j'
DATE
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^GEl'iD^-F.EVISE~
CLEARW A TER POLICE SUPPLEMENT AR Y PENSION FUND MEETING
POLICE HEADQUARTERS, CONFERENCE ROOM
July 26, 1994 9:00 a.m.
1. ,Approval of the Minutes of Meeting held M~y 16, 1994. ,
2. . Ratify the Payment of $53,331.83 to Gustave A. Nelson for his Share Value upon his
Retirement Date of June 6, ,1994 (end of day).
" 3. Approval of the Request for Share Value and Payment of $21,957.88 to Donald A.
McMullen for his Share Value Upon his Retirement Date of May 31'~ 1994 (end of
day).
4. Update on Investments by Invesco Capital Management, Inc.
, 5.. Discussion on Revision of City Ordinance
6. Other Business.
/L,rY ~
WILLIAM SEDRICK, CHAIRMAN
Board of Trustees
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IF A PERSON DECIDES TO APPEAL ANY DECISION l\11ADE BY THE
BOARD, 'VITH RESPECT TO ANY MATIER CONSIDERED AT THE
MEETING OR HEARING, HE WILL NEED A RECORD OF THE
PROCEEDINGS, AND THA T, FOR SUCH PURPOSE, HE MA Y NEED TO
ENSURE THAT A VERBA TJl\.1 RECORD OF TIlE PROCEEDINGS IS
MADE, WHICH RECORD INCLUDES THE TESTIMONY AND
EVIDENCE UPON "'llIClI THE APPEAL IS TO BE BASED.
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