05/16/1994
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SUPPLEMENT ARY
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PENSION
Minutes
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AGEND^.~EYISED
C~EARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING
POLICE HEADQUARTERS, CONFERENCE ROOM
May 16, 1994 9:00 a.m.
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1. Approval of the Minutes of Meeting held March 14, 1994.
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2. Approval of the Payment of $59A01.43 to Michael Q. McGowan for his Share Value
Upon his Retirement Date of March 10, 1994 (end of day).
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3. Approval of the Request of David F. Perez for his Share Value upon his Retirement
Date of March 24, 1995 (end of day) and Payment of $58,144.26 for his Share
Value.
4. Approval of the Request of Richard Stahl for his Share Value upon his Retirement
Date of April 5, 1994 (end of day) and payment of $55,240.58 for his Share Value.
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5. Approval of the Request of Gustave A. Nelson for his Share Value upon his
Retirement Date of June 6, 1994 (end of day).
6. 'Final Approval of Summary Plan Description.
7. Final Approval of Plan Overview for Participants.
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8. Update on Investments by Invesco Capital Management, Inc..
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9. Approval of the Payment of $850 to Cindy Hicks for Bookkeeping Services for the
Period of October I, 1993 through March 31, 1994.
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10. Other Business.
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WILLIAM SE' CK, CHAIRMAN
Board of Trustees
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IF A PERSON DECIDES TO APPEAL ANY DECISION MAnE BY THE
BOARD, WITH RESPECT TO ANY MAUER CONSIDERED AT THE
l\IEETING OR HEARING, lIE \VILL NEED A RECORD OF TIlE
PROCEEDINGS, AND THAT, FOR SUCH PURPOSE, HE MAY NEED TO
ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS
MADE, MIlCH RECORD INCLUDES THE TESTIl'vIONY AND
EVIDENCE UPON WIUCH THE APPEAL IS TO BE BASED.
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING,
POLICE HEADQUARTERS, CONFERENCE ROOM
May 16, 1994 9 a.m.
,1. Approval of the Minutes of Meeting held March 14, 1994
2. Approval of the Payment of $59,401.43 to Michael Q. McGowan for his Share Value
upon his Retirement Date of March 10, 1994 (end of day).
3. Approval of the Request of David F. Perez for his Share Value upon his Retirement
Date of March 24, 1994 (end of day) and the Payment of $58,144.26 for his Share
Value.
4. Approval of the Request of Richard A. Stahl for his Share Value upon his Retirement
Date of April 5, 1994 (end of day) and Payment of $55,240.58 for his Sl}are Value.
5. Approval of the Request of Gustave A. Nelson for his Share Value upon his
Retirement Date of June 6, 1994 (end of day).
. 6. Final Approval of Summary Plan Description.
7. Pinal Approval of Plan Overview for Participants.
8. Update on Investments by Invesco Capital Management', Inc.
.9. Other Business
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WILUAM SEDRICK, CHAIRMAN
Board of Trustees
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE
BOARD, WITH RESPECT TO ANY MATTER CONSm~D AT TIlE
MEETING OR HEARING, HE WILL NEED A RECORD OF THE
PROCEEDINGS, AND THAT, FOR SUCH PURPOSE, HE MAY NEED TO
ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS
MADE, WlIICH RECORD INCLUDES THE TESTIMONY AND
EVIDENCE UPON \VHICH THE APPEAL IS TO BE BASED.
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CLEARWATER POLICE SUPPLEMENTARY l'ENSION
l\UNUTES OF MEETING HELD
May 16. 1994 9 n.m.
A meeting of the Board of Trustees was held on May 16. 1994 at 9 a.m. in the Conference
Room at Police Headquarters, 644 Pierce Street, Clearwater, Florida.
The foHowing trustees were present:
Sergeant William Sed rick, Chairman
Roy May, Vice-Chairman
Richard Breest, Secretary
William Schwob, Trustee
, William H0l10n, Trustee
Scott Christiansen. Attorney for Board
Guests:
Bishop Smith, Southeastern Advisory Services, Inc.
John Small, Southeastern Advisory Services, Inc.
Broce Z. Bridges, Invesco Capital Management, Inc.
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 March 14, 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 approval of the payment of $59A01.43 to Michael Q. McGowan
for his share value on his retirement date of March 10, 1994 (end of day). A motion to
approve the payment was made by Richard Breest and seconded by William Horton. Motion
carried unanimously.
Item #3 on the agenda was approval of the request of David F. Perez for his share value
upon his retirement date of March 24, 1994* (end of day) and payment of $58,144.26 for his
share value. A motion to approve the request and payment was made by William Horton
and seconded by Richard Breest. Motion carried unanimously. (*Corrected typographical
error on retirement year from 1995.)
Item #4 on the agenda was approval of the request of Richard Stahl for his share value upon
his retirement date of April 5, 1994 (end of day) and payment of $55,240.58 for his share
value. A motion to approve the request and payment was made by William Schwab and
seconded by William Horton. Motion carried unanimously.
Item #5 on the agenda was approval of the request of Gustave A. Nelson for his share value
upon his retirement date of June 6" 1994 (end of day). A motion to approve the request was
made by Richard Breest and seconded by Roy May. Motion carried unanimously.
Item #6 on the agenda was final approval of the Summary Plan Description. . A motion to
approve the description was made by \yilliam Schwob and seconded by William Horton.
Motion carried urJanimously.
Item #7 on the agenda was final approval of the Plan Overview for Participants. Attorney
Christiansen explained that this item is actually an overview of selected provisions of the plan
and intended to be used as an attachment to Item #6, Summary Plan Description. A motion
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Minutes of Meeting held May 16, 1994
Supplementary Pension Fund
Page 2
to approve the overview as written and to use it as an attachment to Item 116 was made by
Richard Breest and seconded by Roy May. Motion carried' unanimously.
Chairman Scdrick then moved to Item #9 on the agenda, approval of the payment of $850 to
Cindy Hicks for bookkeeping services for the period of October 1, 1994 thr~ugh March 31,
1994. A motion to approve the payment was made by Richard Breest and seconded by
William Schwab. Motion carried unanimously.
Chainnan Sed rick then went back to Item #8 on the agenda, update on investments by
Invesco Capital Management, Inc. Bruce Bridges distributed copies of an Investment Review
report which covered the period through April 30, 1994. Mr. Bridges discussed the
investments made since Invesco began management of the account. He advised that he
anticipates the investments will be divided 35 % in growth and 40 to 45 % in value. The
Board discussed value versus growth investments.
Bishop Smith requested the Board's permission to contact NationsBank and find out if it
would be feasible for them to keep the plan money in two separate accounts (on paper) - one
for growth investments and one for value investments. This would also result in the monthly
reports from NationsBank and Invesco Capital Management, Inc. being in the same format.
After discussing his request, the Board agreed.
Bishop Smith distributed copies of the performance analysis for the first quarter of 1994 and
reviewed their findings. Mr. Smith advised the Board that a more detailed analysis on the
performance of Invesco would be available after the completion of the second quarter I which.
will be reported at the next meeting.
Under Item #10, oUler business, Attorney Scott Christiansen submitted the final Agreement
for Investment Performance Monitoring and Advisory Services with Southeastern Advisory
Services, Inc. for signature by the Board Chairman and Secretary. The agreement was
signed and ,copies distributed to Attorney Christiansen and Bishop Smith. Attorney
Christiansen also requested an updated copy of the Investment Policy Statement (with the
changes approved at the meeting of March 14, 1994.) Bishop Smith is to provide this copy.
Attorney Christiansen reminded the Board that the "plan documentU (city ordinance) needs to
be amended prior to December 1994 to reflect the rollover requirement and the calculation
method should also be clarified at that time. The revisions are to be discussed in more detail
at upcoming meetings. He also advised the Board that the agenda page will need to
incorporate an ADA statement which he will be forwarding to the Board.
The next meeting was scheduled for Tuesday, July 26, 1994 at 9 a.m. in the Police
, Department conference room. There being no further business, the meeting was, adjourned
. at 10: 10 a.m.
Jf'dJ Bz~
RICHARD BREEST, Secretary
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