03/14/1994
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,POLICE
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SUPPLEMENTARY
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PENSION
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING
POLICE HEADQUARTERS, CONFERENCE ROOM
March 14, 1994 9:00 a.m.
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1. Approval of the Minutes of Meeting held February 7, 1994.
2. Approval of the Request of Michael Q. McGowan for his Share Value
Upon his Retirement Date of March 11, 1994 (end of day).
3., Approval of the Payment of $61,285.21 to ,Ramutis F. Kaminskas for
, his Share Value Upon his Retirement Date of February 4, 1994 (end of
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day).' '
4. Finalize Contract with Invcsco.
5. ' Final Approval of Summary Plan Description.
6. '" Final Approval of Plan Overview for Participants.
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7. Other Business.
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WILLIAM EDRICK, CHAIRMAN
Board of Trustees ,
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE
BOARD, WITH RESPECT TO ANY MATIER CONSIDERED AT THE
l\1EETlNG OR HEARING, HE WILL NEED A RECORD OF THE
PROCEEDINGS, AND THAT, FOR SUCH PURPOSE, HE MA Y NEED.TO
ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS
MADE, WHICH RECORD INCLUDES THE TESTIMONY AND
EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED.
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,CLEAR\VATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD
March 14, 1994 9 a.m.
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A meeting of the Board of Trustees was held on March 14, 1994 at 9 a.m. in the Conference'
Room at Police Headquarters, 644 Pierce Street, Clearwater, Florida.
The following trustees were present:
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Sergeant William Sedrick, Chairman
Roy May, Vice-Chairman
William Schwab, Trostce*
Richard Breest, Secretary
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Lee Dehner, Attorney for Board
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Absent: William Horton, Trustee
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Guest:
Bishop Smith, Southeastern Advisory Services, Inc.
Bruce Z. Bridges, Invesco Capital Management, Inc.
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lie Late arrival
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, Chairman Sedrick called the meeting to order at 9:05 a.tn. The first item on the agenda was
approval of the minutes of the meeting held on FebnJary 7, 1994. A motion to approve the
minutes was made by Richard Breest and seconded by Roy May. Motion carried
unanimously.
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Item #2 on the agenda was approval of the request of Michael Q. McGowan for his share
value on his retirement date of March 11*, 1994 (end of day). A motion to approve the
request was made by Richard Breest and seconded by Roy May. Motion carried
unanimously. (*Date corrected to March lOt 1994t end of day.)
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Item #3 on the agenda was approval of the payment of $61,285.21 to Ramutis F. Kaminskas
for his share value upon his retirement date of February 4, 1994 (end of day). A motion to
approve the request was made by Richard Breest and seconded by Roy May. Motion carried
unanimously.
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Item #4 on the agenda was to finalize the contract with Invesco Capital Management, Inc. as
the new money manager. Bruce Z. Bridges was in attendance representing Invesco. Copies
of the contract, previously signed by Invesco, were presented by Attorney Lee Dehner for
signature by Chairman Sed rick. Attorney Dehner noted that the only change in the contract
from the previous one was in the area of litigation - in the event of litigation, each party
would pay their own attorney's fees.
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During discussions with Mr. Bridges on investments, the possibility of an ordinance change
to increase the amount of investment in stocks'to a percentage higher than the currently
allowed 50% was raised. This issue is to be discussed further at subsequent meetings and~
'for the time being, Mr. Briqges was instructed to stay within the parameters currently set in
the investment policy statement. Chairman Sedrick also advised Mr. Bridges that the Board
will expect quarterly status reports on the investments.
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Minutes of Meeting field February 7. 1994
Supplementary Pension Fund
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The Board also discussed the percentage of investments allowed in growth and value stocks
currently. It was determined that the investment policy sL1tcment should be changed,
effectively immediatety, to permit a 50/50 investment distribution.
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A motion to amend .the Policy Statement effective on March 14. 1994 to give the money
manager the authority to invest 50/50 on growth and value styles was made by Richard,
Breest and' seconded by William Schwab. Motion c~1rried unanimously.
At approximately 10 a.m. there was a break in the meeting during which an official
notification letter was written advising NationsBank that Invesco Capital Management, Inc.
will be authorized'as money manager for the account effective March 15, 1994 and that City
Capital Management will no longer manage the fund. This letter was duly signed by
Chairmari Sedrick to be sent via fax to Wiltiam Povey. NationsBank as soon as the meeting
adjourned.
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The meeting reconvened at approximately 10: 15 a.m.
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Due to the amount of time anticipated to adequately discuss Item 5 (Summary Plan
'Description) and Item 6 (Plan Overview for Participants), these items were continued to the
next meeting. '
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The next meeting was scheduled for Monday, May 16, 1994 at 9 a.m. in the Police
Department conference room. There being no further business, the meeting was adjourned
at 11 a.m.
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RICHARD BREEST
Secretary
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