02/07/1994
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P.OLICE'
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SUPPLEMENTARY"
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PENSION
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Minutes
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DATE
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t. C'R N D A
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEBTING
POLICE HEADQUARTERS, CONFERENCE ROOM
February 7, 1994 9:00 a.m.
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1. . Approval of the Minutes of Meetings held January 3 & 4, 1994.
2. Approval of the Request of Ramutis F. Kaminskas for his Share Value
Upon his Retirement Date of February 4, 1994 (end of day>..
3. Approval of the Request of David F. Perez for his Share Value Upon
his Reti~ement Date of March 24, 1994 (end of day).
4. Final Selection of Money Manager. '
5. Quarterly Presentation by Bill Povey, NationsBank.
6. Other Business.
L~
WILLIAM SEDRICK, CHAIRMAN
Board of Trustees
IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE
BOARD, WITH'RESPECT TO ANY MATTER CONSIDERED AT THE
MEETING OR HEARING, HE WILL NEED A RECORD OF TIlE,
PROCEEDINGS, AND TIIA T, FOR SUCH PURPOSE, HE MAY NEED TO
ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS
MADE, WHICH RECORD INCLUDES THE TESTJ1\.10NY AND
EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED.
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CLEARW A TER POLICE SUI)PLEMENT ARY PENSION
MINUTES OF MEETING HELD
February 7, 1994 9 n.m.
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A meeting of the Board of Trustees was held on February 7, 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 1 Vice-Chairman
William Schwab, Trustee
Richard Breest, Secretary
William Horton, Trustee
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Lee Dehner, Attorney for Board
Guest:
Bishop Smith, Southeastern Advisory Services, Inc.
William Povey, NationsBank
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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 meetings held on January 3 & 4, 1994. A motion to approve
the minutes of both meetings was made by William Schwab and seconded by Richard Breest.
Motion carried unanimously.
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Item #2 on the agenda was approval of the request of Ramutis F. Kaminskas for his share
value on his retirement date of February 4, 1994 (end of day). A motion to approve the
request was made by William Horton and seconded by Richard Breest. Motion carried
unanimously.
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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). A motion to approve tJle request
was made by Richard Breest and seconded by William Schwab. Motion carried
unanimously.
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Chairman Sedrick then went to Item #5 on the agenda - quarterly presentation by William
Pavey, NationsBank. Mr. Pavey advised the Board of the assets of the fund and account
status for the first quarter (fiscal). Mr. Pavey then left the meeting.
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Chairman Sedrick then went to Item #4 on the agenda - final selection of a money manager.
Bishop Smith distributed comparison figures over the past five years for the two top
contenders for the position - NationsBank and Invesco. Mr. Smith advised the Board that it
would be his recommendation to change from the present money manager, City Capital
Counseling, Inc. for two reasons: 1) the poor performance of City Capital Counseling, Inc.
over their tcnure as account manager; and, 2) the desire of the Board to have a money
manager with a good history in both value and growth investments. Mr. Smith also advised
the Board that there would be a nominal penalty cost (1/2 of a percent) for the ~e of some
, of the securities to implement the change. The Board then unanimously agreed to hire a new
money manager.
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Minutes of Meeting held 'F~bruary 7. 1994
Supplementary Pension Fund . .
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The Board discussed the qualities of each firm. and in a unanimous vote decided to contract
with InvesCo to manage the plan funds. A motion was,made.by Roy May. to re~n Invesco .
. , subject to successful contract negoti,ations and cancellation of the current contract with City'
Capital Counseling. Inc. The m'otion was seconded by Richard Breest and carried
unanimously: .
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Bishop Smith will notify, allconcemed 'agencies of the selection made by the Board.
, Attorney Dehner will contact Invesco about the contract. The contract- will be formally
signed at the next Board meeting, which has been scheduled for Monday, March 14 at '
9' a.m.
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There being no further businessJ, the meeting was adjourned at 10:10 a.m.
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RJJ'3diF
RICHARD BREEST
~ecretiu-y
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