12/13/1993
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POLICE
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SUPPLEMENTARY
PENSION
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AGEND~
CLEARWATER POLICE SUPPLEMENT AR Y PENSION FUND MEETING
POLlCE HEADQUARTERS, CONFERENCE ROO~
December 13, 1993
9:00 a.m.
, ,
1. Approval of the Minutes of Meeting held November 15, 1993.
2. Report by Bishop Smith.
3. Other Business.
(
ILLIAM 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 \VILL NEED A RECORD OF THE
PROCEEDINGS, AND THAT, FOR SUCH PURPOSE, HE MAY NEED TO
ENSURE THAT A VERBA TIM 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 SUPPLEMENTAllY PENSION
MINUTES OF MEETING HELD
December 13, 1993 9 n.lI1.
. A meeting of the Board of Trustees was held on December 13, 1993 at 9 a.m. in the
Conference Room at Police Headquarters,' 644 Pierce Street, Clearwater, Florida.
The following trustees were present:
Sergeant William Scdrick, Chairman
Roy May I Vice-Chairman
William Schwab, Trustee
Richard Breest, Secretary
William Horton, Trustee
Lee Dehner. Attorney for Board
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Guest: Bishop Smith. Southeastern Advisory Services, JllC~
Chairman Sedrick called the meeting to order at '9: IS a. \11, He began the meeting by
. announcing the results of the election held on December 3 through December 6. 1993.
Chairman Sedrick has been re~electcd to a two-year term as a trustee to the pension plan.
The first item on the agenda was approval of the minutes of the meeting held on
November 15, 1993. A motion to approve the minutes was made by William Schwab and
secor:tded by Richard Breest. Motion carried unani mously.
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Item 1/2 on the agenda"was a report by Bishop Smith, Mr. Smith advised the Board that h~
had contacted numerous investment tirms requesting proposals. Of those proposals returned, '
Mr. Smith compiled,3 and 5 year performance charts which he distributed to the Board. He
explained the location of the tirms on the chart and their overall performance regarding fixed
assets and equities. Attorney Dehner advised that tinns desiring to represent the Board
should have a minimum of 5 years and $100 million plus experience as an investment
counselor and also should have experience in meeting the requirements of Chapter 185.
Bishop Smith recommended that the Board interview a minimulll of 5 or 6 lirms with a time
limit of 30 per presentation (leaving 15 minutes for questions and 15 minutes between each
interview).
After discussion, the Board decided to interview six linns: Sun Bank, Barnett Bank,
NationsBank, Investeo, First Union and Investment Council. The Board directed Bishop
Smith to contact the tirms and arrange the interviews between the hours of 9 a. m. and nm)))
on January 3 and January 4, 1994,
Under Item 1t3 all the ugenda. other business, Attorney q,el1l1er distributed copies of the t'inal
version of the "0pemting Rules and Procedures, It dated December J 3. 1993, which
incorporates the changes agreed up un at th~ Novclllber 15 lllt:eling. Chai rman Sed rick ,-
advised that he had a few questions regarding spccitic seclions of the rules and procedures.
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Minutes of Meeting held October II, 199:\ ,
Supple'mcntary Pcnsioil Fund
Page 2
Under 8.1, Form of Ordinance, Chairimm Scdrick advised that the last sentence, It All
proposed ordinance...actuary to determine the cost as required by law." also needed to be
deleted as the reference to actuary did not pertain to this plan. ^ motion was made by.
William Horton to delete' the sentence. Motion was seconded by Roy May and carded
unanimously. Attorney Dehner advised that the refere~lced page 'of the rules and procedures
,would be revised and returned to the Board, The remainder of the rules and procedures
were approved as submitted and the final version was signed and dated by Chairman Sedrick.
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Chairman Sedrick advised Bishop Smith tha~ in accordance with Rule 10, Section ,2 - Hiring
Performance Monitors - a written recommendation will be required regarding replacement of
the investlllent manager.
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Chairman Sedrick also advised Bishop Smith that under the same rule (10), Section .10 ~
Proxy Voting - there is a requirement for an annual proxy report which has not yet been
received. Bishop Smith advised that he would see that both the recommendation letter and
the proxy report were submitted.
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Attorney Dehner distributed copies of a draft "plan description" for review and discussion a1
the next regular meeting. Upon tinal review and revisions/additions, the plan description
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will be distributed to all plan participants. '
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There being no further business. the meeting was adjourned at 10:45 H.m.
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RICHARD BREEST
Secretary
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