11/15/1993
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POLICE
SUPPLEMENTARY
PENSION
, Minutes
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AGENnA
, CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING
POLICE HEADQUARTERS, CONFERENCE ROOM
November 15, 1993
9:00 a.m.
1. Approval of the Minutes of Meeting hcld Octobcr I I, 1993.'
2.
Approve the Request of Kenneth M. Schmitt for his Share Value
Effective on his Resignation Date of August 8,1993 (end of day) and
the Payment of $23,878.23 (including applicable early withdrawal
penalties).
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3. Adopt the Final Version of the UOpera'ting Rules and Procedures" for
the Supplementary Pension Fund. .
,.4. Update by Attorney Lee Dehner.
S. . Report by Bishop Smith.
6.' Distribution of Monthly Reports for Fiscal Year 92/93 and be,tober
1993.
7. Other Business.
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WILLlAM,SEDRICK, CHAIRMAN
Board of Trustees
IF A PERSON ,DECIDES TO APPEAL ANY DECISION MADE BY THE
nOARD, WITH RESPECT TO ANY l"IATTER CONSIDERED AT THE
l\1EETING OR HEARING, lIE \VILL NEED A RECORD OF THE
PROCEEDINGS, AND THAT, FOR SUCH PURPOSE, lIE l\1A Y NEED TO
, ENSURE THAT A VERUATIM RECORD OF THE IlROCEEDINGS IS
l\lADE~ 'VHICII RECORD INCLUDES THE TESTIMONY AND
EVIDENCE UPON 'VlnCH THE APPEAL IS TO BE BASED.'
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,CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD
November 15, 1993 9 n.lU.
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A meeting of the Board of Trustees was held on November 15, 1993 at 9 a.lll. in the
Conference Room at Police H~1dquarters, 644 Pierce Street, Clearwater, Florida.
The ronawing trustees were present:
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Sergeant William Sedrick, Chairman
Roy May, Vice-Chairman
William Schwob, Trustee
Lee Dehner, Attorney for Board
Guest: Bishop Smith, Southeastern Advisory Services, Inc.
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Absent:
Richard Breest, Secretary
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Chairman Sedrick called the meeting to order at 9: 15 a.m. The first item on the agenda was
approval of the minutes of the meeting held o'n October J J, 1993. A motion to approve the
minutes was made by William Schwab and seconded by Roy May. Motion carried
unanimously.
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Item #2 on the agenda was approval the request of Kenneth M. Schmitt for his share value
effective on his resignation date of August 8, 1993 (end of day) and the payment of
$23,878.23 (including applicable early withdrawal penalties). Attorney Dehner requested
that a statement be added to the item indicating that the applicable taxes were also deducted
from the payment to Kenneth M. Schmitt. A motion was then made by William Schwab and
seconded by William Horton to that effect.' Motion carried unanimously.
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Item #3 on the agenda was adoption of the finaJ version of the ItOperating Rules and
Procedures," which was dated October 11, 1993. After discussion of the rules, Attomey
Dehner advised the Board that the entire Section 11 (starting on page 16), as weU as all
references to actuarial services, needed to be deleted as it pertained to "actuarial services It
which are not utilized by the share plan. Attorney Dehner reminded the Board that the rules
could be amended at any time. He also suggested that the following additions be made to the
end of the rules: participants be supplied with a description of the plan upon employment and
every other year thereafter; make a reference to the confidentiality request tiled by the City.
The plan summary is to include the 14 key provisions required by the State Statute.
Attorney Dehner will prepare a draft Itsummary plan description" for distribution to Board
members at the next meeting. A m'otion to delete the references to "actuarial services" from
the rules and make the additions of the sUlllmary description and the confidentiality statement
was made by William Horton and seconded by William Schwob. Motion carried
unanimously. The agreed upon revisions will be made and the final "Operating Rules and
Procedures" will be distributed at the next meeting.
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The Board took a break from 10: 10 a.m. until 10:30 a.m. Upon re-convening, discussion
continued on the recommendation to conduct a s~'1fch for a money manager. The Board
ultimately agreed to have Bishop Smith send out R.F.P. 's (prepared jointly with Attorney
Dehner) to the following investment firms: Sun Bank, Barnett Bank,' NationsBank, First
Union, Capstone, 1 nvcstco , and others as determined by Bishop Smith. The proposals will
be reviewed at the next meeting and interviews will be conducted in January J 994. A
motion was made by Roy May to engage the services of Southeastern Advisory Services,
Inc'-to assist in the search for a money manager at the fee previously agreed to in 1991/92.
Motion was seconded by William Schwob and carried unanimously.
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Minutes of Meeting held October 11 ~ 1993
Supplementary Pension Fund
Page 2
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Chairman Sedrick then went to Item #5 on the agenda, report by Bishop Smith. Bishop
Smith distributed copies of the "Investment Performance Analysis for the Third Quarterll to
the Board and reviewed the performance of City Capital. Mr. Smith advised the Board that
it was his recommendation that the Board consider changing to another money 111anager as it
was his opinion that City Capital had not done well. He also recommended that one manager
handle both the fixed and equity invest.ments and if possible, act as custodian for the fund~
He advised that there would not be any cost involved in changing to another money manager.
Attorney Dehner advised 'that the contract with City Capital could be canceled upon 30-days
written notice.
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Chairman Sedrick then went to Item #4 on the agenda which was a'update by Lee Dehner.
Attorney Dehner advised the Board that the city ordinance referencing supplementary pension
will have to be amended prior to December 31, 1994 to add the rollover and 10% penalty
provisions. Attorney Dehner will prepare a draft memo for distribution to ail plan
. participants explaining the new tax law in "plain English. II He will bring this draft to the
next meeting.
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Attorney Dehner also advised the Board that due to the new F.M.L.A. (Family Medical
Leave Act) legislad,on, it will be necessary to contact our City Human Resources office to
advise them that the Board needs to be advised of any F.M.L.A. leave granted to a plan
member so that the time taken can be deducted from their "credited service II time so that it
does not apply toward retirement.
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The final item of business from Attorney Dehner was his notification of a fee increase - the,
first since March 1988. His fee will be increasing from $150 per hour to $180 per hour.
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Attorney Dehner advised the Board that the Department of Management Services has been
contacting various pension plans throughout the state. He recently learned that a Fire
Department had received a letter similar to the one we received in August. They had also
received a subsequent Ictter thanking them for sending the requested report, which had not
been done. In view of this, he will be contacting the state regarding their request. He will
advise the Board exactly what, if anything, needs to be done.
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Item #6 on the agenda was distribution of the monthly reports for tiscal year 92/93 and
October 1993. The Board acknowledged receipt of lhe reports.
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Minu'tes of Meeting held October 11 t 1993
Supplementary Pension Fund
Page 3
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There being no further business, the meeting was adjourned at 11 :35 a.l11.
Item #7 on the agenda ~as other business. Chairman Sed rick advised the Board that the
term of office for Trustee William Schwob would expire on December 17, 1992. He asked
Mr. Schwob if he wO,uld be interested in serving a two-year term. Mr. Schwab said that he
would. A 'motion to ,recommend that Mr. Schwob be appointed to a two-year term by the'
City Commission was mad,e by William Horton and seconded'by Roy May. Motion carried
. ~ unanimously. Chairman Sedrick advised that an agenda item would be.prepared and
forwarded to the City Commission., '
Chairman Sedrick also advised the Board that his term of office was also due to expire on
Dece,mber 17, 1993. He announced that he will be notifying plan participants of a
nomination meeting and subsequent election to fill the position.
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)VlLLIAMSEDRICK
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