10/11/1993
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POLICE
SUPPLEMENTARY
PENSION
Minutes
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DATE
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING'
POLICE HEADQUARTERS. CONFERENCE ROOM
October 11.. 1993
9:00 H.I11.
1. Approval of the Minutes of Meeting held September 27, 1993.
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2. Approve the Request of Kenneth M. Schmilt for his Share Value
Effective on his Resignation Date of August 8, 1993 (end of day).
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3. Adopt the Final Version of the "Operating Rules and Procedures" for
the Supplementary Pension Fund.
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4. Pre,sentation and Review by Carole Cox, Cily Capit~) Counseling.
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5.
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Update by Attorney Lee Dehner.
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6.. Other Business.
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WILLIAM SEDRICK, CHAIRMAN
Board of Trustees
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IF A PERSON DECIDES TO API1EAL ANY DECISION MADE BY THE
BOARD, \VITH RESPECT TO ANY MATTER CONSIDERED AT THE
MEETING OR HEARING, HE WILL .NEED A RECORD OF THE
, PROCEEDINGS, AND THA T, 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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CLEAH.W ATER POLICE SUIJPLEMENTARY PENSION
l'vIlNUl'ES OF MEETING HELD Octohcl' II t 1993
9 a,m.
, A meeting of the Board of Trustees \Vas held on October t 1. 1993 at 9 a.m.' in the
Conference Room at Police Headquarters, 644 Pierce Street, Clearwater, Florida.
The following trustees were presellt:
SergeaOl,WiHiam Scddck, Chainmm
Roy May, Vice-Chairman
William Schwob, Trustee
Lee Dehner, Attorney for Board
Guest Carole Cox, City Capital Counseling, Inc.
Absent:
William Horton, Trustee
Richard Breest, Secretary
Chairman Sedrick called the meeting 'to order at 9:30 a.l11. The tirst item on the agenda was
approval of the minutes of the meeting held 011 September 27, 1993. A motion to approve
the minutes was made by William Schwab und 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). As Mr. Schmitrhad not
submitted his request as of the meeting date, Chairman Sedrick asked Attorney Dehner how
the Board should proceed. Attorney Dehner advised that if a participant did not submit a
request for pension monies within 90 days of his eligibility date, a presumption could be
made that the par~icipal1t wanted the money remitted directly to him less the applicable 20%
tax deduction. As the 90 days had not yet expired. the Board agreed to continue the item
until the next meeting.
Item #3 on the agenda was' adoption of lhe tinal version of the "Operating Rules and
Procedures." Chairman Sedrick advised thaI he fell the entire Board should be in atlendance .
for the approval of the rules and proc~dllres and that it would involve considerable
discussion. He then suggested that the Board also continue this item 10 the next meeting.
The Board agreed unanimously.
Item #5 on the agenda was a presentation and review by Carole Cox, City Capital
Counseling. Ms. Cox distributed copies of a reporl of their performance through September
30, 1993 and reviewed the report wi I It the Board. Discussion enslled on the performance of
equity investments made by Cily Capital COllnseling and their performance in comparison
with other companies.
Ms. Cox requested an updated copy of the Ilinvestmcnt policy" to reflect agreed upon
changes in the wording of the ratings to be lIsed for equity investments. The revised
wording (page 3, #3) would be ".. .In this regard, only securities with a financial rating in
the top three ratings in either Standard and Poors or Value Line Illay be purchased. If there
is a split rating, the higher one applies." Also revised was 119 (page 4) "If any equity
security is downgraded below the top three ratings by both services, the investment counsdor
mllst dispose of the equity." As soon as these corrections are receiveu from Bishop Smith
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Minutes of Meeting hdd October II, 199:'\
Supplementary Pension Fund
Page 2
(Southeastern Advisory Services, Inc.) copies will be distributed to the Board, Attorney
Dehner and Carole COY..
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Discussion was also held on requcsting that Bishop Smith compile comparison data utilizing
the "universeu of Florida pension plans as lhey have the same restrictions and would offer a
morc accurate picture of the p~rrorl1lance of City Capital Counseling.
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Ms. 'Cox requested that the Board instruct Bishop Smith to remove mention of the "Syntax"
investment from their statistical data as the fund was totally reimbursed by City Capital for
the entire investment amount. Ms. Cox felt that this hwestment was unfairly reflecting on
the overall performance of City Capital Counseling (it made an overall 1.5% difference in
their performance rating for J 992). The Board discllssed this issuc and aftcl' consulting with
Attorney Dehner agreed to make this requcst of Bishop Smith.
At 10:30 a.m. Chairman Scdrick called for a brief recess.
The meeting was rc-conveJ1l.:d at 10:45 a.m.
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Ms. Cox continued with her presentation on their performance. She distributed copies of
several charts highlighting the past decade of performance of growth stocks, drug stocks,
investment cycles, etc. She reviewed the charts with the Board and ans'wered questions from
members. Ms. Cox thcn left the meeting.
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Chairman Scdrick asked Attorney Dehncr if the monies received from the stale should be
placed into the account maintained by NationsBank as custodian fllf the Board. These
monies had been held in a money market accuunt pcnding. pussible tnmsfer to a different
investment counselor. Attorney Dehner ~Idvised that the money should be deposited with the
custodian as soon as practical. The Board unanimously agn::~d to arrange for th~ transfer of
the funds.
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[tem #5 all the agenda wns an update lly Attorney Dehner. Duc to the length of the meeting
and the number of items Attorney Delmer wished to review, the Board decided to address
only those urgelll items and continue the others until the next meeting which is to be held in
the early part of November 1993.
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Atlorn~y Dehner advised the Board that he would hI:: contacting the Dcpartmcnt of
Management Serviccs regarding their recent letter requesting a rcport 011 the plan. He will
advise the Board exactly what Ilt:'eds to be dOlle.
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Attorney Dehner also advised the Board of a recent amendment to the public records'law
pertaining to the confidentiality 01' information relating to police ofJicers, thdr spOllses,
family. etc., and that in order for the Board to legally deny any requcsts for this information
under the public records law, the BOHrd will need n written request tor conlidentiality from
the City. Attorney Deh,ncr advised the Bmwd that he would write the City a letter requesting
this form be signed and suhmitted to the BOilrd.
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Attorney Dehner then distrihuted copies ot' the most r~ccnt version of lhc "Operating Rutes
and Prol.'cdur~s" which is to hc linaJized at thc next mceting.
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Minutes of Mcclirlg held OClob~r II, 1993
'~Supplemelltary Pension Fund
. Page 3
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,There bdng no further bll,sincss. the m'ccting was adjourned at 12: 10 P:I\l.
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\YILLlAM SEDRICK'
Chairman
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