2014-05-05 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION BOARDS
Meeting May 5, 2014
Okeechobee Police Department
50 SE 2"d Ave
OKEECHOBEE, FL 34974
TRUSTEE ATTENDANCE:
POLICE: Present: Bettye Taylor, Secretary
Bill Bartlett
Ray Worley
Dennis Davis
Jack Boon
1. CALL TO ORDER REGULAR MEETING: 5:35 PM by Chairman Denny Davis.
2. Bill Bartlett moved to approve minutes from February ,2014. Seconded by Ray Worley. Motion carried unanimously.
3. Bill Bartlett moved to approve Treasury Report for 21h Quarter. Seconded by Ray Worley. Motion carried unanimously.
4. Ray Worley moved to approve Auditor's Report as submitted by Jay McBee. Bill Bartlett seconded. Motion carried
unanimously.
5. Ray Worley moved that based on Mr. Evatt's advice, the total expected annual rate of investment return for our fund
for the next year, the next several years and the long term thereafter shall be 7% net of the investment related
expenses; seconded by Jack Boon. Motion carried unanimously. A PL-1 notice will be sent to the Bureau of
Local Retirements.
6..Bill Bartlett moved to approve the Actuarial Valuation Report; seconded by Jack Boon. Motion carried unanimously.
7. Ray Worley moved to approve authorization for Salem Trust Company to to rebalance the Portfolio. To do this allow
DANA Financial to raise $900,000 cash and to transfer $900,000 from the DANA account to the R&D Account
and purchase the following mutual funds: $650,00 of Dodge & Cox Income Fund and $250,000 of the PIMCO
Total Return Fund. Motion seconded by Jack Boon. Motion carried unanimously.
8. New Business:
None
9. Ray Worley moved to adjourn meeting at 5:45 PM. 2nd by Bill Bartlett. Motion carried.
Prepared by: Bettye Taylor -Secretary