2014-11-03 Fire Fund MeetingCity of Okeechobee Fireman's Pension Board Meeting 5:30 PM, November 3, 2014
Notes prepared and provided by Gary Ritter
Attendees:
Glenn Hodges
Gary Ritter
John Koepke (Chairperson)
Absent:
Adam Crum
Michael Skipper (Secretary)
Notes for previous meeting were not available so there was no motion for approval.
Jack Evatt from the Bogdahn Group opened the meeting with a review of the Investment Performance
for all pension groups. He noted that Bill Gross had resigned from the Pimco Total Return fund and had
moved on the Janus Group. All pension boards had investment in Pimco Total Return Fund and because
of the resignation of Mr. Gross, Mr. Evatt recommended that we all switch funds over to the Dodge and
Cox Income Fund noting that this particular fund is consistently a good performer in up or down
markets.
Fireman's Pension Board:
• Motion was made by Gary Ritter to sell Pimco Total Return fund and Purchase Dodge and Cox
Income Fund. Glenn Hodges seconded the motion and the vote was called and unanimous for
approval.
Jack Evatt also discussed that the Bogdahn Group desire to be contacted prior to all rebalancing
decisions for the Fireman's Pension Fund. A letter was provided with specific criteria and instructions
for account rebalancing. The letter was signed by Chairperson Koepke when motion was approved.
Fireman's Pension Board:
• Motion was made by Gary Ritter to adopt the letter requesting that the Bogdahn Group be
contacted prior to all rebalancing decisions for the Firman's Pension Fund. Glenn Hodges
seconded the motion and the vote was called and unanimous for approval.
Attorney Scott Christiansen discussed the current Summary Plan Description and the need to update the
plan. He noted a motion would be needed by each board for him to proceed with the update.
Fireman's Pension Board:
• Motion was made by Gary Ritter to direct Mr. Christiansen to update the Fireman's Summary
Plan Description. Glenn Hodges seconded the motion and the vote was called and unanimous
for approval.
The following Pension Board Meeting dates were recommended for approval.
February 2, 2015
May 4, 2015
August 3, 2015
November 2, 2015
Fireman's Pension Board:
• Motion was made by Glenn Hodges to approve the recommended Pension Board Meeting dates
for 2015. Gary Ritter seconded the motion and the vote was called and unanimous for approval.
A letter was reviewed by Gabriel Roeder Smith & Company (GRS) summarizing the new reporting
requirements resulting from the passing of Senate Bill No. 534 into law. Existing reports will remain the
same but additional reports will be required at an extra coast from $2500 to $3000.
Additional reports include:
1. Report assuming 5% growth vs 7% growth
2. Report using a more aggressive mortality table
3. Report assuming no money being contributed to the fund
Fireman's Pension Board:
• Motion was made by Gary Ritter to approve authorization to GRS to provide the additional
reports to satisfy state disclosure requirements under SB 534 at a fee schedule ranging from
$2500 to $3000. Glenn Hodges seconded the motion and the vote was called and unanimous for
approval.