2009-05-11 General Fund MeetingCITY OF OKEECHOBEE AND OKEECHOBEE UTILITY AUTHORITY
PENSION BOARD MEETING
May 11, 2009
The meeting held at City hall was called to order at 5:10 PM by Chairman Jamie Mullis
The following Trustees were present:
Jamie Mullis
Jerry O'Bannon
Linda Tewksbury
Betty Clement
Also present were: Scott Christiansen, Attorney
David Freitas, Salem Trust -Custodian
Tim Nash, The Bogdahn Group -Monitor
Basil Coule, Financial Liaison
Jan McKinley, Asst. Finance Director
David discussed the transition of custodial accounts from Sun Trust. The transfer should take
place by the end of this week. Salem Trust will send the first disbursement checks to retirees June
1, 2009.
Scott said the actuarial group, GRS, declined to act in a fiduciary capacity for the plan. He is also
negotiating a current fee structure for their services.
Scott discussed changes in the Pension Ordinances brought about by changes in State Law. One
of the changes stated the term of Board Members can now be extended to four years. The
consensus of the boards was to go to a four year term. Scott will report back on revisions at the
next meeting. He also reminded members to complete their annual disclosure forms.
Tim discussed the quarter ending March 31, 2009. Stocks are still down, with bonds showing a
slight increase. Bowen, Haynes & Co will take over the portfolio from TrustCo this week. He
thought the remainder of the year will be difficult, but with some improvement.
Upon motion by Jess, second by Linda, the minutes of the February 9,2009 meeting were
approved.
Upon motion by Jamie and second by Jerry, the Financial Reports items 1-4 and 6-7 of the
agenda, as presented by Basil, were approved.
here ,being no further business, the meeting was adjourned at 6:12 PM.
Jerry 'Bannon, Acting Secretary