2009-02-09 General Fund MeetingCITY OF OKEECHOBEE AND OKEECHOBEE UTILITY AUTHORITY
PENSION BOARD MEETING
February 9, 2009
The meeting held at City hall was called to order at 5:10 PM.
The following Trustees were present: Jess Manson
Jamie Mullis
Jerry O'Bannon
Linda Tewksbury
Betty Clement
Also present were: Scott Christiansen, Attorney
Joe Bogdahn, The Bogdahn Group
Basil Coule,Financial Liaison
Joe reviewed the capital investment markets and the fourth quarter performance of each of the
plans. He indicated that stocks showed significant losses, but bonds showed modest gains. He
opined the market will begin to show some improvement by year end. He also noted that large
spikes in unemployment are usually followed by significant stock market improvement within a
year. The portfolio was managed by Trusco through the fourth quarter, and they appear to have
done a satisfactory job_ He discussed at length some of the events leading to the current market
decline.
Scott said the actuarial group, GRS, has requested an increase in fees as well as a study of the
plan returns. He recommended no action be taken at this time.
Upon motion by Jess, second by Linda, the minutes of the November 10, 2008 meeting were
approved.
Upon motion by Jamie and second by Jess, the Financil Reports items 1-7 of the agenda, as
presented by Basil, were approved.
Upon motion by Jerry, second by Linda and approved, Jess was appointed Secretary for the plan.
There being no further business, the meeting was adjourned at 6:18 PM.
Jerry 'Bannon, Acting Secretary