2007-02-12 Fire Fund MeetingFebruary 12, 2007
Okeechobee City Firefighters Pension Board Meeting
Trustees Present: Bill Douglas, Glenn Hodges, John Koepke.
The minutes of the meeting of November 13, 2006 were approved by motion of Glenn
Hodges, second by John Koepke, motion passed.
Trusco reports on a good market, discusses Market Snapshot as of 12/31/06.
Firefighters fund as of 2/07, $1,049.86.
Trusco reports on Performance Comparisions, Plan Composition.
Smith Barney reports the benchmark is a little behind, the market has been good. Also
discusses Manager vs Universe through 12/06. Discussion held on current fund
analysis,zepher style advisor, manager vs benchmark. We are getting lower returns, but at
lower risk.
Attorney Christiansen discusses possibility of new contract with Smith Barney. Scott
will contact Smith Barney to determine which person is our monitor.Custodian issue is on
hold. Scott recommends one agenda for all three boards.House Bill #3 discussed. Pension
Protection Act discussed, age 50 for tax penalty.Scott discusses (PLOP) Partial Lump
Sum Option. Attorney Christiansen advises of fee increase from $250.00 to $290.00. A
motion was made by John Koepke, second by Bill Douglas, to accept increase, motion
passed.
Merita Rice will be leaving the OUA soon, and will have to be replaced.
Matt Vinson has resigned from the Board as of 2/1/07, and will have to be replaced.
Our board is having a study being done by Gabriel, Roeder, Smith & Co. on going from
25 and out to 23 and out with our present multiplier (75 %) and at no cost to the city or
the employees.
A motion was made by Bill Douglas, second by John Koepke, to have our attorney
present this at a City Council meeting, if the study is favorable, motion passed.
Meeting adjourned
William Douglas
Secretary