2002-11-13 General Fund MeetingCity of Okeechobee/Okeechobee Utility Authority Employee Pension Plan
Trustee Meeting
November 13, 2002
MINUTES
Meeting at City Hall called to order by Landon C. Fortner Jr. at 5:08 PM.
Trustees Present: Johnny Mack Kinsaul
Jamie Mullis
Carolyn Arnold
Landon C. Fortner, Jr.
Others Present: Scott Christiansen, Attorney
Ernie Mahler, Sinith-Barney
Bruce Bridges, Invesco
Marita Rice, OUA
Police Department Trustees
Fire Department Trustees
Bruce Bridges of Invesco reviewed the current level of return for each fund. Returns are very
low at this time but should begin to increase next year.
Ernie Mahler of Smith Barney reviewed each of the plans and agreed that returns were low and
every plan across the nation was experiencing the same low returns.
Scott Christiansen reviewed the proposed ordinances which includes changes required by law.
The ordinance must be presented to the City Council for their approval. Motion by Jamie
Mullis, second by Johnny Mack Kinsaul to approve the proposed ordinance and authorize
Scott Christiansen to present it to the City Council for their review and approval as
required by law. Motion carried.
Trustees reviewed the revised operating Rules and Regulations. Motion by Jamie Mullis,
second by Johnny Mack Kinsaul to approve the revised Operating Rules and Regulations
for the General Employees Pension Plan. Motion carried..
Trustees reviewed the revised administration forms prepared by Attorney Christiansen. No action
required by Board.
Scott Christiansen stated it was required to publish a Summary Plan Description and distribute it
to each employee this year. After discussion motion by Johnny Mack Kinsaul, second by
`"'■'° Jamie Mullis to authorize Scott Christiansen to prepare the Summary Plan description as
required and send for distribution to the trustees. Motion carried.
Trustees reviewed the minutes of the Trustee meeting held August 14, 2002. Motion by Jamie
Mullis, second by Johnny Mack Kinsaul to approve minutes. Motion carried.
Trustees reviewed the list of expenses, new employees entering the Plan, and the annual audit
prepared by Jay McBee. Motion by Jamie Mullis, second by Johnny Mack Kinsaul to
approve the expenses, approve the new employees entering the Pension Plan, and accept
the annual audit for the General Employees Pension Plan. Motion carried.
Dates for future meetings were set as follows:
February 12. 2003
May 14, 2003
August 13, 2003
November 12, 2003
With no other business the meeting was adjourned at 6:30 P.M.
Respectfully Submitted,
Landon C. Fortner, Jr.
Chairman/Acting Secretary
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