2000-12-13 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND
December 13, 2000
SPECIAL TRUSTEE BOARD MEETING
MINUTES
Note: the combined pension board meeting took place on 11-8-00 but the police pension
fund did not have a quorum present and were not able to conduct their business. A special
meeting was scheduled for 11-15-00 for the police pension fund. There were some issues
that have arisen since that meeting that were time critical and that would require official
board action prior to the next scheduled board meeting on February 21, 2001. These are
the minutes of a special meeting that was scheduled on 12-13-00 for that purpose.
Trustees Present: Larry Mobley, Steve Padgett, Dennis Davis, and John Zeigler
Meeting was called to order by fund chairman Larry Mobley at 7:OOpm.
Secretary John Zeigler read to the board a letter dated November 27, 2000 received from
fund attorney Scott Christiansen pertaining to the Agreement for Legal Services, and
provided the trustees present access to a copy of the agreement for their review.
Motion by Steve Padgett to approve the Agreement for Legal Services dated January 1,
2001 as prepared and submitted by fund attorney Scott Christianson of Christiansen &
Delmer, P.A. Seconded by Dennis Davis. Motion was carried unanimously.
Secretary John Zeigler presented to the board a copy of a facsimile received from Theora
P. Bracciarlarghe of Gabriel, Roeder, Smith & Company dated December 4, 2000,
regarding the request from Ptl. William Hill to buy back his prior time that he had in the
retirement plan. After receiving a verbal request from Mr. Hill to obtain some figures for
him, secretary John Zeigler contacted fund attorney Scott Christiansen who advised that
the monies would have to be replaced along with interest that those monies would have
made if those monies had remained in the fund. Attorney Christiansen indicated that a
rate of 8% interest would be a figure to consider and suggested that the secretary check
with the actuary. The actuary calculated the buy back figure for Mr. Hill at John Zeigler's
request based on the interest rate of 8 % as recommended by the fund attorney, and also
on what the actual interest was at market return. The refund amount to Ptl. Hill at the
time of his voluntary termination in May 1999 was $8,605.92. The first buy back
alternative figure was $9,542.24 based upon the 8 % calculation. The second buy back
alternative figure was $9, 248.58 based upon the interest rate at market return. A copy of
the facsimile is placed into the file.
y i Y
Motion by John Zeigler to approve the buy back request by William Hill based upon the
$9,248.58 figure based upon the calculations provided by the fund actuary. Seconded by
Steve Padgett. Motion was carried unanimously. John Zeigler advised the board that he
requested a written request from William Hill to include in the file. Also a letter will be
provided William Hill along with a copy of the calculations provided by the fund actuary
pertaining to his request.
Motion by Steve Padgett to approve the change of the first police pension board meeting
for 2001 from February 14th, 2001 to February 21St, 2001. This change is requested by
attorney Scott Christiansen. Seconded by Dennis Davis. Motion was carried
unanimously.
Motion by Steve Padgett to adjourn the meeting. Seconded by Dennis Davis. Motion was
carried unanimously. Meeting was adjourned at 7:27pm.
Respectfully Submitted,
Larry M ley, Fun hairman
Jo Bigler, un Secretary