2000-11-15 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND
November 15, 2000
MINUTES
NOTE: The combined pension board meeting took placed 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.
Trustees Present: John P. Zeigler, Steve Padgett, Dennis Davis, and Steve Nelson
Motion by Steve Padgett for fund secretary John Zeigler to chair the meeting as acting
chairman in the absence of R.P. Farrenkopf. Seconded by Dennis Davis. Motion was
carried unanimously.
Police pension board meeting called to order by John Zeigler at 7:00pm.
Motion by Steve Padgett to nominate Larry Mobley for position of fund chairman.
Seconded by Dennis Davis. Motion was carried unanimously. Larry Mobley elected as
fund chairman by unanimous vote. Larry Mobley will fill the term ending September 30,
2001.
Motion by Steve Padgett to approve the minutes for the August 9, 2000 police pension
board meeting. Seconded by Dennis Davis. Motion was carried unanimously.
Motion by Dennis Davis to approve new members Victoria Williams (Sept. 22, 2000)
and William Hill (Oct. 1, 2000) and terminated member Don Salo (August 2000) and
newly retired member Rehmund Farrenkopf and retired member payments for Weyman
Arthur, Larry Coonfare, Janis LeVin, Larry Mobley and Rehmund Farrenkopf for the
amount of $24,159.93. Seconded by Steve Padgett. Motion was carried unanimously.
Motion by Dennis Davis to approve the expenses as follows:
Invesco $6,917.39
Christiansen & Delmer $ 343.28
L.B. Bryan & Co $2,647.00
Gabriel, Roeder, Smith & Co $ 548.33
Contribution Refunds $7,784.74
Seconded by Steve Padgett. Motion was carried unanimously.
John Zeigler presented an expense report to the board pertaining to the recent Trustee
lvftw School held in Orlando, Florida October 1648, 2000. Trustees were advised of the
school and gave permission for those that desired to attend to do so at the expense of the
fund. Total amount of expenses of trustees was $868.14.
Motion by Steve Padgett to approve attendance at and expenses of the trustee school and
expense report submitted by John Zeigler. Seconded by Dennis Davis. Motion was
carried unanimously.
John Zeigler discusses the possibility of implementing a Deferred Retirement Option
Plan (DROP) plan and provides trustees with material received during his attendance at
the trustee school in Orlando.
John Zeigler provides copies of the Investment Policy Statement to trustees for their
review.
Motion by Steve Padgett to adopt Investment Policy Statement. Seconded by Dennis
Davis. Motion was carried unanimously.
Trustee Steve Nelson arrives at the pension fund meeting at 7:26pm.
John Zeigler provides trustees with a letter from the actuary Theora Braccialarghe for
Gabriel, Roeder, Smith & Company dated October 6, 2000, dealing with new section
112.661 that was added to Chapter 112, Florida Statutes. The actuary suggests that a
"cash flow analysis" be conducted in conjunction with an overall investment policy
review (Attorney Christiansen was consulted with on 11-8-00 by John Zeigler and it was
determined that a cash flow analysis by the actuary was not necessary at this time).
John Zeigler advised other trustees that the new provisions in FSS 112.661 makes
continuing education mandatory for trustees.
Trustees review summary plan description prepared by attorney Scott Christiansen and
exhibit `B" provided by the fund actuary Theora Braccialarghe.
Motion by Steve Padgett to adopt and also authorize the fund secretary to disperse the
November 1, 2000 Summary Plan Description and exhibit `B" attachment to members of
the pension fund. Seconded by Steve Nelson. Motion was carried unanimously.
Steve Nelson asks trustees if the board of trustees has enough insurance coverage for
fiduciaries. Steve Nelson also asks if trustees could be sued for mismanagement. John
Zeigler advised that there was fiduciary insurance coverage provided by LB Bryan &
Company and referred Steve Nelson to attorney Scott Christiansen. John Zeigler will
check with Jim Paul regarding the actual amount of fiduciary insurance coverage has in
place at this time.
John Zeigler advised trustees of the meeting schedule for 2001:
February 14, 2001
7:00pm
Wednesday
May 9, 2001
7:00pm
Wednesday
August 8, 2001
7:00pm
Wednesday
November 14, 2001
7:00pm
Wednesday
Motion by Steve Nelson to adjourn the meeting. Seconded by Steve Padgett. Motion was
carried unanimously. Meeting was adjourned at 7:57pm.
Respectfully Submitted,
John Zeiglef-, actrng fund chairman
Dennis Davis, acting fund secretary