2000-05-05 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION BOARD
May 5, 2000
MINUTES
Trustees Present: Larry Mobley, Steve Padgett, John Zeigler
Trustees Absent: R. P. Farrenkopf, Steve Nelson
Meeting called to order by John Zeigler at 7:06pm.
Motion by John Zeigler to have Larry Mobley serve as acting chairman of this meeting. Seconded by Steve
Padgett. Motion was carried unanimously. Larry Mobley assumes position of acting chairman.
Motion by Steve Padgett to approve the minutes of the February 9t", 2000 police pension board meeting.
Seconded by John Zeigler. Motion was carried unanimously.
Motion by Steve Padgett to accept Dawn Wendt as a new member of the pension plan. Seconded by John
Zeigler. Motion was carried unanimously.
,;,Motion by Steve Padgett to accept Kelly J. Ammons as a terminated member of the pension plan. Seconded by
John Zeigler. Motion was carried unanimously.
Motion by John Zeigler to approve and pay the retired employee's payments of $17,115.48, and expenses as
follows:
INVESCO $7,051.11
Christiansen & Dehner $ 478.77
DiBartolomeo, McBee & Assoc. $1,312.17
Seconded by Steve Padgett. Motion was carried unanimously.
John Zeigler informed the board that the 1999 audit of the pension plan was "approved" by the State of Florida,
and provided copies of the letter were provided to each trustee in their pension board packets.
Combined pension board meeting is called to order by L.C. Fortner at 7:21pm.
Report from Invesco representative Tom Horkan. Mr. Horkan points out that INVESCO has prepared some
proposed changes in its "Summary of Investment Guidelines" dated March 31, 2000. Mr. Horkan points out that
these proposed changes reflect INVESCO's intention to alter their investment strategy, moving from a value -
oriented to a core performance -style strategy. Mr. Horkan explains that INVESCO needs the board's permission
to adopt these proposed changes in the investment guidelines.
Report from Salomon Smith -Barney representative Earnest Mahler III. Mr. Mahler comments on the proposed
-hanges in INVESCO's "Summary of Investment Guidelines".
,.,Motion by Steve Padgett to adopt the proposed changes in the INVESCO "Summary of Investment Guidelines"
dated March 31, 2000. Board discusses the motion. Seconded by John Zeigler. Motion was carried
unanimously.
Comments from attorney Scott Christiansen. Mr. Christiansen indicated that he is preparing for the presentation
that is to be made to City Council on Tuesday evening, June 6, 2000 at 6:OOpm. Attorney Christiansen also
indicated that he would be preparing a new summary plan description.
Combined pension board meeting adjourned by L.C. Fortner at 8:28pm.
Motion by Steve Padgett to adjourn the meeting. Seconded by John Zeigler. Meeting as adjourned at 8:29pm.
Respectfully Submitted,
arty M ey, ctmg FuecfChairrnan
P. Zeigl u d Secretary