2000-02-09 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION BOARD
February 91h, 2000
MINUTES
Trustees Present: R.P. Farrenkopf, John Zeigler, Steve Nelson, Steve
Padgett, Larry Mobley
Meeting called to order by R.P. Farrenkopf at 7:05pm.
Motion by Larry Mobley to approve the minutes of the November 91h police
pension board meeting. Seconded by Steve Padgett. Motion was carried
unanimously.
Motion by Larry Mobley to approve and pay the retired employee's payments of
$17, 115.48, and expenses as follows:
INVESCO $7,119.23
Christiansen & Dehner $ 745.53
Gabriel, Roeder Smith & Co. $3,365.66
Seconded by Steve Padgett. Motion was carried unanimously.
Board discusses the possible implementation of a COLA (Cost of living
allowance) based upon the most recent benefits study conducted by the fund
actuary.
Motion by John Zeigler to implement a '/2 percent COLA increase every other
year for actives and inactives, based upon the most recent benefits study
conducted by the fund actuary. Seconded by Steve Padgett. Motion was carried
unanimously.
The combined pension board meeting is called to order by L.C. Fortner at
7:18pm.
Report from Invesco representative Tom Horkan (fund manager).
Report from Salomon Smith -Barney representative (fund monitor).
Invesco representative Tom Horkan made a presentation to the board regarding
Invesco's intention to alter their investment strategy, moving from a value -
oriented to a core portfolio -style strategy. The board voted unanimously to find
that they have no objection to Invesco moving from a value -oriented to a core
portfolio -style investment strategy.
Comments from fund attorney Scott Christiansen. Scott said he is still working on
the proposed ordinance to bring the ordinance (99/01) up to state standards. Mr.
Christiansen suggested that the board grant him the authority to prepare the
necessary changes in the ordinance.
Motion by Steve Padgett for the board to allow the fund attorney to prepare the
new ordinance with the necessary changes in order to bring the ordinance up to
compliance with state standards. Seconded by Steve Nelson. Motion was carried
unanimously.
Motion by Larry Mobley to adjourn the meeting. Seconded by Steve Padgett.
Meeting was adjourned at 8:42pm.
Respectfully,90mitted,
W.P. Farrenko/pff, Whd Chairman
ohn P. Zeigler, Fund Secretary