1999-11-10 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION BOARD
November 10, 1999
MINUTES
Trustees Present: R.P. Farrenkopf, Steve Padgett, John Zeigler
Trustees Absent: Larry Mobley, Steve Nelson
Combined Pension Board Meeting called to order by L.C. Fortner at 7:05PM.
Comments from fund attorney Scott Christiansen. Mr. Christiansen indicated he sent a
letter to Theora (Gabriel, Reoder Smith Co.) in reference to determine if there was a need
for an actuarial study to be conducted to determine if excess funds received from the
State (approx. $300.00) was a significant enough amount to effect any improvements to
the pension plan. Mr. Christiansen indicated that he did not believe that the money was
enough to make any changes but that the fund actuary. Mr. Chrstiansen indicated that an
actuarial evaluation needed to be conducted on the 99/01 ordinance and that perhaps the
evaluation to determine if changes to the plan could be made with the excess monies
from the State could be done at the same time.
1W
**4W Attorney Scott Christiansen suggested to the board that the fund secretary contact Theora
to arrange for the actuarial study to be conducted to include a study to determine if the
fund could support the addition of a cola (cost -of -living) provision to the plan based on
the 99/01 ordinance.
Attorney Christiansen inquired about the terms of the current board members. R.P.
Farrenkopf informed Mr. Christiansen that elections were held in September 1999 and
that Larry Mobley was appointed by the City Council as the fifth trustee at a regularly
scheduled city council meeting.
Attorney Christiansen asked John Zeigler to provide him with a current list of all the
trustees and their term expiration dates.
Attorney Christiansen then asked the trustees to review the draft of the 99/01 ordinance
which will be discussed in length at the pension board meeting.
Reports received from Tom Horkin of INVESCO and Ernest Mahler III of Salomon -
Smith -Barney.
MR
The meeting dates of the combined pension boards for the year 2000 were scheduled as
follows:
February 91h 7:00pm (Wed.)
May loth 7:00pm (Wed.)
August 9th 7:00pm (Wed.)
November 8th 7:00pm (Wed.)
R.P. Farrenkopf commented on the possibility of a cola increase and suggested that one
possibility could be a two year wait where new retirees do not receive a cola and then a
percent cola increase every other year. He explained the two year deferment would at
least allow some kind of cola implementation to the plan even if only a'/z percent.
Respectfully
f,
P. Zetler; Fund Secretary