1999-08-11 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION BOARD
August 11, 1999
MINUTES
Trustees Present: R. P. Farrenkopf, Steve Padgett, Larry Mobley, John Zeigler,
and Steve Nelson
Combined Pension Board Meeting called to order by L.C. Fortner at 7:07PM.
Financial and other reports received from Thomas A. Horkan of INVESCO, and Ernest Mahler
of Salomon Smith -Barney (Fund Monitor), and from attorney Scott Christiansen (fund attorney).
Motion by Larry Mobley to approve the minutes of the May 11, 1999 police pension board
meeting. Seconded by Steve Padgett. Motion was carried unanimously.
Motion by Larry Mobley that Jose Ortega, a newly hired employee, be accepted as a new
member of the City of Okeechobee Police Officers Pension Fund. Seconded by Steve Padgett.
Motion was carried unanimously.
Motion by Steve Padgett to approve and pay the retired employee's payments of $17,115.48, and
*"we expenses as follows: INVESCO-$7,036.44, Christiansen & Dehner-$290.28, Gabriel, Roeder
Smith & Co-$763.67, and Pension Contribution Refund (William Hill)-$8,605.92. Seconded by
Larry Mobley. Motion was carried unanimously.
Motion by Larry Mobley to accept terminated employee William Hill. Seconded by Steve
Padgett. Motion was carried unanimously.
John Zeigler reported election results from election of member trustees. Election was held
between August 5-9, 1999. Out of 19 members of the plan, 16 ballots were returned to the
secretary. Results of the ballots are Farrenkopf-13, Zeigler-12, Russell-2, Petersen-2, Davis-1.
Farrenkopf and Zeigler were re-elected as member trustees. The lengths of the terms are as
follows: Farrenkopf-1999-2001, Zeigler-1999-2002.
John Zeigler shares information received in the mail reference an upcoming Global Investing
Seminar.
Attorney Christiansen informs trustees that he is in the process of completing changes to 99/01
ordinance changes. He explained that the whole plan is restated. If it passes, the board will have
everything in one single document. When asked what the plans should do with state monies, it
was suggested that the actuary be contacted, as an actuarial study would need to be completed,
meanwhile, the attorney will finish his work on 99-01. It was also discussed whether the plan
could use surplus state monies to make benefits improvements.
Motion by Steve Padgett to adjourn the meeting. Seconded by R. P. Farrenkopf. Meeting as
adjourned at 8:51PM.
Respectfully Submitted,
_ /7
R. P. arrenkopf, Fun&tOfnnan
Jo P. Zeigler, Fund Secretary
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