1998-11-09 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND
November 9, 1998
MINUTES
Trustees Present: R.P. Farrenkopf, John Zeigler, Steve Nelson, Steve Padgett,
Larry Mobley
Others Present: Attorney Scott Christiansen, Ernest Mahler(Smith-Barney), J.C.
Campuzano (Investco), L.C. Fortner(Chairman-Combined Pension
Boards), Keith Tomey, and others
Meeting was called to order by R. P. Farrenkopf at 7:1 OPM.
Received financial reports from Earnest Mahler of Smith -Barney and J.C. Campuzano of
INVESCO. Mr. Mahler reports that this recent quarter was a pretty nasty one. He
indicated that there would be some volatility and that we were still nicely ahead of our
assumptions. There were some problems in switching to Wachovia as the Fund
Custodian. Smith -Barney will have to fix the problem and generate a new report.
Mr. Campuzano reports that the stock market was down 10%. That it was a bad quarter
for the stock market, that people were buying U.S. Treasury Bonds in numbers because
of it being the safest investment at the time.
Individual boards meet to conduct their business.
Motion by Steve Nelson to accept the minutes of the August 27, 1998 Police Pension
Fund Meeting. Seconded by Steve Padgett. Motion was carried unanimously.
Motion by Steve Nelson to approve the following expenditures (there were no new
employees, no terminated employees, and no new newly retired employees) and retired
employees payments:
Expenses:
Gabriel, Roeder, Smith & Co. $ 532.33
INVESCO $6,123.14
Christiansen & Dehner $ 362.78
L.B. Bryan & Co. $1,936.00
Smith Barney, Inc. $2,617.60
Retired Employee Payments $17,115.48
Weyman Arthur, Larry Coonfare, Janis LeVin, and Larry Mobley
Seconded by Larry Mobley. Motion was carried unanimously.
Review of Summary Plan Description as prepared by Attorney Scott Christiansen. This
update of the summary plan description is required by law every two years. Attorney
Christiansen advised that a copy of Exhibit "B" from the Actuary needs to be attached to
the summary plan description and then distributed to the members of the plan. He
explained that Theora could provide that information. Just call her and ask for the
"actuarial attachment to summary description".
Motion by Steve Padgett to accept the Summary Plan Description as prepared by Scott
Christiansen. Seconded by Larry Mobley. Motion was carried unanimously.
Attorney Christiansen asked that a list of current members of the Pension Fund along
with their terms of office be sent to his office as soon as possible. He indicated that board
members of another plan ran into problems because their terms of office had expired
without their being aware of it, and that he would help to monitor this so that it would not
happen to our board.
The scheduled meeting dates for 1999 for the pension boards are as follows:
Wed. February 101h 7:OOPM
Wed. May 12Ih 7:OOPM
Wed. August 11`h 7:OOPM
Wed. November 10`h 7:OOPM
Attorney Christiansen reviewed the draft revision of Ordinance #657 and explained
changes as indicated to the Board.
Motion by Steve Nelson to accept the draft proposal. Seconded by Steve Padgett. Motion
was carried unanimously.
The draft proposal will be sent to the Actuary and to the City.
Motion by Steve Nelson to adjourn the meeting. Seconded by Steve Padgett. fleeting
adjourned at 8:38PM.
Respectfully Submitted,
R.P. Fa�rrenkopf, F hairman
John P. Zeigler, Fund Secretary