1998-05-13 General Fund MeetingCITY OF OFEECHOBEE/OIXECHOBEE UTILITY AUTHORITY
GENERAL EMPLOYEE PENSION PLAN
TRUSTEE MEETING MINUTES
MAY 13 1998
Meeting called to order at 7:05 pm, by Mr. L.C. Fortner. Jr.
Trustees Present:L.C. Fortner, Jr, Ricky Bonnell Paul Overton,
Roger Jones,
Others Present: Ernie Mahler of Smith Barney, Performance Monitor
Juan "J. C." Carlos Campuzano, Invesco,
Scott Christiansen of Christiansen, Dehner, P.A.
Jim Paul,OUA
J. C. Campuzano gave report on quarterly returns. Overall they were
very good.It was also an excellent quarter for equities with a
return of 9.09 %. J.0 also advised the board that due to great
returns of the stocks the portfolio had grown above the limit. He
also stated that just after the report was printed he had trim it
back to an even 67.96 and that number would decrease even more,
Ernie Mahler stated the retuns for the first quarter of 1998 where
very good.He also stated he would like to see the stock portfolio
reduced to around the 60,90 mark.
Scott Christiansen gave a brief review of fiduciary insurance.He
stated that the insurance is to cover items such as breech of
contract and items similer to it.He also could not advise the board
members as to purchase it or not.
L.C. gave a brief description of membership in the FLORIDA PUBLIC
PENSION TRUSTEE'S ASSOCIATION, he explianed that members are
allowed to attend confrences that gives information on laws &
duties of trustee's of pensions. A general discussion from all
boards followed.
L.C. then ask Scott if the operating rules & procedures needed to
be updated since the O.U.A.had joined the pension fund.
Scott replied that it was updated in 1995.
L.C.ask for an updated copy.
L.C. ask the board to approve the minutes from the previous
meeting.Motion to approve the minutes, second, motion approved
unanimously.
L.C. ask the board to approve the general employee's, new
employee's,new members, &retired employee's payments & expenses for
the period from Febuary 8th 1998 thru May 4th 1998. Motion to
approve,second,motion approved unanimously.
'V*W L.C. gave information on fiduciary insurance cost quotes,Travlers
Premium quote was the lowest with aprice of $2,194.00 annualy with
a $1,000.00 deductible for one million dollars of coverage plus an
outside defense fund.A brief discussion on the quote followed.
Motion to purchase the quoted rate from Travlers Premium.
Second, motion approved unanimously.
L.C. Disscustion of membership to the FLORIDA PENSION TRUSTEE'S
ASSOCIATION, no action was taken at this time.
L.C. Informed the board that the propsed ordinance to the benifit
from 30 years and out to 25 years and out, and to change the
multiplier from 2.0% to 2.25% had been sent to the CITY COUNCIL,
also that the O.U.A. HOARD had agreed to fund the increased
amount.
No other business.
Meeting adjourned at 8:45 pm.