1998-05-13 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND
May 13, 1998 7:OOPM
MINUTES
Trustees Present: R.P. Farrenkopf, L. Mobley, Steve Nelson, Steve Padgett,
J.P. Zeigler
Others Present: Jim Paul
Combined meeting of all boards was called to order by L.C. Fortner at 7:05PM.
Investment reports from J.C. Campuzano of Invesco. Mr. Campuzano reported that the
last quarter was a great quarter for the equity market but a lack luster quarter for the bond
market.
Report from Ernest Mahler of Smith- Barney.
L.C. Fortner discussed buying fiduciary insurance for the Plans. Traveller's Property
Casualty was one proposal being looked at by members of all boards.
Report from attorney Scott Christiansen. Mr. Christiansen reports there are substantial
fo hcom= changes in the Legislature which will affect the provisions whereby plans
Will be able to invest up to 101'o of assets in foreign markets. Mr. Christiansen such
changes in the investment opportunities will require a change in the local law
plans(ordinance). Also indicated domestic markets are doing well, and that we would not
have to change the law plan right away.
Attorney Christiansen also discussed the 175 and 185 plans briefly.
Christiansen also discussed the possibility that state monies are not being distributed
properly and that an actuary could do a study to determine if state monies are being
applied properly. He recommended no changes at this time.
Meeting of Police Pension Board was called to order by R.P. Farrenkopf at 8:29PM.
Motion by L. Mobley to approve the minutes of the February 11, 1998 meeting.
Seconded by Steve Nelson. Motion was carried unanimously.
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Motion by L. Mobley to approve the following expenditures:
`"W Retired employee payments:
S2,498.52 to Janice LeVin(Beneficiary of Alan LeVin), S7,528.74 to Larry Mobley,
$2,853.81 to Larry Coonfare, S4,234.41 to Weyman Arthur.
Expenses:
S$408.94 to Christiansen & Dehner, Attorney, $6,059.99 to Invesco, $1,166.67 to
DiBartolomeo, McBee & Assoc., $167.85 to Misc.
Seconded by Steve Nelson. Motion was carried unanimously.
Motion by L. Mobley to accept Ronnie D. Baker 3/16/98 as a new member of the Plan.
Seconded by Steve Nelson. Motion was carried unanimously.
Motion by Steve Nelson to accept the retirement of Weyman Arthur Feb. 98. Seconded
by Steve Padgett. Motion was carried unanimously.
Discussion on possibility of increasing the employee's contribution to the fund from 5 to
6%.
Motion by Steve Nelson to accept the fiduciary liability insurance coverage proposed by
LB Bryan & Company for Traveller's Property Casualty. Seconded by L. Mobley.
Motion was carried unanimously.
Motion by L. Mobley to approve the trustee school expense report submitted by J.P.
Zeigler on behalf of himself and R.P. Farrenkopf. Seconded by Steve Padgett. Motion
was carried unanimously.
Motion by Steve Nelson to table the discussion on the topic of membership to the r i PA
which would cost $200.00. Seconded by Steve Padgett. Item was tabled.
Motion by L. Mobley to adjourn the meeting. Seconded by Steve Padgett. Motion was
carried unanimously. Meeting was adjourned at 8:50PM.
Respectfully Submitted,
R. . Farrenkopf, Fund Chan
Jo P. Zeigler; Fund Secretary
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