1997-11-17 General Fund MeetingI
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CITY OF OKEECHOBEE AND OKEECHOBEE UTILITY AUTHORITY
%W GENERAL EMPLOYEE PENSION PLAN
TRUSTEE MEETING MINUTES
November 17, 1997
Meeting called to order at 7:15 pm by L. C. Fortner, Jr., Chairman
Trustees Present: L.C. Fortner, Jr.
Roger Jones
Jerry O, Bannon
Lyn Lowe
Paul Overton (term begins 12/01/97)
Others Present: Ernie Mahler of Smith Barney, Performance Monitor
Juan "J. C." Campuzano
Scott Christiansen of Christiansen & Dehner, P.A.
Meeting dates were set for the coming year. Meetings will be held on the second
*AMOK Wednesday of the second month of each quarter. Dates for 1998 meetings as
follows:
February 11, 1998
May 13, 1998
August 12, 1998
November 11, 1998
J. C. Campuzano gave a quick review of our plan's guidelines for investments. He
also reviewed the types of funds we have in our portfolio and how we are invested.
Invesco's conservative policy allows us to weather the "hard times" on the market.
Ernie Mahler praised the performance of the portfolio and stated that this is our best
year since inception with Invesco.
Scott Christiansen stated that, in response to our motion to accept the custodian
Invesco was to go with providing the cost was less than 5%, we would accept
Waikovia as our custodian since the cost was free.
L. C. brought up a question some had concerning joining the Florida Public Pension
Trustees' Association. He wanted input as to how the trustees felt about this. Scott
explained that by joining this association we have access to a great deal of education
by way of conferences and seminars. These cannot be attended unless membership
1*AW is held. Cost of membership is $200.00 per plan per year and could be paid from the
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plan as a reasonable expense.
L. C. brought up a question some had concerning fiduciary insurance. Scott explained
that in a case where a breech of fiduciary responsibility has taken place insurance
guards against loss to the fund and personal loss to the individual board members.
Cost per year would be approximately $1,000.00 to $2,000.00. Scott will send
application for quotes to Jim Paul and, after filling them out, he would send them in to
get quotes.
Discussion brought up concerning the new application for disability forms. The new
forms require claimants to attach to application a statement from a doctor confirming
that claimant in unable to perform his/her duties. No action required.
Motion by Jerry O'Bannon to approve revised fee schedule from Gabriel, Roeder,
Smith & Co. in calculating benefits. Second by Roger Jones. Vote unanimous and
motion carried.
Motion by Lyn Lowe to approve the expenses as outlined in the agenda packet.
Second by Jerry. Vote unanimous and motion carried.
Motion by Jerry to approve the minutes of the August 27, 1997 meeting. Second by
Roger. Vote unanimous and motion carried.
1%W Motion by Roger to request Actuary Impact Study be done to change current plan to
25 years -and -out if funds are available and increase the multiplier from 2% to 2 1/4%.
Second by Jerry. Vote unanimous and motion carried. L. C. will contact Theora for
study details.
Meeting adjourned at 8:45 p.m.
LVh Lowe, Secretary
L. C. Fortner, Jr., Chairm