1997-08-27 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
AUGUST 27, 1997
TRUSTEE'S PRESENT: LARRY COONFARE, JOHN P. ZEIGLER, JULIAN
STINNETT, STEVE PADGET.
MEETING CALLED TO ORDER AT 7:03PM.
MOTION BY JULIAN STINNETT TO APPROVE THE MINUTES OF THE
JUNE 12, 1997 MEETING. SECONDED BY STEVE PADGET. MOTION
WAS UNANIMOUSLY CARRIED.
LARRY COONFARE INFORMS TRUSTEES THAT NEW MEMBER JOHN ASHBY
COMPLETED A PERSONAL MEDICAL HISTORY FORM WHICH INDICATED
THE EXISTENCE OF SEVERAL MEDICAL CONDITIONS WHICH WERE
EXPERIENCED BY JOHN ASHBY PRIOR TO HIS DATE OF HIRE WITH
THE POLICE DEPARTMENT. LARRY COONFARE INDICATED THAT THE
FORM WOULD NEED TO BE RETAINED FOR REVIEW SHOULD ASHBY
FILE A CLAIM IN THE FUTURE. LARRY COONFARE ALSO INDICATED
THAT HE SIGNED THE MEMBER'S DESIGNATION OF BENEFICIARY
FORM SUBMITTED BY JOHN ASHBY. BOTH FORMS TO BE FILED IN
THE ARCHIVES.
LARRY COONFARE INFORMS TRUSTEES THAT EUGENE O'NEIL WHO
RECENTLY RESIGNED FROM THE POLICE DEPARTMENT HAS REQUESTED
IN WRITING THAT HIS FUNDS REMAIN IN THE PENSION FUND.
MOTION BY STEVE PADGETT TO APPROVE THE FOLLOWING
EXPENDITURES: $2,498.52 TO JANICE LEVIN(BENEFICIARY OF
ALAN LEVIN), $649.43 TO CHRISTIANSEN & DEHNER, ATTORNEY,
1%w $4,907.35 TO INVESTCO, $2,750.00 TO SMITH-BARNEY. SECONDED
BY JULIAN STINNETT. MOTION WAS UNANIMOUSLY CARRIED.
LARRY COONFARE INFORMS TRUSTEES THAT HE WILL BE RESIGNING
HIS POSITION AS TRUSTEE/CHAIRPERSON WITH THE CITY OF
OKEECHOBEE POLICE PENSION FUND EFFECTIVE AUGUST 29, 1997.
LARRY COONFARE INDICATED THAT IS WILLING TO SERVE AS A
CITY -APPOINTED OR TRUSTEE -APPOINTED TRUSTEE.
JOHN P. ZEIGLER INFORMS TRUSTEES OF A TRUSTEES SCHOOL
BEING HELD IN ST PETERSBURG BEACH, FLORIDA SEPTEMBER 28,
29, AND OCTOBER 1ST. JOHN P. ZEIGLER AND JULIAN STINNETT
INDICATE THAT THEY WOULD BE INTERESTED IN ATTENDING THAT
SCHOOL.
MOTION BY JULIAN STINNETT TO PERMIT ANY TRUSTEE(S) WHICH
WOULD LIKE TO DO SO TO ATTEND THE TRUSTEE SCHOOL BEING
HELD IN ST. PETERSBURG BEACH, FL SEPT. 28-OCT. 1, 1997
WITH THE COST OF THE SCHOOL, INCLUDING ROOM AND BOARD AND
REASONABLE AND NECESSARY EXPENSES TO BE PAID BY THE
PENSION FUND. SECONDED BY STEVE PADGET. MOTION WAS
UNANIMOUSLY CARRIED.
GENERAL MEETING OF COMBINED BOARDS CALLED TO ORDER BY
L.C.FORTNER.
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
AUGUST 27, 1997
EACH TRUSTEE WAS GIVEN A COPY OF THE QUARTERLY REPORT FROM
INVESTCO AND FROM SMITH-BARNEY. TRUSTEES WERE ADVISED THAT
FUND INVESTMENTS ARE DOING VERY WELL. REPORT RECEIVED FROM
INVESTCO AND SMITH BARNEY REPRESENTATIVES. THERE WAS OPEN
DISCUSSION ON THE TOPIC OF REQUEST FOR PROPOSALS FOR A NEW
CUSTODIAN BANK. EACH OF THE THREE TRUSTEE BOARDS SENT OUT
THEIR OWN RFP'S AND WERE INFORMED THAT INVESTCO SENT OUT
RFP'S AND WAS IN THE PROCESS OF NEGOTIATING WITH THREE
PROSPECTIVE BANKS FOR THAT POSITION.
MOTION BY JOHN P. ZEIGLER TO APPROVE AS THE NEW CUSTODIAN
BANK THAT BANK WHICH INVESTCO IS CURRENTLY NEGOTIATING
WITH PROVIDED THE FEES DO NOT EXCEED 5% BASIS POINTS AND
THE BANKING INSTITUTION ITSELF MUST BE A VALID DEPOSITORY
BANK FOR FLORIDA AND SUBJECT TO REVIEW OF ITS CONTRACT.
SECONDED BY STEVE PADGETT. MOTION WAS CARRIED UNANIMOUSLY.
MOTION BY STEVE PADGETT TO APPOINT DEBARTOLOMEO, MCBEE &
SLOAN, P.A. TO CONTINUE AS THE AUDITOR FOR THE FUND FOR
1997. SECONDED BY JOHN P. ZEIGLER. MOTION WAS UNANIMOUSLY
CARRIED.
MOTION BY STEVE PADGETT TO APPOINT GABRIEL, ROEDER, SMITH
& COMPANY AS THE ACTUARIES FOR THE FUND FOR 1997. SECONDED
BY JOHN P. ZEIGLER. MOTION WAS UNANIMOUSLY CARRIED.
JULIAN STINNETT LEAVES THE MEETING.
ATTORNEY SCOTT CHRISTIANSEN INFORMS TRUSTEES THAT THERE
WAS A CHANGE IN STATE LAW FROM THE FLORIDA SUPREME COURT
INVOLVING DISABILITY BENEFITS. ATTY CHRISTIANSEN EXPLAINED
THAT THE LAW PLACES A CAP ON THE COMBINED BENEFITS
RECEIVED FROM WORKMAN'S COMPENSATION, DISABILITY
RETIREMENT BENEFITS, AND IF APPLICABLE, FEDERAL SOCIAL
SECURITY DISABILITY BENEFITS. THE COMBINED TOTAL OF
BENEFITS RECEIVED ARE NOT ALLOWED TO EXCEED THE DOLLAR
FIGURE THE EMPLOYEE RECEIVED AS FULL-TIME PAY PRIOR TO THE
INJURY/DISABILITY.
LARRY COONFARE INDICATES THAT THERE SHOULD BE A DIFFERENCE
MADE BETWEEN DISABILITY BENEFITS AND WAGE BENEFITS, AND
THAT LUMP SUM SETTLEMENTS SHOULD NOT BE EFFECTED BY THE
NEW LAW.
ATTORNEY CHRISTIANSEN INFORMS TRUSTEES THAT AN APPLICATION
FOR DISABILITY CLAIM WAS RECEIVED BY HIS OFFICE FROM LARRY
COONFARE AND WAS BEING PROCESSED THROUGH THE NORMAL
CHANNELS.
THE GENERAL COMBINED MEETING WAS CLOSED BY L.C. FORTNER
AND THE POLICE PENSION BOARD CONTINUED MEETING WITH
ATTORNEY SCOTT CHRISTIANSEN WHO DISCUSSED WITH TRUSTEES AN
IMPENDING ORDINANCE CHANGE. COPIES OF THE SUGGESTED
ORDINANCE CHANGE WAS DISTRIBUTED TO TRUSTEES FOR REVIEW.
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CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
AUGUST 27, 1997
MOTION BY STEVE PADGET TO ADJOURN THE MEETING. SECONDED BY
JOHN P. ZEIGLER. MEETING WAS ADJOURNED AT 8:50PM.
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LARRY COONFARE, FUND CHAIRMAN
JOHN P. IGLER, U SECRETARY