1995-06-21 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
JUNE 21, 1995
%,w TRUSTEES' PRESENT: LARRY MOBLEY, STEVE PADGETT & STEVE NELSON
OTHERS PRESENT: ERNST MAHLER III OF SMITH BARNEY, PERFORMANCE MONITOR
LEE DEHNER OF CHRISTIANSEN, DEHNER, P.A.,
LEGAL COUNCIL
MEETING IS COMBINED WITH POLICE, FIRE & GENERAL EMPLOYEES BOARDS
PRESENT.
MEETING CALLED TO ORDER AT 7:25 p.m.. STEVE PADGETT RECORDS THE
MINUTES AS THE SECRETARY, LARRY COONFARE, IS ABSENT FROM THE MEETING.
MOTION BY STEVE NELSON TO APPROVE THE MINUTES OF THE MARCH 08, 1995
MEETING. SECONDED BY STEVE PADGETT. MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY STEVE NELSON TO APPROVE THE FOLLOWING EXPENDITURES: $450.09
TO CHRISTIANSEN, DEHNER, P.A., LEGAL COUNCIL, $ 1,216.66 TO-
DiBARTOLOMEO, McBEE & SLOAN, AUDITORS. SECONDED BY STEVE PADGETT.
MOTION WAS UNANIMOUSLY CARRIED.
ERNST.MAHLER REVIEWS THE QUARTERLY SUMMARY REPORT ENDING MARCH 31,
1995. EARNINGS FOR THE FIRST QUARTER OF 1995 SHOW A RETURN OF 7.73%.
POLICE FUNDS HAVE OUTPERFORMED ALL COMPARABLE BENCHMARKS. QUARTERLY
ASSET ALLOCATION PERCENTAGES FOR FUND ARE WITHIN SET GUIDELINES.
INVESCO PERFORMANCE IS ABOVE AVERAGE.
LEE DEHNER RECOMMENDS THAT THE EMPLOYEE CONTRIBUTION BE BASED ON A
,., BEFORE TAX BASIS AS WAS APPROVED IN THE ORDINANCE CHANGE OF 1993. LEE
ADVISES THAT THERE IS NO LEGAL REASON THAT THIS SHOULD NOT BE
IMPLEMENTED AS IT WILL BENEFIT THE MEMBERS AND THERE.. WILL BE NO
ADDITIONAL CONTRIBUTION EXPENSE TO THE CITY. HOWEVER .THE4 CITY WILL
INCUR ADDITIONAL BOOKKEEPING AND DATA BASE ENTRY EXPENSES. IT IS
SUGGESTED THAT A MEETING BE HELD WITH THE PLAN MEMBERS SO THAT THE
BEFORE TAX CONTRIBUTION CAN BE FULLY EXPLAINED. TENTATIVE DATE FOR THE
MEMBER MEETING WILL BE AUGUST 9TH OR LOTH, 1995, WITH THE MEETING TO
BE HELD IN THE CITY COUNCIL CHAMBERS.
LEE DEHNER ADVISES OF THE FOLLOWING REQUIREMENTS, RECOMMENDATIONS, AND
PLAN AMENDMENTS:
a) IT IS RECOMMENDED THAT THE MONEY MANAGERS AND PERFORMANCE
MONITORS ATTEND EACH QUARTERLY MEETING AS SET FORTH IN THEIR.
CONTRACTS. AS TRUSTEES' WE HAVE A FUDICIAL RESPONSIBILITY TO THE
MEMBERS TO MAKE CERTAIN CONTRACTS ARE ADHERED TO.
b) THE VETERAN RE-EMPLOYMENT PROVISION NEEDS TO BE UPDATED TO
INCLUDE THE NEW TIME FRAMES FOR RE -ADMITTANCE INTO -THE PLAN AND
TO FURTHER DEFINE WHEN THE BENEFITS WILL COMMENCE.
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CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
JUNE 21, 1995
c) IT IS REQUIRED THAT THE CITY ORDINANCE BE AMENDED TO INCLUDE A
WAGE LIMIT FOR RETIREMENT COMPENSATION BENEFITS. ORDINANCE
WILL NEED TO READ THAT RETIREMENT BENEFITS CAN NOT EXCEED A
$150,000.00 ANNUAL WAGE, IF A MEMBERS ANNUAL WAGE EXCEEDS
$150,000.00 THEN RETIREMENT BENEFITS WILL BE AVERAGED USING A
$150,000.00 MAXIMUM WAGE CAP.
d) OPERATING RULES AND PROCEDURES NEED TO BE UPDATED AS THEY HAVE
NOT BEEN UPDATED SINCE 1993. IT IS SUGGESTED THAT CLAIM
PROCEDURES BE REMOVED FROM THE ORDINANCE AND MADE A PART OF THE
OPERATING RULES AND PROCEDURES.
e) TRUSTEES' NEED TO ADDRESS THE SUMMARY PLAN DESCRIPTION AS IT HAS
NOT BEEN UPDATED SINCE 1993.
f) A PROXY POLICY STATEMENT NEEDS TO BE INSTITUTED.
g) TRUSTEES' NEED TO HAVE A WRITTEN CONTRACT WITH ACTUARY.
h) TRUSTEES NEED TO REVIEW AND UPDATE THE DISABILITY GUIDELINES.
HOUSE BILL 67, JUNE OF 1995, OUTLINES NEW DISABILITY
PRESUMPTIONS. THESE NEW PRESUMPTIONS NEED TO BE AMENDED INTO THE
ORDINANCE. THE BOARD WILL FURTHER DISCUSS THIS ORDINANCE
AMENDMENT AT THE NEXT REGULARLY SCHEDULED MEETING.
i) IT IS RECOMMENDED THAT THE ORDINANCE CLAUSE FOR PRE-EXISTING
CONDITION WAVERS BE AMENDED. THE ORDINANCE NOW READS THAT THE
BOARD WILL REVIEW THE PROSPECTIVE MEMBERS MEDICAL RECORDS TO
Now DETERMINE MEMBER ELIGIBILITY. IT IS RECOMMENDED THAT THIS CLAUSE
BE REMOVED FROM THE ORDINANCE AND THE BOARD NOT BE CHARGED WITH
THIS RESPONSIBILITY. IT IS SUGGESTED THAT THE CITY REQUIRE AN
APPLICANT TO UNDER GO MORE EXTENSIVE MEDICAL BACKGROUND TO
DETERMINE ELIGIBILITY FOR EMPLOYMENT.
LEE DEHNER ADVISES THAT HE WILL FURNISH TO EACH BOARD, IN WRITING, HIS
ABOVE SUGGESTIONS, REQUIREMENTS & RECOMMENDATIONS.
MOTION BY STEVE PADGETT TO ADJOURN THE MEETING. SECONDED BY STEVE
NELSON. MOTION WAS UNANIMOUSLY CARRIED.
MEETING ADJOURNED AT 10:05 p.m.
POLICE FUND CHAIRMANt%��
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POLICE FUND SECRE
MINUTES TAKEN BY