1995-06-21 General Fund Meeting1
CITY OF OKEECHOBEE
GNERAT. EMPLOYEE PENSION PLAN
TRUSTEE MEETING MINUTES
June 21,1995
Meeting called to order at 6:30 pm. by Mr. L.C. Fortner, Jr.
Trustees Present: L. C. Fortner, Jr.,Roger Jones,Bob Delorme,
Jerry O'Bannon and Lyn Lowe.
Others Present: Ernie Mahler of Smith Barney, Performance Monitor
H. Lee Dehner of Christiansen, Dehner, P.A., Legal.
Council.
Introduction of New Members: L. C. Fortner introduced new members
Robert Delorme and Lyn Lowe and welcomed them to the
board.
Nominations: Motion made by Jerry O'Bannon and seconded by Roger
Jones to nominate L. C. Fortner as chairman. Vote was
unanimous and motion carried.
Motion made by Roger Jones and seconded by Jerry O'Bannon
to nominate Lyn Lowe as secretary. Vote was unanimous
and motion carried.
Approval of new and terminated members: Motion by Roger Jones and
seconded by Jerry O'Bannon to approve new member William
Brumley and terminated members Freddie Garcia and,Jerry
Walker in the amount of $6,271.19. Vote was unanimous
and motion carried
Approval of expenditures(l) : Motion made by Jerry O'Bannon and
seconded by Roger Jones to approve expenditures in the
amount of $7,710.00. for retired employees. Vote was
unanimous and motion carried.
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Approval of expenditures (2): Motion made by Bob Delorme and
seconded by Jerry O'Bannon to approve the following
expenditures:
Christiansen, Dehner: $ 465.08
DiBartolo, McBee & Sloan $ 966.67
Vote was unanimous and motion carried.
Approval of minutes: Motion made by Jerry O'Bannon and seconded by
Roger Jones to approve the minutes of the March 8 and May 5,
1995 meetings. Vote was unanimous and motion carried.
At this time the individual session of the General Employee Pension
Fund ended and we were joined by 5 members of the Firefighters and
Police Boards.
L. C. Fortner called the joint pension board meeting to order at
7 :26 p.m.
Report from Smith Barney: Ernie Mahler reported that the funds had
done very well in the first quarter of 195. He reported that
*4W Invesco was one of the top performing investment firms for the
last year and discussed the reports proving same. Reports
prove that Invesco did very well in 194 despite one of the
worst markets in history. The first quarter of 195 has also
proved profitable and Invesco has shown very well against its
peers. He agreed, at Lee Dehner's urging, to discuss with
Invesco the need for their representative to be present at
each of the boards' joint meetings.
Issue of Employee Contribution: Ernie Mahler discussed the employee
contribution on a before -tax basis. He stated that all
employee groups he represents are using a before -tax basis for
their contributions. Members advised having a joint
membership meeting to explain process. (meeting will be held on
August 9, 1995 at 7:00 p.m. for Fire and Police and at 7:30
p.m. for General .)
Report from Christian: Lee Dehner advised of the following changes
and requirements to be made to the new ordinance:
1. Money Managers and Performance Monitors are to be in
attendance at each quarterly meeting as required by
their contract.
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2. Updates need to be done to the policy concerning
veteran re-employment as new laws are in place to
govern this.
3. A wage limit for retirement compensation needs to be
oulined in the ordinance as this is not clearly
defined at this time.
4. The rules and procedures need to be looked at and
updated.
5. The Summary Plan Description needs to be looked at and
updated.
6. A statement concerning proxy policy needs to be
established.
7. A written contract needs to be drawn up with the
actuary.
8. Disability guidelines need to be revised to comply
with new legislation passed in June, 1995.
9. The clause for pre-existing condition waivers needs to
be amended so the Board is no longer responsible for
determining member eligibility.
Lee Dehner also stated that these changes would be in the new
ordinance and he would provide the Board with itemized changes at
the next meeting.
Meeting was adjourned at 10:00 p.m.
L. C. Fortner, Chairman
Lyn Lowe, Secretary
CM