1995-03-08 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
MARCH 08, 1995
TRUSTEES' PRESENT: LARRY MOBLEY, LARRY COONFARE, STEVE PADGETT & STEVE
NELSON
OTHERS PRESENT: THEORA P. BRACCIALARGHE OF KRUSE, O'CONNOR & LING
INC., ACTUARY
MICHAEL L. MATUS & JUAN C. CAMPUZANO OF INVESCO,
MONEY MANAGERS
ERNST MAHLER III OF SMITH BARNEY, PERFORMANCE MONITOR._
SCOTT CHRISTIANSEN OF CHRISTIANSEN, DEHNER, P.A.,
LEGAL COUNCIL
MEETING IS COMBINED WITH POLICE, FIRE & GENERAL EMPLOYEES BOARDS
PRESENT.
MEETING CALLED TO ORDER AT 7:10 P.M.
MOTION BY STEVE NELSON TO APPROVE THE MINUTES OF THE DECEMBER 12,.199.4
MEETING. SECONDED BY STEVE PADGETT. MOTION WAS UNANIMOUSLY CARRIED,.
MOTION BY LARRY COONFARE TO APPROVE THE FOLLOWING EXPENDITURES:
$285.01 TO CHRISTIANSEN, DEHNER, ATTORNEY - $933.33 TO KRUSE, O'CONNOR
& LING, ACTUARIES. SECONDED BY STEVE PADGETT. MOTION WAS -UNANIMOUSLY
CARRIED.
THEORA BRACCIALARGHE REVIEWS THE 1994 ACTUARIAL VALUATION FOR THE
BOARDS. SOUNDNESS OF THE PLANS ARE GOOD. PROJECTED GROWTH WAS LESS
THAN ANTICIPATED DUE TO INVESTMENT DECLINES. POLICE PENSION FUND
BENEFIT INCREASE IS SUGGESTED DUE TO THE SOUNDNESS OF THE PLAN AND, A
SURPLUS OF FUNDING.
MOTION BY STEVE NELSON TO ACCEPT THE 1994 ACTUARIAL VALUATION FROM
KRUSE, O'CONNOR & LING. SECONDED BY STEVE PADGETT. MOTION WAS
UNANIMOUSLY CARRIED.
MICHAEL MATUS & JUAN CAMPUZANO REVIEW THE INVESTMENT REVIEW DECEMBER
QUARTER, 1994 WITH THE BOARDS. INVESCO'S INVESTMENT STRATEGY IS ALSO
REVIEWED. MICHAEL MATUS IS ASKED IF THE EXTRA AUDITING EXPENSE CAUSED
BY THE NATIONS BANK ERROR HAS BEEN RECTIFIED, HE ADVISES THAT IT HAS
NOT YET BEEN RECTIFIED BUT HE WILL PERSONALLY GUARANTEE THAT THE PLANS:
WILL BE REIMBURSED FOR THE EXCESS AUDITING FEES.
MOTION BY LARRY COONFARE TO ACCEPT INVESCO'S INVESTMENT REVIEW
DECEMBER QUARTER, 1994. SECONDED BY STEVE NELSON. MOTION WAS
UNANIMOUSLY CARRIED.
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
MARCH 08, 1995
ERNST MAHLER III REVIEWS THE DECEMBER 31, 1994 INVESTMENT EVALUATION
WITH THE BOARDS. MAHLER ADVISES THAT INVESCO'S INVESTMENT STRATEGY
HAS BEEN GOOD AND THAT INVESCO HAS BEEN ONE OF THE TOP PERFORMING
INVESTMENT FIRMS FOR THE 1994 YEAR. HE SUGGESTS THAT THE BOARDS
CONTINUE TO RETAIN INVESCO AS THEIR MONEY MANAGERS. MAHLER DISCUSSES
CHANGES THAT SHOULD BE MADE IN THE INVESTMENT MANAGEMENT POLICY, THESE
SUGGESTED CHANGES ARE DIRECTED TO SCOTT CHRISTIANSEN AND DISCUSSION IS
HAD WITH CHRISTIANSEN SUGGESTING THAT THE BOARDS AUTHORIZE HIS
AMENDING THE POLICY.
MOTION BY STEVE NELSON AUTHORIZING SCOTT CHRISTIANSEN TO AMEND THE
INVESTMENT MANAGEMENT POLICY. SECONDED BY STEVE PADGETT. MOTION WAS
UNANIMOUSLY CARRIED.
SCOTT CHRISTIANSEN ADVISES BOARDS OF POSSIBLE LEGISLATIVE CHANGES TO
THE STATUTES GOVERNING CHAPTER PLAN INVESTMENTS, IF STATUTES ARE
AMENDED HE WILL NOTIFY BOARDS AND MONEY MANAGERS. CHRISTIANSEN ADVISES
POLICE PENSION FUND HAS SURPLUS FUNDING AND IT IS SUGGESTED THAT
POLICE PENSION FUND BOARD CONSIDER INCREASING PLAN BENEFITS.
MOTION BY STEVE NELSON TO ADJOURN THE MEETING. SECONDED BY STEVE
PADGETT. MOTION WAS UNANIMOUSLY CARRIED.
MEETING ADJOURNED AT 9:08 P.M.
POLICE FUND CHAIRMANy.2rrs!
POLICE FUND SECRETARY r
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