1994-07-18 General Fund MeetingCity of Okeechobee
General Employees Pension Board
October 20, 1994
The meeting of the City of Okeechobee General Employees Pension
Board was called to order at 7:10 P.M. by L.C. Fortner, Jr.,
Chairman.
The trustees of the General Employees Pension Fund present were
L.C. Fortner, Jr., Jim Threewits, Roger Jones, Jerry O'Bannon and
David Sorensen. Also in attendance were twenty-nine members.
The meeting was called to discuss the direction the members would
like to see the Board to proceed in to possibly obtain improved
benefits. Four options were presented to the members. Option No.
1 was the option the members voted to pursue. Option No. 1
included age 55 early retirement with 10 years of service and 25
years normal retirement with a 1.95% multiplier. The members
voted to contribute an additional 1% to the pension fund if the
City Council would accept this proposal. The board asked Jim
Threewits to send a memo to Mr. Drago, City Administrator and
City Council requesting to be placed on the City Council Agenda
at the earliest possible date to discuss the proposed change in
the pension ordinance.
There being no further business, Motion was made by Roger Jones
and seconded by Jerry o'Bannon the meeting be adjourned, motion
carried. The meeting adjourned at 9:30 P.M.
can c� cw, s u1
Landon C. Fortner, Jr.
Chairman
David Sorensen
Secretary
CITY OF OKEECHOBEE
GENERAL EMPLOYEES PENSION BOARD
JULY 18, 1994
COMBINED MEETING OF POLICE, FIRE AND GENERAL EMPLOYEES
The meeting of the City of Employees Pension Board was called to
order at 7:08 p.m. by L.C. Fortner, Jr., Chairman.
The trustees of the General Employees Pension Fund present were
L.C. Fortner, Jr., Jim Threewits, Roger Jones, Jerry O'Bannon, and
David Sorensen. Also in attendence were members from the Police
Pension Fund Board, and the Fire Pension Fund Board. The investment
counselors also in attendance were: Janna Woods of Smith Barney
Shearson, as plans performance monitor; Mike Matus of Invesco, as
plans money managers; Scott Christiansen of Christiansen Dehner,
PA, as plans legal council.
APPROVAL OF MINUTES: A motion was made by L . C . Fornter, Jr. to delay
the approval of the previous meeting minutes. The motion was
seconded by Jim Threewits, voted on, and carried.
NEW BUSINESS:Janna Woods gave each board member an investment
evaluation showing Invesco's investment performance. The report
showed a slight decrease in revenue.
Mike Matus gave each board member an investment review evaluation
for the second quarter of 1994 ending June 30,1994. Mike reviewed
the firms investments and strategies of what his firm considered
the best investments, etc.
Mr. Scott Christiansen, Attorney, then advised the Boards that
summary plan descriptions needed to be distributed to each plan
member and that the contracts with Invesco, Money Managers, and
Nations Bank, neede to be reviewed and updated due to the possible
investment policy conflicts. He also recommended that all Board
members familiarize themselves with the operating rules and pro-
cedural draft by the next regular meeting.
A motion was made by David Sorensen that the legal expenses for
Christiansen Dehner, Invesco money market, and DeBartolomeo
Investors for the auditing be paid. The motion was seconded by Jim
Threewits. It was voted on and carried unanimously.
OLD BUSINESS: None.
There was no further business for discussion. A motion was made by
Jim Threewits and seconded by David Sorensen to adjourn the
meeting. It was voted on and carried. The meeting was adjourned at
9:05 pm.
L.C.Fortner,Jr. David Sorensen
Chairman Secretary