1994-03-16 General Fund MeetingOKEECHOBEE GENERAL FUND
PENSION BOARD MEETING MINUTES
MARCH 16, 1994
The meeting was called to order by L.C. Fortner, Chairman,
at 7:15 P.M. Trustees Present: L.C. Fortner, Jerry O'Bannon, Dave
*ft. Sorensen, Jim Threewitts and Roger Jones.
The Money Monitor Contract was discussed by all three boards
The old contract cost was $4,000.00 for all three boards. The fee
will be $3,000.00 per board according to the new contract. A
motion was made by David Sorensen to approve the new contract
seconded by Jerry O'Bannon all were in favor, motion carried.
Approval of.Expenses: A motion was made by Jim Threewitts to
approve the new members, terminated members, retired employee
payments and other expenses, motion seconded by Mr. O'Bannon,
motion carried.
Old Business: None
New Business: The benefits in the General Employees Benefit
System were brought up. Several options were discussed.
1.. Reduction of early retirement from 60 years of age to 55
years of age.
2. An increase in the divider from 1.75%
3. Full retirement benefits after 25 years, presently at 30
years.
It was pointed out that the Fire and Police Departments receive
contributions to their retirement plans through the State of
Florida and although they don't receive it directly from the City
*awl their retirement contributions come from the taxpayers base. The
City presently contributes 1% to the General Fund Pension which
is much less that the State contributes to the General Employee
Fund. Until approximately 3 years ago the City contributed 6% to
the fund.
Roger Jones made a motion to talk to the actuary and get
approximate cost for a 2% divider, early retirement at 55 years
of age and 25 years and out, seconded by David Sorensen, motioned
carried
It was requested the Money Monitor and the Money Manager attend
the next meeting to give a report on the status of our
investments. As soon as the cost for the recommended increase in
benefits have arrived, a meeting is to be held to discuss a
package to present to the City Council for their comments.
Their was no further business for discussion. The meeting was
adjourned at 8:05 P.M.
City of Okeechobee
General Pension Fund
By:
L.C. Fortner, Jr. Chairman
By:
David R. Sorensen, Secretary