1993-12-01 Police Fund Meeting91 .
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
DECEMBER 01, 1993
TRUSTEES' PRESENT: LARRY MOBLEY, LARRY COONFARE & STEVE NELSON
OTHERS PRESENT: JANNA WOODS OF SMITH BARNEY SHEARSON, AS PLANS
PERFORMANCE MONITOR.
SCOTT CHRISTIANSEN OF CHRISTIANSEN DEHNER,P.A.< AS
PLANS LEGAL COUNCIL.
MEETING IS COMBINED WITH POLICE, FIRE & GENERAL EMPLOYEES BOARDS
PRESENT.
MEETING CALLED TO ORDER AT 7:25 P.M.
JANNA WOODS GIVES EACH BOARD MEMBER AN INVESTMENT EVALUATION PAMPHLET
IN WHICH INVESCO'S INVESTMENT PERFORMANCE IS EVALUATED. PERFORMANCE
EVALUATION IS GOOD WITH JANNA WOODS RECOMMENDING THAT THE BOARDS'
CONTINUE TO RETAIN INVESCO AS MONEY MANAGERS. WOODS ALSO ADVISES:,THE
BOARDS THAT FIXED INCOME INVESTMENT RATES ARE DECLINING AND'. -IT. IS
SUGGESTED THAT THE BOARDS INCREASE THE EQUITY INVESTMENT PERCENTAGE. -,AS
TO ALLOW INVESCO THE ADVANTAGE OF ADDITIONAL EQUI.TY.INVESTMENTS. WOOD
ALSO ADVISES THE BOARDS THAT HER EMPLOYER, SMITH BARNEY SHEARSON,IS.:
STILL REQUESTING A MONETARY RATE INCREASE FOR THEIR SERVICE5:'r:RATE
INCREASE IS REQUESTED AT $9000.00 ANNUALLY, TO BE EQUALLY DIVIDED BY
EACH PLAN, TO BE RETROACTIVE TO MAY 30,1993. DISCUSSION IS HAD
CONCERNING THE REQUESTED RATE INCREASE. SCOTT CHRISTIANSEN ADVISES' THE
BOARDS THAT THE REQUESTED RATE INCREASE IS NOT EXHORBITANT AND `-IS . AN
ACCEPTABLE REQUEST. SCOTT CHRISTIANSEN ADVISES JANNA...WOODS" THAT THE
CONTRACT BETWEEN THE PLANS AND HER EMPLOYER NEEDS TOBE UPDATED,,SCOTT
WILL UPDATE THE CONTRACT AND FOREWARD IT TO JANNA WOODS.'
SCOTT CHRISTIANSEN THEN ADVISES THE BOARDS OF THE..FOLLOWINU:
A MEMORANDUM IS GIVEN REFERENCE: NOTICE OF MEETINGS-AMERICANS1ir1ITH
DISABILITIES ACT LEGEND AND RECORDS FOR APPEAL•LEGEND. THE MEMORANDUM
CONTAINS AN ADDENDUM THAT MUST APPEAR AT THE BOTTOM OF ALL NOTICES OF
PENSION BOARD MEETINGS. THE MEMORANDUM IS TO BE FOREWARDED TO BERNICE
ELDERS SO IT CAN BE PLACED ON NOTICES OF PENSION BOARD MEETINGS.
AN ADDENDUM TO THE SUMMARY PLAN DESCRIPTION MUST BE COMPLETED BY
THE ACTURIAL FIRM, THE PROPER ADDITIONS WILL BE FOREWARDED TO EACH
PLAN WHEN COMPLETED SO SUMMARY PLAN DESCRIPTION CAN BE MADE AVAILABLE
TO PLAN MEMBERS.
BOARDS ARE THEN ADVISED OF THE FAMILY MEDICAL LEAVE ACT. SYNOPSIS
OF ACT IS THAT IF AN EMPLOYER HAS 50 OR MORE EMPLOYEES THAN THE
EMPLOYER MUST ALLOW THE EMPLOYEE AT LEAST 12 WEEKS, PER YEAR OF UNPAID
MEDICAL LEAVE WITHOUT TERMINATION OF THE EMPLOYEE.. BOARDS MUST DECIDE
HOW THE RETIREMENT TIME CREDIT WILL BE IMPACTED BY THIS
DECIDE THAT WE WILL REMAIN WITH OUR CURRENT PLAN WHICH :DOHS NOT AL�PW
AN EMPLOYEE TO BUY LOST TIME. THIS IS TO MEAN THAT IF AN EMPLOYEE DbES
TAKE TIME AS ALLOWED BY THE FAMILY MEDICAL` LEAVE ACT`:'THEN THE.,
EMPLOYEES RETIREMENT DATE WILL BE CHANGED TO A LATER DATE
A DRAFT OF THE OPERATING RULES AND PROCEDURES FOR THE CITY OF
OKEECHOBEE MUNICIPAL POLICE OFFICERS' PENSION TRUST FUND'IS PRESENTED
TO THE BOARD. EACH BOARD IS PRESENTED WITH THEIR OWN DRAFT. BOARDS,
DUE TO LACK OF TIME, ADVISE LEGAL COUNCIL THAT FURTHER DISCUSSION OF
THE DRAFT WILL BE CONTINUED UNTIL THE NEXT SCHEDULED MEETING.
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
DECEMBER 01, 1993
THE FOLLOWING MOTIONS ARE THEN ENTERTAINED BY THE POLICE PENSION FUND
BOARD:
MOTION BY STEVE NELSON TO APPROVE THE MINUTES OF THE SEPTEMBER 15,.
1993 MEETING. SECONDED BY LARRY COONFARE. MOTION WAS UNANIMOUSLY
CARRIED.
MOTION BY STEVE NELSON TO ACCEPT WILLIAM H. HILL AS A NEW MEMBER.
SECONDED BY LARRY COONFARE. MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY STEVE NELSON TO ACCEPT THE TERMINATION OF JO EIDE.
SECONDED BY LARRY COONFARE. MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY STEVE NELSON TO APPROVE THE FOLLOWING EXPENDITURES:
$3,160.40 TO JO EIDE FOR MEMBER TERMINATION REFUND, $252.25 TO
CHRISTIANSEN DEHNER, P.A. FOR LEGAL SERVICES RENDERED, $2,338.81 TO
INVESCO, MONEY MANAGERS, $137.33 TO DiBARTOLOMEO, McBEE & SLOAN FOR
ACCOUNTING SERVICES RENDERED. SECONDED BY LARRY COONFARE. MOTION WAS
UNANIMOUSLY CARRIED.
MOTION BY STEVE NELSON TO ACCEPT THE MONETARY RATE INCREASE TO
SMITH BARNEY SHEARSON INC. WITH POLICE PENSION FUND BEING RESPONSIBLE
FOR PAYMENT OF $3,000.00 ANNUALLY WITH RATE INCREASE BEING RETROACTIVE
TO MAY 30, 1993. SECONDED BY LARRY COONFARE. MOTION WAS UNANIMOUSLY
CARRIED.
MOTION BY STEVE NELSON AUTHORIZING INVESCO, MONEY MANAGERS, TO
INCREASE THE EQUITY INVESTMENTS TO A 60% CAP AS PERMITTED PER THE
,*Aor POLICE PENSION FUND PLAN. SECONDED BY LARRY COONFARE. MOTION WAS
UNANIMOUSLY CARRIED.
( JANNA WOODS IS INSTRUCTED TO VERBALLY CONVEY TO INVESCO, MONEY
MANAGERS, OF THE EQUITY INVESTMENT INCREASE )
MOTION BY LARRY COONFARE TO ACCEPT THE SUMMARY PLAN DESCRIPTION AS
PRESENTED BY CHRISTIANSEN DEHNER, P.A.. SECONDED BY STEVE NELSON.
MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY LARRY COONFARE TO TABLE ANY FURTHER DISCUSSION OF THE
OPERATING RULES AND PROCEDURES UNTIL THE NEXT SCHEDULED MEETING.
SECONDED BY STEVE NELSON. MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY LARRY COONFARE TO ADJOURN THE MEETING. SECONDED BY STEVE
NELSON. MOTION WAS UNANIMOUSLY CARRIED.
MEETING ADJOURNED AT 9:12 P.M..
POLICE FUND CHAIRMAN ^""'"` �J
LARK LEY
POLICE FUND SECRETARY
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