1993-12-01 General Fund MeetingCITY OF OKEECHOBEE
PENSION BOARD MEETING
DECEMBER 1, 1993
The December 1st, 1993 business meeting of the Pension Board of the City of Okeechobee
was called to order at 7:30 p.m./ by L. C. Fortner, Chairman. The trustees present were
L. C. Fortner, Jim Threewits and David Sorensen. Also present was Janet Woods. of
Shearson, Lehman, et al, and Mr. Christian, Attorney for the Pension Board.
The minutes of the September 15th, 1993 business meeting were previously distributed. A
motion was made by Jim Threewits to approve these minutes as stood. The motion was
seconded by L. C. Fortner. The motion was voted on and carried unanimously..
NEW BUSINESS:
There were no expenses, new employees, retired employees, or terminated employees to.be
approved by the board.
Mr. Christian, Attorney, brought the SPD rules and procedures for operating a .pension '
fund. This report was given to the City's pension board in a draft form. These.`rules and
procedures are to be acted upon at the next meeting of the City's pension board, He also—;-,
brought up an increase of the legal fees being charged to the City for their services: A,..,, -
motion was made by Jim Threewits and seconded by David Sorensen to approve the
increase in the afore mentioned legal fees. The motion was voted on and carried
unanimously.
A discussion was held concerning the money monitor increase in fees. A fee of $4,000 was
charged for all three boards. This fee is being raised to $3,000 for each of the three boards
totaling $9,000. A motion was made by Jim Threewits and seconded by David Sorensen to
approve the increase. The motion was voted on and carried unanimously.
A discussion was held concerning the money market/stock (700/c/30%) split of funds. A
motion was made by L. C. Fortner to change this split to money market/stock (60/40) split.
The motion was seconded by Jim Threewits, voted on and carried unanimously.
Old Business: None
EWA
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There was no further business for discussion. A motion was made by L. C. Fortner and
seconded by Jim Threewits to adjourn the meeting. The motion was voted on and carried.
The meeting was adjourned at 8:45 p.m.
General Fund Chairman
L. C. Fortne , Jr.
General Fund Secretary�'�C��'% G
David Sorensen