1993-09-15 Police Fund MeetingCITY OF,OKEECHOBEE
POLICE PENSION FUND.MEETING
SEPTEMBER 15, 1993
TRUSTEES' PRESENT: LARRY MOBLEY, LARRY COONFARE, JULIAN STINNETT,
STEVE PADGETT & STEVE NELSON
OTHERS PRESENT: JANNA WOODS OF SHEARSON LEHMAN BROTHERS INC. AS PLANS
PERFORMANCE MONITOR.
LEE DEHNER OF CHRISTIANSEN DEHNER, P.A. AS PLANS LEGAL
COUNCIL.
MEETING IS COMBINED WITH POLICE, FIRE & GENERAL EMPLOYEES.B04RDS
PRESENT.
MEETING CALLED TO ORDER AT 7:12 P.M.
MOTION BY JULIAN STINNETT TO APPROVE THE MINUTES OF THE AUG.ST 11,
1993 MEETING. SECONDED BY STEVE PADGETT. MOTION WAS UNANIMOUSLY
CARRIED.
JANNA WOODS PRESENTS THE BOARDS WITH AN OVERVIEW OF THE MONEY MANAGERS
PERFORMANCE OVER THE PAST THREE YEARS. PAMPHLETS ARE DISTRIBUTED,, TO
TRUSTEES' AND A SLIDE PRESENTATION IS ALSO GIVEN. JANNA ADVISES 'TH:AT
INVESCO'S, ( PLANS MONEY MANAGERS ), INVESTMENT EVALUATION IS ABOVE
AVERAGE, THAT INVESCO'S INVESTMENT STRATEGIES ARE ON- THE BENCHMARK, OR
BETTER. JANNA ADVISES THE BOARDS THAT SHE FEELS', THAT INVESCO IS
PERFORMING WELL AND IT IS SUGGESTED THAT THE, PLANS` KEEP, INVESCO AS' `THE,
FUNDS MONEY MANAGERS. '
JANNA WOODS FURTHER ADVISES THAT HER FIRM/-..'SHEAtRSON'LEHMAN- BROTHERS.
INC., IS REQUESTING A MONETARY RATE INCREASE -,:;FOR THEIR. SERVICES..
PRESENTLY IT COSTS $4000.00 ANNUALLY FOR THEIR SERVICES: WITH THIS
$4000.00 BEING EQUALLY DIVIDED BY EACH PENSION- -PLAN.. SHEARSON LEHMAN ..
BROTHERS INC. IS REQUESTING A RATE INCREASE- TO. $9000.00.''PER.YEO WITH
EACH PLAN PAYING $3000 ANNUALLY FOR THEIR SERVICES.
MOTION BY LARRY COONFARE TO TABLE ANY FURTHER DISCUSSION ON REQUESTED'
MONETARY RATE INCREASE BY SHEARSON LEHMAN BROTHERS INC.. UNTIL THE -NEXT
SCHEDULED MEETING. SECONDED BY STEVE PADGETT. MOTION WAS. UNANIMibUSLY
CARRIED.
LARRY MOBLEY THEN ASKS LEE DEHNER FOR HIS ADVISE ON THE CHAPTER 92-51
AMENDMENT TO CHAPTERS 175 AND 185, FLORIDA STATUTES WHICH PROVIDES FOR
A VOLUNTARY METHOD FOR MUNINCIPALITIES TO SUBSIDIZE „HEALTH. CARE
PREMIUMS FOR POLICE OFFICER AND FIREFIGHTER RETIREES. LW,,,;DEHNER
ADVISES THAT IT WOULD BE IN THE BEST INTEREST 7,, . THE .:>PLAN,S
IMPLEMENT THEIR OWN HEALTH CARE PLANS AS CHAPTER192-51 COULD-:3y'' OS'IL
TO THE PENSION FUND GROWTH AS WELL AS ADDING ADDITIONAL-ADMINiS�z�#`1TI'VE
DUTIES FOR THE TRUSTEES.
LEE DEHNER NEXT DISCUSSES RULES AND PROCEDURES FOR THE ADMINISTARTION
OF THE PENSION PLANS.
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
SEPTEMBER 15, 1993
vft"' MOTION BY LARRY COONFARE TO TABLE ANY FURTHER DISCUSSION ON RULES AND
PROCEDURES FOR THE ADMINISTRATION OF THE FUND UNTIL THE NEXT SCHEDULED
MEETING. SECONDED BY STEVE PADGETT. MOTION WAS UNANIMOUSLY CARRIED.
LEE NEXT DISCUSSES CS/SB 1506, CHAPTER 93-87, WHICH AMENDS THE
CONFIDENTIALITY OF POLICE AND FIREFIGHTER PERSONAL INFORMATION.
INFORMATION THAT IS MADE AVAILABLE TO THE PENSION BOARD ( i.e. SOMEONE
OTHER THAN THE EMPLOYER ) WILL NOT BE CONSIDERED CONFIDENTIAL UNLESS
THE AFFECTED PARTY PROVIDES A WRITTEN REQUEST FOR CONFIDENTIALITY TO
THE BOARD. LEE IS TO DRAFT A LETTER WHICH WILL BE SERVED AS A WRITTEN
REQUEST TO THE CITY IN WHICH MEMBER PERSONAL INFORMATION REMAIN
CONFIDENTIAL.
MOTION BY LARRY COONFARE TO TABLE ANY DISCUSSION ON THE PLAN SUMMARY
UNTIL THE NEXT SCHEDULED MEETING. SECONDED BY STEVE PADGETT. MOTION
WAS UNANIMOUSLY CARRIED.
MOTION BY LARRY COONFARE TO ADJOURN THE MEETING. SECONDED BY STEVE
PADGETT. MOTION WAS UNANIMOUSLY CARRIED.
MEETING ADJOURNED AT 9:47 P.M.
POLICE FUND CHAIRMAN
R Y
POLICE FUND SECRETAR
LAR COONF
01