1993-09-15 General Fund MeetingCITY OF OKEECHOBEE
GENERAL EMPLOYEES PENSION PLAN
TRUSTEE MEETING MINUTES
SEPTEMBER 15, 1993
The meeting was called to order at 7:00 PM.
Trustees present: Roger Jones, Jerry O'Bannon, Pete Teitsort and
L.C. Fortner, Jr.
Others present: Lee Dehner with Christian & Dehner attorney,
Janna Woods with Shearson , Lehman, Trustees of the Firemen Pension,,
Plan and the Police Pension Plan.
Janna Woods conducted a training session for those present.
Janna Woods passed out and discussed a Performance Measurement
Summary for each plan. Janna answered questions from the Trustees.
Janna Woods informed each of the Trustee Boards that the fee from
Shearson must increase. The current contract was approved 5 years
ago and set the fee of $4,000.00 for all three plans for one year.
The new fee will be $3,000.00 for each plan. No action taken at
this meeting. Trustees to discuss these fees at the next meeting.
Lee Dehner discussed with the Trustees the Summary Plan Description
prepared by his firm. Mr. Dehner advised the Trustees to read the
Summary and then vote to approve it unless changes are required.
After approval by the Trustees a copy of the Summary must be given
to the employees.
Mr. Dehner discussed the Rules and Procedures for operating a
pension fund. Trustees agreed to meet on October 27, 1993 and
discuss the draft of these Rules and Procedures as prepared by Mr.
Dehner. The meeting will be held at 7:00 PM. at City Hall.
Mr. Dehner also discussed the need for the following;
PROXY VOTING POLICY
INVESTMENT POLICY STATEMENT
WRITTEN CONTRACTS WITH PROFESSIONAL CONSULTANTS
CLAIMS PROCEDURES
PLAN DOCUMENT REVISION
FORMS FOR PLAN ADMINISTRATION
Mr. Dehner discussed a form that should be adopted by the City
Council concerning confidentiality of records. Mr. Dehner will
prepare the form and send it to the Trustees. The form will need
to be placed on the City Council Agenda for their approval.
Mr. Dehner discussed the Family Medical Leave Time. Records are to
be kept for employees off on Family Medical Leave. Time off will
,,,, not be included in the required vesting time.
Page 2, General Employees Pension Plan Minutes, Sept. 15, 1993.
Mr. Dehner explained the responsibilities of the Trustees and
recommended that each Board discuss and purchase Fiduciary
Insurance when possible.
Mr. Dehner explained the requirements of the Florida Sunshine Law
to the Trustees.
:Meeting adjourned.
THESE MINUTES APPROVED AND ADOPTED:
GENERAL FUND CHAIRMAN: C '--A� .
L.C. Fortner, Jr.
GENERAL FUND SECRETARY:
Dave Sorensen