1993-05-13 General Fund MeetingCITY OF OKEECHOBEE
GENERAL EMPLOYEES PENSION PLAN
,%NW TRUSTEE MEETING MINUTES
May 13, 1993
The joint quarterly meeting of the Police, Fire and General Employees Trustees
was called to order at 6:34 P.M.
Trustees Present: L.C. Fortner, Jr., Charles Elders, Mike O'Connor and Lola
Parker.
Others Present: Attorney Scott Christiansen, Janna Woods with Shearson Lehman
Hutton Consulting Services, Mike Matus of Invesco Capital Management, Inc.,
employees Bernice Elders, Pete Teitsort, and Dave Sorensen. (Pete and Dave being
new Trustees elected by employees.)
Attorney Scott explaned the process for placing the new Trustees with the adop-
tion of Ordinance #655 and the transition from one Board to another. The current
Board will meet to conduct business and decide the two City Residents for recom-
mending to the City Council for serving as Trustees, and that the fifth Trustee
appointed by the four members does not have to be a City resident. When questioned,
Mike O'Connor, City Councilman currently serving as trustee, stated that he has no
problem with serving as a City Councilman and serving as a General Employees Pension
Fund Trustee as long as it would not be a conflict of interest, if he was appointed
by the City Council. Following a discussion, motion was made by Mike O'Connor and
second by Charles Elders to recommend Mr. L.C. Fortner, Jr., and Mr. Roger Jones to
the City Council for their appointment of the two City residents to serve as Trustees.
Chairman Fortner directed Secretary Lola Parker to draft and sign a memo to Mr. John
Drago, City Administrator requesting the recommendation be placed on the City Council
Agenda for the meeting of May 18, 1993.
Motion by Charles Elders, and second by Mike O'Connor to approve the minutes for
February 23, 1993.
Motion by Charles Elders and second by Mike O'Connor to approve new employees,
payment to retired and terminated employees, and expenses.
Attorney Scott gave a list of suggested Pension Plan Documents of accomplishments
the Trustees need to do.
1. PLAN DOCUMENT REVISION
2. OPERATING RULES AND PROCEDURES.
3. PROXY VOTING POLICY.
4. INVESTMENT POLICY STATEMENT.
5. WRITTEN CONTRACTS WITH PROFESSIONAL CONSULTANTS.
6. CLAIMS PROCEDURE (if not in Ordinance or rules).
7. SUMMARY PLAN DESCRIPTION.
8. FORMS FOR PLAN ADMINISTRATION.
Item number seven is to prepare a plan description of which he can do for $500.00
for each plan. Scott explained that the required Acturial report wasn't sufficient
to meet the F.S. 112.66. Motion by Charles Elders and second by Mike O'Connor to
have Attorney Scott prepare the Plan Discription.
440W Janna Woods presented a performance report for period ending March 31, 1993, that
was good equity numbers with return of 12 to 13 percent since hiring the Invesco
money managers. Mike Matus expounded and confirmed as Janna had stated that the
investments had been very favorable for period ending March 31, 1993. Chairman
Fortner ask if it would be wise to change the asset exposure from 30-70%
for a higher investment of funds. Janna explained that the trustees would have
to accept the risk factor of investments, but that it would be favorable.
Scott explained that most Pension Plans have a 50-50% for investments. No dec-
ission to change was made at this time, but the Trustees agreed to have the
investors and monitors attend each quarterly meeting. Janna explained that
various conferences are held around the State to help individuals to better
understand the investment and monitoring concepts and reports. Bernice (paying
agent) for the pension funds is to call and request information and schedules
of conferences. Janna said she would hold a workshop to help the Trustees better
understand the performance reporting of investments.
Motion by Charles Elders and second by Lola Parker to keep current auditors,
Hill Barth and King for $1800.00 for all three plans.
Secretary Lola Parker reported that upon sending the memo to the City Council
thru John Drago, City Administrator, concerning Health and Life Insurance con-
tinuation under the City Group Plan for early and normal retired employees, it
was rediscovered that it is already a provision of Fla. Statue 112.0801.
Meeting adjourned at 8:35 P.M.
THESE MINUTES APPROVED AND ADOPTED:
GENERAL FUND SECRETARY
L.C. Fortner, Jr.
Lola Parker
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