1993-05-13 Police Fund MeetingCITY OF- OK4EC'R'OBEE .
POLICE PENSION FUND MEETING
MAY 13, 1993
TRUSTEE'S PRESENT: LARRY COONFARE,-STEVE NELSON AND CATHY KOZOL
OTHERS PRESENT: SCOTT CHRISTIANSEN, LEGAL COUNCIL
JANNA WOODS, PERFOMANCE MONITOR.
MICHAEL MATUS, MONEY MANAGER
MEETING IS COMBINED WITH POLICE, FIRE AND GENERAL EMPLOYEE'S BOARDS
PRESENT.
MEETING CALLED TO ORDER AT 6:37 P.M.. .:.
MOTION BY CATHY KOZOL TO APPROVE THE MINUTES *OF THE FE$RUARY'10, 1993
MEETING. SECONDED BY STEVE NELSON. MOTION WAS UNANIMOUSLY CARRIED',.
MOTION BY CATHY KOZOL TO APPROVE THE MINUTES OF THE MARCH 29, 1993
MEETING. SECONDED BY STEVE NELSON. MOTION WAS UNANIMOU$LX,,t.CARRI,FD,,-
MOTION BY CATHY KOZOL TO APPROVE THE FOLLOWiNG EXPENDITURES-: $254;.45
TO CHRISTIANSEN & DEHNER, P.A., FOR LEGAL -COUNCIL, $2229.41 TO
INVESCO MONEY MANAGERS FOR MONEY MANAGER FEES, $99,. 4. TO
DiBARTOLOMEO, McBEE & SLOAN FOR AUDITING FEES AND $600.00 TO KRUSE,
O'CONNER & LING FOR ACTURARIAL SERVICES. SECONDED BY STEVE NELSON.
MOTION WAS UNANIMOUSLY CARRIED. ,.,•
SCOTT CHRISTIANSEN DISCUSSES SUGGESTED PENSION,PLAN`•.DOCUMENTS id" THE
BOARDS. SCOTT CHRISTIANSEN SUGGESTS THAT A SUMM�tY PLAN`.DESCRI�TION.,BE .
COMPLETED AS SOON AS POSSIBLE SO IT CAN .BE DISBURSED ''T'O ALL MEMBERS " OF,
THE PLANS. SCOTT ADVISES THAT HIS FIRM CAN'-;COMPLETE''"THE SUMMARY PLAN'
DESCRIPTION FOR EACH BOARD AT A COST OF $500.00'PER PLAN.,
MOTION BY STEVE NELSON AUTHORIZING CHRISTIANSEN & EdAi R,' P A. TO '
COMPLETE THE SUMMARY PLAN DESCRIPTION FOR,: THE..- POLICE PENSION FUND.
SECONDED BY CATHY KOZOL. MOTION WAS UNANIMOUSLY„CARR.IED
JANNA WOODS DISCUSSES THE PLANS PERFOMANCE `WITH. THE ',BOARb$. AAN'NA
ADVISES THAT OUR MONEY MANAGERS HAVE DONE QUITE WELL OVER'"THk>.PA8T
THREE YEARS WITH OUR FIXED INCOME INVESTMENTS BEING ON THE BENCHMARK
AND WITH OUR EQUITY INVESTMENTS BEING ABOVE AVERAGE. JANNA FURTHER
ADVISES THAT OUR MONEY MANAGERS ARE PERFORMING BETTER THAN MOST MONEY
MANAGERS.
MIKE MATUS DISCUSSES HIS FIRMS INVESTMENT STRATEGIES MIKE`_SUGGE6TS
THAT THE BOARDS PERHAPS INCREASE THE EQUITY INVESTMENT,'Pt ;T�A`GF
IN HIS PROFESSIONAL OPINION FIXED INCOME INVESTMENTS 91 1'L BOOR
PERFORMERS IN THE UPCOMING ECONOMICAL PROJECTION§; JAN'#k :�OOf1S-•,AND
SCOTT CHRISTIANSEN AGREE WITH MIKE MATUS'S SUGGyESTiON, TO iN,CREAST OUR
EQUITY INVESTMENT PERCENTAGE ABOVE THE 30% CAP WE 19OinI;. HAS-,'T�1 :FORCE.
IT IS ALSO BROUGHT TO THE BOARDS ATTENTION THAT MOST `PENSION FUNDS
INCORPORATE AT LEAST A 50-50 INVESTMENT STRATAGY, 50% EQUITIES AND 50%
FIXED INCOME INVESTMENT.
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
MAY 13, 1993
BERNICE ELDERS ADVISES THE BOARDS THAT EACH BOARD NEEDS TO DECIDE
WHICH AUDITING FIRM TO RETAIN. BERNICE SUGGESTS THAT THE BOARDS RETAIN
OUR CURRENT AUDITING FIRM, DiBARTOLOMEO, McBEE & SLOAN, AS SHE WORKS
WELL WITH THE FIRM AND THEY ASSIST HER IN MANY WAYS WITHOUT ADDITIONAL
COSTS TO THE PLANS.
MOTION BY CATHY KOZOL TO ADJOURN THE MEETING. SECONDED BY STEVE
NELSON. MOTION UNANIMOUSLY CARRIED.
MEETING ADJOURNED AT 8:34 P.M.
POLICE FUND CHAIRMA z
LAR Y,NVUBLEY
POLICE FUND SECRETARY
RRY OONFA