1992-12-10 General Fund Meetingim
CITY OF OKEECHOBEE
GENERAL EMPLOYEES PENSION PLAN
TRUSTEE MEETING MINUTES
DECEMBER 10, 1992
The quarterly meeting was called to order at 6:35 P.M.
Trustees Present: L.C. Fortner, Jr., Charles Elders, and Lola Parker.
Others Present: Larry Coonfare, Police Pension Fund Trustee.
Motion by Lola Parker and second by Charles Elders to approve the minutes
for September 28, 1992.
Larry Coonfare informed the General Trustees that Preformance monitoring
was no longer required by Florida Statue, but Attorney Scott Christiansen
recommended keeping the monitors. He also informed the Trustees that Acturary
Theora of Kruse, O'Connor and Ling, Inc. recommended having the largest fund
monitored. Larry said that Shearson Lehman Brothers Consultants said that
monitoring one fund would be as costly as monitoring the three funds.
A discussion followed concerning the Auditors monitoring the funds, but as
Larry informed the Trustees that the Auditors does not provide monitoring
funds but recommend the monitoring continue. Larry agreed to contact Attorney
Scott for a list of monitoring firms and find out if we need to advertise for
monitors. There will be a joint meeting at a later date to decide.
Following a discussion Secretary Lola Parker was informed to draft a memo to
Mr. Drago, (City Administrator) to place on the agenda for the Council meeting
of January 5, 1993, the Trustees recommendations for L.C. Fortner, Jr., Charles
Elders, and Councilman Mike O'Connor be approved as General Fund Board of
Trustee members for the term of January 1, 1993 thru December 31, 1994, and
recommending that no appointment be made at this time to fill the term of
Ben Loftin.
Motion by Lola Parker and second by Charles Elders to get and impact study
for changing the benefit factor from 1.6% to 1.7% or 1.8%.
There being no further business the meeting adjourned at 7:09 P.M.
THESE MINUTES APPROVED AND ADOPTED: j
GENERAL FUND CHAIRMANw�-
L.C. FORTNER, JR.
GENERAL FUND SECRETARY
KOLA PARKER