1992-12-10 Police Fund Meetingcm
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
DECEMBER 10, 1992
TRUSTEE'S PRESENT: LARRY MOBLEY, LARRY COONFARE, CATHY KOZOL AND
STEVE NELSON
MEETING CALLED TO ORDER AT 5:26 P.M.
MOTION BY STEVE NELSON TO ACCEPT THE MINUTES OF THE SEPTEMBER 28, 1992
MEETING. SECONDED BY CATHY KOZOL. MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY LARRY COONFARE TO TABLE THE READING AND APPROVAL OF
FINANCIAL EXPENDITURES UNTIL THE NEXT MEETING. SECONDED BY STEVE
NELSON. MOTION WAS UNANIMOUSLY CARRIED.
LARRY COONFARE INFORMS THE TRUSTEE'S THAT PER OUR LEGAL COUNCIL,
ACTUARIAL FIRM AND AUDITOR, IT IS IN THE BEST INTEREST OF THE FUND TO
RETAIN A PERFORMANCE MONITOR TO MONITOR OUR INVESTMENT FIRM.
MOTION BY LARRY COONFARE REQUESTING THAT THE POLICE PENSION FUND KEEP
A PERFORMANCE MONITOR TO MONITOR THE INVESTMENT FIRM. SECONDED BY
STEVE NELSON. MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY STEVE NELSON TO DISCUSS WHETHER THE POLICE PENSION FUND
SHOULD KEEP SHEARSON LEHMAN AS THE PERFORMANCE MONITOR.
TRUSTEE'S DISCUSS SHEARSON LEHMAN, THE FUNDS PERFORMANCE MONITOR.
LARRY COONFARE ADVISES THAT HE IS DISSATISFIED WITH SHEARSON LEHMAN
BECAUSE THE LAST TIME SHEARSON LEHMAN ATTENDED A SCHEDULED MEETING,
THEIR REPRESENTATIVE, JANNA WOODS, REFUSED TO ANSWER A QUESTION ABOUT
THE INVESTMENT FIRM, STATING THAT OUT OF PROFESSIONAL COURTESY TO THE
INVESTMENT FIRM SHE COULD NOT ANSWER THE QUESTION AS TO HOW WELL THE
INVESTMENT FIRM WAS MANAGING THE FUNDS MONEY IN COMPARISON WITH OTHER
INVESTMENT FIRMS.
TRUSTEE'S PRESENT ARE POLLED AS TO WHETHER THE POLICE PENSION FUND
SHOULD RETAIN SHEARSON LEHMAN AS THE PERFORMANCE MONITOR. THREE
TRUSTEE'S VOTE IN FAVOR OF KEEPING SHEARSON LEHMAN WITH STEVE NELSON
BEING OPPOSED.
MOTION BY LARRY COONFARE TO TABLE ANY FURTHER DISCUSSION OF THE
PERFORMANCE MONITOR UNTIL THE NEXT SCHEDULED MEETING WITH GENERAL
EMPLOYEE'S PENSION FUND TRUSTEE'S AND FIRE PENSION FUND TRUSTEE'S AS A
COMBINED MEETING. SECONDED BY KATHY KOZOL. MOTION WAS UNANIMOUSLY
CARRIED
LARRY MOBLEY INFORMS THE TRUSTEE'S THAT PER HIS TELEPHONE CONVERSATION
WITH OUR ACTUARIAL FIRM THE FUNDS FINANCIAL SOUNDNESS IS SUCH THAT THE
FUND CAN INCREASE BENEFITS, AS PER OUR PROPOSED PLAN DRAFT, WITHOUT
ANY COST TO THE CITY OF OKEECHOBEE. IF THE PROPOSED PLAN DRAFT IS
INSTITUTED AS IS, THE FUND WILL STILL HAVE APPROXIMATELY A THREE
PERCENT SURPLUS.
MOTION BY STEVE NELSON TO AUTHORIZE OUR LEGAL COUNCIL TO PRESENT THE
PROPOSED PLAN DRAFT TO THE OKEECHOBEE CITY COUNCIL AS IS FOR THEIR
DISCUSSION AND POSSIBLE APPROVAL. SECONDED BY CATHY KOZOL. MOTION WAS
UNANIMOUSLY CARRIED.
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
DECEMBER 10, 1992
MOTION BY LARRY COONFARE TO ADJOURN THE MEETING. SECONDED BY STEVE
NELSON. MOTION WAS UNANIMOUSLY CARRIED.
MEETING ADJOURNED AT 6:01 P.M.
POLICE FUND CHAIRMAN/�-4A,6.
`v LARRY.%MOBLEY .�
POLICE FUND SECRETARY
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