1991-10-21 General Fund MeetingCITY OF OKEECHOBEE
GENERAL EMPLOYEES PENSION PLAN
TRUSTEE MEETING MINUTES
OCTOBER 21, 1991
The joint quarterly meeting of the Police, Fire, and General Employees
Trustees was called to order at 6:46 P.M.
Trustees Present: L.C. Fortner, Jr., Charles Elders, Dowling Watford, Jr.,
Charles Jordan and Lola Parker.
Others Present: Attorney Scott Christiansen
Motion by Dowling Watford, Jr. and second by Charles Elders to approve the
Minutes of August 14, 1991 meeting.
Motion by Dowling Watford, Jr. and second by Charles Elders to approve
expenses, payment to Retired Employees, and new and terminated employees
for July 1, 1991, thru September 30, 1991.
Chairman Fortner summarized the Acturial proposals._ Following a discussion,
Larry Mobley (Police Pension Plan Trustee), stated that the Kruse, O'Connor
and Ling Inc. was the best proposal, but that there was a couple other pro-
posals that looked good, but had unanswered questions. It was agreed that
Chairman Fortner would contact the firms for more information, but that the
Board would continue with Kruse, O'Connor and Ling for the 1990/91 Acturial
service and then look at proposals for the 1991/92 year.
Attorney Scott Christiansen expounded on the Derivation of Norman Cost Report.
He said that he had met with City Administrator John Drago and City Attorney
John Cook, and that Mr. Drago said he would not recommend any increase over
the current budget to the City Council for City Contributions, and if there
was any increase, it would be worked out with decreases in other benefits so
that the current budget would not increase. Scott said the way he sees it the
Board has three options:
1. To reduce the proposal from the Pension Boards so that there would be
no increase in City Contributions.
2. Increase employee contribution from 1 to 1.4 per cent with pick up plan.
3.Recognize that Administrator John Drago isn't going to recommend any in-
crease to the City Council, therefore the Boards would have to present
the proposals to the City Council.
Scott also said that Mr. Drago said the Cities he (Scott) used for comparisons
were to large and he should get comparisons from Cities more the size of Okee-
chobee. Scott suggested getting new figures for the budget year 1990/91, for
valuation before presenting anything to the City Council. Larry Mobley stated
that he would like to see the new figures and see how much would the pickup
plan buy into new plan. It was agreed by the Board members to present changes
after receiving new figures to the City Council to be implemented into the
1992/93 Budget. There was a dicussion about the Police Officers salary to
include total compensation. Scott stated that it would be 0 K with Mr. Drago
as long as there would be no additional cost to the City.
PAGE 2 Continued
It was agreed by all members to wait for new figures with impact statement, and
rework numbers in study based on 1990/91 fiscal year to see what the new per-
centage would be and address the City Council with a proposal for the 1992/93
Budget.
Scott cleared questions in reference to the monies the Beneficiary of Shirley
Logston received after her death. He explaned that Shirley was under the old
plan and that it looked to him that everything was in order.
Meeting adjourned at 7:44 P.M.
THESE MINUTES APPROVED AND ADOPTED:
GENERAL FUND CHAIRMAN
GENERAL FUND SECRETARY
M
X C.,
T�
L.C. FORTNER, JR.
LOLA PARKER