1991-10-21 Police Fund MeetingCity of Okeechobee
Police Pension Board Meeting
October 21, 1991
I%w Trustee's present: Larry Mobley, Julian Stinnett and Cathy Kozol.
Meeting called to order at 6:45 p.m..
Meeting is combined with Police, Fire and General Employee's Boards present.
Boards discuss proposals submitted by various Acturarial Firms. L.C.Fortner,
Chairman of General Employee's Fund, will obtain additional information from
some of the Acturarial Firms that have submitted proposals.
Present is Scott Christianson, as legal council for the Boards. Scott relates
that he has met with Mr.John Drago, Okeechobee City Administrator, and Mr. John
Cook, Okeechobee City Attorney, they discussed the proposed Plan changes.
Mr. Drago advises that he will not favor any Plan changes that will cost the
City of Okeechobee additional monies. Scott advises that the Boards have
options to consider that would not cost additional monies, they are,
1) decrease the multiplier 2) increase employee contributions
" 3) make presentation to City Council using comparisons of benefits given by
other cities of like size. It is further discussed that last years Fund
performances were not as expected with monetary shortfalls on investments
present thus giving a poor acturarial evaluation, present years investment
are much greater and it is believed that this years acturarial evaluation will
be greatly increased thus making the Funds more financially sound and possibly
alleviating any additional City contributions if Plans are modified. Boards
will await this years acturarial evaluations to see if monetary shortfalls are
present enabling the Boards to further discuss the proposed Plan changes.
Boards agree that Kruse, O'Conner & Ling, as acting Acturarial, should complete
this years acturarial evaluation. Boards will meet early in 1992 to further discuss
further strategies.
Meeting of October 21, 1991 continued.
Motions entertained by the Police Pension Fund Board:
Motion by Cathy Kozol to accept the minutes of the Auguat 14, 1991 meeting.
seconded by Julian Stinnett. Motion was unanimously carried.
Motion by Julian Stinnett to approve and pay the following expenses:
$163.88 to Christianson, Dehner & Watts, Attorney, $583,67 to Hill, Barth and
King, Auditor, $2398.34 to Shearson, Lehman Bros. and $579.27 to Invesco, Money Managers.
Seconded by Cathy Kozol. Motion was unanimously carried.
Motion by Julian Stinnett to adjourn the meeting. Seconded by Cathy Kozol.
Motion was unanimously carried.
Meeting adjourned at 7:42 p.m..
Police Fund Chairma �""
Police Fund Secretary,
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