1991-08-14 General Fund MeetingCITY OF OKEECHOBEE
GRURAL EMPLOYEES PENSION PLAN
TRUSTEE MEETING MINUTES
August 14, 1991
The joint meeting of the Police, Fire and General Employees Trustees
was called to order at 6:30 P.M.
Trustees Present: L.C. Forter, Jr., Charles Elders, Dowling Watford, Jr.,
and Lola Parker.
Employees Present: Bernice Elders and Clyde Long.
Others Present: Attorney Scott Christiansen, Janna Woods with Shearson
Lehman Hutton Consulting Services, and Mike Matus of Invesco.
Janna Woods presented a performance report to the trustees of the Pension
Funds investments which looked very favorable as of June 1991. Ms. Woods
stated that the charge for the_�ervices of Shearson Lehman Hutton Consultants
was $7,000.00 for all three Pension funds. After a discussion it was decided
that Larry Mobley (Police Pension Plan Trustee) would contact the Consultanting
firm for a separate invoice for each of the three Pension Plans.
Mr. Mike Matus presented the investment report of Invesco as of July 31, 1991.
Attorney Scott Christiansen lead the discussion of serveral issues.
1. The 54 interest rate stay the same as in the Ordinance.
2. Definition of salary to be everything reported on W-2 form.
3. Maybe the City might want to consider eliminating the current dis-
ability insurance and add to pension.
4. Attorney Scott is to check and see if the $3,500.00 of single sum
value (page 16 of Ord.) can be increased.
5. Fla. Statute Chapter 185 to be reviewed.
Attorney Scott informed the Trustees that the Ordinance's would be forwarded
to City Administrator John J. Drago with letters of confirmation being sent
to each Councilman within 30 days. Then the Chairmans of the Pension Plans could
meet with Mr. Drago.
Chairman Fortner gave direction that copies of the General Pension Fund Ordinance
should be circulated among the employees for viewing. Also following a discussion,
that a list of Acturial firms be sent to Bernice Elders, Secretary. A motion was
made by Charles Elders and second by Dowling Watford, Jr. to receive Acturial
proposals. Another matter of importance is that the Summary Plan Description(SPD)
needs to be done.
Trustee Dowling Watford, Jr., questioned if it was necessary to emp.lby :the.m i-
toring firm. After discussion the Trustees agreed that the monitoring of the
investments should be done at least once each year.
Motion by Dowling Watford, Jr., and second by Charles Elders to approve the new
employees for period of Jan. 1, 1991, thru June 30, 1991.
Motion by Charles Elders, second by Dowling Watford, Jr., to approve the refunds
to the terminated employees for period of Jan. 1, 1991 thru June 30, 1991.
Page 2 continued
Motion by Dowling Watford,Jr., second by Charles Elders to approve ex-
penses as presented for Jan. 1, 1991 thru June 30, 1991.
Meeting adjourned at 8:57 P.M.
THESE MINUTES APPROVED AND ADOPTED:
GENERAL FUND CHAIRMAN
L.C. FORTNER, JR.
GENERAL FUND SECRETARY
on
'.:d