1990-11-05 General MeetingqNsw City of Okeechobee
General Employee Pension Plan
Trustee Meeting Minutes
November 5, 1990
The joint meeting of the Police, Fire and General Employee Trustees was
called to order at 6:38PM.
Trustees present: Charles Elders, Roger Jones, L.C. Fortner, Jr.
Others present: Bernice Elders, Lee Dehner, Bruce Bridges, Janna Woods, Mike
Matus
Motion by Charles Elders and second by Roger Jones to approve the minutes of
the October 4, 1990 meeting, motion carried.
Motion by Charles Elders and second by Roger Jones to approve the new
employees for the period from July 1, 1990 through September 30, 1990, motion
carried.
Motion by Charles Elders and second by Roger Jones to approve the refund to
the terminated employees for the period from July 1, 1990 through September
30, 1990, motion carried.
Lee Dehner, Attorney for trustees held a discussion and updated the trustees
on new state law changes that affect the annual distribution of fund
information to members.
Mr. Dehner discussed the proposed changes to the Ordinances and suggested
verbiage that should be included in the Ordinances.
Mr. Dehner discussed the quality of standards as listed in the Florida
Statutes and advised the trustees could deviate from those standards.
Motion by Roger Jones and second by Charles Elders to include wording in the
new ordinance which would allow the trustees to increase equity investments
to a maximum of 40%, motion carried.
Motion by Roger Jones and second by Charles Elders to include wording in the
new ordinance which would restrict investments in bonds that are of the top
3 rating, motion carried.
Discussion was held concerning the investment of pension funds in real
estate. Trustees agreed to keep current provision and not invest in real
estate at this time.
Bruce Bridges and Mike Matus of Invesco made a report to the trustees
concerning the types of investments that had been made through September 30,
1990 and the amount of return received. The market is down at this time,
therefore returns are down. Investments should be looked at over a longer
period of time.
Janna Woods of Shearson Lehman presented a report to the trustees.
Ms. Woods was advising the trustees on the performance of Invesco. Based on
the market Invesco was given a favorable performance rating.
After further discussion concerning the preparation of a new
ordinance the trustees approved the following:
Motion by Charles Elders and second by Roger Jones to authorize an
impact study be completed by Kruse, O'Conner & Ling with the
following changes:
1. Increase the normal retirement benefit from 1.6% times years
of service to 1.8% with 30 years of service and normal
retirement age of 65.
2. Increase the normal retirement benefit from 1.6% times years
of service to 2.0% with 30 years of service and normal
retirement age of 65.
3. Increase the normal retirement benefit from 1.6% times years
of service to 2.25% with 30 years of service and normal
retirement age of 65, motion carried.
Motion by Charles Elders and second by Roger Jones to authorize an
impact study be completed by Kruse, O'Conner and Ling with the
following changes:
"Change the definition of earnings to include base salary,
overtime, bonus and longevity pay received from the City".
Motion carried
There being no further business the meeting adjourned at 9:43 PM.
THESE MINUTES APPROVED AND ADOPTED:
GENERAL FUND CHAIRMAN -'Y
L.C. FORTNER, JR.
GENERAL FUND SECRETARY C-o Z
CHARLES J ON
,