1990-11-05 Police Fund MeetingCity of Okeechobee
Police Pension Board Meeting
November 05,1990
Trustee's present: Larry Coonfare, Cathy Kozol, Julian Stinnett and Steve Nelson.
Meeting called to order at 6:38 p.m..
Motion by Julian Stinnett to approve the minutes of the meeting of October 04,1990,
seconded by Cathy Kozol. Motion was unanimously carried.
Motion by Cathy Kozol to have acturarial firm complete an impact statement on police
pension fund if 100% of police officers salary has fund deductions withheld, seconded
by Julian Stinnett. Motion was unanimously carried.
H.Lee Dehner, Legal Council for combined Boards, is present and updates boards on
F.S.S. changes that affect the annual distribution of fund information to members.
Mr.Dehner advises that F.S.S.112.66 should be read by trustee's as it is the
governing statute for annual fund information distribution to members.
Mr.Dehner further discusses his proposed drafts for the plans, he suggests verbage
that should be included in the plans.
Mr. Dehner further advises that the plan could deviate from quality of standards as
set forth in F.S.S..
Motion by Steve Nelson to allow Mr.Dehner to incorporate wording in the plan which
will allow trustee's to increase equity investment to 60% , seconded by Cathy Kozol.
Motion was unanimously carried.
Motion by Steve Nelson to allow Mr. Dehner to incorporate wording in the plan which
will allow trustee's to invest 20% of funds into Real Estate if the trustee's opt to
invest in Real Estate, seconded by Cathy Kozol. Motion was unanimously carried.
Motion by Cathy Kozol which restricts investment firm to invest in bonds that are of
the highest top 3 quality bond standards, seconded by Steve Nelson. Motion was
unanimously carried.
Invesco Capital Management, Plans investment manager, is present. Invesco informs
Boards as to how their investments are being managed and what monetary returns are
expected.
Shearson Lehman , Plans investment advisor,is present. Shearson Lehman advises
Boards on Invesco's performance. Invesco is given a favorable performance rating.
Motion by Larry Coonfare to adjourn the meeting, seconded by Cathy Kozol. Motion
was unanimously carried.
Meeting was adjourned at 9:43 p.m..
Police Fund Chairman- —&a, —,".-
Police Fund Secretary