1979-03-27 General MeetingCity of Okeechobee
Retirement Systems
General, Police & Fire
Meeting of Trustees of Three Retirement Plans
Date: March 27, 1979
Trustees Present: Dr. Edward Douglas, T. Gaughan, E. Reutebuch,
Larry Mobley, Shirley Logston, Charles Elders, John Bennett,
L.C. Fortner, Jr. and Bruce Bryan representing Phil Berger.
Minutes of last meeting were read and approved.
After a discussion of Section V of the Proposed Retirement
System the following decisions were made:
1. Add the group term insurance for each member into the
Retirement System.
2. Each member to have insurance equal to 1.5 or 2 times members
salary. The amount of insurance to be decided at a later
meeting after the premium amounts of insurance has been
supplied by an insurance company.
3. Maximum amount of insurance for any one member to be $50,000.00.
4. New members to be eligible for insurance twice a year on April
1 and Oct. 1. New members must be employed at least six months
prior to enrollment dates of April 1 or Oct. 1.
5. The legality of the above listed items should be checked with
an attorney before plan is final.
Section X Administration
After a lengthly discussion the following questions were raised by
the trustees.
1. Should there be a requirement of two trustees to sign each
authorization for payment?
2. Can three trustees be designated to sign for all three plans or
should each fund have separate trustees authorized to sign
authorization for payment.
3. Should each trustee that signs checks be covered by a bond?
Trustees suggested a $5,000.00 Bond.
4. Should there be a maximum amount of funds that can be spent with-
out a meeting and approval of the trustees? Trustees suggested
$5,000.00 as a maximum.
5. Should each trustee be covered by an Errors and Omissions Insurance
Policy. The amount of insurance to be determined at a later date.
6. A disclosure form should be provided for new employees of the
City. This form would list and explain all requirements and
benefits of the City.
7. Does all the terms of the proposed Retirement Plans meet the
requirements of State Law? specifically Chapter 175 and 185.
The meeting adjourned until futhur:notice.