1978-12-07 General MeetingCity Of Okeechobee
.".._,.NDON C. FORTNER, JR.
DIRECTOR OF PUBLIC WORKS
55 South East 3rd Avenue
OKEECHOBEE, FLORIDA 33472
PHONE (813 ) 763 -7054
December 7, 1978
Meeting of Retirement Trustees
Present: Larry Mobley, Phillip Purvis, Shirley
Logstion, Jink Reutebuch, Jody Rhymes, John
Bennett, Charles Elders and L.C. Fortner, Jr.
The meeting was called to order and a general
discussion was held of the existing retirement
plan and the proposed plans submitted by New
York Life Ins. Co. and Bankers Life of Iowa.
After much discussion the trustees agreed to with-
draw from the existing plan with New York Life
Insurance Co. and cash all the life insurance
policies in for their cash value. The withdrawal
date would be determined by the effective date of
a new retirement plan which would be self
administered by the trustees of the plan.
The decision to withdraw from the existing plan
and rewrite a new retirement plan will be presented
to the City Council on January 9, 1979. The Council
will be requested to pay the necessary expenses to
change to a new plan
The trustees agreed to purchase group term insurance
for any new employees that will be eligible for the
retirement plan on Jan. 1, 1979, which would supply
the necessary life insurance co-Terage until such
time as a new retirement plan can be adopted.
The trustees agreed to prepare a new retirement plan
and present the proposed plan to the employees and
City Council for their review and comments.
The meeting adjourned until additional information
is available.