2003-05-14 General Fund MeetingCity of Okeechobee/Okeechobee Utility Authority Employee Pension Plan
Trustee Meeting
May 14, 2003
Minutes
The Trustee meeting at City Hall was called to order by Landon C. Fortner at 5:19 P.M.
Trustees Present: Carolyn Arnold
Landon C. Fortner, Jr.
Johnny Mack Kinsaul
Jamie Mullis
Jerry O'Bannon
Others Present: Scott Christiansen, Attorney
Ernie Mahler, Smith -Barney
Marita Rice, OUA
Brian Coker, Invesco
Bill Stewart, Invesco
Police and Fire Trustees
Brian Coker and Bill Stewart reviewed the portfolio performance for the quarter ending
March 31, 2003. The portfolio has shown some improvement over the prior quarter.
Ernie Mahler reviewed each of the plans with the Trustees_ He also presented a
comparison of 3-year historical returns of several companies. The comparison indicated
that Invesco NAM performed higher than the three Trustco funds under consideration.
Mr. Mahler recommended that additional asset classes be adde to the portfolio to enhance
performance.
Johnny Mack Kinsaul left the meeting at 6:00 P.M.
Ernie will present more data regarding diversification of the plan, and request Invesco and
Trustco present plans for the addition of small cap and international companies to the
portfolio for review. This information will be presented at the next regular meeting
August 13, 2003 at 5 P.M.
Based upon the opinion of the representatives form Invesco, a 7% return for the portfolio
is deemed reasonable for the near and long term. Upon motion by Jamie and second by
Carolyn, the Trustees approved the projected rate of return for actuarial purposes.
Scott informed the Trustees that the reading of proposed ordinances will June 17th. He
also reminded members that Form-1 is due July 1 st at the Supervisor of Elections Office_
Upon motion by Carolyn and second by Jamie, the minutes of the April 8th and February
12th meetings were approved.
Upon motion by Jamie and second by Carolyn, the Trustees approved the expense report
for the new, terminated, and retired employees.
The meeting was adjourned at 7:05 P.M.
Respectfully submitted,
VXS `
Jerry . Q'Ba,pnon
Secretary