February 1, 2016 Quarterly MeetingCITY OF OKEECHOBEE AND OKEECHOBEE UTILITY AUTHORITY
PENSION BOARD OFFICIAL AGENDA
FOR February 1, 2016 - 5:00 P.M.
BOARD OF TRUSTEES FOR THE
CITY GENERAL EMPLOYEES & OUA EMPLOYEES RETIREMENT FUND
CITY FIREFIGHTERS RETIREMENT FUND AND
CITY POLICE OFFICERS RETIREMENT FUND
CITY GENERAUOUA MEMBERS
Jamie Mullis, Chair
Secretary, Melisa Jahner
Daryl Roehm
Robert Ellerbee
Jose Santiago
POLICE OFFICERS MEMBERS
Denny Davis, Chair
Bettye Taylor, Secretary
Bill Bartlett
Ray Worley
Jack Boon
FIREFIGHTERS MEMBERS
John Koepke, Chair,
Glen Hodges
Judy Douglas
Michael Skipper
Adam Crum
1. Call meeting to order — Chairperson
2. Public Comment :
3. Mindy Johnson from Salem Trust Company, new plan relationship manager, will present the
Global Tax Opportunity.
4. Investment Reports:The Bogdahn Group:
5. Portfolio summary from Dana Investment Advisors,lnc. as of December 31,2015.
6. Approve Engagement Letter from DiBartolomeo, McBee, Hartley & Barnes, P.A. for an audit
fee not to exceed $4700.
7. Review Foster & Foster Administrative Contract.
8 Review and discuss invoices from Gabriel, Roeder & Smith & Company and Christiansen &
Dehner, P.A.
9. OUA letter to Pension Board.
10. Items /Reports from Board Attorney Christiansen.
11. Unfinished Business to Discuss in Open Session
12. New Business to Discuss in Open Session.
13. Recess from Open Session and Convene in Individual Session:
City General /OUA Pension Board of Trustees Items
A. Motion to dispense with the reading and approve the minutes for the meetings on
November 2, 2015 & December 7, 2015.
B. Motion to approve the Financial Reports as presented by Basil Coule, Pension
Financial Liaison:
1) Check Register, -Oct. 2015- Dec. 2015.
2) Statements from Salem Trust that reflect activity for the General Pension Fund
for the months Oct. 2015 — Dec. 2015 for the following accounts; Receipt &
Disbursement, Dana Investments.
Note: Only one copy of the complete statement will be provided. All other
packages will have the balance sheet for each account for each month and a
copy of year end statements.
3) Approve the list of members terminated and /or contributions refunded or rolled
over from 10 -1 -2015 to 12 -31 -2015: Michael Connah - Retired OUA, Lawrence
Way -OUA, Lisa Dawn -OUA
4) New members enrolled from 10 -1 -2015 to 12 -31 -2015: Jacqueline Dunham -City,
Marcos Montes De Oca -City, Patrick Anderson -OUA, Ben Burkes -OUA.
C. Unfinished or New Items from Board Members.
D. ADJOURN MEETING - Individual Board Chairpersons
.NOTICE IS HEREBY GIVEN that if any person should decide to appeal any decision made at this
meeting of the Pension Board of Trustees, such person will need to insure that a verbatim
record of the proceedings is made,which includes the testimony and evidence upon which the
appeal is based.
CITY OF OKEECHOBEE /OKEECHOBEE UTILITY
AUTHORITY /POLICE /FIRE PENSION BOARDS
REGULAR MEETING MINUTES, FEBRUARY 1, 2016
CITY HALL, 55 SE THIRD AVENUE
OKEECHOBEE, FL 34974
TRUSTEE ATTENDANCE:
CITY OF OKEECHOBEE /OUA
POLICE:
FIRE:
OTHERS PRESENT:
Jamie Mullis, Chairperson
Jose Santiago
Denny Davis, Chair
Ray Worley
John Koepke, Chair
Herb Smith
Melisa Jahner, Secretary
Robert Ellerbee
Bettye Taylor, Secretary
Bill Bartlett
Mike Skipper, Secretary
Scott Christiansen, Attorney
Jack Evatt, Bogdahn Group
Tim Kay, Bogdahn Group
Mindy Johnson, Salem Trust
Janet McKinley, OUA Financial Liaison
Basil Coule, OUA Financial Liaison
John Hayford, OUA Executive Director
Marcos Montes De Oca, City Administrator
Timmy Palmer, Firefighter
1. CALL TO ORDER REGULAR MEETING: Jamie Mullis called the meeting to order at 5:07 p.m.
2. PUBLIC COMMENT: Jamie asked whether there were any comments from the public. There were none.
3. SALEM TRUST COMPANY: Ms. Mindy Johnson (replacing Mrs. Mark Rhein), informed Salem Trust has partnered
with Globe Tax, Relief, Recovery & Reporting Worldwide. This company specializes in the market for tax reclaims on
American Depository Receipts (ADR's). When investors receive income (dividends /interest) from cross border
(foreign) investments, they are often taxed at a high "statutory" withholding rate. Foreign tax authorities hold the money
for a set period, two to seven years (statute of limitations). If not claimed, it is lost. They have thus far identified
recoveries for the following plans: Gen /OUA, $4,200.00; Police, $3,700.00; and Fire, $1,300.00. The fees for this
service are entirely contingent and payable only after money has been recovered at a rate of 20% to Globe Tax and 5%
to Salem Trust. There will be no out of pocket expense for the Pension Funds. There is no contract, and Ms. Johnson
will send through the Plan Administrator the necessary documentation for each Board to authorize recovery of the
money. Attorney Christiansen has reviewed the documentation and company, with there being no downside, is
recommending the boards consider approval at their individual sessions.
4. INVESTMENT REPORTS: The Bogdahn Group
a) Mr. Jack Evatt, and Mr. Tony Kay, (new consultant) of the Bogdahn Group, presented an overview for the quarter
ending December 31, 2015 as distributed.
City General /OUA - The Total Fund Quarterly and Year to Date: beginning 10/1/15 with $10,169,498.00 and
ending 12/31/15 with $10,490,227.00.
Police - The Total Fund Quarterly and Year to Date: beginning 10/1/15 with $7,647,414.00 and ending
12/31/2015 with $7,831,770.00.
Mr. Evatt informed that this quarter was not as promising as anticipated, but all three boards have reached their
benchmarks. The first quarter has been uncertain due to weather and this being an election year. He did state that
all plans are well positioned to move forward, and anticipates better returns next quarter. No action was
necessary.
5. PORTFOLIO SUMMARY FROM DANA INVESTMENT ADVISORS INC, AS OF DECEMBER 31, 2015
This item was not discussed.
6. APPROVE ENGAGEMENT LETTER FROM DIBARTLOMEO, MCBEE, HARTLY & BARNES, P.A. FOR AUDIT
FEES NOT TO EXCEED $4,700.00.
Attorney Christiansen suggested the boards consider approving, subject to his review, the audit fee for the fiscal
year ended September 30, 2015, and not to exceed $4,700.00.
7 REVIEW FOSTER & FOSTER ADMINISTRATIVE CONTRACT.
Attorney Christiansen discussed there was a misunderstanding of the expected services to be rendered. Foster &
Foster, and Jay McBee had a conference call to discuss the necessary services for proper audits. Foster & Foster
concluded they can provide financial reports /statements for the three plans but for additional fees. Attorney
Christiansen advised the boards can choose to stay with Foster & Foster and pay the additional fees, or terminate
the contract and direct him to negotiate a contract with Pension Resource Centers excluding the 3% COLA during
the initial three year rate guarantee period.
8. REVIEW AND DISCUSS INVOICES FROM GABRIEL, ROEDER, SMITH & COMPANY AND CHRISTIANSEN
AND DEHNER, P.A.
Copies of invoices were distributed from Gabriel, Roeder, Smith & Co., and Christiansen and Dehner, P.A. The
invoices illustrated paid portions some by OUA and the Pension fund. The OUA is requesting compensation for
what they paid since it was pension related. Attorney Christiansen explained they could be given a credit towards
future expenses should the charges be deemed legit.
9. OUA LETTER TO PENSION BOARD.
The letter was dated January 27, 2016, regarding the previous action taken at the December 7, 2015 meeting,
concerning the decision of designating the General Employees Retirement System as a cost sharing multiple
employer for the current year. This letter from the OUA formally requested the board recommend to City Council
to reconsider the plan designation and change it to an agent multiple employer plan. Attorney Christiansen
explained the plan could be changed with the authorization of the City Council to amend the ordinance to
designate accordingly, but currently it is a cost sharing plan.
10. ITEMS /REPORTS FROM ATTORNEY CHRISTIANSEN
✓ Police, Fire and Gen /OUA Ordinances 1131, 1132, and 1133 to be approved by City Council and
sent to the State along with the impact letter.
✓ General /OUA and Fire Boards to consider officers (every two years).
UNFINISHED BUSINESS TO DISCUSS IN OPEN SESSION. None
NEW BUSINESS TO DISCUSS IN OPEN SESSION. None
RECESS FROM OPEN SESSION AND CONVENE IN INDIVIDUAL SESSION: 6:00 P.M.
Minutes Prepared by Melisa Jahner
CITY OF OKEECHOBEE /OKEECHOBEE UTILITY
AUTHORITY/ PENSION BOARD
INDIVIDUAL MEETING MINUTES
FEBRUARY 1, 2016
CITY HALL, 55 SE THIRD AVENUE
OKEECHOBEE, FL 34974
A. Motion to dispense with the reading and approve the minutes for November 2, 2015, and December 7, 2015 meeting. Melisa
moved to approve the above mentioned minutes; seconded by Jamie. Motion carried unanimously.
B. Motion to approve the financial reports as presented by Basil Coule, Pension Financial Liaison: Jamie moved to approve the
financial reports 1 -4 as presented on the agenda: seconded by Melisa. Motion carried unanimously.
1. Check register from October 2015 through December 2015
2. Statements from Salem Trust that reflect activity for General Pension Fund for the months October- December, 2014,
for the following accounts: Rceipt & Disbursement, DANA Investments & Equity
3. Approve the list of members terminated and/or contributions refunded or rolled over from 10/1/2015- 12/31/2015:
Michael Connah, (Retired OUA); Lawrence Way (OUA); Lisa Dawn (OUA).
4. New members enrolled from 10/1/2015- 12/31/2015: Jacqueline Dunham (City); Marcos MontesDeOca (City); Patrick
Anderson (OUA); Ben Burkes (OUA).
C. UNFINISHED OR NEW ITEMS:
✓ Robbie moved to authorize Globe Tax, Relief, Recovery & Reporting Worldwide to proceed with collecting the tax reclaims on
the American Depository Receipts (ADR's); seconded by Jose. Motion carried unanimously.
✓ Jose moved to approve the engagement letter from DiBartolomeo, McBee, Hartley & barnes, P.A., for an audit not to exceed
$4,700.00, upon review of Attorney Christiansen; seconded by Robbie. Motion carried unanimously.
✓ Jose moved to authorize Attorney Christiansen to terminate the Administrative Services contract with Foster and Foster and
negotiate a contract with Pension Resource Centers, excluding the 3% COLA during the initial three year rate guarantee period;
seconded by Jamie. Motion carried unanimously.
✓ Jamie moved to authorize the credit due to the OUA in relation to Gabriel, Roeder, & Smith Co., and Christiasen & Dehner, P.A.,
invoices according to the memo distributed at the meeting; seconded by Robbie. Motion carried unanimously.
✓ Jamie moved to recommend to the City Council to consider changing the designation of the General /OUA Pension plan from
cost sharing to agent multiple; seconded by Robbie. Motion carried (3 to 1) Melisa voted No.
✓ Melisa moved to nominate Jamie Mullis as Chair, and Jackie Dunham as Secretary; seconded by Robbie. Motion carried
unanimously.
D. Adjourn meeting at 6:38 P.M.
Minutes prepared by: Board Secretary Melisa Jahner