Loading...
2017-05-01 General Meeting & Police Fund MeetingCITY OF OKEECHOBEE GENERAL EMPLOYEES/POLICE/FIRE PENSION BOARDS REGULAR MEETING MINUTES, May 1, 2017 CITY HALL, 55 SE THIRD AVENUE OKEECHOBEE, FL 34974 1. CALL TO ORDER Nathan Pippin called a meeting of the Board of Trustees for the City of Okeechobee General Employees, Okeechobee Police, and Okeechobee Firefighters. It was noted that the City of Okeechobee General Employees and Firefighters did not have a quorum. TRUSTEES OKEECHOBEE GENERAL Nathan Pippin —Chairman Melissa Henry POLICE Jack Boon - Chairman Bettye Taylor — Secretary Ray Worley Bill Barlett Ryan Holroyd Fire Herby Smith — Chairman Adam Crum 2. PUBLIC COMMENT OTHERS Scott Baur, Kyle Tintle, Resource Centers Scott Christiansen, Attorney Marcos Montes De Oca, City Administrator India Riedel, Finance Director There were no additional comments from the public. 3. REPORTS Investment Consultant Report (Tony Kay) Mr. Kay provided a market overview for the quarter that ended March 31, 2017. He stated that the rising interest rates created a headwind for the fixed income portfolios. The Federal Reserve may raise interest rates 2 more times in 2017. The S & P Index and the NASDQ continue to hit new highs. Mr. Kay informed the Board that consumer confidence and corporate earnings remain strong. He reviewed the asset breakdown over the quarter. The total asset allocation for the Firefighters was $3,684,099; the quarterly earnings are 3.78% net versus the policy at 4.09%. The total for the fiscal year to date was 4.81% versus 4.65% for the policy. The total funds composite for the General Employee's plan totaled $4,612,312 and the quarterly earnings are 4.11% net versus the policy at 3.98%. The total fund composite net for the fiscal year to date 4.73% versus 4.81% for the policy. The total asset allocation for the Police Fund equaled $8,299,805, the quarterly returns was 4.25% net versus the policy at 4.09%. The total fund composite net for the fiscal year to date was 4.41% versus 4.65% for the policy. A special Meeting May 1, 2017 Page 2 of 2 meeting will be necessary for the Firefighters' and General Employees to approve the service provider agreements. Attorney Report (Scott Christiansen) Mr. Christiansen reminded the Trustees that the Form 1 must be completed and submitted by July 1st He informed the Board that a mini -conference presented by Christiansen & Dehner, will be held on Friday, May 12th in Palm Coast near Jacksonville. He noted a RSVP is requested by any of the Trustees who are interested in attending. Mr. Christiansen presented the Exhibit B of the Summary Plan Description that was provided by Gabriel, Roeder, Smith. The Exhibit B contains pertinent actuarial information along with the receipts and disbursements for the Police Officer's Plan. Mr. Christiansen reviewed the pending legislation items and noted they are still in legislative committee. Administrator Resort (Scott Baur and We Tintle Mr. Baur reviewed the guide included in meeting packet entitled "Understanding Public Pensions". He explained the details of the split between the Okeechobee General Employees' Pension Plan and the Okeechobee Utility Authority. Ms. Riedel, Finance Director, expressed concern about the timing of the audit report because the City needs the information for the CAFR. Mr. Baur addressed the issues and discussed resolutions. The audit and the valuation are already in process. Ms. Taylor would like to receive meeting materials in advance of the Pension Board meeting. Last year the Board approved the valuations at the May 1st meeting. The Board discussed possible dates for the Special Meeting to be held in May. Mr. Montes De Oca informed the Board that the last Council meeting is June 20th and they must have the final audit and valuation drafts at that time. The Board had a brief recess to check calendars. The date of May 31st was selected and agreed upon. Mr. Pippin closed the open session at 5:57 pm.