2001-02-21 Police Fund Meeting•
CITY OF OKEECHOBEE
POLICE PENSION FUND
February 21, 2001 7:OOpm
Trustee Board Meeting
MINUTES
Trustees Present: Dennis Davis, John Zeigler, Steve Padgett
Meeting of combined pension boards called to order by L.C. Fortner at 7:OSpm.
Report from fund actuary Theora Braccliarghe of Gabriel, Roeder, Smith & Company
discussing the "Actuarial Evaluation Report" prepared by Theora Braccliarghe. Theora
Braccliarghe said the actuarial assumptions included an assumed interest of 7% per year
compounded annually, after paying investment and management fees.
Theora Braccliarghe said copies of actuarial evaluation must be sent to the Division of
Retirement and State Treasurer's Office within 60 days of receipt from actuary. Jim Paul
and John Zeigler already took care of this.
• Recent changes in the la�� require the Board of Trustees to declare an expected annual
rate of return on the plan annually and report this declaration to the State of Florida.
Attorney Scott Christiansen recommended that a 7'/4 % actuarial assumption figure be
used. __ _
Motion by Steve Padgett to approve actuarial valuation report from Theora Braccliarghe.
Seconded by Dennis Davis. Motion was carried unanimously. '
Motion by Steve Padgett to approve the 73/4 % figure recommended by Attorney Scott -
Christiansen as the "actuarial assumption declaration" figure to be reported to the State of
Florida." Seconded by Dennis Davis. Motion was carried unanimously. �
Attorney Christiansen said a letter from the Board of Trustees must be sent to Charles
Slavin, a copy to the fund actuary, and a copy sent to the City of Okeechobee indicating
this activity of the pension board.
Report from Invesco and Salomon-Smith-Barney representatives.
Comment from Attorney Scott Christiansen regarding the filing of a"Statement of
Financial-Form 1 F" Attorney Christiansen said the form must be filed by each pension
trustee with the Supervisor of Elections Office BEFORE NLY 1, 2001. If it is not, heavy
penalties will apply.
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Attorney Christiansen asked about whether the investment policy statement had been
• adopted by each board and forwarded to the City, Mr. Slavin, and the fund actuary. Jim
Paul informed Attorney Christiansen that the investment policy statement was already
adopted by the police pension board and forwarded to the City, Mr. Charles Slavin, and
also to the fund actuary.
Attorney Christiansen asked if the board had sent a periodic report of investments along
with a letter to the City. Jim Paul said a periodic report of investments along with a letter
has been sent to the City on behalf of the police pension board. This is an annual
requirement.
Motion by Steve Padgett to approve the minutes of the special trustee meeting held on
December 13, 2000. Seconded by Dennis Davis. Motion was carried unanimously.
Motion by Dennis Davis to approve new members, terminated members, retired member
payments and expenses as follows:
New member: Bryan Lowe Jan. 2001
Terminated member: Joe Ortega August 2000
Retired member payments: Weyman Arthur, Larry Coonfare, Janis LeVin, Larry Mobley,
and Rehmund Farrenkopf, and Gene O'Neill- total S27,598.05.
Expenses:
Invesco � 6,570.79
Christiansen & Dehner � 1,141.75
• Trustee School $ 868.14
Gabriel, Roeder, Smith & Co. $ 3,141.66
Contribution Refunds $15,528.88
Seconded by Steve Padgett. Motion was carried unanimously.
Motion by Steve Padgett to adjourn the meeting. Seconded by Dennis Davis. Motion was
carried unanimously. Meeting was adjourned at 9:14pm.
Respec ly Sub itted,
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Dennis Davis, (acting) Fund Chairman
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Jo Zeig��, Fund Secretary
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