2001-05-09 Police Fund Meeting•
CITY OF OKEECHOBEE
POLICE PENSION FUND
May 9, 20017:OQpm
Trustee Board Meeting
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Trustees Present: Larry Mobley, John Zeigler, Steve Padgett, and Dennis Davis
Meeting of combined pension boards was called to order by L.C. Fortner at 7:lOpm. L.C.
Fortner introduced Marita Rice as Jim Paul's replacement.
Attorney Scott Christiansen asked that a copy of the minutes of �the prior meeting be
faxed to his office along with a copy of the agenda for upcoming meeting.
Report from Invesco representative
Report from Salmon-Smith- Barney representative Ernest Mahler III (performance
monitor).
• Comments from attomey Scott Christiansen:
-We need to move over to National Asset Management as soon as possible. (Note:
National Management Asset is a part of Invesco).
-Reviewed contract with State Street. There seem to be some problems between State
Street and other pension plans. (Note: Jim Paul said he has not any problems dealing with
State Street as a custodial bank).
-Asked the board to let him look into the contract we have with State Street and maybe
send a letter to State Street on behalf of the combined pension boards.
-Reminded individual board members to obtain a Form 1(or Form 1 F) a financial
disclosure form from the Supervisor of Elections o�ce as soon as possible. Fill out the
form and retum it to the Supervisor of Elections office no later than July 1, 2001. There
are heavy penalties (fines) imposed by law for failure to comply with this requirement.
-Suggested that specific operating rules and procedures for handling money and pension
funds be revised by each pension board. Attorney Scott Christiansen said he could do this
for the boards.
-Form changes. Attorney Christiansen said he some of the forms used for formal
reporting to the state need to be changed and updated. He said he would take care of this
and send the updated forms to each of the fund secretaries. _
The meeting of the police pension board in order to conduct its particular business was
called to order by Larry Mobley at 8:20pm.
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Motion by Steve Padgett to approve the minutes of the February 21, 2001 police pension
board meeting. Seconded by Dennis Davis. Motion was carried unanimously.
There was a question by Larry Mobley on the topic of Gene O'Neill's retirement. The
specific question was asked, "Who approved Gene O'Niell's retirement?" After some
discussion, Jim Paul produced a"NOTIFICATION OF BENEFITS PAYABLE AS A
RESULT OF RETIREMENT" form from Gene O'Neill's retirement file at his office and
presented it to the pension board members. The form was handed to attorney Scott
Christiansen who reviewed the form and determined that it was accurate. The question
raised by Larry Mobley had to do with whether or not Gene O'Neill was entitled to
receive an early retirement, which he was by reason of his age and the recent changes in
the pension plan lowering the early retirement age to 50 instead of 55 as it was prior to
the change.
Motion by Steve Padgett to approve Marita Rice to replace Jim Paul as an authorized
signer. Seconded by Dennis Davis. Motion was carried unanimously. Marita Rice
provided new signature cards to board members.
Motion by Dennis Davis to adopt new banking resolution dated 5-9-01 updating and
making necessary changes to list of current pension board members and authorized
signers for the pension board's local account at Big Lake National Bank. Seconded by
Steve Padgett. Motion was carried unanimously. The resolurion is adopted as a part of the
minutes of this meeting.
Motion by Steve Padgett to approve new members, terminated members, retired member
payments and expenses as follows:
New members-none
Terminated members-none
Newly retired members-none
Retired member payments- to Weyman Arthur, Larry Coonfare, Janis LeVin, Larry
Mobley, and Rehmund Farrenkopf, and Gene O'Neill totaling $28,168.85.
Expenses-Invesco Note: there was an error on the figure discovered by Steve Padgett.
The low figure noted on the actual invoice from Invesco was $6,148.76. The higher
figure depicted on the information sheet provided to pension fund members was
$6,319.01. This amounted to a dif�erence of $170.25. Marita Rice explained the
differences in the figwes. Motion by Steve Padgett to pay expenses for Invesco at a rate
not to exceed $6,319.01.
Christiansen & Dehner $362.27
DiBartolomeo, McBee et al $1,422.67
Contribution refunds $0.00
Motion by Steve Padgett to approve new members, ternunated members, retired member
payments, and expenses as amended pertaining to Invesco no to exceed $6,319.01.
Seconded by Dennis Davis. Motion was carried unanimously.
John Zeigler informed the pension board that the 2001 Annual Report was approved by
the State of Florida.
• Motion by Dennis Davis to adjoum the meeting. Seconded by Steve Padgett. Motion was
carried unanimously. Meeting was adjourned at 9:20pm.
Respectfully Submitted,
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Larry� obley, F hairman
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�dhn Zeigler, Func�3eC�etary
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