2002-02-13 Police Fund MeetingL�
CITY OF OKEECHOBEE
POLICE PENSION FUND
February 13, 2002 7:OOpm
MINUTES
Trustees present: Dennis Wayne Davis, Steve Padgett, Tommy Raulerson
Trustees absent: Steve Nelson, John Zeigler
Combined meeting of pension boards was called to order by L.C. Fortner at 7:lOpm.
Report from John Flego of Invesco.
Report from Earnest Mahler III of Salomon Smith Barney.
Dates for future meetings agreed upon by all members of the combined pension boards.
Meeting dates for the remainder of 2002 are as follows:
May 8, 2002 at S:OOpm
August 14, 2002 at S:OOpm
• November 13, 2002 at S:OOpm
There was a discussion among police pension board members and the fund attorney
regarding the expected rate of return that needs to be declared by the Police Pension
Board of Trustees. Attorney Scott Christiansen informed the board that a letter needs to
be sent by the Board to the State of Florida and also to the City Administrator declaring
an annual expected rate of return. The Police Pension Board of Trustees unanimously
agreed to adopt an 8% annual expected rate of return for the City of Okeechobee
Municipal Police Officers' Pension Fund for 2002.
Attorney Scott Christiansen discussed the roll-over/roll-in Plan with the members of the
Board. A motion was made by Steve Padgett for Scott Christiansen to move forward with
this. Seconded by Tommy Raulerson. Motion was carried unanimously.
Attorney Scott Christiansen was asked to bring the operating rules to the next police
pension board meeting.
All boards conducted separate meetings.
Motion by Steve Padgett to accept the minutes of the November 14, 2002 Police Pension
Board meeting. Seconded by Tommy Raulerson. Motion was carried unanimously.
•
• Motion by Ton
October 1, 2001
as of 1/31/02).
•
U
my Raulerson to approve all expenses including retiree's payments
through January 31, 2002 (There are no new employees or terminations
Retiree's payments:
Weyman Arthur $1,418.53 x 4
Lawrence Coonfare $956.03 x 4
Rehmund Farrenkopf $2,348.15 x 4
Janis Levin $837.00 x 4
Larry Mobley $2,522.13 x 4
Eugene O'Neill $1,146.04 x 4
_ $ 5,674.12
_ $ 3,824.12
_ $ 9,392.60
_ $ 3,348.00
_ $10,088.52
_ $ 4,584.16
Total amount of retiree payments October 1, 2001 thru January 31, 2002 is $36,911.52
Expenses include the following:
Actuary (Gabriel, Smith & Roeder) $ 573.33
Attorney (Christianson & Dehner) $ 99.44
Insurance $ 2,876.00
Pension payments (see above) $36,911.52
Total expenses: $40,460.29
In a memorandum Marita Rice explained to the Board of Trustees that there was a.5%
COLA increase that required her to send each retiree a check for a portion of that amount
that was not included in this past month's retiree pension amounts. Marita Rice said the
pension retiree's monthly retirement amount has been adjusted to reflect the .5%
adjustment in the COLA.
Retiree: Current amount COLA
Arthur, Weyman $1,418.53
Coonfare, Lawrence $ 956.03
Farrenkopf, Rehmund $2,348.15
LeVin, Janis . $ ,837.00
Mobley, Larry $2,522.13
O'Neill, Eugene $1,146.04
Total
$7.09
$4.78
$11.74
$4.19
$12.61
$5.73
$9,227.88 $46.14
New EFT Oct-Feb
As of 3-1-02
$1,425.62
$ 960.81
$2,359.89
$ 841.19
$2,534.74
$1,151.77
$9,274.02
$28.36
$19.12
$46.96
$16.74
$50.44
$22.92
$184.56
Motion by Steve Padgett to adjourn the meeting. Seconded by Tommy Raulerson.
Meeting was adjourned at 8:20pm.
Respe fully Submitted,
./� �-��
Dennis W. Davis, Fund Chairman
��
Tomr�Raulerson, (acting� Fund Secretary