2003-05-14 Police Fund Meeting�
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CITY OF OKEECHOBEE
POLICE PENSION FUND
May 14, 2003
MINUTES
Trustees Present: Steve Padgett, Bettye Taylor, Tommy Raulerson
Trustees Absent: Steve Nelson, Dennis Davis
General Meeting called to order at 5:15 PM. By LC Fortner
Bill Stewart and Brian Coker of Invesco gave a general report. Stated quarter of 2003
started out strong then the war started causing investments to drop. Energy, Health Care and
Technology Stocks performed better then the rest. Our Equities are invested in good solid
investment sectors. Fixed Income Market Investments have real strong returns according to
Invesco. Invesco said the last 12 months had been a difficult time in the market place. Invesco
stated market is slowly turning around and the consumer confidence is slowly returning.
Ernie Mahler of Smith Bamey gave a statement. Mahler said all the pension plans in the
United States has suffered like ours. Mahler said we could add different types of asset classes.
Mahler said they were projecting 7% growth for large company stocks but this could be lower.
• Mahler said we could get better returns if we added small company growth stocks. Mahler said
from the printout he had of Trusco Investment Company, (a comparison Investment Company) he
liked the way they diversified. Mahler recommended we have a presentation by Trusco
Investments for a comparison company to Invesco. Suggested we review Invesco Guidelines and
Contract and compare with the other Investment Companies.
Stewart from Invesco suggested our pensions might look at Large Equity, which has
provided consistent returns and �out performed others in the long term.
Ernie Mahler suggested we might do some comparison-shopping with other investment
companies and he would oversee the portfolios to see how they compare. Mahler said he would try
to have something for review by Pension Board Meeting on August 13, 2003.
Attorney Scott Christianson, which is legal advisor for Pension Board, stated he was
uncomfortable with the Custodian Situation. Christianson said Invesco is handling Custodian
situation at this time.
There was discussion among police pension board members and Christianson regarding the
expected rate of rehzrn that needs to be declared by the Police Pension Board of Trustees. Steve
Padgett made motion, seconded by Tommy Raulerson and the Police Pension Board of Trustees
unanimously agreed to adopt a 7% annual expected rate of return for the City Of Okeechobee
Municipal Police Officers Pension Fund for 2003.
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� All Pension board ordinances should be finalized and approved by City Council before next
• Pension board meeting. Merita Rice asked everyone to remember to do financial statements by July
1, 2003.
All Boards conducted separate meetings.
Meeting called to Order by Bettye Taylor at 7:00 PM hours.
Present was Steve Padgett, Tommy Raulerson and Bettye Taylor
Steve Padgett made motion to approve minutes from meeting of February, 12, 2003, seconded by
Tommy Raulerson approved by all.
Tommy Raulerson made motion to approve minutes from Special Meeting held Apri18, 2003,
seconded by 5teve Padgett and approved by all.
Tommy Raulerson made motion to approve retired members payments of $27,822.06, seconded by
Steve Padgett and approved by all.
Steve Padgett made motion to accept new employee, Courtney Jones. Seconded by Tommy
Raulerson approved by all.
Tommy Raulerson made motion to approve quarterly expenditure payments of $35,064.10.
• Seconded by Steve Padgett, approved by all.
Open Discussion:
Steve Nelson's lack of attendance was discussed. It was recommended that the Chairperson talk to
Nelson.
Motion to adjourn by Tommy Raulerson seconded by Steve Padgett approved by all. Meeting
adjourned at 7:lOPM.
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