2005-05-09 General Fund Meeting• CITY OF OKEECHOBEE AND OKEECHOBEE UTII.ITY AUTHORITY
PENSION BOARD MEETING
MAY 9, 2005
The meeting at City Hall was called to order by L. C, Fortner at 5:12 PM.
The following trustees were present: L. C. Fortner
Katrina Cook
Lane Gamiotea
Jerry O'Bannon
Also present were: Scott Christiansen, Attorney
Ernie Mahler, Smity Barney
Mary Durkin, Trusco
Theora Braccialarghe, GRS&Co.
Theora reviewed the 10/O1/04 actuarial valuation for each plan. Though market returns were up,
by smoothing in prior years losses the contribution rate still lags. T'his is expected to improve
with market returns. Total required City contribution is projected at approximately 11% of
payroll. Upon motion by Lane, second by Jerry, the actuarial valuation report was approved.
• Mary reviewed market trends for the past six months ending 3/31/O5. Anticipated increases in
growth stocks have begun to materialize. She stated the outlook for the remaining fiscal year is
guardedly optimistic.
Ernie reviewed the performance of the funds and determined asset allocation and overall
performance by Trusco is satisfactory.
Scott reported the Drop ordinances presented to the Council's last meeting were approved.
Forms for employees participation in the Drop program need approval for Scott to prepare.
Kartina moved the forms be prepared, second by Lane. The motion was approved.
Upon motion by Lane, second by Katrina, based upon advice from investment professionals an
actuarial assumption rate of 7% was approved.
Upon motion by Lane, second by Katrina, the fmancial information for the period February
through March 2005, as well as the list of both terminated employees and new enrollees were
approved.
Upon motion by Lane, second by Katrina the minutes of the February 11, 2005 meeting were
approved. The meeting was adjourned at 6:45 PM. �
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• Jerry O'Bannon, Secretary