2005-11-14 Police Fund Meeting�
Okeechobee Police Department
Pension Board Meeting
November 14, 2005
Meeting called to order at 5: 08 PM by Lane Gaminotoa
Present was Denny Davis, Bob Peterson, Bettye Taylor, Louise Chandler and Steve
Padgett
John Larson with Trusco spoke first.
According to Larson the 3`a quarter was strong with a 3.5 percent pull ahead.
International during 3rd quarter showed 10.4 increase. Energy markets with utilities are
standing out. Bonds have not been performing well. The economy has affected the
spending and budgets of all.
Attorney Scott Christiansen asked that Trusco do a breakdown in their presentation so
each board can see what each individual investment is doing and how it compares to
others. Larson advised they would do this for the next meeting.
� Ernie Mahler spoke next.
Advised his numbers matched Trusco's.
Advised he is not happy with the numbers on the Large Growth Fund. Questioned Larson
as to whether they will make some changes and Larson said they all invest in high quality
stocks.
Mahler said if there is not some improvement for next quarter he might recommend doing
something different.
Attorney Scott Christiansen spoke last.
Terms- Everyone seems to be up to the current terms on all boards.
Christiansen said he would like an eye kept on Growth Fund and Mehler advised he
would but would not recommend a jump until they are given a chance to correct the
problem.
All boards approved the Summary Plans. Steve Padgett made motion on Police Board,
Seconded by Denny Davis all in favor.
Asked if Actuarial Evaluations had been sent and Merita confirmed they were.
Advised Special Letter #2 with Trusco report needs to be sent to City Council and OUA
Board for Fiscal year.
• Went over dates for next years meetings.
6
� Need to send out notice to all pension board members and advise that when they start
their divorce proceedings they need to let the Pension Board know so they can have the
lawyer send letters to both lawyers so they know what can and can not be done.
Need to do Ordinance with IRS housekeeping rules. Such as changing steps taken when
money not vested is left in plan, the 59.5 and 70 years marks in Pensions. If they leave
money without being vested they can withdrawal money with interest up to date of
separation but no interest after that date.
All boards approved authorizing Christiansen to do Ordinance. Steve Padgett made
motion for Police Board Louise Chandler seconded it and all in favor.
Spoke with Christiansen about improving the COLA plan as far as costs of living raises
for retirees. Will ask for Theora to come to next meeting if she has the up to date
numbers of actuarial if not postpone till May 2006.
Asked Christiansen if Board is supposed to do anything in conjunction with Charlie
Merry's request for Workers Compensation. Christiansen advised if Merry wants to f 11
out Medical Disability Paperwork he can and then it will be forwarded to Christiansen.
At 6:00 PM the three different trustee boards split to individual groups.
Denny Davis called meeting to order.
Bob Peterson made motion to accept minutes from last meeting, seconded by Steve
Padgett all in favor.
. Will table to next meeting financial information on payment to Accountant McBee due to
numbers being very high on printout. Merita will check numbers and invoices and call
Taylor.
Motion made by Bob Peterson, seconded by Steve Padgett approved by all to approve
expenditures as follows:
Attorney Christiansen $550.38
$525.38
Actuarial Gabriel $835.00
Lawrence Coonfare $2896.83
Rehmund Farrenkopf $7114.32
Janis Levin $2534.88
Larry Mobley $7641.21
Eugene O'Neiil $3471.96
Jerome Smith $�339.83
Arthur Weyman $4297.71
Total $37207.50
A total for Accountant McBee for $2015.33 and $1422.00 during this quarter to be
researched along with past billings due to the size of the bills. These bills will be tabled
� till the February Meeting.
6
� Discussion of COLA improvements for cost of living will be tabled till next meeting.
Steve Padgett made motion to adjourn seconded by Bob Peterson. All in favor
Meeting a' ed 6:35 PM
� �
C an I�ennis Davis
1 �
S�cretary Be ye Taylo�
��
�