2008-05-12 General Meeting & General Fund Meeting�
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CITY OF OKEECHOBEE AND OKEECHOBEE UTILITY AUTHORITY
PENSION BOARD MEETING MINUTES
MAY 12, 2008 - 5:00 P.M.
CITY GENERAL/OUA, POLICE AND FIRE FUNDS
CITY GENERALIOUA MEMBERS
Jamie Muliis, Chair - Present
Robin Brock, Acting Secretary-
Present
Jerry O'Bannon - Present
Jess Manson - Present
Linda Tewksbury - Present
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POLICE OFFICERS MEMBERS
Denny Davis, Chair - Absent
Bettye Taylor, Secretary-Present
Victoria Wiiliams - Absent
Louise Chandler- Present
Bill Barlett- Present
FIREFIGHERS MEMBERS
John Koepke, Chair - Present
Bill Douglas, Secretary-
Present
Glen Hodges - Absent
Gary Ritber - Present
Brook Conway - Present
The meeting was held at City hall, 55 Southeast 3�d Avenue, Room 200,
Okeechobee, Florida, and was called to order by Mr. Mullis at 5:10 p.m.
Annual Actuarial Valuation and Audit Report for Fiscal Year End 2007 was
presented by Jeff Ambrose of Gabriel Roeder Smith & Co.
Mr. Ambrose reviewed the Summary Plan for each Board and said we had a
strong retirement program and said we were in good shape this year.
Investment Reports:
A. Trusco Capital Management - Absent
B. The Bogdan Group was represented by Mike Welker. He apologized for
not having an official report, as the company has not received reports and
documentation from the prior consulting firm, Sm ith Barney. He
requested that a special investment meeting be held after acquiring all the
material needed and after the company has had the opportunity to make
recommendations of improvement.
Mr. Welker reported that Trusco Capital Management, n/k/a Ridgevwrth,
had a great year in 2007. Under the economic strain, the fiscal year was
only down approximately 3%, which is good. He advised there have been
meetings with Trusco/Ridgeworth to review a strategy for improvement for
our Plan. Trusco/Ridgeworth now has new staff and investment
managers, which has been a refreshing improvement.
Items/Reports from Board Attorney Christiansen:
Attorney Christiansen advised that the Financial Disclosure Forms will be arriving
soon from the Supervisor of Elections. Once these forms are received, every
� board member should submit them promptly. He will personally remind each
Board of the importance of the time line of submittal.
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Legislation Bills forthe Police and Fire Pensions did not pass.
IRS code, as it applies tothe Pension Board, was br'�efly discussed. The required
language is being prepared by Attorney Christiansen with the assistance of an
IRS specialist to assure the plan for each Board is in compliance and is a tax-
qualified plan.
Attorney Christiansen is preparing a revised social security form to remove the
request for the social security number, except when necessary. There will be a
statement of e�lanation on the form.
Unfinished Business to discuss in Open Session.
There was no unfinished business.
New Business to discuss in Open Session.
Discussion ensued regarding military buy back time and other retirement issues.
Attorney Christiansen read from the Summary Plan and stated the employee is
responsible for the cost of an actuarial study to determine buy back or retirement
options.
Recess Open Session and Convene in Individual Board Sessions:
City General Employees and OUA Pension Board of Trustee Items:
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Board Member Tewksbury moved to approve the Mar�ch 19, 2008 Special
Meeting Minutes. Seconded by Board Member O'Bannon. Motion carried.
Board Member Mullis moved to approve the Financial Reports as
presented by Basil Coule, Pension Financial Liaison, and noted as
follows:
1) Account Activity/E�enses Report - January to March 2008
2) Check Register - January to March 2008
3) Revised Summary Plan
4) Approve the list of inembers terminated and/or contributions
refunded or rolled over form January to March 2008.
5) Approve the list of new members enrolled form January to March
2008.
6) Approve the Annual Actuarial Valuation and Audit Reportfor Fiscal
Year End 2007.
Seconded by Board Member Tewksbury. Motion Carried.
There were no Unfinished or New Items from Board Members.
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� 8. There bein no further items on the a enda Chair erson Mullis ad'ourned the
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meeting at 6:25 p.m.
NOTICE IS HEREBY GIVEN that if any person should decide to appeal and decision made at this
meeting of the Board of Trustees, such person will need to nsure that a verbatim record of the
proceedings is made which includes the testimony and evidence upon which the appeal 's based.
Robin Brock, Acting Secretary
Minutes were approved on:
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Jamie Mullis, Chair