2008-05-12 Police Fund Meeting• CITY OF OKEECHOBEE AND OKEECHOBEE UTILITY
AUTHORITY
PENSION BOARD MEETING MINUTES
May 12, 2008
CITY GENERAL/OUA, POLICE AND FIRE FUNDS
1. The meeting was held at City hall, 55 Southeast 3rd Avenue, Room 200,
Okeechobee, Florida, and was called to order by Mr. Mullis at 5:00 p.m.
CITY GENERAL/OUA MEMBERS
Jamie Mullis, Chair - Present
Robin Brock — Present
Basile Coule-Present
Jerry O'bannon-Present
Jess Manson-Present
POLICE OFFICERS MEMBERS
Denny Davis, Chair - Absent
Bettye Taylor, Secretary-Present
Victoria Williams - Absent
Louise Chandler - Present
Bill Bartlett- Present
FIREFIGHERS MEMBERS
• Bill Douglas, Secretary-Present
Brook Conway-Present
John Keopke-Present
Present: Louise Chandler, Bill Bartlett and Bettye Taylor
Absent: Dennis Davis, Victoria Williams
Presentation by Gabriel, Roeder, Smith and Company by Jeff Amrose
Reviewed Summary Plan for Police, Fire and General Fund.
Police Summary of Actuarial Valuation see attached.
Said plan was very healthy retirement system. Said looked good and even if we went —
5% this year we would still be in good shape due to the prior two years returns.
Louise Chandler made motion to approve Actuarial Plan as presented. Seconded by Bill
Bartlett and all approved.
Presentation by Mike Welker-Bogden Group
Said they have not requested documentation from Smith Barney as of yet. Requested a
• special meeting in the next couple of months to go over improvements or changes that are
recommended after information is received.
• He advised that Trusco has changed their name to Ridgeworth. His company will be
meeting with Investment People at Ridgeworth on Thursday. Joe Bodgen will be our
consulting. He advised that they are opening up to boutiques of other companies to their
customers.
Christiansen asked how Trusco was doing in the Investment market. Welker advised that
they had a great 2007 thought first quarter they got hurt market came back in April but
thought they were down about 3% at this time.
Welker said Ridgeworth is their Umbrella name. They have several boutiques under this
umbrella. Welker said what they were doing was smart by saying that what they are
saying is look we can not be everything to everybody. He said before they were not open
to options but this was helping them be able to offer the boutique type management.
Said his company has met with Trusco twice to go over their strategies'. Welker advised
the issue they see is that the Trusco now is not the Trusco we hired. He advised their
CEO's and Investment Managers have all changed.
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• Basile Coule asked if at the special meeting could they bring the data through April so the
Trustee's could see how the Portfolios are doing. He advised they could do this.
Welker said the General Fund was in better position because they could invest more in
foreign funds. Said Police and Fire are mandated to stay with the 10%. Said the one good
thing is the companies that we do invest in are actually doing well do these companies
overseas sells.
Said the dollar being down in the market place is hurting the economy. He said the oil is
being driven by investor's speculations. Said the overseas markets are starting to come
back in line, which will help the dollar. Said politics are playing a part in the unstable
markets. He said there is one candidate that scares the market place. He said a democrat
president would definitely hurt the markets because the areas of health care and defense.
He said some of this is already factored in but there is still uncertainty. Said fear and
greed are driving the market place.
Presentation by Attorney Scott Christiansen.
Form 1 should be arriving in the mail soon. Everyone should make sure these are taken
care of as soon as possible.
None of the bills presented to Legislature were passed.
• His company is doing some work with the IRS legislature. They are working with an IRS
specialist Attorney from Maryland to make sure each of the plans are in compliance to
remain a tax qualified plan.
His company is redoing the forms to eliminate the request for the Social Security
numbers except where absolutely necessary. On those forms there will be a statement
explaining the need for the SS number to make sure we are in compliance.
Reviewed the part of the Plan's Summary Plan, which stated the employee is responsible
for cost of having an extra actuarial study for buy back or retirement options.
General meeting adjourned and Police Pension Board commenced at 6:22 PM.
Motion to approve prior minutes by Louise Chandler, seconded by Bill Bartlett all in
favor.
Motion by Louise Chandler seconded by Bill Bartlett to approve expenditures all in
favor.
Motion to adjourn by Louise Chandler seconded by Bill Bartlett at 6:30PM.
• Bettye Taylor