2009-08-10 Police Fund Meetingr
• CITY OF OKEECHOBEE GENERAL EMPLOYEES
OKEECHOBEE UTILITY AUTHORITY
POLICE AND FIREFIGHTERS
PENSION BOARD MEETING
POLICE MINUTES
August 10, 2009
Police Officers Members
Denny Davis-Absent
Bettye Taylor-Absent
Victoria Williams-Present
Louise Chandler-Present
Bill Bartlett-Present
General Meeting held at 55 SE 3�d Ave Room 200 Okeechobee Florida, was called to order at 5:05 by
Jamie Mullis.
Present:
Scott Christiansen, Attorney
• Tim Nash, the Bogdahn Group-Monitor
Basile Coule, Financial Liaison
Jan McKinley, Asst. Finance Director
Nash discussed the quarter ending June 30, 2009. He noted markets have shown improvement in all
areas except government bonds, which were down about 2%. He summarized the performance of the
various indices. Lower rated sectors performed better than higher rated investments. Our portfolio is
comprised of higher quality stocks and bonds. He believes there is more confidence in the market now.
About 41% of funds are in money market accounts at present, as the transition is made from Trusco to
Bowen & Hanes Company.
Transition from Trusco to Bowen Hanes took place end of May. Not all funds have been invested. Some
still in cash.
Bowen/Hanes will be every other meeting.
Trustees Terms coming up in September.
Bill, Louise and Victoria
Everyone's financial disclosure forms are up to date.
State reports 2% less money
� List of state money= $84,000 about 50,000 less than last year
� GRS will not be fiduciary. Does the board still want them as the Actuary? Other actuaries accept
fiduciary responsibility. Scott Christiansen will check on this and report at next meeting.
Need a vote to Change terms to four years for trustees.
Police broadened the law to allow out of state pension buy back.
Some Laws have changed we need to update our ordinances.
Moved by Bill, Seconded by Louise passed by all to allow Scott Christiansen to update our ordinances.
Board could not vote on minutes as Bettye Taylor was absent.
Conference in Orlando will be attended by Louise Chandler, Bill Bartlett and Victoria Williams. Louise will
need food allowance but not a room.
Janet will make one copy of custodial papers for each board.
Board Adjourned at 5:52 PM.
� Victoria Williams.
. �
� � ��� �.,�����✓l�Q/
�