2010-02-08 Police Fund MeetingCITY OF OKEECHOBEE
POLICE
PENSION BOARD MEETING
POLICE MINUTES
2/8/2010
Police Officers Members
Denny Davis-Present
Bettye Taylor-Present
Victoria Williams-Present
Louise Chandler-Absent
Bill Bartlett-Absent
Pension Meeting held at 55 SE 3`d Ave. Okeechobee Florida.
Meeting called to order at 5:04 PM by Jamie Mullins.
Tim Nash-Bogdahn Group presented:
• Plans did well this quarter which is good start to the Fiscal Year. Markets are bouncing around
with a couple of things impacting. About 3 weeks the Fed decided to stop buying the Fannie Mae and
Freddy Mac loans from the banks. Bogdahn Groups agree with the principle.
Chairman of the Fed has decided to start raising interest rates to slow inflation which has caused the
market to drop. ,
Study done by Russell Investments. Reference what the market is going to do in 2010. The consensus is
that 80%a of money managers expect a positive return. 70% of them think the biggest companies will do
well. 42% expect the market to be up 10% or higher.
The investment groups will start moving money out of money markets and back into investments. As the
Fed raises interest rates the CD's and money markets will start doing better.
Police Plan is up 215,000 + dollars. With a total Portfolio of $5,081,240 as of 12/31/2009. Equity's did
very well which is what pushed the plan up. Okeechobee Pension Plan is in the top 5% of the plans in the
nation on performance.
Bogdahn feels that Bowen and Haynes is doing a good job. They do not recommend any changes at this
point. They are in the process of changing investment policy to 15% as per the new ordinance voted on
by City Council.
• Scott Christiansen will bring this with him to next meeting.
• State Law has changed to allow up to 25% in foreign investments. Boards voted to not go higher than
15%. January 1, 2010 new federal law says Police and Fire Pension Plans can not invest in any company
from Iran or Sudan. Bowen and Hayes are aware of this and have portfolios in line with law.
At 5:20 PM called Police Pension Board to Order.
Victoria Williams made motion to approve minutes from January 14, 2010 meeting. Bettye Taylor
seconded it and motion passed all in favor.
Victoria Williams made motion to approve expenditures as listed. Bettye Taylor seconded it motion
passed with all in favor.
Bettye Taylor made motion to approve the 15% foreign investment policy. Victoria Williams 2"d motion.
Motion passed all in favor.
Bettye Taylor made motion to adjourn at 5:29PM. Victoria Williams seconded motion. Motion passed.
• Bettye Taylor
Secretary