2010-08-09 Police Fund Meeting�
CITY OF OKEECHOBEE
POLICE
PENSION BOARD MEETING
POLICE MINUTES
8/9/2010
Police Officers Members
Denny Davis-Present
Bettye Taylor-Present
Victoria Williams-Absent
Bill Bartlett-Absent
Pension Meeting held at 55 SE 3`d Ave. Okeechobee Florida.
Meeting called to order at 5:10 PM by Jamie Mullins for joint boards.
Received printout from Tim Nash via Basil Coule due to him being unable to attend. According to
the printout the Police Fund was at -5.66 for the quarter but at a 3.18 for the Fiscal Year to Date.
Equity's had lost -10.17 for the quarter pulling the overall down for the plan. Total market value
being $4974,535 down from the amount of $5289,150 reported on 3/31/2010.
Presented by Scott Christiansen Attorney:
. Financial Form #1 has been turned in on time by all members. Summary Plan Description was
updated but due to lack of quorum the boards will have to have a special meeting to vote on it as
soon as possible.
Police only received $78,000 from state money this year down from $83892 last year. City will be
responsible for making up the difference.
Police board needs to check dates of renewal for board members as our records and City records
do not match.
Update reference IRS legislature. The IRS has not changed the procedure yet but are gearing
toward making Government Pension Plans send their reports to the IRS for approval as the Private
Sector already does. It is not mandatory right now but the way they are basically putting it is if you
send it to them now voluntarily they will be more lenient then if you wait on it to be mandatory.
Discussion reference drop money and taxes. Per Scott Christiansen when you remove your drop
money from the plan and it is not rolled over into another IRA you will have 20% taxes withheld
pending the filing of your taxes at the end of the year. This applies if you are over 50 years of age.
If you are under 50 you are also penalized 10% for early withdrawal.
Secretary —Bettye Taylor
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