2011-05-09 General Fund Meeting�
CITY OF OKEECHOBEE AND OKEECHOBEE UTILITY
AUTHORITY PENSION BOARD MEETING MINUTES
CALL TO ORDER:
May 9, 2011
CITY HALL
55 SE THIRD AVENUE
OKEECHOBEE, FL 34974
5:00 P.M. by Chairman Jamie Mullis
TRUSTEE ATTENDANCE: Jamie Mullis, Chairman Betty Clement, Tn�stee, Secretary
Kevin Barbour, Trustee Linda Tewksbury
OTHERS PRESENT: Scott Christiansen, Attomey David Kelly
Basil Coule, Financial Liaison Cindy Farrow
Janet McKinley Jay McBee
Tim Nash
David Kelly of Bowen and Hanes presented a synopsis of the fiscal year investment summary.
Page 1
Tim Nash of the Bogdahn Group presented an overview of the investment performance.
Cindy Farrow, Relationship Manager of Salem Trust introduced herself to the board.
Jay McBee of DiBartolomeo, McBee, Ha�ley 8� Bames, P.A. presented statements of Plan Assets.
Theora Braccialarghe of Gabriel, Roeder, Smith and Company discussed the smoothing method used to keep plan solvent by
spreading losses from 2008.
Scott Christiansen of Christiansen & Dehner, P.A. reported on some of the new legislation and effective dates as well as
encouraging General to fill their vacancy.
City GenerallOUA Pension board of Trustees Items:
Trustee Mullis moved to approve the February 7, 2011 minutes; seconded by Trustee Barbour. Motion carried.
Motion was made by Trustee Mullis, to approve Financial Reports items 1-5 of the agenda; second by Trustee Barbour. Motion
carried
Motion was made by Trustee Mullis to approve Bogdahn's request for fee raise; seconded by Trustee Tewksbury. Motion
camed.
Motion was made by Trustee Mullis to approve Actuarial Report by Theora Braccialarghe; seconded by Trustee Barbour.
Motion carried.
Motion was made by Trustee Tewksbury to approve Auditors Report by Jay McBee for 2009/2010; seconded by Trustee
Barbour. Motion carried.
Mo6on was made to approve based on advise of iYs investment professionals that the expected rate of retum for the next year,
next several years and the long-term the�eafter shall be 7°/a by Trustee Mullis; seconded by Tn�stee Barbour.
There being no further business, the mee6ng was adjoumed at 6:45 p.m.
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Betty J. Clement, Secretary