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2012-11-05 Police Fund MeetingE �' CITY OF OKEECHOBEE/OKEECHOBEE UTILITY AUTHORITY/POLICE/FIRE PENSION BOARDS REGULAR MEETING MINUTES, NOVEMBER 5, 2012 • CITY HALL, 55 SE THIRD AVENUE OKEECHOBEE, FL 34974 • • TRUSTEE ATTENDANCE: CITY OF OKEECHOBEE/OUA POLICE: FIRE: OTHERS PRESENT: Jamie Mullis, Chairperson Daryl Roehm Chief Davis, Chairperson Bill Bartlett John Koepke, Chairperson Gary Ritter Chief Smith Melisa Jahner, Secretary Kevin Barbour Bettye Taylor, Secretary Ray Worley Glen Hodges Mike Skipper Scott Christiansen, Attomey Jack Evatt, Bogdahn Group David Kelly, Bowen Hanes Janet McKinley, OUA Financial Liaison Basil Coule, OUA Financial Liaison 1. CALL TO ORDER REGULAR MEETING: 5:06 p.m. by Jamie Mullis 2. INVESTMENT REPORTS: A. David Kelly of Bowen Hanes reviewed the Performance Summary and Investment History dated September 30, 2012 for the last 12 months gross retum being at 18.8. The beginning market value as of 10/1/2011 was $5,260,517.47 with the ending market value on 9/30/2012 being $6,257,263.54. There were no questions or comments. B. Jack Evatt of the Bogdahn Group presented an overview for the quarter ending September 30, 2012. The Total Fund Market Value as of 7/1/2012 was $5,985,648 and ended on 9/30/2012 with $6,369,704.00. The Total Fund (Net) being 17.73% from October 2011 through September 2012. Said this year to date is the best 9 months since 2009. Said markets rebounded in the 3�d quarter.. Said S& P is up30% for the year. Said Treasury Stocks and Bonds had good year. Said the rest of the world with the exception of Japan, Spain, Portugal, and Greece and very good years too. Said depending on the results of the election the market could do several things. He said Republicans are pro-business. He said to maintain they had laided off and shrunk their profitability. Said they feel like companies have to do something. He said the business environment feels like if Obama wins the country is dire straits. He said the other side feel govemment regulations are sustainable cost to the employers. He said he feels like everyone is in a wait and see mode. He said the Police Plan was 5.56% for the quarter which is under the bench mark of 7%. He said Police Plan is at 1/79 on Fixed Income which has us in the 73°/a in the country. He said normally fixed is around 2.16%. There were no questions or comments. C. Salem Trust —The Salem Trust Statements for the Receipt & Disbursement (R & D), Equity and Fixed Income were distributed reflecting the activity for the months of July — September, 2012. 3. ITEMS/REPORTS FROM BOARD ATTORNEY CHRISTIANSEN Attomey Christiansen reminded the Boards of a few housekeeping items: Approve their letters regarding the auditors, should this not be done alreatly, and the fees are similar as last year. Select Board Officers, should this not be done already. Attomey Christiansen will be preparing the Summary Plan Descriptions for each board. The Boards need to approve the meetings for the year of 2013 being: February 4, May 6, August 5 and November 4. Ray Worley City appointed Trustee for Police Pension Board was voted an approved at City Council Meeting. Fiscal Year reports need to be prepared and sent to City Council with list of assets. Make sure the letter reference the new legislature on ex-spouses is sent out to all members both active and retired. 4. UNFINISHED BUSINESS TO DISCUSS IN OPEN SESSION — There was none. • 5. NEW BUSINESS TO DISCUSS IN OPEN SESSION — There was none. 6 RECESS FROM OPEN SESSION AND CONVENE IN INDIVIDUAL SESSION at 6:00 P.M. Okeechobee City Police Pension Board Meeting: Police Trustee Board called to Order by Dennis Davis at 6:00 PM a. Bill Bartlett moved to approve the minutes from August 6, 2012. Seconded by Ray Worley. Motion carried unanimously. b. Bill Bartlett moved to approve minutes from Special meeting held August 30, 2012. Seconded by Ray Worley. Motion carried unanimously. c. Treasure Report was not ready so was tabled. d. Ray Worley moved to approve Actuarial Report, seconded by Bill Ba�lett. Motion carried unanimously. e. Ray Worley moved to approve Scott Christiansen to prepare new Summary Plan Descriptions. Seconded by Bill Bartlett. Motion carried unanimously. f. Bill Bartlett moved to approve the dates for the Pension Meetings for the year of 2013 being: February 4, May 6, August 5 and November 4, seconded by Ray Worley. Motion carried unanimously. g. Bill Bartlett moved to appoint Dennis Davis as Chairman of the board. Seconded by Bill Bartlett. Motion carried unanimously. h. Ray Worley made mo6on to appoint Bettye Taylor as secretary of the Pension Board. Seconded by Bill • Bartlett. Motion carried unanimously. i. Bill Bartlett made motion to approve letters to Auditors. Seconded by Ray Worley. Motion carried unanimously. j. Bill Bartlett made motion to adjoum at 6:06 PM seconded by Bettye Taylor motion carried unanimously. ���� a��- �ettye Taylor-Secretary • • OKEECHOBEE POLICE DEPARTMENT � PENSION PAYOUTS FOR1st Quarter � October , 2012 thru 12/31/2012 Gabriel Roeder Smith 8� Co Christiansen&Dehner Trustee Fee Bogdahn Bowen Hanes EMPLOYEE PAYOUTS KJ Ammons • . Arthur Weyman Lawrence Coonfare Rehmund Farrenkopf Charlie Merry Larry Mobley Roberta O'Neill Jerome Smith Christie Silvass Thomas Tarner Victoria Williams TOTALS Grand Total � TOTAL 1550 10/17/12 135.2 10/12/2012 135.2 11 /27/2012 602.89 12/24/2012 15.82 10/11 /2012 3875 10/5/2012 3875 12/24/2012 2516.56 11 /2/2012 12705.67 Monthly Quarterly 1972.99 5918.97 1426.07 4278.21 922.25 2766.75 2368.81 7106.43 1290.81 3872.43 2529.89 7589.67 787.5 2362.5 2458.61 7375.83 713.54 2140.62 717.15 2151.45 1201.52 3604.56 16389.14 49167.42 29094.8