2013-11-04 General Meeting & General Fund Meeting� �... .: �..;
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;�-��`� CITY OF OKEECHOBEE/OKEECHOBEE UTILITY °""
�4UTHORITY/POLICE/FIRE PENSION B�Ol�RDS
REGULAR tViEETINIG fiAINUTE�, NOVEIi01B��R 4, 2013
CITY HALL, 55 SE THIRD /AVENUE :
OKEECHOBEE, FL 34974
TRUSTEE ATTENDANCE:
Meli �a Jahner Secreta
CITY OF OKEECHOBEE/OUA Jamie Mullis, Chairperson , ry
Linda Tewksbury
Robbert Ellerbee
POLICE:
FIRE:
Denny Davis, Chairperson
Ray Worley
John Koepke, Chairperson
Bettye Taylor, Secretary
Bill Sartlett
OTHERS PRESENi': Scott Christiansen, Attomey
Jack Evatt, Bogdahn Group
Janet McKinley, OUA Financial Liaison
Basil Coule, OUA Financial Liaison
Melissa Algayer, Gabriel, Roeder, Smith & Co. (via teleconference)
1. CALL TO ORQER REGULAR MEETING: 5:05 p.m. by Jamie Mullis
The meeting began with a telephone conference call to Melissa Algayer with Gabriel
GASB No. 67 accounting requirements for 2014. A letter was distributed prior to tl
explaining the GASB No. 67 lmplementa6on Package. The GASB No. 67 is effectivf
June 15, 2013 for the plan year ending September 30, 2014. The market vafue of the
measurement date, which would presumably be September 30, 204, howeber, the a
be determined as of the beginning of that year, October 1, 2013 and "rolled forw�
needs to be done is: a calculation of the Single Discount Rate based on a full projE
contributions and investment retums; a statement of changes in the Net Pension L
Discount Rate as determined; and the Schedule of Contributions.lt is recommended
of the Single Dlscount Rate ahead of to time to avoid a"cross-over" date which
determine whether at any point in the future the fund could have insufficient asset:
initiaf accounting would be $1,000.00 to $1,500.00 with an additional fee to do the u
$450.00, totaliing $1,450 to $1,950.00, depending on the complexity. Mr. Basil Coul�
to postpone action unfil next year, in which Ms. Algayer repfied, it can be postponed
the fees will sti{1 be incurred. Mr. Cou{e then asked whether the atltlitional fees will
reply was Yes. The fees are to do the projections from currently ten years up to
conference called ended at 5:21 p.m.
2. INVESTMENT REPORTS:
Roeder, Smith & Co. to discuss the
e meeting dated October 30, 2014
for plan fiscal years beginning after
issets must be determined as of the
tuarial valuation of the liabilities can
d" to the measurement date. What
;tion of benefit payments, expected
ability and Ratios, using the Single
�e Board approve the determination
s when the long term projection to
to pay benefits. The fees to do the
�date and disclosures at year end of
asked what woufd the downside be
but then creates a time crunch, and
be incurred each year, in which her
�e new standard of 100 years. The
A. THE BOGDAHN GROUP - Jack Evatt, of the Bogdahn Group, presented an overview for the qua�ker entling
September 30, 2013 as distributed. The Total Fund Quarterly to Date for th� Gity Generaf/OUA Fund beginning
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7/1/13 $8,520,520.00 and ending 9/30/2013 with $8,970,452.00. The Total �� und Year to Date as of 10/1/2012
• $8,139,554.00 and ending 9/30/13 with $8,970,452.00. !
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Mr. Evatt informed that the Investment Manager for the City/0UA General and the Police �Funds have been
changed from Bowen & Hanes to Dana Investment Advisors, Inc. He also feviewed a letter for approval for the
Receipt and Disbursement Account instructing each board to give direction to Salem Trust as follows: it is the
Board's desire to maintain a target balance of $100,000 in the R&D account for the payment of the Plan's
obligations. If, at any time, the balance in the R&D account is insufficient, you are authorized to raise cash from
the Plan's investment accounts according to the percentages authorized below to maintain the target balance.
Shouth the R&D account exceed the amount of $300,000, contact the Bogdahn Group to reallocate the funds.
The percentages authorized are: Dodge & Cox 30%; PIMC010%; Dana 33/5%; Vanguard 16;5% and American
Funds EuroPacific 10%. �
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3. ITEMS/REPORTS FROM BOARD ATTORNEY CHRISTIANSEN � ;
� The IRC Ordinances for all boards were adopted by the City Council and sent to Tallahassee.
■ Appointment of Officers of each board can be done either this me�ting or tlie next s i heduletl meeting,
February 3, 2014.
� The General/0UA Board of Trustees, Melisa Jahner and Linda Tewksbury terms expire December 31,
2013. � I
� Add to the agenda: Public comment. , I
� Approve the meeting dates as proposed: February 3, 2014, May 5, 2014, August 4, 2014 and November
3, 2014. The meetings will be held at 5 p.m. °
4. UNFINISHED BUSINESS TO DISCUSS IN OPEN SESSION. There was none.
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• 5. NEW BUSINESS TO DISCUSS IN OPEN SESSION — Elect Board o�cers; Approve the meeting dates for the
year 2014; Approve the R&D letter to Salem Trust, Approve the Investment�Policy Statement. !
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6. RECESS FROM OPEN SESSION AND CONVENE IN INDIVIQUAL SESSI�NS AT 5:49 P.M.'
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• CITY GENERAUOUA PENSION BOARD OF TRUSTEE ITEMS:
A. Motion to dispense with the reading and approve the minutes for the August 5, �Aeeting. Linda moved to apqrove the
AuQust 5, 2013 Meetinq minutes as presented; seconded bv Robbie. Motion ca ried unanimouslv.
B. Motion to a rove the financial re orts as resented b Basil Coule Pensio I Financial Liaison; Melisa m v d
pP p p y , o e to
approve the financial reqorts 1-4 as presented on the aaenda: seconded bv Lin�a. Motion carried ananimouslv.
1. Check register from July 2013 through September 2013.
2. Statements from Salem Trust that reflect activity for the General Pension Fund fo the months June
through August, 2013 forthe following accounts: Receipt & Dis�ursement, Equity�& Fixed Income.
3. Approve the list of inembers terminated and/or contributions ref �nded or rolled ovP� from 7/1/2013 to
9/30/2013: Kevin Barbour, Christopher Clay and Clinton Gould
4. New members enrolled from 7I1/2013 to 9130/2013: David TeN ksbury-City.
B. Approve fee not to exceed $1,950.00 for Gabriel Roeder Smith & Company fc r the inclusion os the GASB No. 67
accounting requirements. Jamie moved to approve fee not to exceed $1,950.00 tor Gabriel Roeder Smith & Companv
for the inclusion of the GASB No. 67 accountinq repuirements; seconded bv Robbie. Motion carried unanimouslv.
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C. Ratify the renewal of the two-year Fiduciary Liability Insurance Policy in the amount of $6,275.08, and the first
instalment of $3,037.54, dated October 1, 2013. Jamied moved to ratifv the rene al of the twavear Fiduciarv Liabilifi�
Insurance Policv in the amount of $6,275.08. and the first instalment of $3,037.�4, dated October 1. 2013; seconded
bv Linda. Motion carried unainimouslv.
• E. Unfinished Business or New Items.
Jamie moved to approve the letter to Salem Trust Companv aivinq them direct on for the manaqement of the R&D
Account; seconded bv Robbie. Motion carried unanimouslv.
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Robbie moved to approve the meetinq dates: Februarv 3, 2014, Mav 5, 2014, Au aust 4, 2014 and November 3. 2014;
seconded bv Jamie. Motion carried unanimouslv.
The Board's officers will be elected at the next meeting scheduled, February 3, ?014. Linda will not be renewing her
term, a member will be need to be appointed to replace her position.
The Board will discuss the approval of the Investment Policy Statement at the r ext scheduled me ;ting, February 3,
2014.
The meeting was adjoumed at 6:00 p.m.
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Minutes pr�pared by: Melisa,lahner, Secretary