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2016-02-01 General Meeting & General Fund Meeting• • � � �� ;�`�� ,�• �� l�,`� �� -1 �� 'y _ � CITY OF OKEECHOBEE/OKEECHOBEE UTILITY .��'`� ` AUTHORITY/POLICE/FIRE PENSION BOARDS REGULAR MEETING MINUTES, FEBRUARY 1, 2016 CITY HALL, 55 SE THIRD AVENUE OKEECHOBEE, FL 34974 TRUSTEE ATTENDANCE: CITY OF OKEECHOBEE/OUA Jamie Mullis, Chairperson Jose Santiago POLICE: FIRE: Denny Davis, Chair Ray Worley John Koepke, Chair Herb Smith Melisa Jahner, Secretary Robert Ellerbee Bettye Taylor, Secretary Bill Bartlett Mike Skipper, Secretary OTHERS PRESENT: Scott Christiansen, Attorney Jack Evatt, Bogdahn Group Tim Kay, Bogdahn Group Mindy Johnson, Salem Trust Janet McKinley, OUA Financial Liaison Basil Coule, OUA Financial Liaison John Hayford, OUA Executive Director Marcos Montes De Oca, City Administrator Timmy Palmer, Firefighter CALL TO ORDER REGULAR MEETING: Jamie Mullis called the meeting to order at 5:07 p.m. 2. PUBLIC COMMENT: Jamie asked whether there were any comments from the public. There were none. 3. SALEM TRUST COMPANY: Ms. Mindy Johnson (replacing Mrs. Mark Rhein), informed Salem T�ust has partnered with Globe Tax, Relief, Recovery & Repo�ting Worldwide. This company speciatizes in the market for tax reclaims on American Depository Receipts (ADR's). When investors receive income (dividendslinterest) from cross border (foreign) investments, they are often taxed at a high "statutory" withholding rate. Foreign tax authorities hold the money for a set period, two to seven years (statute of limitations). If not claimed, it is lost. They have thus far identified recoveries for the following plans: GenlOUA, $4,200.00; Police, $3,700.00; and Fire, $1,300.00. The fees for this service are entirely contingent and payable only after money has been recovered at a rate of 20% to Globe Tax and 5% to Salem Trust. There will be no out of pocket expense for the Pension Funds. There is no contract, and Ms. Johnson will send through the Plan Administrator the necessary documentation for each Board to authorize recovery of the money. Attorney Christiansen has reviewed the documentation and companv, with there beinq no downside, is recommendinq the boards consider approval at their individual sessions. • 4. INVESTMENT REPORTS: The Bogdahn Group a) Mr. Jack Evatt, and Mr. Tony Kay, (new consultant) of the Bogdahn Group, presented an overview for the quarter ending December 31, 2015 as distributed. City General/0UA - The Total Fund Quarterly and Year to Date: beginning 1011/15 with $10,169,498.00 and ending 12131115 with $10,490,227.00. • Police - The Total Fund Quarterly and Year to Date: beginning 10/1/15 with $7,647,414.00 and ending 12/31/2015 with $7,831,770.00. Mr. Evatt informed that this quarter was not as promising as anticipated, but all three boards have reached their benchmarks. The first quarter has been uncertain due to weather and this being an election year. He did state that all plans are well positioned to move forward, and anticipates better retums next quarter. No action was necessary. 5. PORTFOLIO SUMMARY FROM DANA INVESTMENT ADVISORS INC, AS OF DECEMBER 31, 2015 This item was not discussed. 6. APPROVE ENGAGEMENT LETTER FROM DIBARTLOMEO, MCBEE, HARTLY & BARNES, P.A. FOR AUDIT FEES NOT TO EXCEED $4,700.00. Attorney Christiansen suqqested the boards consider approvinQ, subject to his review, the audit fee for the fiscal vear ended Seatember 30, 2015, and not to exceed $4,700.00. 7. REVIEW FOSTER & FOSTER ADMINISTRATIVE CONTRACT. Attorney Christiansen discussed there was a misunderstanding of the expected services to be rendered. Foster & Foster, and Jay McBee had a conference call to discuss the necessary senrices for proper audits. Foster & Foster concluded they can provide financial reportslstatements for the three plans but for additional fees. Attorney Christiansen advised the boards can choose to stav with Foster & Foster and pay the additional fees, or terminate • the contract and direct him to neQotiate a contract with Pension Resource Centers excludinQ the 3% COLA durinq the initial three year rate Quarantee period. 8. REVIEW AND DISCUSS INVOICES FROM GABRIEL, ROEDER, SMITH & COMPANY AND CHRISTIANSEN AND DEHNER, P.A. Copies of invoices were distributed from Gabriel, Roeder, Smith & Co., and Christiansen and Dehner, P.A. The invoices illustrated paid portions some by OUA and the Pension fund. The OUA is requesting compensation for what they paid since it was pension related. Attornev Christiansen explained thev could be qiven a credit towards future expenses should the charqes be deemed leQit. 9. OUA LETTER TO PENSION BOARD. The letter was dated January 27, 2016, regarding the previous action taken at the December 7, 2015 meeting, concerning the decision of designating the General Employees Retirement System as a cost sharing multiple employer for the current year. This letter from the OUA formally requested the board recommend to City Council to reconsider the plan designation and change it to an agent multiple employer plan. Attorney Christiansen explained the plan could be chanqed with the authorization of the City Council to amend the ordinance to desiqnate accordinqly, but currentiv it is a cost sharinq plan. 10. ITEMS/REPORTS FROM ATTORNEY CHRISTIANSEN ✓ Police, Fire and Gen/0UA Ordinances 1131, 1132, and 1133 to be approved by City Council and sent to the State along with the impact letter. ✓ General/OUA and Fire Boards to consider officers (every two years). • UNFINISHED BUSINESS TO DISCUSS IN OPEN SESSION. None � � � NEW BUSINESS TO DISCUSS IN OPEN SESSION. None RECESS FROM OPEN SESSION AND CONVENE IN INDIVIDUAL SESSION: 6:00 P.M. Minutes Prepared by Melisa Jahner ,� __�'_� <'�'♦ � ��<(' � �� .n � `� � � • CITY OF OKEECHOBEE/OKEECHOBEE UTILITY " `-" �� AUTHORITY/ PENSION BOARD INDIVIDUAL MEETING MINUTES FEBRUARY 1, 2016 CITY HALL, 55 SE THIRD AVENUE OKEECHOBEE, FL 34974 A. Motion to dispense with the reading and approve the minutes for November 2, 2015, and December 7, 2015 meeting. Melisa moved to approve the above mentioned minutes; seconded bv Jamie. Motion carried unanimously. B. Motion to approve the financial reports as presented by Basil Coule, Pension Financial Liaison: Jamie moved to approve the financial reports 1-4 as presented on the aqenda: seconded by Melisa. Motion carried unanimously. 1. Check register from October 2015 through December 2015 2. Statements from Salem Trust that reflect activity for General Pension Fund for the months October-December, 2014, for the following accounts: Rceipt & Disbursement, DANA Investments & Equity 3. Approve the list of inembers terminated and/or contributions refunded or rolled over from 10/1/2015-12/3112015: Michael Connah, (Retired OUA); Lawrence Way (OUA); Lisa Dawn (OUA). 4. New members enrolled from 1011/2015-12/31/2015: Jacqueline Dunham (City); Marcos MontesDeOca (City); Patrick Anderson (OUA); Ben Burkes (OUA). � UNFINISHED OR NEW ITEMS: ✓ Robbie moved to authorize Globe Tax, Relief, Recovery & Reportinq Worldwide to proceed with collecting the tax reclaims on the American Depositorv Receipts (ADR's): seconded bv Jose. Motion carried unanimously. ✓ Jose moved to approve the enqaqement letter from DiBartolomeo, McBee, Hartlev & barnes, P.A., for an audit not to exceed $4,700.00, upon review of Attorney Christiansen; seconded bv Robbie. Motion carried unanimously. ✓ Jose moved to authorize AttorneV Christiansen to terminate the Administrative Services contract with Foster and Foster and neqotiate a contract with Pension Resource Centers, excludinq the 3% COLA durinq the initial three year rate quarantee period; seconded by Jamie. Motion carried unanimously. ✓ Jamie moved to authorize the credit due to the OUA in relation to Gabriel, Roeder, & Smith Co., and Christiasen & Dehner, P.A., invoices accordinq to the memo distributed at the meetinq; seconded by Robbie. Motion carried unanimously. ✓ Jamie moved to recommend to the City Council to consider chanqinq the desiqnation of the GenerallOUA Pension plan from cost sharinq to aqent multiple; seconded by Robbie. Motion carried (3 to 1) Melisa voted No. ✓ Melisa moved to nominate Jamie Mullis as Chair, and Jackie Dunham as Secretarv; seconded bv Robbie. Motion carried unanimouslv. � Adjourn meeting at 6:38 P.M. Minutes prepared by: Board Secretary Melisa Jahner