2016-07-18 Special General Meeting•
1. CALL TO ORDER
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CITY OF OKEECHOBEE/OKEECHOBEE UTILITY `''�'-9-'�``�J
AUTHORITY PENSION BOARD
SPECIAL MEETIIVG MINUTES, JULY 18, 2016
CITY HALL, 55 SE THIRD AVENUE
OKEECHOBEE, FL 34974
Jamie Mullis called a meeting of the Board of Trustees for the City of Okeechobee/Okeechobee Utility
Authority Pension Boards to order at 3:03 PM in the Council Chambers at City Hall.
TRUSTEES
CITY OF OKEECHOBEE/OUA
Jamie Mullis, Chairman
Jackie Dunham, Secretary
Robert Ellerbee
Jose Santiago
2. APPROVAL OF AGENDA
OTHERS
Scott Baur & Brittany Park, Resource Centers
Scott Christiansen, Attorney
India Riedel- Finance Director
Janet McKinley-OUA Financial Liasion
Lane Gamiotea- City Clerk
Members of the plan
Jackie Dunham made a motion to approve the agenda. Robert Ellerbee seconded the motion,
approved by the Trustees 4-0.
3. PUBLIC COMMENT
There was no pubiic comment.
4. Withdrawal from Employees' Retirement System
The Trustees reviewed and discussed the Resolution Letter of the Okeechobee Utility Authority. This
proposed document allows for withdrawal from participation in the City of Okeechobee and
Okeechobee Utility Authority Employees' Retirement System and adopting the Okeechobee Utility
Authority Employees' Retirement System. Jackie Dunham asked how it would impact the City plan and
had questions whether the Utility Authority employees are going to lose money because of less
invested. Mr. Christiansen explained that the assets and liabilities will go over to the new Okeechobee
Utility Authority plan. The transfer of assets to the Utility Authority and all liabilities including all retired
employees will be paid from the new plan and not the City plan. Mr. Christiansen suggested the Board
to authorize him to work with the City and prepare a revised ordinance extricating the Utility Authority
from the City plan. This new ordinance would be effective October 1, 2016. The City will have to adopt
an ordinance and go through the normal process of adopting an ordinance. The Utility Authority Pension
Board will have to hire their own service providers as they will become a separate entity.
Mr. Baur discussed the charges for additional meetings and advised that they should begin the process
as soon as possible. Mr. Christiansen explained holding the elections prior to October 1, 2016.
Meeting July 18, 2016 Page 2 of 2
Ms. Dunham expressed her concerns regarding the assets and losing money from an investment stand
• point. Mr. Christiansen advised that depending on what the Utility Authority Board wants to do, they
will work with the investment consultant to move assets and have new accounts set up. Mr. Baur
explained how the blackout process works with assets in regards to the investment managers and how
they will resume with trading after October 1. Mr. Mullis additionally explained that the Board has no
impact on the ordinance. Mr. Christiansen agreed and stated that the pension Board has no authority to
tell the City that they can't make changes to the pension plan.
The Board needs to make a motion to authorize Mr. Christiansen to work with the City to draft an
ordinance that will accomplish the separation. He explained that it is crucial to work with the City as
they will have their own way of composing their new Board of Trustees.
Jaimie Mullis made a motion to authorize Mr. Christiansen to draft and ordinance in coordination with
the City. Jose Santiago seconded the motion, approved by ihe Trustees 4-0.
Ms. Dunham asked if the Utility Authority will be remaining with the Resource Centers. Mr. Baur advised
that it is their decision and he said once the contract changes the City plan fee will be lowered. Mr.
Christiansen's hourly fee would remain the same for the plans. The Utility Authority will have to do
generate new contracts as they are a brand new Board.
5. ADJOURNMEiVT
There being no further business, the Trustees adjourned the meeting at 3:30 pm. The next meeting
• date is August 1, 2016 at 5:00 PM.
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