2006-05-08 General Fund MeetingCITY OF OKEECHOBEE AND OKEECHOBEE UTILITY AUTHORITY
PENSION BOARD MEETING
May 8, 2006
The meeting held at City Hall was called to order at 5:12 PM.
The following Trustees were present:
Lane Gamiotea
Robin Brock
Jamie Mullis
Jerry O'Bannon
Also present were:
Scott Christiansen, Attroney
Ernie Mahler, Smith Barney
Mary Durkin, Trusco
Theora Braccialarghe, Gabriel, Roeder, Smith
& Co., Actuary
Mary reviewed the first quarter capital investment markets and the first quarter
performance of the plan. Equity markets are improving, with small and mid -cap stocks
outperforming large cap stocks. The portfolio concentrations remain unchanged at 60%
equities, 39% fixed assets, and l % cash.
Ernie reviewed the various allocations and indicated the fund is doing well compared to
the benchmark S&P 500 Index. He opined that asset allocation was more of a factor in
the improving performance than individual stock picks. Scott confirmed with Ernie that
7% is a reasonably attainable rate of return for actuarial purposes.
Theora reviewed the actuarial valuation for the pension plan as of Octoberl, 2005. For
2006 the total required City contribution will be $264,625 which is 11.04% of payroll.
She reviewed income and disbursements for each plan, and determined the General
Employee's fund did have a positive cash flow.
Upon motion by Jerry, and seconded by Jamie, the Actuarial Plan dated October 1, 2005
was approved.
Upon the advise of Ernie, Robin moved and Jamie seconded a motion to approve a 7%
return for actuarial purposes. The motion was approved.
Scott reminded all that financial disclosure forms are due by July 1, 2006.
Upon motion by Jamie, second by Robin, the financial information for the period January
through March 2006, check registers, portfolio monitoring report, and the list of both
terminated employees and new enrollees were approved.
Upon motion by Jerry, second by Lane and approved, Jamie was elected Chairperson for
the Board.
Upon motion by Jerry, second by Jamie and approved, Lane was elected Secretary for the
Board.
Upon motion by Jerry and second by Jamie, the minutes of the February 12, 2006
meeting were approved.
The meeting was adjourned at 6:35 PM.
Respectfully submitted,
Jerry 'Bannon 'Bannon
Sectretary