2023-05-01 Item 3_Draft Minutes 2023 03 15 Special MeetingCITY OF OKEECHOBEE POLICE OFFICERS' RETIREMENT SYSTEM
OKEECHOBEE FIREFIGHTERS' RETIREMENT SYSTEM
SPECIAL MEETING MINUTES, March 15, 2023
CITY HALL, 55 SE THIRD AVENUE
OKEECHOBEE, FL 34974
1. CALL TO ORDER
Bettye Taylor called the meeting of the Board of Trustees for the City of Okeechobee Police Officers' and
Firefighters' Retirement System to order at 4:32 PM in the Council Chamber at City Hall. Those persons
present included:
TRI ISTFFG
POLICE
Bettye Taylor, Chair
James Pickering, Secretary
Ray Worley, Trustee (5:15 PM)
Ryan Holroyd, Trustee
TRUSTEES
Firefighters'
Glenn Hodges, Trustee
Josh Sanders, Trustee
John Koepke, Trustee
nTWFRS
Scott Baur and Kyle Tintle, Resource Centers
Brad Hess, AnclCo (electronically)
Jay McBee, DiBartolomeo, McBee, Hartley, & Barnes
2. Extraordinary Circumstances for Trustees Joining Electronically
No Trustees joined the meeting electronically.
3. Audit —Jay McBee (DiBartolomeo, McBee, Hartley and Barnes)
Mr. McBee presented an unqualified opinion, a clean report for the Police Officers'. The September 30,
2022 fiscal year ended with $9,486,273, down from $12,045,012 as of September 30, 2021. He
attributed the decrease to investment results. Mr. McBee reviewed the notes and required disclosures.
The assets returned-20.10% in 2022 following many years of gains. The plan has total administrative
related expenses of 0.59%.
James Pickering made a motion to approve the 2022 audit as presented. The motion received a
second from Ryan Holroyd, approved by the Trustees 3-0.
Mr. McBee presented the audit report for the Firefighters, also with an unqualified opinion, a clean
report. The retirement system had total assets of $4,007,142 as of September 30, 2022 down from
$5,632,241 as of September 30, 2021. The decrease in assets was due to benefit payments and
investment returns. Mr. McBee reviewed the notes and disclosures. The administrative expenses of
1.11% of plan assets included higher payments to the actuary during the year related to the closure.
The assets returned -20.5% in 2022, again after many years of gains.
Glenn Hodges made a motion to approve the 2022 audit as presented. The motion received a second
from John Koepke, approved by the Trustees 3-0.
Meeting March 15, 2023
Page 2 of 2
4. New Business
A question was raised about rehiring a prior member of the plan. The rehired member will get a new
pension account.
5. Other Business
Brad Hess requested the Police Officer's for a fee increase. The last time there was a fee increase was
2011. The new fee will be $18,500.
6. PUBLIC COMMENT FOR THE POLICE OFFICERS' PENSION BOARD
There were no comments from the public.
James Pickering made a motion to approve the fee increase requested by AnclCo. The motion
received a second from Ryan Holroyd. The motion was unanimously approved by the Trustees of the
Police Officers' Pension Trust Plan, 3-0.
Mr. Hess reported the Boards have very limited exposure to the recent bank failures except through the
index funds, less than $1,000 in all. Ms. Taylor asked about the overall bank exposures, again present in
the index funds. Mr. Hess said the police plan is still up about 1% for the current quarter and calendar
year to date.
Ray Worley joined the meeting.
Mr. Hess estimates Dodge & Cox holds 0.5% or about $3,500 of assets in Credit Swiss as od December
31, 2022. The impact for these events on the total fun is minimal.
The Firefighters' adjourned without a motion.
James Pickering made a motion to adjourn the meeting at 5:28 PM. The motion received a second
from Ray Worley, approved by the Trustees 3-0.
The next regular quarterly meeting will be held, Monday, May 1, 2023 at 4:30 PM in the Council
Chambers.
Police Chair
Firefighter Chair
Police Secretary Firefighter Secretary