December 28, 2009
The Oklahoma County Retirement Board met in regular session in Room 201 at 2:30 p.m., December 28, 2009 with the following members present: Ray Vaughn, County Commissioner and Chairman; “Butch” Freeman, County Treasurer and Vice-Chairman; Mark Mishoe, Chief Deputy on behalf of Carolynn Caudill, County Clerk and Secretary to the Board; Bob Ravitz, Member; Lavert Patterson, Member; Jim Feist, Member; Keith Bloch, Member; P.D. Taylor, Member, and Jim Lilly, Member.
Call to order by Ray Vaughn,
Notice of the
meeting was properly posted on Tuesday, December 22, 2009.
Motion by Patterson, seconded by Ravitz to approve the minutes, of the regular meeting
of November 30, 2009. Motion passed
unanimously.
Motion by Lilly, seconded by Patterson subject to
individual considerations, to
approve/receive the following items:
December 2009 Defined Benefit payroll. This month there were 179 checks to be
issued for 177 participants in the amount of $185,792.76.
Security Trades and Interest Report for November
2009.
Outstanding Retirement Investments at Market
Value of $12,778,463.53 and at Par Value of
$12,605,921.67 as provided by the Bank
of Oklahoma/LPL for November 2009.
Monthly investment and administration fees
for November 2009 in the amount of $23,676.28 submitted by
Approval of funds to be transferred to escrow
account for January 2010 Mutual Fund Reimbursements to participants in the
amount of $15,197.38. Motion
passed unanimously.
END OF CONSENT DOCKET
Mishoe
noted that there was a correction to be made on Joann Sykes application. He stated
that she is not currently carrying health insurance and is not eligible for
continued coverage. The wrong line was
marked on her application. Mrs. Sykes was notified and her form has been
corrected.
Ravitz
questioned the N/A marked on her application for life insurance because she is
eligible for it.
Freeman
stated that she does not have to carry life insurance and it was initialed that
she did not elect coverage.
Stephanie
Douglas-Interim HR/Benefit Director confirmed that she visited with Joann Sykes
and that Mrs. Sykes was aware of her eligibility for life insurance and declined
it.
Motion by Ravitz,
seconded by Patterson to approve Defined
Benefits retirement and health benefits for Donald Stephenson (Application No.
09-04.) Effective Date: February 1, 2010.). Motion passed unanimously.
Motion by Ravitz,
seconded by Patterson to approve Defined
Contribution retirement and health benefits for Linda Morgan (Application No. 09-25.) Effective Date: December 1, 2009. Motion passed unanimously
Motion by Ravitz,
seconded by Patterson to approve Defined
Contribution retirement and health benefits for Glenn Haraway (Application No.
09-26.) Effective Date: January 1, 2010 Motion passed unanimously.
Motion by Ravitz,
seconded by Patterson to approve Defined
Contribution retirement and health benefits for Debra Clark (Application No. 09-27.) Effective Date: January 1, 2010. Motion passed unanimously.
Motion by Freeman,
seconded by Patterson to receive the
monthly updated OKIE Forfeiture Account Activity and projections. Motion passed unanimously.
Mark Mishoe reported on the Okie Forfeiture
account on behalf of Danny Lambert, Accounting Manager
Mishoe noted the
following:
November Management
Fees and Mutual Fees were not processed until November 30, 2009 and will show
up on the December Statement.
The rate of forfeiture
was higher for the month of November due to the number of people that left
employment with the county. Typically
there is an average of 25 employees that leave and this month there were 40.
Mishoe stated the higher number could be attributed to the situation with
District #2. It was also noted that 2
people had forfeitures over $10,000.00 and several people had forfeitures over $8,000.00.
Citizen’s Participation.
Vaughn recognized Viola Harding who thanked everyone for the gifts and donations. A total of $375.00 in donations was received and 120 toys were taken to the Red Andrews Dinner.
Vaughn stated his appreciation to Lee Roy Harding for the Retiree Christmas Dinner. Mr. Harding thanked everyone for attending.
Mishoe made an announcement introducing Stephanie Douglas as the Interim Director for the Benefits Department and Linda Hollingsworth moving into the Interim Retirement Administrator position.
New Business.
Ravitz requested an Annual Review on the funds, specifically on the Stable Asset fund. He noted that Investrust’s website shows a guaranteed annual rate not to be lower than 3% and did not think this was accurate. He questioned when the program was written and who wrote it. Approximately 50% of our assets are in the Stable Fund earning about 1%.
Brandi Martinez from Investrust will submit a review in January
Motion by Bloch
seconded by Ravitz to adjourn at 2:45
p.m. until 2:30 p.m. Monday, January 25, 2010. Motion passed unanimously.
______________________________________
Ray Vaughn, Chairman
_______________________________________
Forrest “Butch”
Freeman, Treasurer
ATTEST:
_______________________________________
Carolynn Caudill,