TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
November 9, 2006 10:00 a.m.
Eugene Terkoski, Chairman Capt. Jimmy Haggas, Fire Dept. Member
Sgt. Mike Casey, V. Chairman, Police Dept. Gerald Kowalski, Member
Sgt. Scott Elliott, Secretary, Police Dept. Scott Glover, Financial Adviser
Bonni S. Jensen, Esq., Attorney
Al Glover, Financial Adviser
Julie Anne Holmgren, Recording Secretary
I. CALL TO ORDER AT 10:00 A.M.
Chairman Terkoski called the meeting to order at 10:00 a.m.
II. APPROVAL OF MINUTES 06-05 – September 18, 2006
Sgt. Elliott moved to approve the minutes as written. Sgt. Casey seconded. Motion passed unanimously.
III. REPORT FROM AL GLOVER
The calendar year to date return for the pension portfolio through September 30, 2006 is +7.11%; the policy index return for the same period is +6.80%.
The fiscal year to date return for the portfolio through September 30, 2006 is +9.21%; the policy index return for the same period is +8.81%.
At this point in time, no changes are recommended to the Asset Allocation Model.
Sgt. Casey moved to accept Mr. Glover’s report. Sgt. Elliott seconded. Motion passed unanimously.
Request from Sam Myers – continued from September 18, 2006.
Attorney Jensen handed out a memo re: Mr. Myers dated November 9, 2006, which stated that based upon the personnel records and the Pension Plan Ordinance, it appears that Mr. Myers is not vested under the Pension Plan as he was not a full time employee of the Town. It cannot be determined from the records provided whether Mr. Myers contributed to the Pension Plan for his part time salary.
The Pension Fund provides that members are actively employed employees. Employees are regular, full-time employees of the town, classified as combat firefighters and sworn police officers. Further, members accrue credited service based upon the total number of years and completed months of continuous service with the town as an employee. There is no provision within the Plan Document which discusses pension service for part time employment. Since membership and accrual of credited service are tied to full time employment, Mr. Myers could not have vested (10 years of service) under the Pension Program because his part time service began January 26, 1988, approximately 6-1/2 years from his date of hire of September 5, 1981. Mr. Myers would be entitled to a refund of his contributions plus simple 6% interest.
Chairman Terkoski asked Ms. Jensen to prepare a letter from the Pension Board to Mr. Myers explaining the above details and inviting him to the next meeting to speak to the Board and to ask the Town to find out how much he is entitled to in reimbursement. Chairman Terkoski asked for a motion approving Ms. Jensen to write the letter to Mr. Myers. Sgt. Casey motioned to approve the letter. Sgt. Elliott seconded. Motion carried unanimously.
V. OTHER
A. Pension Protection Act of 2006 – Bonni Jensen, Esq.
Attorney Jensen explained her memo to the Board dated September 18, 2006.
B. Request for acceptance into program – Michael Riley and Matthew Boorom
Sgt. Casey moved to accept Michael Riley into the program. Sgt. Elliott seconded. Motion passed unanimously.
Sgt. Elliott moved to accept Matthew Boorom into the program. Sgt. Casey seconded. Motion passed unanimously.
C. Attorneys’ fees up to October 15, 2006 ($1,044.00)
Chairman Terkoski asked for a motion approving the attorneys’ invoice of $1,044.00. Sgt. Casey motioned to approve the bill. Sgt. Elliott seconded. Motion carried unanimously.
D. Attorney Jensen explained that the Glover Group at Morgan Stanley is the independent
full-time consultant to the Town of Indialantic Police and Fire Pension Plan and fulfills the requirement of the law.
E. Sgt. Elliott met with the Town Manager regarding the Drop Plan and the draft ordinance. There still exists the need to clarify certain areas to enable the preparation of an ordinance for future Council consideration.
VI. ADJOURNMENT
The meeting was adjourned at 11:20 a.m.
______________________________
Eugene Terkoski, Chairman
Julie Anne Holmgren, Secretary