TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
JANUARY 18, 2006, 11:00 A.M.
I. CALL TO ORDER AT 11:00 A.M.
Chairman Terkoski called the meeting to order at 11:00 a.m.
Eugene Terkoski, Chairman
Sgt. Mike Casey, V. Chairman, Police Dept.
Sgt. Scott Elliott, Secretary, Police Dept.
Capt. Jimmy Haggas, Fire Dept. Member
Gerald Kowalski, Member
Scott Glover, Financial Adviser
Shirlee Walker, Recording Secretary
II. APPROVAL OF MINUTES OCTOBER 19, 2005
Mr. Kowalski moved to approve the minutes as written. Sgt. Elliott seconded. Motion passed unanimously.
III. APPROVAL OF SPECIAL MEETING & WORKSHOP MINUTES 11/4/2005
Sgt. Casey moved to approve the minutes as written. Sgt. Elliott seconded. Motion passed unanimously.
Sgt. Elliott moved to approve the minutes as written. Sgt. Casey seconded. Motion passed unanimously.
IV. REPORT FROM SCOTT GLOVER
Mr. Glover reported that the year-to-date return o the portfolio through December 31, 2005 is +5.98%. The policy yielded +5.50%. At this time, no changes are recommended to the Asset Allocation Model.
The portfolio value is $2,754,349. Mr. Glover feels it is time to look at money managers and will bring a list of portfolio managers to the next meeting. Mr. Glovers position will remain the same although a structure change is due.
Mr. Kowalski moved to approve the report. Sgt. Elliott seconded. Motion passed unanimously.
Mr. Glover passed out a copy of annual return rates starting 1991 and ending through 2005.
V. DROP PLAN PRESENTATION BY ATTORNEY JENSEN
Atty. Jensen outlined a proposed ordinance to add a DROP plan to the Indialantic Police and Firefighters Pension Fund Plan. Due to a typographical error and an omission, the Board asked that an amended copy be presented for consideration. The language of the proposed ordinance is ready to go. After receipt of the amended ordinance, Chairman Terkoski will request a special meeting with the town manager and all members.
Sgt. Elliott moved to approve the draft ordinance with amendments. Mr. Kowalski seconded. Motion passed unanimously.
VI. OTHER
1. RE: ACTION OF BOARD ON APRIL 22, 1998 –PENSION BUYBACK (SGT. BAKER)
The Board was informed that Sgt. Baker exercised his option to buy back five (5) years of service paying $7,437.18 on December 21, 2005.
2. ATTORNEY ENGAGEMENT AGREEMENT
The Board discussed the advantages of retaining an attorney. Ms. Jensen, representing the law firm of Hanson, Perry & Jensen, P.A. offered an engagement contract for approval. Sgt. Elliott moved to accept the contract. Mr. Kowalski seconded. Motion passed unanimously.
Chairman Terkoski, Sgt. Elliottt as Secretary of the Board and Atty. Jensen, signed the contract.
3. ATTORNEY FEES DUE UP TO NOVEMBER 15, 2005 ($923.50)
The fee due for past service to this Board is $925.50. Sgt. Casey moved to approve payment of this amount. Sgt. Elliott seconded. Motion passed unanimously.
4. MEMO FROM SGT. ELLIOTT (TABLED FROM OCT 19, 2005)
A memo from Sgt. Elliott dated October, 2005 requested that the Board approve the certification of each member as a public pension trustee through the Florida Public Pension Trustees Association. The approximate cost per member is $4,032.00.
After discussion the Board agreed that one member should try this year to start the certification process, which takes approximately two years.
Sgt. Casey moved to approve Sgt. Elliott to research class information and start the process of certification this year. Capt. Haggas seconded. Motion passed unanimously.
VII. ADJOURNMENT
Adjournment was at 11:10 a.m.
Eugene Terkoski, Chairman
Shirlee Walker, Secretary