TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
July 25, 2007 10:00 A.M.
MINUTES OF A PENSION BOARD OF TRUSTESS-POLICE/FIRE MEETING HELD IN THE INDIALANTIC TOWN HALL ON JULY 25, 2007.
PRESENT: Eugene Terkoski, Chairman
Sgt. Scott Elliott, Police Dept. Member
Sgt. Mike Casey, Member
Barbara Brownlie, Recording Secretary
ABSENT: Capt. Jimmy Haggas, Fire Dept. Member
Gerald Kowalski, Member
I. CALL TO ORDER AT 10:00 A.M.
Chairman Terkoski called the meeting to order at 10:00 am.
II. APPROVAL OF SPECIAL MEETING MINUTES 07-04 – JULY 2, 2007
Sgt. Elliott moved to approve Minutes 07-04. Sgt. Casey seconded. Motion carried unanimously.
III. APPROVAL OF MINUTES 07-03 – April 25, 2007
Sgt. Elliott moved to approve Minutes 07-03. Sgt. Casey seconded. Motion carried unanimously.
IV.REPORT FROM SCOTT GLOVER
Sgt. Casey moved to approve Mr. Glover’s report. Sgt Elliott seconded. Motion carried unanimously.
V.DETERMINATION OF PENSION BENEFITS
Request from Sam Meyers – continued from April 25, 2007
Sgt. Elliott moved to approve Mr. Meyer’s refund in the amount of $2,385.92 and that a check be sent to him in that amount. Sgt. Casey seconded. Motion carried unanimously.
VI.OTHER
A. Approval of attorneys fees up to July 15, 2007 ($1,218.16)
Sgt. Casey moved to approve attorney fees in the amount of $1,218.16. Sgt. Elliott seconded. Motion carried unanimously.
B. Ordinance 07-11 establishing a DROP Plan
Mr. Terkoski expressed the Board’s gratitude to the Town Manager and staff for implementing this benefit.
C. Request for refund of contributions from Tyler Davenport
Sgt. Casey moved that Mr. Davenport’s information be forwarded to Foster and Foster for benefit calculation. Sgt. Elliott seconded. Motion carried unanimously.
After discussion, Sgt. Casey moved to direct the Board’s attorney to draft a refund request form providing all payment options with said form to be forwarded to Foster and Foster for benefit calculation before the applicant’s request comes before the Board. Sgt. Elliott seconded. Motion carried unanimously.
D. Approval of Designation of Beneficiary form for Jon Macdonald
Sgt. Casey moved to accept the change of beneficiary. Sgt. Elliott seconded. Motion carried unanimously.
E. Request for acceptance into program – Ryan Dovel
Sgt. Elliott moved to accept Ryan Dovel into the program. Sgt. Casey seconded. Motion carried unanimously.
F. Request for acceptance into program – Anthony Musante
Sgt. Elliott moved to accept Anthony Musante into the program. Sgt. Casey seconded. Motion carried unanimously.
Attorney Jensen advised that the applications and beneficiary forms should be redacted after approval since they contain social security numbers.
G. Approval of Foster & Foster invoice of April 25, 2007 ($1,051.00)
Doug Lozen, Foster & Foster, gave an update on the issue with the state actuary.
Sgt. Elliott moved to approve the invoice in the amount of $1,051.00. Sgt. Casey seconded. Motion carried unanimously.
H. Approval of new fee schedule for actuarial services – Doug Lozen, Foster & Foster
Mr. Lozen presented the proposed new fee schedule.
Sgt. Casey moved to direct the Board’s attorney to prepare a formalized agreement incorporating the information from the letter from Foster and Foster dated July 23, 2007 with an effective date of August 1, 2007. Sgt. Elliott seconded. Motion carried unanimously.
VII. NEW BUSINESS
Determination of anticipated rate of return as required by Florida Statute 112.661(9)
Scott Glover recommended that the anticipated rate of return for the short, mid and long term ranges be set at 8%.
Mr. Lozen agreed that 8% was a reasonable anticipated rate of return.
Attorney Jensen also advised that a summary plan description needs to be forwarded to the state.
Sgt. Casey moved to direct the Board’s attorney to prepare a summary plan description and a rate of return memo. Sgt. Elliott seconded. Motion carried unanimously.
VIII. ADJOURNMENT
Sgt. Elliott requested that the Board authorize him to attend a trustee seminar to be held in October, 2007.
Sgt. Casey moved that Sgt. Elliott be authorized to attend the seminar. Mr. Terkoski seconded. Motion carried unanimously.
Attorney Jensen indicated that the amended expense policy was ready to be executed.
Sgt. Casey moved to execute the amended expense policy. Sgt. Elliott seconded. Motion carried unanimously.
The meeting was adjourned at 11:15 am.
_____________________________Eugene Terkoski, Chairman
Barbara Brownlie, Secretary