TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
November 9, 2007 10:00 a.m.
MINUTES OF A PENSION BOARD OF TRUSTESS-POLICE/FIRE MEETING HELD IN THE INDIALANTIC TOWN HALL ON November 9, 2007.
PRESENT: Eugene F. Terkoski, Chairman
Gerald Kowalski, Member
Sgt. Scott Elliott, Police Dept. Member
Capt. Dennis Greehy, Fire Dept. Member
Al Glover, Financial Adviser
Bonni S. Jensen, Esq.
Julie Anne Holmgren, Recording Secretary
ABSENT: Sgt. Mike Casey, Member
I. CALL TO ORDER AT 10:00 A.M.
Chairman Terkoski called the meeting to order at 10:00 a.m.
II. OATH OF OFFICE FOR FIRE DEPT. MEMBER (Capt. Dennis Greehy)
Capt. Greehy took the Oath of Office.
III. APPROVAL OF MEETING MINUTES 07-05 – JULY 25, 2007
Sgt. Elliott moved to approve the Minutes of July 25, 2007. Mr. Kowalski seconded.
Motion carried unanimously.
IV. APPROVAL OF MINUTES 07-06 – SEPTEMBER 17, 2007
Sgt. Elliott moved to approve the Minutes of September 17, 2007. Mr. Kowalski seconded. Motion carried unanimously.
V. REPORT FROM AL GLOVER
The calendar year to date return for the pension portfolio through September 30, 2007 is +7.05%; the policy index return for the same period is +7.67%.
The fiscal year to date return for the portfolio through September 30, 2007 is +11.79%; the policy index return for the same period is +12.93%.
At this point in time, no changes are recommended to the Asset Allocation Model.
Mr. Kowalski moved to accept Mr. Glover’s report. Sgt. Elliott seconded. Motion passed unanimously.
VI. OTHER
A. Approval of attorneys fees up to September 14, 2007 ($638.93)
Capt. Greehy moved to approve attorneys’ fees in the amount of $638.93. Mr. Kowalski seconded. Motion carried unanimously.
B. Approval of attorneys fees up to October 15, 2007 ($1,174.66)
Capt. Greehy moved to approve attorneys’ fees in the amount of $1,174.66. Mr. Kowalski seconded. Motion carried unanimously.
C. Request for refund of contributions from Michael Riley
Capt. Greehy moved to approve the refund of contributions from Michael Riley. Sgt. Elliott seconded. Motion carried unanimously.
D. Request for acceptance into program – Michael Humphrey
Capt. Greehy moved to accept Michael Humphrey into the program. Sgt. Elliott seconded. Motion carried unanimously.
E. Correspondence with Charles Slavin re: Actuarial Assumption Letter to state §175/185 Compliance
No action taken. Reference only.
F. Summary Plan Description
Sgt. Elliott moved to approve for distribution the Summary Plan Description. Mr. Kowalski seconded. Motion passed unanimously.
G. Foster & Foster Actuary Agreement
Sgt. Elliott moved to sign the Agreement for Actuarial Services. Mr. Kowalski seconded. Motion passed unanimously.
H. Florida Public Pension Trustees Association (FPPTA)
Sgt. Elliott has been working towards his certification with FPPTA and requested approval to attend two additional FPPTA classes.
Capt. Greehy moved to approve Sgt. Elliott’s request. Mr. Kowalski approved. Motion passed unanimously.
VII. ADJOURNMENT
The meeting was adjourned at 11:00 a.m.
_____________________________ ___________________________
Eugene F. Terkoski, Chairman Julie Anne Holmgren, Secretary