TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
February 26, 2008 10:00 a.m.
MINUTES OF A PENSION BOARD OF TRUSTESS-POLICE/FIRE MEETING HELD IN THE INDIALANTIC TOWN HALL ON FEBRUARY 26, 2008.
PRESENT: Eugene F. Terkoski, Chairman
Gerald Kowalski, Vice Chairman
Sgt. Scott Elliott, Secretary, Police Dept. Member
Sgt. Mike Casey, Police Dept. Member
Capt. Dennis Greehy, Fire Dept. Member
Al Glover, Financial Adviser
Bonni S. Jensen, Esq.
Julie Anne Holmgren, Recording Secretary
ABSENT: None
I. CALL TO ORDER AT 10:00 A.M.
Chairman Terkoski called the meeting to order at 10:10 a.m.
II. DISCUSSION OF IMPROVING BENEFITS TO THE DEFINED BENEFIT RETIREMENT PLAN
Sgt. Elliott explained the options with regard to improving benefits to the plan. Mr. Heinrichs explained the cost of implementing the three (3) different COLA options. Sgt. Elliott agreed to research those options and asked Mr. Heinrichs to present at the next meeting. Tabled to continue discussion at the next meeting.
III. REPORT FROM AL GLOVER
Mr. Glover distributed the plan report and discussed the history of the plan/fund during the last 14 years. Mr. Glover presented supporting data that 8% is a reasonable rate of return. At this point in time, Mr. Glover does not recommend any changes.
Sgt. Casey motioned to approve staying with the 8% figure as recommend by Mr. Glover. Capt. Greehy seconded. Motion passed unanimously.
IV. REPORT FROM FOSTER & FOSTER
Bradley Heinrichs of Foster & Foster explained the reason behind the experience study and answered questions regarding the Experience Study.
Capt. Greehy motioned to accept the changes under the Entry Age Normal Actuarial Cost Method and adopt the RP 2000 mortality table as recommended by Foster & Foster. Mr. Kowalski seconded. Motion passed unanimously.
Chairman Terkoski requested Attorney Jensen to prepare a letter to the Town Manager outlining the motion accepting the recommendations. Attorney Jensen agreed.
V. ADJOURNMENT
The next meeting is scheduled for April 16, 2008 at 10:00 a.m.
The meeting was adjourned at 12:00 p.m.
_____________________________ ___________________________
Eugene F. Terkoski, Chairman Julie Anne Holmgren, Secretary