TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
January 16, 2008 10:00 a.m.
MINUTES OF A PENSION BOARD OF TRUSTESS-POLICE/FIRE MEETING HELD IN THE INDIALANTIC TOWN HALL ON JANUARY 16, 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 10:20 a.m.
II. APPROVAL OF MEETING MINUTES 08-01, NOVEMBER 9, 2007
Mr. Kowalski moved to approve the Minutes of November 9, 2007. Sgt. Elliott seconded.
Motion carried unanimously.
III. REPORT FROM AL GLOVER
The calendar year to date return for the pension portfolio through December 31, 2007 is +6.08%; the policy index return for the same period is +6.87%.
The fiscal year to date return for the portfolio through December 31, 2007 is –0.839%; the policy index return for the same period is –0.67%.
At this point in time, no changes are recommended to the Asset Allocation Model.
Sgt. Elliott moved to accept Mr. Glover’s report. Sgt. Casey seconded. Motion passed unanimously.
IV. OTHER
A. Approval of attorneys fees invoice November 21, 2007 ($1,381.20)
Capt. Greehy moved to approve the attorneys’ fees in the amount of $1,381.20.
Mr. Kowalski seconded. Motion carried unanimously.
B. Approval of attorneys fees invoice December 19, 2007 ($157.75)
Capt. Greehy moved to approve the attorneys’ fees in the amount of $157.75.
Mr. Kowalski seconded. Motion carried unanimously.
C. Results of Membership Survey attached
Sgt. Elliott explained the results of the survey.
D. Discussion and possible action regarding a special public meeting or workshop to discuss potential for plan benefit improvements
Board agreed to hold a special meeting on February 26, 2008.
E. Foster & Foster Actuarial Experience Study
Doug Lozen distributed a copy of the Study to members and will attend the next meeting on February 26, 2008 to answer questions.
F. Foster & Foster Actuary Agreement
Sgt. Elliott moved to sign the Agreement for Actuarial Services. Mr. Kowalski seconded. Motion passed unanimously.
G. Summary Plan Description
Sgt. Elliott moved to approve for distribution the Summary Plan Description. Mr. Kowalski seconded. Motion passed unanimously.
H. Election of Board Members
Mr. Terkoski motioned to reappoint the Chairman, Vice Chairman and Secretary in their current positions. Capt. Greehy seconded. Motion passed unanimously.
I. Ms. Jensen distributed a memo explaining governmental agency use of social security numbers under Florida Statutes §119.071(5).
Sgt. Casey motioned to adopt a policy and requested Ms. Jensen to draft. Sgt. Elliott seconded. Motion passed unanimously.
J. Ms. Jensen distributed a memo explaining healthcare enhancement for local public safety (“HELPS”) reporting and will discuss further with the Town.
V. ADJOURNMENT
The meeting was adjourned at 12:20 p.m.
_____________________________ ___________________________
Eugene F. Terkoski, Chairman Julie Anne Holmgren, Secretary