January 27, 2010

This material was filed under
[ General Employees Pension Board - Meeting Minutes ]
January 27, 2010

TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
GENERAL EMPLOYEES PENSION BOARD OF TRUSTEES
MINUTES 10-03
January 27, 2010 9:00 a.m.

MEETING OF A PENSION BOARD OF TRUSTEES – GENERAL EMPLOYEES MEETING HELD IN THE INDIALANTIC TOWN HALL ON January 27, 2010.

PRESENT
Ron Cassedy, Chairman
Vincent Benevente, Member
Jim Perrin, Member
Loredana Kalaghchy, Member
Anthony Breglio, Member
Jennifer Fortin, Recording Secretary
Joe Carter and Tim Hester (MSSB)

I. CALL TO ORDER AT 9:00 a.m.

Mr. Cassedy called the meeting to order at 9:05 a.m.

II. ELECTION OF OFFICERS

A. Oath of Office – Vincent Benevente and Anthony Breglio

The Oath of Office was administered to Mr. Benevente and Mr. Breglio as new members to the General Employees Pension Board of Trustees.

B. Election of Officers – Chairman and Vice-Chairman

Ms. Kalaghchy moved to nominate Mr. Benevente as Chairman and Mr. Perrin as Vice-Chairman. Mr. Benevente seconded. Motion carried unanimously.

III. APPROVAL OF MINUTES

A. Minutes 10-02, October 28, 2009

Chairman Benevente moved to approve the minutes of October 28, 2009 with changes. Mr. Perrin seconded. Motion carried unanimously.

IV. REPORT FROM MORGAN JOSEPH CARTER AND TIM HESTER (MORGAN STANLEY)

Discussion of the first quarter Portfolio and Performance Allocation

There are no recommended changes at this time.

Chairman Benevente moved to accept the report as presented. Mr. Perrin seconded. Motion carried unanimously.

V. OTHER BUSINESS

A. Review of Investment Policy Statement

Mr. Carter and Mr. Hester presented the Board with an updated Investment Policy Statement for review and noted changes on pages 1, 3, 4, 8, 10 and 11.

B. Approval to send quarterly payment to Morgan Stanley

Motion made by Mr. Cassedy to send a quarterly payment to Morgan Stanley. The secretary will get with the Town Clerk to figure out what needs to be sent to be sure enough money stays in the account to cover monthly benefit costs. Chairman Benevente seconded. Motion carried unanimously.

VI. ADJOURNMENT

Meeting adjourned at 10:33 a.m.

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Vincent Benevente, Chairman

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Jennifer Fortin, Recording Secretary

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