November 3, 2010

This material was filed under
[ General Employees Pension Board - Meeting Minutes ]
November 3, 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 11-01
November 3 2010 8:30 a.m.

MEETING OF A PENSION BOARD OF TRUSTEES – GENERAL EMPLOYEES MEETING HELD IN THE INDIALANTIC TOWN HALL ON NOVEMBER 3, 2010.

PRESENT
Jim Perrin, Vice-Chairman
Ron Cassedy, Member
Anthony Breglio, Member
Jennifer Fortin, Recording Secretary
Joe Carter and Tim Hester (MSSB)

ABSENT:
Vincent Benevente, Chairman (E)
Loredana Kalaghchy, Member (E)
I. CALL TO ORDER AT 8:30 a.m.

Mr. Perrin called the meeting to order at 8:40 a.m.

II. APPROVAL OF MINUTES

A. Minutes 10-06, August 4, 2010

Mr. Cassedy moved to approve the minutes of August 4, 2010. Mr. Breglio seconded. Motion carried unanimously.

III. APPROVAL OF RETIREMENT BENEFITS/NEW MEMBERS

A. Retirement benefits for Janet Acker

Mr. Cassedy moved to approve retirement benefits for Ms. Acker, effective October 1, 2010. Mr. Perrin seconded. Motion carried unanimously

B. New Member – Christopher Snyder

Mr. Cassedy moved to accept Mr. Snyder into the pension plan. Mr. Breglio seconded. Motion carried unanimously.

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

Discussion of the fourth quarter Portfolio and Performance Allocation

Mr. Carter recommended 5% be removed from bonds with 2% being disbursed into International Emerging, bringing that to 5% and 3% being disbursed into International developed, bringing that to 15%.

Mr. Cassedy moved to approve the recommendation from Mr. Carter. Mr. Breglio seconded. Motion carried unanimously

Mr. Breglio moved to accept the report as presented. Mr. Cassedy seconded. Motion carried unanimously.

V. FOSTER & FOSTER

A. Actuarial Report from Foster & Foster

The Board reviewed and discussed the Actuarial Report.

Mr. Cassedy moved to accept the Actuarial Report. Mr. Breglio seconded. Motion carried unanimously.

VI. OTHER BUSINESS

A. Approval of invoice in the amount of $4,584.00 from Foster & Foster

Mr. Cassedy moved to approve the invoice from Foster & Foster for $4,584.00. Mr. Breglio seconded. Motion carried unanimously.

VII. ADJOURNMENT

The Board moved to adjourn at 9:45 AM.

_______________________________________
Jim Perrin, Vice-Chairman

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Jennifer Fortin, Recording Secretary