October 27, 2010

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[ Police/Fire Pension Board of Trustees - Meeting Minutes ]
October 27, 2010

TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
PENSION BOARD OF TRUSTEES – POLICE/FIRE
MINUTES 11-01
October 27, 2010 10:30 a.m.

MEETING OF A PENSION BOARD OF TRUSTEES – POLICE/FIRE MEETING HELD IN THE INDIALANTIC TOWN HALL ON OCTOBER 27, 2010.

PRESENT:
Gerald Kowalski, Chairman
Sgt. Scott Elliott, Vice-Chairman
Sgt. Mike Casey, Secretary
Mike Humphrey, Member
Bonni Jensen, Esq.
Dan Johnson, Bogdahn Group
Jennifer Fortin, Recording Secretary

ABSENT:
Bruce Bogert, Member

I. CALL TO ORDER AT 10:30 p.m.

Chairman Kowalski called the meeting to order at 10:30 a.m.

II. APPROVAL OF MINUTES
A. Minutes 10-05, July 28, 2010
Minutes 10-06, August 19, 2010
Minutes 10-07, August 25, 2010

Sgt. Elliott moved to approve minutes 10-05, July 28, 2010, 10-06, August 19, 2010 and 10-07, August 25, 2010. Sgt. Casey seconded. Motion carried unanimously.

III. APPROVAL OF RETIREMENT AND/OR DISABILITY BENEFITS

A. Retirement benefits for John McCall

Mr. McCall requested case law, which Attorney Jensen will provide. Sgt. Casey moved to table approval of benefits to a later date. Sgt. Elliott seconded. Motion carried unanimously.

IV. REPORT FROM THE BOGDHAN GROUP

A. Discussion of the Third Quarter Portfolio and Performance Allocation

Mr. Johnson had no recommended changes at this time.

Sgt. Casey moved to accept the report as presented. Mr. Humphrey seconded. Motion carried unanimously.

B. Update to Fixed Income Portfolio

Mr. Johnson noted all the paperwork has been signed.

C. Recommendation regarding International Equity Portfolio

Mr. Johnson noted there is a net fee of returns with seven (7) basis points. The downside is they are a large firm.

Mr. Johnson is recommending the American Fund, as it is less risk and less money and safe at this time.

Sgt. Elliot moved to approve the recommendation of the American Fund. Sgt. Casey seconded. Motion carried with all in favor.

V. FOSTER & FOSTER

A. Review of actuarial report

Mr. Lozen reviewed and discussed with the Board the actuarial report and noted his office would send the report to the state.

Sgt. Elliot moved to accept the report. Sgt. Casey seconded. Motion carried with all in favor.

VI. OTHER

A. Approval of invoice #63854 from Attorney Jensen in the amount of $2,139.78
B. Approval of invoice #70020 from Attorney Jensen in the amount of $1,096.20
C. Approval of invoice #70072 from Attorney Jensen in the amount of $204.05
Sgt. Elliott moved to approve items A, B and C for payment. Sgt. Casey seconded. Motion carried unanimously.

D. Approval of invoice #5505 from The Bogdahn Group in the amount of $3,875.00
E. Approval of invoice $1570 from Foster & Foster in the amount of $6,232.00
F. Approval of invoice #00048677 from Health First Corporate Partners in the amount of $800.00
Sgt. Casey moved to approve items D, E and F for payment. Sgt. Elliott seconded. Motion carried unanimously.

G. Approval of invoice #1321 from Integrity Fixed Income Management in the amount of 191.56
Sgt. Elliott moved to approve item G. Sgt. Casey seconded. Motion carried unanimously.

H. Federal Updates – Attorney Jensen informed the Board of the new federal updates.

I. Discussion of retiree forms – Attorney Jensen gave an update to the Board on the retiree forms.

J. Summary Plan Description
Sgt. Casey moved to approve the Summary Plan Description. Sgt Elliott seconded. Motion carried unanimously.

K. Custodian Agreement – No action taken.

L. SEC Rule – No action taken. This was information to the Board.

M. Salem Trust – No action taken. This was information for the Board.

N. U.S. SEC – Mr. Johnson to file paperwork with stock information and copy to be sent to Town Hall.

Sgt. Elliott noted he passed his certification training.

VII. ADJOURNEMENT
Motion made by Sgt. Casey to adjourn the meeting at 12:10 p.m. Sgt. Elliott seconded. Motion carried unanimously.

_______________________________________
Gerald Kowalski, Chairman

Jennifer Fortin, Recording Secretary