December 5, 2011

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[ Police/Fire Pension Board of Trustees - Meeting Minutes ]
December 5, 2011

TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
PENSION BOARD OF TRUSTEES – POLICE/FIRE
MINUTES 12-03
December 5, 2011 2:30 p.m.

MEETING OF A PENSION BOARD OF TRUSTEES – POLICE/FIRE MEETING HELD IN THE INDIALANTIC TOWN HALL ON DECEMBER 5, 2011.

PRESENT:
Gerald Kowalski, Chairman
Sgt. Mike Casey, Secretary
Bruce Bogert, Member
Mike Humphrey, Member
Bonni Jensen, Esq.
Dan Johnson, Bogdahn Group
Jennifer Fortin, Recording Secretary

I. CALL TO ORDER AT 10:30 p.m.
Chairman Kowalski called the meeting to order at 2:30 p.m.

II. APPROVAL OF MINUTES
A. Minutes 11-04, May 11, 2011
B. Minutes 11-05, July 27, 2011
C. Minutes, October 13, 2011

Mr. Bogert moved to approve the minutes of May 11, 2011, July 27, 2011 and October 13, 2011. Sgt. Casey seconded. Motion carried unanimously.

III. DETERMINATION OF DISABILITY FOR SCOTT ELLIOTT
A. Sgt. Scott Elliott

Attorney Jensen discussed the four options with the Board, which were:
Ø Grant the disability pension application
Ø Request more information
Ø Deny the disability application
Ø Approve as a non-duty pending the outcome of worker’s compensation

Mr. Bogert moved to grant the duty related disability for Mr. Elliott. Sgt. Casey seconded. Motion carried with all in favor. (effective date beginning as of the December 5, 2011 meeting)

IV. REPORT FROM THE BOGDAHN GROUP
A. Discussion of the Third Quarter Portfolio and Performance Allocation

Mr. Johnson had no recommended changes at this time.

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

V. REPORT FROM FOSTER & FOSTER
A. Discussion of the 2010/2011 Actuarial Report

Doug Lozen reviewed the report with the Board and noted a fee increase.

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

Sgt. Casey moved to accept the fee increase from Foster & Foster. Mr. Bogert seconded. Motion carried unanimously.

VI. OTHER BUSINESS
A. Approval of invoice #70591 from Attorney Jensen in the amount of $1,021.85
B. Approval of invoice #70630 from Attorney Jensen in the amount of $252.55
C. Approval of invoice #70684 from Attorney Jensen in the amount of $952.39
D. Approval of invoice #6729 from The Bogdahn Group in the amount of $3,875.00
E. Approval of invoice #1510 from Integrity Fixed Income in the amount of $1,107.39
F. Approval of invoice #2223707 from MIMA in the amount of $13.00 (Scott Elliott records)
G. Approval of invoice #2223499 from MIMA in the amount of $64.50 (Scott Elliott records)
H. Approval of invoice #2223500 from MIMA in the amount of $31.50 (Scott Elliott records)
I. Approval of invoice #0098907308 from Health Port in the amount of $79.79 (Scott Elliott records)
J. Approval of invoice #2387 from Foster & Foster in the amount of $5,460.00
K. Approval of invoice from Dr. Desai in the amount of $173.00 (Scott Elliott records)
L. FYI – Fees paid to Salem Trust in the amount of $1,250.00 (4/1/11-6/30/11)
M. FYI – Fees paid to Salem Trust in the amount of $1,250.00 (7/1/11-9/30/11)
N. FYI – Class action update for period 4/1/11 through 6/30/11
O. FYI – Class action update for period 7/1/11 through 9/30/11
P. Form 1 – Financial Disclosure – Attorney Jensen
Q. Memo from Attorney Jensen
R. HB 365 – Attorney Jensen
S. Foster & Foster memo in response to a pension plan article
T. Approval of invoice #205951 from A Better Copy Center (Scott Elliott records)
U. Approval of invoice #70750 from Attorney Jensen in the amount of $930.75
V. Election outcome for Sgt. Elliott’s replacement

Mr. Bogert moved to approve items A-K, T and U for payment. Sgt. Casey seconded. Motion carried unanimously.

Items L-O were noted as FYI’s to the Board with no action taken.

P. Form 1 – Financial Disclosure – Attorney Jensen noted the specifics have changed for reporting regarding IRA’s, 401K’s, 457’s and the Florida retirement System. No action taken by the Board.
Q. Memo from Attorney Jensen noted a change in staff – No action taken
R. HB 365 – Attorney Jensen noted it deals with pension plans and this was an FYI to the Board. No action taken by the Board.
S. Foster & Foster memo in response to a pension plan article – FYI to the Board. No action taken by the Board
V. Sgt. Michael Connor has been chosen by his peers to replace Sgt Elliott.
Mr. Bogert moved to accept Sgt. Connor as the newest Board member. Sgt. Casey seconded. Motion carried unanimously.

VII. ADJOURMENT
The Board adjourned at 3:10 p.m..

__________________________________
Gerald Kowalski, Chairman

__________________________________
Jennifer M. Fortin, Recording Secretary