November 29, 2011

This material was filed under
[ General Employees Pension Board - Meeting Minutes ]
November 29, 2011

TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
GENERAL EMPLOYEES PENSION BOARD OF TRUSTEES
MINUTES 12-01
November 29, 2011 8:30 a.m.

MEETING OF A PENSION BOARD OF TRUSTEES – GENERAL EMPLOYEES MEETING HELD IN THE INDIALANTIC TOWN HALL ON NOVEMBER 29, 2011.

PRESENT
Vincent Benevente, Chairman
Anthony Breglio, Member
Ron Cassedy, Member
Karen Turja, Member
Jennifer Fortin, Recording Secretary
Joe Carter and Tim Hester (MSSB)

ABSENT
Jim Perrin, Vice-Chairman

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

Chairman Benevente called the meeting to order at 8:30 a.m.

II. OATH OF OFFICE

A. Karen Turja

Ms. Turja was sworn in as a member of the General Employees Pension Board

III. APPROVAL OF MINUTES

A. Minutes 11-04, August 3, 2011

Mr. Cassedy moved to approve the minutes of August 3, 2011. Mr. Breglio seconded. Motion carried unanimously.

IV. REPORT FROM FOSTER & FOSTER

A. Review and discussion of FY 2010/2011 Actuarial Report

Mr. Lozen reviewed and discussed the report with the Board. He noted that the plan was in very good shape.

Mr. Cassedy moved to accept the actuarial report from Foster & Foster. Mr. Breglio seconded. Motion carried unanimously.

Mr. Lozen noted that there was a letter that was sent to the Town requesting a fee increase to certain legislative requirements and benefit calculations. The increase would be $500.00 for the SB 1128 requirement and $50.00 per calculation benefit.

Mr. Cassedy moved to accept the recommended increase. Chairman Benevente seconded. Motion carried unanimously.

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

A. Discussion of the first quarter Portfolio and Performance Allocation

Mr. Carter did not recommend any rebalancing at this time

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

VI. OTHER BUSINESS

A. Participation acceptance for Benjamin Anderson

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

B. Invoice #2343 from Foster & Foster in the amount of $5,686.00

Mr. Cassedy moved to approve payment to Foster & Foster in the amount of $5,686.00. Mr. Breglio seconded. Motion carried unanimously.

C. Foster & Foster memo in response to a pension plan article

There was no action taken by the Board. This article was for information purposes.

VII. ADJOURNMENT

The Board adjourned at 9:27 a.m.

_______________________________________
Vincent Benevente, Chairman

_______________________________________
Jennifer Fortin, Recording Secretary