August 2, 2012

This material was filed under
[ General Employees Pension Board - Meeting Minutes ]
August 2, 2012

TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
GENERAL EMPLOYEES PENSION BOARD OF TRUSTEES
MINUTES 12-04
August 2, 2012 9:00 a.m.

MEETING OF A PENSION BOARD OF TRUSTEES – GENERAL EMPLOYEES MEETING HELD IN THE INDIALANTIC TOWN HALL ON AUGUST 2, 2012.

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

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

Chairman Benevente called the meeting to order at 9:00 a.m.

II. APPROVAL OF MINUTES

A. Minutes 12-03, May 2, 2012

Mr. Cassedy moved to approve the minutes of May 2, 2012. Vice-Chairman Perrin seconded. Motion carried unanimously.

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

A. Discussion of the third quarter Portfolio and Performance Allocation

Mr. Carter recommended changing from Nuveen Tradewinds Value Opportunities to Artisan Mid Cap Value Investor.

Mr. Cassedy moved to accept the report as presented with the recommended change form Mr. Carter. Mr. Breglio seconded. Motion carried unanimously.

IV. OTHER BUSINESS

A. Kayli Shear – Refund of contributions

Mr. Cassedy moved to the refund of contributions to Ms. Shear. Ms. Turja seconded. Motion carried unanimously.

B. Approval of invoice #2883 from Foster & Foster in the amount of $703.00

Mr. Cassedy moved to approve payment of invoice #2883 to Foster & Foster. Mr. Breglio seconded. Motion carried unanimously.

C. Amanda Walsh – New member

Mr. Cassedy moved to accept Ms. Walsh as a new member into the pension plan. Vice-Chairman Perrin seconded. Motion carried unanimously.

D. Discussion of options for making changes to or replacing the current pension program – Karen Turja

Ms. Turja discussed possibly changing the pension plan from a defined benefit plan to a defined contribution plan.

No action taken

E. FYI – Foster & Foster – Approach to Develop Funding Requirements

No action taken

F. FYI – Bank statements April 2012-June 2012

V. ADJOURNMENT

The Board adjourned at 10:06 a.m.

_______________________________________
Vincent Benevente, Chairman

_______________________________________
Jennifer M. Fortin, Recording Secretary