February 5, 2014

This material was filed under
[ General Employees Pension Board - Meeting Minutes ]
February 5, 2014

TOWN OF INDIALANTIC
Brevard County, Florida
GENERAL EMPLOYEES PENSION BOARD OF TRUSTEES
MINUTES NO. 14-04
February 5, 2014 9:30 a.m.
MINUTES OF A GENERAL EMPLOYEES PENSION BOARD MEETING HELD IN THE INDIALANTIC TOWN HALL ON FEBRUARY 5, 2014

PRESENT: Vincent Benevente, Chairperson
Ron Cassedy, Member
Karen Turja, Member
Joseph Carter, Morgan Stanley
Tim Hester, Morgan Stanley
Laura Eaton, Secretary

ABSENT: Anthony Breglio, Member

I. CALL TO ORDER

Chairman Benevente called the meeting to order at 9:30 am. He advised that Mr. Perrin has resigned from the Board and requested nominations for Vice Chairperson. Mr. Cassedy moved to elect Ms. Turja Vice Chairperson. Chairperson Benevente seconded. Motion carried unanimously.

II. APPROVAL OF MINUTES

A. Minutes 14-01 – October 2, 2013
B. Minutes 14-02 – October 24, 2013
C. Minutes 14-03 – December 16, 2013

Mr. Cassedy moved to approve Minutes 14-01, 14-02 and 14-03. Ms. Turja seconded. Motion carried unanimously.

III. REPORT FROM JOSEPH CARTER

A. Review and discussion of the 4th Quarter Performance Report

Mr. Carter presented the quarterly report for the period of October through December, 2013 noting an investment return of 5.37%.

Mr. Cassedy moved to accept the report. Ms. Turja seconded. Motion carried unanimously.

Mr. Carter presented a revised Investment Policy Statement and advised that the policy has been amended to reflect that Individual Fixed Income Holdings must be rated “Investment Grade” or better at the time of purchase.

Mr. Cassedy moved to approve the revised policy statement. Ms. Turja seconded. Motion carried unanimously.

IV. OTHER BUSINESS

A. Acceptance of new member: Jennifer Small and Samantha Robertson

Mr. Cassedy moved to accept the new members. Ms. Turja seconded. Motion carried unanimously.

B. Bank statements – October, 2013 – December, 2013

Mr. Cassedy moved to accept the bank statements. Ms. Turja seconded. Motion carried unanimously.

C. Carrie Lombardo – Refund of contributions

Mr. Cassedy moved to approve a refund of contributions for Ms. Lombardo. Ms. Turja seconded. Motion carried unanimously.

D. Samantha Kelly – Refund of contributions

Mr. Cassedy moved to approve a refund of contributions for Ms. Kelly. Ms. Turja seconded. Motion carried unanimously.

V. PUBLIC COMMENT

VI. ADJOURNMENT

The meeting adjourned at 10:10 am.
_________________________________________
Vincent Benevente, Chairman

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Laura Eaton, Secretary