July 24, 2014

This material was filed under
[ Police/Fire Pension Board of Trustees - Meeting Minutes ]
July 24, 2014

TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
PENSION BOARD OF TRUSTEES – POLICE/FIRE
MINUTES 14-05
July 24, 2014 10:30 AM

PRESENT: Gerald Kowalski, Chairman
Sgt. Mike Casey, Secretary
Sgt. Michael Connor, PD Member
Chief Thomas Flamm, Fire Dept. Member
Bruce Bogert, Member
Dan Johnson, Bogdhan Group
Bonni Jensen, Attorney
Jennifer Small, Recording Secretary

I. CALL TO ORDER AT 10:30 AM

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

II. OATH OF OFFICE

A. Chief Thomas Flamm

Chairman Kowalski swore in Chief Flamm as a member on the Pension Board of Trustees-Police/Fire.

III. APPROVAL OF MEETING MINUTES

A. Minutes 14-03, April 24, 2014
B. Minutes 14-04, June 18, 2014

Mr. Bogert moved to approve the minutes. Sgt. Casey seconded. Motion carried unanimously.

IV. REPORT FROM DAN JOHNSON, THE BOGDAHN GROUP

A. Acceptance of the 3rd Quarter Performance Report

Mr. Johnson presented the performance report for April through June 2014.

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

B. Index Fund Share Class exchange

Chairman Kowalski signed a letter to Salem Trust authorizing an exchange of shares of the Vanguard Total Stock Market Signal Share Class (VTSSX) into shares of the Vanguard Total Stock Market Institutional Share Class (VITSX).

The Board discussed having an Actuarial Report prepared for the next meeting with cost comparisons using 7.75% and 7.5% rates as assumed rates of return of investments. The Board requested that Mr. Johnson communicate to Foster & Foster on their behalf.

Sgt. Casey moved to allow Mr. Johnson to make the request for the Actuarial Report. Sgt. Connor seconded. Motion carried unanimously.

V. OTHER BUSINESS

A. Set date for a special meeting on September 5, 2014 at 10:30 am for Scott Elliott Pension Benefit Offset
B. Approval of invoice #1819 from Integrity Fixed Income in the amount of $1,360.96
C. Approval of invoice #72435 from Attorney Jensen in the amount of $1222.45
D. Approval of invoice #72474 from Attorney Jensen in the amount of $367.50
E. Approval of invoice #72533 from Attorney Jensen in the amount of $2074.92
F. Approval of invoice #10448 from The Bogdahn Group in the amount of $3875.00
G. Approval of invoice #5168 from Foster & Foster in the amount of $2946.00
H. Bank statements April-June 2014 – presented for informational purposes only.

Mr. Bogert moved to approve items A, B, C, D, E, F and G. Sgt Casey seconded. Motion carried unanimously.

I. Update on Ryan Deschenes from Attorney Jensen

Attorney Jensen advised the Board that she is still waiting on responses from five more doctors and that Mr. Deschenes will probably have two independent medical examinations due to the two different injuries.

VI. PUBLIC COMMENT

There were no public comments.

VII. ADJOURMENT

Sgt. Casey moved to adjourn the meeting at 11:12 am. Sgt. Connor seconded. Motion carried unanimously.

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Gerald Kowalski, Chairman

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Jennifer Small, Recording Secretary