January 22, 2015

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[ Police/Fire Pension Board of Trustees - Meeting Minutes ]
January 22, 2015

TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
PENSION BOARD OF TRUSTEES – POLICE/FIRE
MINUTES 15-04
January 22, 2015 10:30 AM

PRESENT: Gerald Kowalski, Chairman
Sgt. Mike Casey, Secretary
Sgt. Michael Connor, PD Member
Chief Thomas Flamm, Fire Dept. Member
Tyler Grumbles, Bogdahn Group
Bonni Jensen, Esq.
Jennifer Small, Recording Secretary

ABSENT: Bruce Bogert, Member

1. CALL TO ORDER AT 10:30 AM

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

2. APPROVAL OF MEETING MINUTES

A. Minutes 15-03, December 18, 2014

Chief Flamm moved to approve the minutes. Sgt. Connor seconded. Motion carried unanimously.

3. REPORT FROM TYLER GRUMBLES, THE BOGDAHN GROUP

A. Acceptance of the 1st Quarter Performance Report

Mr. Grumbles presented the performance report for October through December 2014.

Sgt. Casey moved to approve the 1st Quarter Performance Report. Sgt. Connor seconded. Motion carried unanimously.

B. Comments on Actuarial Assumed Rate of Return

No comments were given.

C. The Bogdahn Group Structure Discussion

Mr. Grumbles explained the Change of Internal Control Notification memo that was included in the Board’s packets.

Sgt. Casey moved to consent to the internal control of The Bogdahn Group. Chief Flamm seconded. Motion carried unanimously.

4. REPORTS FROM ATTORNEY JENSEN

A. Memorandum of the IRS Mileage Rate for 2015

Attorney Jensen went over the memo and discussed the new rate of 57.5 cents per mile for miles driven after January 1, 2015.

B. New Special Tax Notice regarding Rollovers

Attorney Jensen went over the New Special Tax Notice. She suggested that the notice be given to members that are getting a refund for contributions or entering the DROP program.

C. Legislative Updates: Memo regarding Senate Bill 172 and Senate Bill 242

Attorney Jensen discussed the update on Senate Bill 172 and Senate Bill 242. Attorney Jensen advised the Board that she will talk more about these Bills in the next meeting since there should be more information at that time.

D. DROP Memo

Attorney Jensen discussed the DROP memo dated December 8, 2014 from the IRS which provided direction to its employees reviewing DROP plans in governmental defined benefit plans in applying the benefit and contribution limits of chapter 415 of the Internal Revenue Code.

E. Update on Ryan DesChenes

Attorney Jensen told the Board that Ryan DesChenes has been to doctors for both orthopedic and neurological issues and both doctors conclude that Mr. DesChenes is unable to perform as a police officer due to his disabilities.

Sgt. Connor moved to approve Mr. DesChenes’ disability pension due to his job related disability and that he is unable to perform his job related duties as a police officer and is likely to remain so. Chief Flamm seconded. Motion carried unanimously.

F. Update on Scott Elliott-Discuss upcoming dates for meeting

Attorney Jensen advised the Board that Scott Elliott’s attorney Tonya Oliver felt she should be present when the Final Order was signed by the Board and has requested that the Board schedule another meeting in March so she could be present. After discussion the Board approved and signed final order.

5. OTHER BUSINESS

A. Approval of invoice #72845 from Attorney Jensen in the amount of $233.75
B. Approval of invoice #1872 from Integrity Fixed Income Management in the amount of $1,408.63
C. Approval of invoice #6792 from Foster & Foster in the amount of $3509.00

Chief Flamm moved to approve items A-C. Sgt. Casey seconded. Motion carried unanimously.

D. Approval of Troy Morris’ retirement date and requested date of entry in DROP

Sgt. Casey moved to approve Mr. Morris’ retirement date and entry in DROP. Sgt. Connor seconded. Motion carried unanimously.

E. Bank statements October-December 2014-presented for informational purposes only.

6. ADJOURMENT

Sgt. Casey moved to adjourn the meeting at 11:27 am. Chief Flamm seconded. Motion carried unanimously.

__________________________________
Gerald Kowalski, Chairman

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Jennifer Small, Recording Secretary