May 20, 2015

This material was filed under
[ General Employees Pension Board - Meeting Minutes ]
May 20, 2015

TOWN OF INDIALANTIC
Brevard County, Florida
GENERAL EMPLOYEES PENSION BOARD OF TRUSTEES
MINUTES NO. 15-05
May 20, 2015 10:00 a.m.
MINUTES OF A GENERAL EMPLOYEES PENSION BOARD MEETING HELD IN THE INDIALANTIC TOWN HALL ON MAY 20, 2015

PRESENT: Vincent Benevente, Chairman
Karen Turja, Vice Chairperson
Amanda Konstant, Member
Victoria Twitty-Mercer, Member
Lorraine Schulte, Chairperson
Joseph Carter, Morgan Stanley
Tim Hester, Morgan Stanley
Jennifer Small, Secretary

1. CALL TO ORDER

Chairman Benevente called the meeting to order at 10:10 AM.

2. APPROVAL OF MINUTES

A. Minutes 15-03 – March 11, 2015

Ms. Turja moved to approve Minutes 15-03. Ms. Schulte seconded. Motion carried unanimously.

B. Minutes 15-04 – April 15, 2015

Ms. Walsh moved to approve Minutes 15-04. Ms. Turja seconded. Motion carried unanimously.

3. REPORT FROM JOSEPH CARTER, MORGAN STANLEY

A. Review and discussion of the 2nd Quarter Performance Report

Mr. Carter presented the quarterly report for the period of January through March, 2015 noting an investment return of 1.79% gross for the 2nd quarter.

Mr. Carter recommended to the Board that they replace RS Partners with the Invesco Small Cap Value Fund.

Ms. Schulte moved to approve replacing RS Partners with Invesco Small Cap Value Fund. Ms. Turja seconded. Motion carried unanimously.

Mr. Carter also recommended to the Board adding a new Asset Class to the portfolio, BlackRock Inflation Protected Bond Instl.

Ms. Turja moved to approve the new Asset Class. Ms. Schulte seconded. Motion carried unanimously.

4. OTHER BUSINESS

A. Discussion on options for pension reform, requested by Ms. Turja

Ms. Turja told the Board that is their job to investigate fees and make choices based on saving the pension plan money.

After some discussion, the Board decided to stay with Morgan Stanley until they have more information. Ms. Turja asked for the discussion to be added to the next meeting’s agenda.

B. Approval of Fiduciary Liability Insurance for policy term 5/9/2015-5/9/2016 in the amount of $1,732.50

Ms. Schulte moved to approve paying Fiduciary Liability Insurance $1,732.50. Ms. Walsh seconded. Motion carried unanimously.

C. Acceptance of new member: Scott Youngblood

Ms. Turja moved to accept Mr. Youngblood. Mr. Benevente seconded. Motion carried unanimously.

D. Acceptance of new member: Alexander Hess

Ms. Schulte moved to accept Mr. Hess. Mr. Benevente seconded. Motion carried unanimously.

E. Scott Youngblood-Refund of contributions

Ms. Walsh moved to refund Mr. Youngblood’s contributions. Ms. Schulte seconded. Motion carried unanimously.

F. Bank Statements for January – March 2015 – presented for informational purposes

5. ADJOURNMENT

The meeting adjourned at 10:55 am.
_________________________________________
Vincent Benevente, Chairman

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Jennifer Small, Secretary