TOWN OF I N D I A L A N T I C
Brevard County,
Florida 32903
January 19, 2005,
10:00 A.M.
I.
CALL TO ORDER AT 10:00 A.M.
PRESENT
Eugene Terkoski,
Chairman
Mike Biamonte,
Fire Dept. Member
Sgt. Scott
Elliott, Police Dept. Member
Gerald Kowalski,
Member
Ann Prasch,
Financial Adviser
Shirlee Walker, Recording Secretary
II. APPROVAL OF MINUTES October 29, 2004
Mr. Kowalski moved to approve the minutes as written. Sgt. Elliott seconded. Motion passed unanimously.
III. REPORT FROM MR. GLOVER
In the absence of Mr. Glover, Ann
Prasch gave the report as follows:
The year to date return of the
portfolio through December 31, 2004 is +8.89%. The policy index yielded +9.18%.
At this point in time, no changes are recommended to the Asset Allocation
Model.
The portfolio value is
$2,432,147.00.
IV. OTHER
A.
Acceptance for participation in retirement system – Jon Macdonald, Fire
Chief
Mr. Kowalski moved to accept Fire
Chief, Macdonald into the retirement system. Sgt. Elliott seconded. Motion
passed unanimously.
Mr. Ward Foster was present to go
over the Actuarial Valuation Report as of October 1, 2004. Mr. Foster stated
that the plan is well funded and the program in great shape.
Mr. Kowalski moved to accept the
report presented by Mr. Foster. Sgt. Elliott seconded. Motion passed
unanimously.
Sgt. Elliott questioned why no one
has been appointed to a vacancy on the Board and stated that Sgt. Mike
Casey, a former member, would be willing to serve on the Board.
Sgt. Casey was present and informed
the Board of his past experience as a Pension Board of trustee member.
Mr. Biamonte moved to elect Sgt.
Casey to fill the vacancy of the Board. Sgt. Elliott seconded. Motion passed
unanimously.
Sgt. Elliott advised the Board that
the town has not acted upon the DROP Program recommended by this Board on
February 19, 2003.
Mr. Foster informed the members
that a change of ordinance would be required and that he could provide a letter
of “no impact”.
Chairman Terkoski requested that
the town council be advised that this Board has recommended participation into
the DROP Program and would like a report on any action toward this goal by the
April 20, 2005 meeting.
Mr. Biamonte and Sgt. Elliott
expressed a desire to attend a state pension educational seminar in Boca Raton,
June 26-29, 2005. Chairman Terkoski encouraged the new members to attend, as
educational funds are available in the Pension Board budget.
V. ADJOURNMENT
Chairman Terkoski adjourned the meeting at 9:45 a.m. Next meeting April 20,
2005.
Eugene Terkoski,
Chairman
Shirlee Walker, Secretary