TOWN OF I N D I A L A N T I C
Brevard County,
Florida 32903
PENSION BOARD
OF TRUSTEES - POLICE/FIRE
February 6, 2002
10:00 A.M.
I.
CALL TO ORDER AT 10:00 A.M.
Chairman called the meeting to order at 10:00 a.m.
PRESENT
EXCUSED
Eugene Terkoski, Member
Capt. Dennis
Greehy, Fire Member
Scott Glover,
Financial Adviser
Ward Foster,
Acturial
Shirlee Walker,
Secretary
II. APPROVAL OF MINUTES 01-05 NOVEMBER 21, 2001
Capt. Greehy moved that Minutes 01-05 be approved as written. Mr. Terkoski seconded. Motion passed unanimously.
III. ELECTION OF OFFICERS
Mr. Terkoski nominated Mr. Coburn
as Chairman. Mr. Greehy nominated Mr. Terkoski as Vice Chairman. Mr. Greehy
nominated Sgt. Casey as Secretary. All nominations approved unanimously.
IV. REPORT FROM SCOTT GLOVER
Mr. Glover reported that the
portfolio yielded –4.47% through the fourth quarter of the year 2001. At
this point in time no changes were recommended to the Asset Allocation Model,
which is:
¨ Fixed
Income 40%
¨
International
10%
¨ Large Cap
Growth 15%
¨ Large Cap
Value 35%
The account value is $1,866, 935.00
as of December 2001.
V. ACTUARIAL REPORT FROM WARD FOSTER
Mr. Foster gave
his report stating that the program is sound. At the request of the Board
members, Mr. Foster agreed to write a letter stating the criteria for the
25-out program and the DROP Plan. Mr. Foster recommended an independent pension
attorney.
Capt. Greehy moved to approve Mr.
Foster’s report. Sgt. Casey seconded. Motion passed unanimously.
VI. OTHER
1. Application from
Officer Donald Norsworthy - Acceptance for Participation
Officer Norsworthy
was accepted unanimously for participation.
VII. ADJOURNMENT
The meeting was adjourned at 11:30 a.m.
Alan Coburn,
Chairman
Shirlee Walker, Secretary