TOWN OF I N D I A L A N T I C

Brevard County, Florida 32903

PENSION BOARD OF TRUSTEES - POLICE/FIRE

MINUTES 01-03

February 7, 2001

 

MEMBERS PRESENT                            MEMBERS EXCUSED

Alan Coburn, Chairman                      Capt. Dennis Greehy, Fire Member

Eugene Terkoski, Member

Richard Bailey, Member

Det. Mike Casey, Police Member

Al Glover, Financial Adviser

Shirlee Walker, Secretary

 

I.           CALL TO ORDER AT 10:00 A.M.

 

          Chairman Coburn called the meeting to order at 10:10 a.m.

 

II.          APPROVAL OF MINUTES 01-01 OCTOBER 19, 2000 AND SPECIAL MEETING 01-02 DECEMBER 14, 2000

 

Mr. Terkowski moved that minutes of October 19, 2000 and December 14, 2000 be approved as written. Det. Casey seconded. Motion passed unanimously.

 

III.          REPORT FROM AL GLOVER

 

Mr. Glover gave his report informing the Board that the portfolio for the year 2000 yielded +3.03%, as currently allocated. The proxy yielded –1.21%.

 

The 6-year return is 14.11%. No changes are recommended at this time to the Asset Allocation Model.

 

Mr. Terkoski moved to accept Mr. Glovers report. Det. Casey seconded. Motion passed unanimously.

 

IV.           DISCUSSION OF 22ND ANNUAL POLICE OFFICERS’ AND FIRE FIGHTERS’ TRUSTEE SCHOOL SCHEDULED FOR MARCH 2001

 

The 22nd Annual Police Officers’ and Firefighters’ Trustee School is scheduled for March 12-14, 2001 in Tallahassee. Mr. Glover assured the Board that this is an excellent presentation and urged attendance.

 

Detective Casey was approved for attendance.

 

V.              OTHER

 

1.         Pension contribution refund request from Joe Pace

 

Detective Casey moved to approve the pension contribution refund of approximately $3,000. The final amount will be calculated in a final paycheck (approximately 5% of earnings).

 

 

2.         Discussion of fiduciary liability insurance requested by Chairman Coburn         

 

Chairman Coburn requested that the Town Attorney confirm that there is adequate coverage for the Board members. Town Clerk, Laura Eaton informally confirmed that the Board is adequately covered but will inform the Board in writing for the next meeting.

 

The Board members signed the Investment Policy Statement, which was approved at the last meeting.

 

VI.        ADJOURNMENT

 

Mr. Terkowski moved to adjourn at 10:35 a.m.  Detective Casey seconded. Motion passed unanimously.

 

 

 

                                                                                                                                                                       

                                                                                                Alan Coburn, Chairman

 

 

                                                                  

Shirlee Walker, Secretary