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

Brevard County, Florida 32903

PENSION BOARD OF TRUSTEES - POLICE/FIRE

MINUTES 03-02

February 19, 2003, 10:00 A.M.

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

Eugene Terkoski, Vice Chairman

Sgt. Mike Casey, Police Member (Secretary)

Capt. Dennis Greehy, Fire Member

Nancee J. Hay, Member

Al Glover, Financial Adviser

Shirlee Walker, Recording Secretary

Alan Coburn and Richard Bailey have resigned from the Board.

Mr. Terkoski, on behalf of the Board, expressed deep gratitude to Alan Coburn and Richard Bailey for their many years of service.

II. OATH OF OFFICE FOR NEW MEMBER(S)

New members Nancee J. Hay and Gerald Kowalski took the oath of office.

III. APPROVAL OF MINUTES 03-01 October 23, 2002

Capt. Greehy moved to approve Minutes 03-01 as written. Mr. Terkoski seconded. Motion passed unanimously.

IV. REPORT FROM AL GLOVER

Mr. Glover gave his report recommending no changes in the asset allocation.

Mr. Glover recommended allowing Franklin Strategic to take over management of mortgage investments.

Ms. Hay moved to approve Mr. Glover’s report and take the recommended changes suggested by Mr. Glover. Sgt. Casey seconded. Motion passed unanimously.

V. OTHER

The Board chose new officers as follows:

Mr. Terkoski - Chairman.

Sgt. Casey - Vice Chairman.

Capt. Greehy - Secretary.

New members, Ms. Hay and Mr. Kowalski were advised of an Annual Pension Board seminar in Tallahassee. Members are required by the State of Florida to attend educational classes.

After discussion, Sgt Casey moved to approve the expense of the seminar for Capt. Greehy and Ms. Hay, if they elect to attend. Mr. Kowalski seconded. Motion passed unanimously.

The Board discussed a request by Sgt. Casey for the Board to set goals such as adopting the DROP program.

Capt. Greehy moved to present to Town Council, for consideration, a DROP program for the Police/Fire pension fund. Ms. Hay seconded. Motion passed unanimously.

Mr. Glover agreed that a DROP program would be beneficial if a lump sum retirement was allowed.

VI. ADJOURNMENT

Capt. Greehy moved to adjourn at 10:55. Sgt. Casey seconded. Motion passed unanimously.   

          Next meeting April 16, 2003.

                                                                                                Eugene Terkoski, Chairman

          Shirlee Walker, Secretary