TOWN OF I N D I
A L A N T I C
Brevard County,
Florida 32903
PENSION BOARD
OF TRUSTEES - POLICE/FIRE
April 17, 2002 10:00
A.M.
I.
CALL TO ORDER AT 10:00 A.M.
MEMBERS PRESENT
MEMBERS ABSENT
Eugene Terkoski,
Vice Chairman
Capt. Dennis Greehy,
Fire Member
Al Glover,
Financial Adviser
Jan Acker, Recording Secretary
II. APPROVAL OF MINUTES 02-01 FEBRUARY 6, 2002
Sgt. Casey moved to approve
Minutes 02-01. Mr. Terkoski seconded. Motion passed unanimously.
III. REPORT FROM AL GLOVER
Mr. Glover reported that the
portfolio for the first quarter of the year 2002 yielded to date 1.65%. The
proxy yielded +o.069%. Mr. Glover recommends that no changes be made at this
time to the Asset Allocation Model.
Mr. Terkoski moved to approve Mr.
Glover’s report. Sgt. Casey seconded. Motion passed unanimously.
IV. OTHER
1. Pension
contribution refund request
Mr. Terkoski moved to approve the refund to Paul Sousa. Sgt. Casey seconded. Motion passed unanimously. The amount of the refund is $1,091.44.
2. Response from
Foster & Foster
a.25 Year
Retirement
Chairman Coburn suggested an
endorsement letter be written from the Board to the Town Manager or Town
Council referencing Ward Foster’s letter listing the cost impact of the 25 Year
Retirement.
b.
DROP Plan
After discussion Mr. Terkoski
moved that Sgt. Casey and Capt. Greehy be appointed to work along with the Town
Manager, Ward Foster as well as the attorney of choice as consultant to pursue
the DROP Program. Sgt. Casey seconded. Motion passed unanimously.
c.Independent
attorney information
After discussion Chairman Coburn
proposed to request a letter be written (in the form of the letter as suggested
by Ward Foster) retaining the services of an independent Pension Board
Attorney. Sgt. Casey seconded. Motion passed unanimously.
V. ADJOURNMENT
Adjournment was at 10:50 a.m.
Alan Coburn, Chairman
Jan Acker, Secretary