TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
PENSION BOARD OF TRUSTEES - POLICE/FIRE
April 28, 2004, 10:00 A.M.
I. CALL TO ORDER AT 10:00 A.M.
Chairman Terkoski called the meeting to order at 10:05 with the following members present:
Eugene Terkoski, Chairman
Capt. Dennis Greehy, Fire Member, Secretary
Gerald Kowalski, Member, was absent.
Nancee J. Hay has resigned from the Pension Board. Scott Glover and Al Glover were present.
II. APPROVAL OF MINUTES JANUARY 21, 2004
Sgt. Casey moved to approve minutes of January 21, 2004. Capt. Greehy seconded. Motion passed unanimously.
III. REPORT FROM SCOTT GLOVER
Scott Glover gave his report stating, “The year to date return of the portfolio through March 31, 2004 is +2.76%. The policy index yielded +2.28%. At this point in time, no changes are recommended to the Asset Allocation Model.”
The closing value of the portfolio as of the first quarter of 2004 was $2,234,704. All funds are doing exceptionally well.
Chairman Terkoski commended Al and Scott Glover for the handling of this account.
Capt. Greehy moved to accept the report by Scott Glover. Sgt. Casey seconded. Motion passed unanimously.
A. Request by Mr. Terkoski for update on educational requirements for members
Scott Glover provided a copy of State Statute 112.661 (14). The continuing education section states, “The investment policy shall provide for the continuing education of the Board members in matters relating to investments and the Board’s responsibilities.”
Scott Glover spoke to an attorney regarding the educational requirements and was assured that the yearly education provided by Scott or Al Glover will suffice.
IV. OTHER
A. Pension refund request from Duane Boyd
Mr. Boyd has left employment of the Fire Department and is requesting a refund of his pension contribution. The amount is $9,060.52. This amount includes 6% interest.
Sgt. Casey moved to approve the pension refund. Capt. Greehy seconded. Motion passed unanimously.
B. Application for participation in retirement system from Michael F. Biamonte
Capt. Greehy moved to approve the participation of Michael F. Biamonte into the retirement system. Sgt. Casey seconded. Motion passed unanimously.
C. Request from Sgt. T. W. Baker, Sr. to buy back five years of service (agreed upon by the Pension Board in 1998)
The pay back amount figured with 8% interest through December 2004 is $6,886.28.
Sgt. Casey moved to approve the buy back with details of payback agreement provided to the Board. Capt. Greehy seconded. Motion passed unanimously.
Capt. Greehy moved to have the Pension Board attorney along with Ward Foster implement the Deferred Retirement Option Program (DROP). Sgt. Casey seconded. Motion passed unanimously.
V. ADJOURNMENT
Capt. Greehy moved to adjourn. Sgt. Casey seconded. Motion passed unanimously.
Eugene Terkoski, Chairman
Shirlee Walker, Secretary