TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
PENSION BOARD OF TRUSTEES - POLICE/FIRE
April 30, 2001 10:00 A.M.
I. CALL TO ORDER AT 10:00 A.M.
Chairman Coburn called the meeting to order at 10:00 a.m. with all members present.
Eugene Terkoski, Member
Richard Bailey, Member
Capt. Dennis Greehy, Fire Member
Al Glover, Financial Adviser
Shirlee Walker, Secretary
II. APPROVAL OF MINUTES 01-03 FEBRUARY 7, 2001
Capt. Greehy moved that Minutes 01-03, February 7, 2001 be approved as written. Mr. Terkoski seconded. Motion passed unanimously.
III. REPORT FROM AL GLOVER
Mr. Glover reported that the portfolio yielded –5.3% for the first quarter of the year 2001. The proxy yielded –6.178%. The six-year return is 14.11% and no changes are recommended at this time to the Asset Allocation Model.
Mr. Terkoski moved to accept Mr. Glover’s presentation. Capt. Greehy seconded. Motion passed unanimously.
Mr. Glover suggested a workshop be scheduled to discuss changing the portfolio to satisfy Florida law.
Mr. Terkoski moved to meet August 17, 2001 at 10:00 a.m. for a workshop followed by a meeting on August 24, 2001 at 10:00 a.m. to vote on changes. Det. Casey seconded. Motion passed unanimously.
IV. DETERMINATION OF DISABILITY RETIREMENT FOR POLICE CHIEF JESSE GEIGER
Mr. Coburn read a letter of resignation from Jesse Geiger to the Board. The Board also reviewed a letter from Dr. Berry stating that as a result of his recent treatment and surgery, Chief Geiger was unable to perform the duties of Police Chief.
Mr. Terkoski moved to accept Jesse Geiger’s application for disability retirement. Mr. Bailey seconded. Motion passed unanimously.
V. OTHER
1. Memo from Town Clerk regarding Fiduciary Liability Insurance for Board Members
Mr. Terkoski moved that fiduciary liability insurance be obtained for Board members. Det. Casey seconded.
After discussion Mr. Terkoski amended his motion to proceed with the fiduciary liability insurance for one year only, and to split the $1,800 cost evenly between the Police/ Fire and General Employees pension funds as both plans are covered under the proposed policy. Motion passed unanimously.
Det. Casey informed the Board that the Trustees’ School Program he attended in Tallahassee was very informative. Books from the Workshop will be available for other members in the administration area of Town Hall.
Det. Casey requested the Board to look into the DROP retirement program. (Deferred Retirement Option Plan).
Chairman Coburn suggested that Ward Foster look into this plan and that a comparison be done with area cities.
VI. ADJOURNMENT
Chairman Coburn adjourned the meeting at 11:05 a.m.
Alan Coburn, Chairman
Shirlee Walker, Secretary