TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
PENSION BOARD OF TRUSTEES - POLICE/FIRE
July 16, 2003, 10:00 A.M.
I. CALL TO ORDER AT 10:00 A.M.
PRESENT ABSENT
Eugene Terkoski, Chairman Sgt.. Mike Casey, Police Member, V. Chairman
Capt. Dennis Greehy, Fire Member, Secretary
Nancee J. Hay, Member
Gerald Kowalski, Member
Scott Glover, Financial Adviser
Shirlee Walker, Recording Secretary
II. APPROVAL OF MINUTES 03-03 April 16, 2003
Minutes 03-03 of April 16, 2003 were approved as written.
III. REPORT FROM SCOTT GLOVER
Mr. Glover gave his report recommending changes to bring the portfolio back to the target allocation of 60/40. He suggested moving 4% from bonds, 2% into the large cap growth and 1% into large cap value. The International Fund is at 9% leaving 1% available for investment. Currently the ING International Value Fund is closed for investment. After discussion the Board members agreed to wait until the next meeting of October 22, 2003 to establish a new International Fund if needed at that time.
The portfolio value is $1,850,426.00 yielding 6.78% to date. The proxy yielded 8.57%.
Capt. Greehy moved to accept Mr. Glover’s report. Mr. Kowalski seconded. Motion passed unanimously.
IV. OTHER
A. Memo from Town Clerk
B. Election of fifth member
Mr. Kowalski nominated Nancee Hay as the fifth member. Capt. Greehy seconded. The nomination was unanimous.
V. ADJOURNMENT
Eugene Terkoski, Chairman
Shirlee Walker, Secretary