TOWN OF I N D I
A L A N T I C
Brevard County,
Florida 32903
PENSION BOARD
OF TRUSTEES - POLICE/FIRE
July 17, 2002 10:00
A.M.
PRESENT:
Eugene Terkoski,
Vice Chairman
Richard Bailey,
Member
Capt. Dennis
Greehy, Fire Member
Al Glover,
Financial Adviser
Laura Eaton,
Recording Secretary
I.
CALL TO ORDER AT 10:00 A.M.
Chairman Coburn called the meeting to order at 10:00 am.
II. APPROVAL OF MINUTES 02-03 APRIL 17, 2002 AND SPECIAL MINUTES 5/22/02
Mr. Terkoski moved to approve the minutes of April 17, 2002 and May 22, 2002. Capt. Greehy seconded. Motion carried unanimously.
III. REPORT FROM AL GLOVER
Mr. Glover presented a report on the fund as of June 30, 2002 noting that the portfolio is down 3.12%; however the proxy is down 5.38%. He recommended that no changes in the asset allocation be made at this time and advised that the fund total is $1,808,710.
Mr. Glover noted that approximately 9 months ago the Board agreed to use him as a consultant who hires the money managers and that this meets the state requirements of having an independent consultant evaluate the money managers at least once every three years.
1.
Election of directors
Mr. Terkoski moved to authorize Mr.
Glover to vote in favor of the two incumbent directors on behalf of the
Board. Mr. Bailey seconded. Motion carried unanimously.
IV. OTHER
1. Review of Proposals for Legal Service
It was noted that this was being considered based on the recommendation of Ward Foster to have an independent legal advisor, particularly to review adding a DROP program.
The Board
discussed the qualifications of the firms.
Sgt. Casey
moved to authorize the administration to initiate discussions with Hanson,
Perry and Jensen regarding legal representation for the Board. Capt.
Greehy seconded. Motion carried unanimously.
The Board
requested that references be obtained on the firm prior to initiating
discussions.
2. Fire
and Police Pension Fund Forum Sept 22-25
The Board
agreed that no one would attend the forum held in September.
3. Acceptance
for participation-Dave Chartrand
Sgt. Casey moved
to accept the participation of newly hired police office Dave Chartrand in the
Pension Fund. Capt. Greehy seconded. Motion carried unanimously.
4. Pension
contribution refund request-Ofc. Donald Norsworthy
Capt Greehy
moved to refund the pension contributions made by Officer Norsworthy.
Sgt. Casey seconded. Motion carried unanimously.
V. ADJOURNMENT
The meeting adjourned at 11:00 am.
_______________________
Alan Coburn
Chairman
________________________
Laura Eaton
Secretary