TOWN OF I N D I A L A N T I C
Brevard County,
Florida 32903
PENSION BOARD
OF TRUSTEES - POLICE/FIRE
October 15, 2003,
10:00 A.M.
I.
CALL TO ORDER AT 10:00 A.M.
PRESENT
EXCUSED
Eugene Terkoski,
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 03-04 July 16, 2003
Ms. Hay moved to approve Minutes
03-04. Mr. Kowalski seconded. Motion passed unanimously.
III. REPORT FROM SCOTT GLOVER
Mr. Glover advised the Board that
the portfolio was doing well. The asset allocations are on target. The
portfolio value as of October 14, 2003 is $1,955,000.
Each fund is performing well and no
changes are recommended. However, the bond allocation may need to be adjusted
in the future. Any investment money would go into the large cap growth and
large cap value funds. The international fund is not accepting any new investors.
Mr. Kowalski moved to accept the
report by Mr. Glover. Sgt. Casey seconded. Motion passed unanimously.
IV. OTHER
A. Disbursement of State
Funds
State money available for
investment amounts to $89,000.
Sgt. Casey moved to invest the
$89,000 into the large cap growth and large cap value funds proportionately as
suggested by Mr. Glover. Ms. Hay seconded. Motion passed unanimously.
Sgt. Casey advised the Board that he recently attended a Florida Pension Trustee Association seminar. Sgt. Casey then made a motion to join the FPTA with a $400 per year member fee, which includes all the Board members. Ms. Hay seconded.
Sgt. Casey presented an application
form along with a list of events. The membership fee does not include the
expense of attending a training session.
The Board discussed the
educational requirements as dictated by the State.
Chairman Terkoski appointed Sgt.
Casey to approach the Town Manager with the information presented to this Board
in the way of educational requirements and available training.
Mr. Glover informed the Board that
FPTA is an excellent program for certification of Board members.
Sgt. Casey suggested that a special
meeting be held in November so that FPTA member Rick Carter of Palm Bay can
explain the Board of State requirements and how to achieve those requirements.
After further discussion Chairman
Terkoski tabled this discussion until the next meeting.
Ms. Hay moved to adjourn. Sgt.
Casey seconded. Motion passed unanimously.
V. ADJOURNMENT
Meeting adjourned at 10:40 a.m.
Eugene Terkoski, Chairman
Shirlee Walker, Secretary