TOWN OF I N D I
A L A N T I C
Brevard County,
Florida 32903
PENSION BOARD OF TRUSTEES - POLICE/FIRE
October 19, 2000
10:00 am
MEMBERS PRESENT:
MEMBERS ABSENT:
Alan Coburn,
Chairman
Richard Bailey, Member
Eugene Terkoski,
V. Chairman
Capt. Dennis
Greehy, Fire Member
Al Glover,
Financial Adviser
Shirlee Walker,
Secretary
I.
CALL TO ORDER AT 10:00 AM
Chairman Coburn called the meeting to order at 10:00 a.m.
Mr. Terkoski moved that Minutes
No. 00-04, July 19, 2000 be approved as written. Mr. Greehy seconded. Motion
passed unanimously.
III. REPORT
FROM AL GLOVER
Mr. Glover advised the Board that the account was doing well. As of the end of September, the portfolio value was $1,859,294. He recommended no changes.
Det. Casey moved
to accept Mr. Glover’s report. Mr. Terkoski seconded. Motion passed
unanimously.
The 1999
Firefighter’s Supplemental Compensation Trust Fund Distribution check in the
amount of $14,984.23 was received and is available for investment.
Mr. Terkoski
moved to forward the $14,984.23 to Mr. Glover to be invested in accordance with
current policy. Capt. Greehy seconded. Motion passed unanimously.
IV. ADOPTION
OF INVESTMENT POLICY PER F.S. 112.661
Mr. Glover advised the Board that F.S. 112.661 requires the adoption of an investment policy that must be approved by the state. He outlined 17 elements that must be addressed in the plan. A sample policy along with the current investment policy was given to the Board for review.
It was the consensus of the Board to utilize the sample investment policy incorporating the language of the proposed revised Investment Policy Statement drawn up by Mr. Glover.
Mr. Glover requested that a copy of the sample and proposed revised investment policy be given to the Town Manager as well as the Town Attorney for approval.
A Resolution is also needed for authorization of International Investments.
V.
OTHER
Capt. Greehy
requested further information regarding one employee who is listed on the
Valuation Participant Reconciliation as vested/deferred. Capt. Greehy
questioned the term of service, whether or not this employee was full time and how
he became vested.
B. List of monthly pension distribution and Notification of Retirement Benefits from Wayne Lynch and Kelly Sanders.
The members were satisfied with the information presented.
It was clarified for the Board
that Mr. Eskew’s pension payments ceased upon his death.
VI. ADJOURNMENT
Capt. Greehy
moved to adjourn at 11:20 a.m. Mr. Terkoski seconded. Motion passed unanimously.
Alan Coburn, Chairman
Shirlee Walker, Secretary