Pension Board of Trustees - Police/Fire

TOWN OF I N D I A L A N T I C Brevard County, Florida 32903 PENSION BOARD OF TRUSTEES - POLICE/FIRE MINUTES 16-04 April 28, 2016 2:00 PM

PRESENT: Sgt. Mike Casey, Secretary Cpl. Timothy Weber, PD Member Chief Thomas Flamm, Fire Dept. Member Bruce Bogert, Member Tyler Grumbles, Bogdahn Group Bonni Jensen, Esq. (telephonically) Jennifer Small, Recording Secretary

ABSENT: Gerald Kowalski, Chairman (excused)

1. CALL TO ORDER AT 2:00 PM

Secretary Sgt. Casey called the meeting to order at 2:00 pm

2. APPROVAL OF MEETING MINUTES

A. Minutes 16-03, January 28, 2016 Chief Flamm moved to approve the minutes. Mr. Bogert seconded. Motion carried unanimously.

3. REPORT FROM TYLER GRUMBLES, THE BOGDAHN GROUP A. Acceptance of the 2nd Quarter Performance Report

Mr. Grumbles informed the Board that he will be their new primary contact for The Bogdahn Group.

Mr. Grumbles spoke to the Board about adding real estate to the portfolio. He told the Board that he will make a presentation at the next meeting regarding adding real estate to their portfolio.

Mr. Bogert moved to approve the 2nd Quarter Performance Report. Cpl. Weber seconded. Motion carried unanimously.

4. REPORTS FROM ATTORNEY JENSEN A. Budget Review, Mutual Consent & Public Records

Attorney Jensen reminded the Board that at the next scheduled meeting they will need to discuss the budget for 2017.

Attorney Jensen also reminded the Board that all pension boards are subject to the public records law. Police/Fire Pension Minutes April 28, 2016 Page 2

B. Normal Retirement Age Regulation

Attorney Jensen advised the Board that this does not pertain to this pension plan.

Chief Flamm moved to approve Attorney Jensen’s reports. Mr. Bogert seconded. Motion carried unanimously.

5. OTHER BUSINESS

A. Approval of invoice #17722 from Attorney Jensen in the amount of $457.00 B. Approval of invoice #17843 from Attorney Jensen in the amount of $225.00 C. Approval of invoice #17968 from Attorney Jensen in the amount of $22.50 D. Approval of invoice #8427 from Foster & Foster in the amount of $3,134.00 E. Approval of invoice #13546 from The Bogdahn Group in the amount of $3,875.00 F. Approval of invoice #2013 from Integrity Fixed Income Management in the amount of $1,458.89 G. Approval of Fiduciary Liability Insurance for policy term 5/9/16-5/9/17 in the amount of $1732.50

Mr. Bogert moved to approve items A-G. Chief Flamm seconded. Motion carried unanimously.

H. Refund of overpayment on contributions from payroll March 17, 2016 – Shane Downs $53.42 I. Refund of overpayment on contributions from payroll March 31, 2016 – Todd Burnett $90.07 J. Refund of overpayment on contributions from payroll April 14, 2016 – Jeffrey Zipperer $19.91

After some discussion, Attorney Jensen said she will contact the Town’s accountant to try and get a better solution on paying back the overpayment on contributions. Sgt. Casey moved to approve payment being made to the Town and the Town will distribute the funds owed to the firemen for overpayment of their contributions. Mr. Bogert seconded. Motion carried unanimously.

K. Discussion on contribution overpayments – Require each overpayment be approved by the Pension Board of Trustees, or authorize the Finance Director to reimburse Firefighters overpaid pension contributions made on overtime over the 300 hour limit.

This item was postponed depending outcome of conversation with Attorney Jensen and Florida Accounting Computer Services.

L. Budget/Expenses as of April 15, 2016-presented for informational purposes only.

M. Bank statements January through March 2016-presented for informational purposes only.

Recording Secretary Ms. Small let the Board know that the pension’s checking account balance was getting low. Mr. Grumbles said that The Bogdahn Group will send fifty thousand from the pension’s investment account to add to the checking account to cover pension payments and expenses. Police/Fire Pension Minutes April 28, 2016 Page 3 Mr. Grumbles suggested to the Board to have Salem Trust come and do a presentation at the next meeting on maintaining the pension account and making pension payments to the retirees. The Board agreed to have Salem Trust present at the next scheduled meeting.

Chief Flamm moved to schedule future meeting times to 10 am. Mr. Bogert seconded. Motion carried unanimously.

6. ADJOURMENT Mr. Bogert moved to adjourn the meeting at 2:55 pm. Sgt. Casey seconded. Motion carried unanimously.

______Sgt. Mike Casey, Secretary

______Jennifer Small, Recording Secretary