Police/Fire Pension Minutes January 26, 2017 Page 2
TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
PENSION BOARD OF TRUSTEES - POLICE/FIRE
MINUTES 17-03
January 26, 2017 10:00 AM
PRESENT: Chief Thomas Flamm, FD Member & Chairman
Sgt. Mike Casey, PD Member & Secretary
Cpl. Timothy Weber, PD Member
Bruce Bogert, Member
Yvette Campbell, Member
Tyler Grumbles, Bogdahn Group
Bonni Jensen, Esq.
Jennifer Small, Recording Secretary
1. CALL TO ORDER AT 10:00 AM
Chairman Chief Flamm called the meeting to order at 10:03 am
2. DOUGLAS LOZEN FROM FOSTER & FOSTER – PRESENTATION OF ACTUARIAL REPORT FOR FY-16
Sgt. Casey moved to approve FY-16 Actuarial report. Mr. Bogert seconded. Motion carried unanimously.
3. APPROVAL OF MEETING MINUTES
A. Minutes 17-01, November 2, 2016
B. Minutes 17-02, December 27, 2016
Mr. Bogert moved to approve Minutes 17-01 and 17-02. Cpl. Weber seconded. Motion carried unanimously.
4. REPORT FROM TYLER GRUMBLES, THE BOGDAHN GROUP
A. Acceptance of the 1st Quarter Performance Report
B. Reviewing the new IPS that reflects Real Estate as an asset class
Mr. Grumbles announced the name change of The Bogdahn Group to AndCo.
Sgt. Casey moved to accept the new IPS with the change of 7.8% earnings assumption. Mr. Bogert seconded. Motion carried unanimously.
5. REPORTS FROM ATTORNEY JENSEN
A. Brad Rinsem retirement from Salem Trust
Attorney Jensen shared with the Board that the President and CEO of Salem Trust, Brad Rinsem, has retired.
B. FRS mortality table
Attorney Jensen advised the Board that within the next 2 years they may have to adopt a new mortality schedule.
C. New online Annual Report requirement
Attorney Jensen advised the Board that the Annual Report to the Division of Retirement will now be required to be submitted electronically.
D. IRS Mileage Rate for 2017
Attorney Jensen shared with the Board that the new mileage rate for 2017 is 53.5 cents per mile.
E. Senate Bill 158 – Firefighter Cancer Presumption
Attorney Jensen shared information regarding Senate Bill 158 with the Board.
6. OTHER BUSINESS
A. Approval of invoice #18982 from Attorney Jensen in the amount of $1,239.00
B. Approval of invoice #19119 from Attorney Jensen in the amount of $1,170.00
C. Approval of invoice #19261 from Attorney Jensen in the amount of $1,237.50
C. Approval of invoice #20105 from The Bogdahn Group in the amount of $3,875.00
D. Approval of invoice #2078 from Integrity Fixed Income Management in the amount of $1,474.19
E. Amendments to the Indialantic Code, Sections 2-230 and 2-236 – presented for informational purposes only
F. Expenses as of 1/26/17 – presented for informational purposes only
Mr. Bogert moved to approve items A-E. Ms. Campbell seconded. Motion carried unanimously.
7. Public Comment
Roger Van Kramer, President of IAFF Local 1951 asked the Board if they made the changes to the Pension ordinance and then submitted it to the Town for approval. Attorney Jensen replied that the Town made the changes. After some discussion, Mr. Van Kramer asked to be advised of when the ordinance will be put on the Council’s agenda. Chief Flamm said he would let him know when it’s added to the agenda.
8. ADJOURMENT
Chief Flamm moved to adjourn the meeting at 11:10 am. Sgt. Casey seconded. Motion carried unanimously.
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Thomas Flamm, Chairman
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Jennifer Small, Recording Secretary