Police/Fire Pension Minutes January 28, 2016 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 16-03
January 28, 2016 200 PM
PRESENT: Gerald Kowalski, Chairman
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
1. CALL TO ORDER AT 2:00 PM
Chairman Kowalski called the meeting to order at 2:00 pm
2. APPROVAL OF MEETING MINUTES
A. Minutes 16-02, December 16, 2015
Chief Flamm moved to approve the minutes. Sgt. Casey seconded. Motion carried unanimously.
3. REPORT FROM TYLER GRUMBLES, THE BOGDAHN GROUP
A. Acceptance of the 1st Quarter Performance Report
Sgt. Casey moved to approve the 1st Quarter Performance Report. Chief Flamm seconded. Motion carried unanimously.
Mr. Grumbles suggested that the Board discuss making a motion to lower the assumption rate.
After some discussion, Sgt. Casey moved to lower the assumption rate to 7.5%. Mr. Bogert seconded.
Attorney Jensen recommended lowering the assumption rate to 7.5% over the next 5 years.
After more discussion, Sgt. Casey moved to modify his previous motion and moved to lower the assumption rate by .10% with a goal of 7.5% in the next five years. Mr. Bogert seconded. Motion carried unanimously.
Mr. Grumbles asked the Board for a motion to send a letter to the State with the new 7.9% assumption rate.
Sgt. Casey moved to approve the new 7.9% assumption rate in the letter from The Bogdahn Group to the State. Chief Flamm seconded. Motion carried unanimously.
4. REPORTS FROM ATTORNEY JENSEN
A. Insurance Premium Tax Database
Attorney Jensen advised the Board on how important the Insurance Premium Tax Database is and should be kept updated by the Town with a current user.
B. IRS Mileage Rate
Attorney Jensen advised the Board that the IRS released its update Standard Mileage Rate for 2016. The new rate is 54 cents per mile for miles driven after January 1, 2016.
5. OTHER BUSINESS
A. Approval of invoice #13183 from The Bogdahn Group in the amount of $3,875.00.
B. Approval of invoice #1972 from Integrity Fixed Income Management in the amount of $1,425.76.
Mr. Bogert moved to approve items A and B. Chief Flamm seconded. Motion carried unanimously.
C. Refund of contributions – Logan Leatherman.
Chief Flamm moved to approve the refund of Logan Leatherman’s refund of contributions.
D. Budget/Expenses as of December 31, 2015-presented for informational purposes only.
E. Bank statements October through December 2015-presented for informational purposes only.
6. ADJOURMENT
Chief Flamm moved to adjourn the meeting at 2:37 pm. Mr. Bogert seconded. Motion carried unanimously.
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Gerald Kowalski, Chairman
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Jennifer Small, Recording Secretary