LimeBike Memorandum of Understanding

General Employee Pension Board Minutes Nov 9, 2012

MIAMI SHORES VILLAGE

GENERAL EMPLOYEE PENSION BOARD MEETING

 

 

The Miami Shores Village General Employee Pension Board met on Friday, November 9, 2012 at the C. Lawton McCall Community Center. The meeting was called to order at 8:20 AM.   The following individuals were present for the meeting:

 

GENERAL EMPLOYEE PENSION BOARD                                  

               

Mary Ross Agosta

Tom Benton                                      

                Hunt Davis                                                                         

                Jim McCoy                                                                                         

                Angela Dorney                                                                                 

                Averill Dorsett

 

Also present were Elizabeth Keeley, Plan Administrator, Steve Cypen, special counsel to the Pension Board, and Dave West of the Bogdahn Group.

 

APPROVAL OF THE MINUTES

 

Ms. Dorsett moved to approve the August 30, 2012 minutes as submitted. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

 

APPROVAL OF PAYMENT WARRANT: 2013-001

 

Ms. Dorsett moved to approve payment of warrant #2013-001. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion.

 

DISCUSSION AND POSSIBLE ACTION REGARDING CLASS ACTION PROCESSING ENHANCEMENT REQUEST FROM SALEM TRUST COMPANY

 

Attorney Steve Cypen advised the Board that the matter is moot at this point in time. No Board action is necessary nor taken.

 

PRESENTATION FROM INVESTMENT MANAGER, JESSICA ROCHLIN, OF THE BOSTON COMPANY

 

Ms. Rochlin offered information relating to the Fund’s performance results and diversity, general market conditions and the target benchmarks. Ms. Rochlin spoke about the philosophy that the Boston Company utilizes and their overall investment strategies. Ms. Rochlin reported an increase in the Fund’s investments and their intent to continue with their investment philosophy.

 

INVESTMENT CONSULTANT REPORT

 

Mr. Dave West from The Bogdahn Group provided an overview of the last quarter and the economic conditions and rational for market performances. Mr. West provided information on a number of the investment areas and reviewed the comparative performances of the funds. The specific investment performances referenced are attached hereto and made a part hereof. Mr. West spoke of the repeated poor performance record of Heartland and that managers from The Bogdahn Group are meeting with Heartland representatives. Following a lengthy discussion regarding Heartland’s performance, it was the consensus of the Board to have Mr. West draft letters of concern to be signed by the Board Chairs. If The Bogdahn Group believes that additional action is warranted, a special meeting of the Board will be scheduled for mid-December.

 

DISCUSSION AND POSSIBLE ACTION REGARDING ASSET ALLOCATION ALTERNATIVES

 

Mr. West provided comparative statistical information regarding the Plan’s assets and various ideas on how the Board could diversify. Following the presentation, Mr. Davis moved to allow The Bogdahn Group to present a specific recommendation for fund diversification. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.

 

ADJOURNMENT:

 

The General Employee Pension Board Meeting was adjourned at 10:00 AM.

 

 

 

                                                                                                                                _________________________

                                                                                                                                Mary Ross Agosta, Chair

 

_________________________

Barbara A. Estep, MMC

Village Clerk