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General Employee Pension Board Minutes Aug 30, 2012

MIAMI SHORES VILLAGE

GENERAL EMPLOYEE PENSION BOARD MEETING

 

 

The Miami Shores Village General Employee Pension Board and the Police Retirement Pension Board jointly met on Thursday, August 30, 2012 at the C. Lawton McCall Community Center. The meeting was called to order at 8:25 AM.   The following individuals were present for the meeting:

 

GENERAL EMPLOYEE PENSION BOARD                                  

                Tom Benton      

                Hunt Davis                                                                         

                Jim McCoy                                                                                         

                Angela Dorney                                                                                 

                Averill Dorsett

 

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

 

 

SELECTION OF BOARD CHAIR

 

Ms. Dorney moved to select Hunt Davis as Chair for the meeting. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

 

 

APPROVAL OF THE MINUTES

 

Mr. Benton moved to approve the May 3, 2012 minutes as submitted. Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.

 

 

APPROVAL OF PAYMENT WARRANT: 2012-005

 

Mr. Benton moved to approve payment of warrant #2012-005. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion.

 

 

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 expressed the Bogdahn Group’s recommendation to maintain the current investment strategy. Due to the recent performance record of the Boston Group, Ms. Dorney moved to have the Boston Group make a presentation to the Board at the next scheduled meeting. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.  

 

INDEXING VS ACTIVE MANAGEMENT

 

Mr. West provided a presentation (as attached) regarding Active versus Passive investment strategies and the historical data relating to the different models of investing. Mr. West will provide the Board with alternative investment ideas at the next meeting.

 

 

NEXT MEETING:

 

The next meeting of the General Employee Pension Board is tentatively scheduled for October 25, 2012.

 

 

ADJOURNMENT:

 

The General Employee Pension Board Meeting was adjourned at 10:45 AM.

 

 

 

                                                                                                                                _________________________

                                                                                                                                Hunt Davis, Chair

 

_________________________

Barbara A. Estep, MMC

Village Clerk