LimeBike Memorandum of Understanding

General Employee Pension Board April 3, 2012

MIAMI SHORES VILLAGE

GENERAL EMPLOYEE PENSION BOARD MEETING

 

 

The Miami Shores Village General Employee Pension Board and the Police Officers’ Retirement Pension Board jointly met on Tuesday, April 3, 2012 at the C. Lawton McCall Community Center. The meeting was called to order at 8:15 AM.   The following individuals were present for the meeting:

 

GENERAL EMPLOYEE PENSION BOARD                                  

                Tom Benton      

                Hunt Davis                                                                         

                Jim McCoy                                                                                         

                Angela Dorney                                                                                 

                Mark Hunter                                                                                     

                Averill Dorsett

                Mary Ross Agosta

 

Also present were Elizabeth Keeley, Plan Administrator, Steve Cypen, Special Counsel to the Pension Boards, and Steve Palmquist, Village Actuary.

 

ELECTION OF ACTING CHAIRPERSON

 

Mr. Benton moved to appoint Averill Dorsett as the Acting Chairperson. Mr. Davis seconded the motion and the vote was unanimous in favor of the motion.

 

APPROVAL OF THE MINUTES

 

Mr. Davis moved to approve the June 12, 2008, November 5, 2010 and the May 5, 2011 minutes as submitted. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

 

APPROVAL OF PAYMENT WARRANT: 2012-003

 

Mr. Hunter moved to approve payment of warrant #2012-003. Mr. Davis seconded the motion and the vote was unanimous in favor of the motion.

 

INVESTMENT OBJECTIVES AND FUND CHOICES

 

Board Member, Mark Hunter, asked to have a discussion regarding the possibility of transferring pension monies to passive index funds versus the current investment options. Mr. Hunter briefly explained passive index funds and how they operate. Attorney Cypen indicated that passive funds are a form of diversification of the plan monies and that there are a number of municipalities and states that invest in passive funds. Mr. Palmquist also provided information regarding the operation of passive index funds. A number of Board Members offered their opinions regarding the feasibility of transferring monies. At the conclusion of the discussions, it was the consensus of the Board to ask the Bogdahn Group to provide the Board with historical data on the performance of passive index funds versus active funds at the meeting scheduled for May, 2012.

 

NEXT MEETING: The next meeting of the General Employee Pension Board is scheduled for May 3, 2012.

 

ADJOURNMENT:

 

The General Employee Pension Board Meeting was adjourned at 9:15 AM.

 

 

 

                                                                                                                                _________________________

                                                                                                                                Averill Dorsett, Acting Chair

 

_________________________

Barbara A. Estep, MMC

Village Clerk