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General Employee Pension Board Minutes Feb 2, 2012

MIAMI SHORES VILLAGE

                                       GENERAL EMPLOYEE PENSION BOARD

REGULAR MEETING

                                                                February 2, 2012

  1. 1.CALL TO ORDER

 

The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday, February 2, 2012 at the Community Center and was called to order at 8:40 A.M.

 

 

  1. 2.ROLL CALL

 

In order for the record to reflect those present, the roll was called with the following members present:

 

Present

Mary Ross Agosta        Tom Benton                

Angela Dorney                        Mark Hunter

James McCoy

 

Absent

Averill Dorsett             Hunt Davis

 

Also Present:    Lisa Keeley, Plan Administrator / Recording Secretary

                       

 

3.         APPROVAL OF MINUTES – November 24, 2008 / December 8, 2011

 

Mr. Benton moved for approval of the minutes for November 24, 2008 and December 8, 2011 as submitted. Mr. McCoy seconded the motion which was passed unanimously.

 

 

4.         APPROVAL OF PAYMENT WARRANT – General Employee Warrant No. 2012 – 002

 

Mr. Hunter moved for approval of payment warrant General Employee Warrant No. 2012 – 002 as submitted. Mr. Benton seconded the motion which was passed unanimously.

 

 

5.         APPROVAL OF THE INVESTMENT POLICY STATEMENT ADDENDUM FOR HEARTLAND ADVISORS

 

As approved at the last Board meeting, the Heartland Advisors Addendum to the Investment Policy Statement guidelines were revised to be limited to 15% of the total portfolio. Mr. Benton moved for approval of the Addendum to the IPS as revised. Mr. McCoy seconded the motion which was passed unanimously.

 

Due to a scheduling conflict, Mr. West presented ahead of The Boston Company.

 

7.         INVESTMENT CONSULTANT REPORT – Bogdahn Group, Dave West

 

Mr. West discussed the European market conditions and how they affected the plan returns. He reviewed the investment manager’s returns for the quarter ending December 31, 2011. The total market value of the fund was $8,696,231, a net increase of $524,371.

 

The total fund returned 6.47%. The domestic equity portfolio return of 11.62% was under the US Core Large Cap Equity Median return of 12.12%. The international equity portfolio return of 3.02%, was below the International Equity Multi-Cap Core Funds Median return of 3.38%. The fixed income portfolio return of 1.50% beat the US Broad Market Core Fixed Income Median return of 1.12%. The plan ranked in the thirty-sixth percentile compared to all public plans in the Total Fund Median..

 

Mr. Davis arrived at this time.

 

 

6.         INVESTMENT MANAGER REPORT – The Boston Company - Jerry Navarette &

Jessica Rochlin

 

Mr. Navarette reviewed the management at The Boston Company as well as the overall ten year performance. Ms. Rochlin reviewed the sector attributions and the dynamic value of the plan. The quarterly return for the plan was 14.78%.

 

Mr. Benton left during The Boston Company presentation.

 

 

8.         OTHER BUSINESS

 

There was no other business.

 

 

9.         ADJOURNMENT

 

The February 2, 2012 meeting of the General Employee Pension Board was adjourned at 9:40 AM.

 

 

 

                                                                                                                                                           

     Mary Ross Agosta, Chairperson                                              Lisa Keeley, Recording Secretary