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General Employee Pension Board Minutes May 3, 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, May 3, 2012 at the C. Lawton McCall Community Center. The meeting was called to order at 8:58 AM.   The following individuals were present for the meeting:

 

GENERAL EMPLOYEE PENSION BOARD                                  

                Tom Benton      

                Hunt Davis                                                                         

                Jim McCoy                                                                                         

                Angela Dorney                                                                                 

                Mary Ross Agosta

 

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

 

APPROVAL OF THE MINUTES

 

Mr. Benton moved to approve the February 2, 2012 and the April 3, 2012 minutes as submitted. Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.

 

APPROVAL OF PAYMENT WARRANT: 2012-004

 

Mr. Benton moved to approve payment of warrant #2012-004. Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.

 

SALEM TRUST COMPANY PRESENTATION ON SALEM SOLUTIONS CIT

 

Ms. Cindy Farrow of Salem Trust was in attendance to make a presentation regarding a new product offering. Attorney Cypen questioned the appropriateness of allowing Salem Trust to make a presentation when other service providers were not offered the same opportunity. Mr. West confirmed that Salem Trust’s program specifics had not been reviewed or thoroughly evaluated. Mr. Cypen suggested that Salem make a presentation to the Bogdahn Group and that if Bogdahn feels it is something to pursue, Bogdahn can recommend to the Board. Mr. Benton moved to follow the advice of the Board attorney and follow proper protocol. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion. Board Members thanked Ms. Farrow for her attendance but did not hear the presentation.

 

REQUEST BY CUTWATER ASSET MANAGEMENT FOR DATA AGGREGATION SERVICES

 

It was confirmed that this request is routine in nature and allows for information sharing amongst the asset managers.   There is no monetary impact associated with the request. Ms. Dorney moved to approve Cutwater’s request. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

 

APPROVAL OF INVESTMENT POLICY STATEMENT AMENDMENT

 

In order to properly reflect in the Plan’s Investment Policy Statement the actions of the Board to gradually reduce, over a five year period, the investment return rate from 8% to 7.5%, an amendment to the Investment Policy Statement was proposed. Mr. Benton moved approval of the amended Statement. Mr. Davis 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 European and U.S. events which influenced the market and the rate of returns. Mr. West also provided information regarding the performance of the various funds.   The specific investment performances referenced are attached hereto and made a part hereof.

 

INDEXING VS. ACTIVE MANAGEMENT

 

It was the consensus of the Board to defer this item until Board Member Mark David Hunter is present.

 

PENSION PLAN SUMMARY PUBLICATION

 

Ms. Keeley indicated that a revised Pension Plan Summary booklet needs to be compiled which will involve the Actuary, Steve Palmquist, supplying updated pension plan numbers. Mr. Benton moved to approve the costs associated with completing the booklet, not to exceed $1,500. Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.  

 

NEXT MEETING:

 

The next meeting of the General Employee Pension Board is tentatively scheduled for August 23, 2012.

 

ADJOURNMENT:

 

The General Employee Pension Board Meeting was adjourned at 9:50 AM.

 

 

 

                                                                                                                                _________________________

                                                                                                                                Mary Ross Agosta, Chair

 

_________________________

Barbara A. Estep, MMC

Village Clerk