LimeBike Memorandum of Understanding

General Employee Pension Board Meeting - January 29, 2015

MIAMI SHORES VILLAGE

GENERAL EMPLOYEE PENSION BOARD MEETING

 

 

The Miami Shores Village General Employee Pension Board and Police Retirement Board jointly met on Thursday, January 29, 2015 at the C. Lawton McCall Community Center. The General Employee Pension Board meeting was called to order at 8:25 AM.   The following individuals were present for the meeting:

GENERAL EMPLOYEE PENSION BOARD                               

             

              Herta Holly

Tom Benton

Averill Dorsett – arrived during discussion regarding Payment Warrant #2015-002A

              Angela Dorney                                                                         

              Jim McCoy

Also present were Dave West of the Bogdahn Group, Pension Attorney Steve Cypen and Elizabeth Keeley, Administrative Services Coordinator.

APPROVAL OF MINUTES – October 30, 2014

Mr. Benton moved approval of the October 30, 2014 Board meeting Minutes. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2015-002 and 2015-002A

Ms. Keeley explained that due to the number of retirement calculations and payments pending, she split the payments into two warrants. Ms. Dorney moved to approve payment warrant #2015-002. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.   Mr. Benton moved to approve payment warrant #2015-002A. Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF ACTUARIAL COSTS FOR CHAPTER 2013-100 IMPLEMENTATION PACKAGE.

Ms. Keeley briefly explained the fact that new State requirements stipulate that certain information related to the Village’s pension plans be posted on the Village website. To that end, the actuary firm will need to develop the applicable reports and make the appropriate calculations. Mr. Cypen provided additional information and recommended that in addition to the required Plan reports, the Board approve an extra report which calculates a rate of return 2% above the Plan’s assumed rate of return. Mr. West indicated that the Bogdahn Group has reviewed the proposal and concurs with Mr. Cypen’s recommendation.

Ms. Dorsett moved to approve actuarial costs in the amount of $3,000 (to include the 2% above the Plan’s assumed rate of return report) for Chapter 2013-100 implementation. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

DISCUSSION AND POSSIBLE ACTION REGARDING APPLYING IRC SECTION 415 LIMITS TO DROP PLANS

Mr. Cypen spoke briefly of his memo included in the agenda package and indicated that the determination and clarification regarding the Section 415 limits was positive news.

INVESTMENT CONSULTANT REPORT

Mr. Dave West from The Bogdahn Group provided information regarding the Plan’s performance as of 12/31/14. Mr. West provided an overview of the various Plan investments and their rankings.   Specifically, Mr. West indicated that the Bogdahn Group is continuing to watch Manning & Napier due to their performance rankings and suggested that the Board allow them one more quarter or consider further action at that time. In addition, Mr. West indicated that the watch on Cutwater will be lifted as Cutwater’s operations have not changed due to ownership/management changes instituted earlier last year. Specific investment performances referenced are attached hereto and made a part hereof.  

Board Members again questioned Manning & Napier’s poor performances and expressed their frustrations which were shared by Mr. West. A lengthy discussion ensued regarding Manning & Napier and international investments in general.  At the conclusion of the discussions, the Board agreed that Mr. West would bring recommendations for replacing Manning & Napier as the international asset manager, including both an active manager and an indexing option. In addition, the Board agreed that rebalancing of the international funds should be deferred until the issue with the international funds is resolved.

DISCUSSION AND POSSIBLE ACTION REGARDING THE BOGDAHN GROUP CHANGE OF INTERNAL CONTROL NOTIFICATION

Mr. West summarized the information contained in his memo regarding a change in the firm’s management structure and per the requirements of the FEC, official notification is provided to the Board. Mr. West is requesting consent for a change of internal control.   Ms. Dorsett moved to approve the requested change of internal control of the Bogdahn Group. Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.

OTHER BUSINESS – SALEM TRUST LETTER REGARDING DEPARTURE OF ACCOUNT MANAGER, CINDY FARROW

Ms. Keeley announced that Cindy Farrow from Salem Trust had submitted her resignation with Salem Trust. Ms. Keeley indicated that her departure should not affect any of the Village’s transaction.

PUBLIC COMMENT

None

The General Employee Pension Board meeting was adjourned at 9:40 AM.

                                                                                                                   _________________________

                                                                                                                   Herta Holly, Chair

_________________________

Barbara A. Estep, MMC

Village Clerk