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General Employee Pension Board Meeting Minutes - January 26, 2016

MIAMI SHORES VILLAGE

GENERAL EMPLOYEE PENSION BOARD MEETING

 

 

The Miami Shores Village General Employee Pension Board and Police Retirement Board jointly met on Tuesday, January 26, 2016 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                               

             

              Alice Burch

Tom Benton

Angela Dorney

Jim McCoy

Robert Williamson

Ron Kiefer

Averill Dorsett – arrived during Pension Board Attorney’s introduction.

             

Also present were Dave West of the Bogdahn Group, Pension Attorney Adam Levinson; Salem Trust representatives Bradley Rinsem and Karen Russo; Melissa Algayer from the actuarial firm of Gabriel, Roeder Smith, and Finance Director, Holly Hugdahl.

Also present were Doug Falcon and Yolanda Shea from FHA-TPA.

APPROVAL OF MINUTES – October 22, 2015

Mr. Kiefer moved approval of the October 22, 2015 Board meeting Minutes. Mr. Williamson seconded the motion and the vote was unanimous in favor of the motion.

ELECTION OF BOARD SECRETARY:

Board Member Angela Dorney volunteered to be the Board Secretary. 
By a consensus of the Board, Angela Dorney was named Secretary.

INTRODUCTION AND REPORT BY THE PENSION BOARD ATTORNEY: Adam Levinson

Board Attorney Adam Levinson was introduced and provided information to the Board regarding his and his firm’s background, his work and alliance with Steve Cypen and his familiarity with the Village’s plans.

APPROVAL OF PENSION PLAN ADMINISTRATORS

Ms. Hugdahl provided information regarding the process of soliciting, interviewing and recommending selection of a firm to provide Plan Administration services to the Village’s pension boards. Representatives from the recommended firm, FHA-TPA, were present and responded to questions posed by the Board Members and provided a scenario of the typical transaction process.   Details of the term of the contract were highlighted. Mr. Benton moved to hire FHA-TPA as the General Employee Pension Board Plan Administrators.   Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PENSION ADMINISTRATOR AUTHORIZATION LETTER FOR SALEM TRUST

Based on the approval to hire FHA-TPA, formal authorization by the Board to allow Salem Trust to work with FHA-TPA is required for the records. Mr. Benton moved to approve execution of the approval letter. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.

Mr. Bradley Rinsem, President and Chief Executive Officer and Karen Russo, Senior Vice President and Regional Manager of Salem Trust were present and provided information regarding the services provided by Salam Trust.

APPROVAL OF SIGNATORIES FOR SALEM TRUST

Ms. Hugdahl presented signature forms for completion by authorized signers for plan documents and payment warrants.   Mr. Benton moved approval of the signature forms as presented. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PENSION ADMINISTRATOR AUTHORIZATION LETTER FOR GABRIEL, ROEDER SMITH & COMPANY.

Ms. Melissa Algayer from the Village’s actuarial firm of Gabriel, Roeder Smith & Company was present and offered information to the Board regarding their services.  

Based on the approval to hire FHA-TPA, formal authorization by the Board to allow Gabriel, Roeder Smith & Company to work with FHA-TPA is required for the records. Mr. Benton moved to approve execution of the approval letter. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2016-002

Ms. Dorsett moved to approve Payment Warrant number 2016-002. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

INVESTMENT CONSULTANT REPORT

Mr. Dave West from The Bogdahn Group provided information regarding the Plan’s performance as of 12/31/15. Mr. West provided an overview of the various Plan investments and their rankings.   Specifically, Mr. West indicated that the termination of Manning & Napier as per the Board’s instructions had been completed in January. Specific investment performances referenced are attached hereto and made a part hereof.  

Ms. Hugdahl advised the Board that the Village’s annual contribution to the Plan would be done in the next number of weeks. Based on this information Mr. West asked for approval to rebalance the funds to be in line with Investment Policy Statement targets.

Ms. Dorney moved to approve the appropriate rebalancing to Investment Policy Statement targets. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.

Mr. West provided information regarding a recommended change to the Investment Policy Statement, summarizing the changes and proposed target levels; realigning the equity and domestic allocations. In addition, the new Policy Statement would reflect the change in the assumption rate at 7 ½%.

Ms. Dorsett moved to approve the recommended changes to the Investment Policy Statement. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

PUBLIC COMMENT

Ms. Dorsett spoke of the Village’s DROP policies and parameters for employment.

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

                                                                                                                   _________________________

                                                                                                                   Alice Burch, Chair

_________________________

Barbara A. Estep, MMC

Village Clerk