LimeBike Memorandum of Understanding

General Employee Pension Board Meeting Minutes - July 11, 2014

MIAMI SHORES VILLAGE

GENERAL EMPLOYEE PENSION BOARD MEETING

 

 

The Miami Shores Village General Employee Pension Board and the Police Pension Board jointly met on Friday, July 11, 2014 at the C. Lawton McCall Community Center. The Police Pension Board meeting was called to order at 8:25 AM.   The following individuals were present for the meeting:

GENERAL EMPLOYEE PENSION BOARD

                            Present                                                                                       Absent

                            Herta Holly                                                                                Mary Ross Agosta

                            Tom Benton                                                                              Angela Dorney

                            Averill Dorsett                                                                           Mark Hunter

                             Jim McCoy (arrived during the Investment Consultant presentation)                                                            

Also present were Elizabeth Keeley, Plan Administrator, Dave West of the Bogdahn Group, Melissa Algayer, Plan Actuary and Pension Attorney Steve Cypen.

INVESTMENT CONSULTANT REPORT

Mr. Dave West from The Bogdahn Group provided a current overview of the market of 7/10/14 prior to proceeding to give an overview of the quarterly fund performances. The Village’s funds finished the quarter with less than stellar returns.   Mr. West provided information on a number of the investment areas and reviewed the comparative performances of the funds. Some questions arose as to the custodial accounting. Mr. West indicated he would research the specifics and follow-up with the plan administrator. Specific investment performances referenced are attached hereto and made a part hereof.  

Additional discussion regarding the information previously presented on Real Estate Asset Investment ensued. It was the consensus of the Board to table the matter at this time.

APPROVAL OF MINUTES – March 6, 2014

Ms. Dorsett moved approval of the March 6, 2014 Board meeting minutes. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2014-004

Mr. Benton moved to approve payment warrant #2014-004. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF GASB NO. 37 IMPLEMENTATION

Ms. Algayer of Gabriel, Roeder, Smith (GRS) the plan actuary provided an overview of the new GASB 67 accounting and reporting standards for pension plans that would need to be included in the financial statement for the plan year ending September 30, 2014 and requested approval of the fees to provide the required GASB 67 information.

Mr. Benton moved approval of the GASB No. 67 implementation and fees as outlined in the GRS letter dated October 11, 2013. Ms. Dorsett seconded the motion and the vote was unanimous in favor.

APPROVAL OF THE SUMMARY PLAN DESCRIPTION

Ms. Algayer provided a review of the changes that were updated for the Summary Plan Description. Ms. Dorsett moved for approval of the Summary Plan Description. Mr. Benton seconded the motion and the vote was unanimous in favor.

APPROVAL OF SALEM TRUST MIGRATING TO ACH FOR PAYMENTS

Salem Trust, the plan custodian, requested approval to employ ACH for processing payment to the plan service providers. Mr. Cypen confirmed there was no issue with this method and it was cost effective. Mr. Benton moved for approval of the Client ACH Authorization Agreement. Ms. Dorsett seconded the motion which passed unanimously.

APPROVAL OF PAYMENT TO MARY JAMES, for RETIREE, WILLIE JAMES BENEFIT CORRECTION

Mrs. Keeley explained an error was discovered in the original retirement benefit calculation for Willie James because of the wrong date of birth that was provided for the beneficiary, Mary James. While processing the paperwork for the beneficiary upon Mr. James’ death, this error was discovered and subsequently, the actuary, GRS recalculated the benefit amount due for both the retiree, Willie James and his beneficiary, Mary James. In the recalculation, the monthly life annuity payable to Mrs. James is $192.33. Ms. Dorsett moved for approval of the revised benefit calculation as provided by the actuary. Mr. McCoy seconded the motion which passed unanimously.

With no other business being presented and no public comment offered, the meeting was adjourned at 9:42 AM.

                                                                                                                   _________________________

                                                                                                                   Herta Holly, Chair

_________________________

Elizabeth Keeley

Plan Administrator