General Employee Pension Board Meeting Minutes - March 6, 2014

MIAMI SHORES VILLAGE

GENERAL EMPLOYEE PENSION BOARD MEETING

 

 

The Miami Shores Village General Employee Pension Board and Police Retirement Board jointly met on Thursday, March 6, 2014 at the C. Lawton McCall Community Center. The General Employee Pension Board meeting was called to order at 8:15 AM.   The following individuals were present for the meeting:

GENERAL EMPLOYEE PENSION BOARD                               

             

Herta Holly

              Tom Benton

              Averill Dorsett                               

              Jim McCoy                                                                                

              Angela Dorney                                                                         

             

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

APPROVAL OF MINUTES – October 31, 2013

Mr. Benton moved approval of the October 31, 2013 Board meeting Minutes. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2014-003

Mr. Benton moved to approve payment warrant #2014-003. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.

INVESTMENT CONSULTANT REPORT

Mr. Dave West from The Bogdahn Group provided a current snapshot of investments as of 3/3/14 prior to proceeding to give an overview of the quarterly fund performances, indicating that the Village’s funds finished the quarter with good returns.   Mr. West provided information on a number of the investment areas and reviewed the comparative performances of the funds. Mr. West reported that the Bogdahn Group’s Research Group is recommending a change in the benchmark for Fund Manager, Manning & Napier in order to have the reporting be more appropriate and fair due to the emerging markets and expanding the investment policy statement. A lengthy discussion ensued regarding the purpose of changing the benchmark with Mr. West reiterating Bogdahn Group’s belief of the fairness of changing the benchmark. He confirmed that the peer group would not change and the returns themselves would not change. Following the discussion, Mr. Benton moved to change Manning & Napier’s benchmark from EAFE to ACWI XUS. Mrs. Holly seconded the motion and the vote was unanimous in favor of the motion. Specific investment performances referenced are attached hereto and made a part hereof.  

REAL ESTATE ASSET CLASS DISCUSSION

Mr. West presented information regarding Real Estate Asset Investment, explaining the types of real estate involved in the various funds, the difference between an open end fund and a closed end fund, the definition of a REIT (Real Estate Investment Trust), and other basic information in order to provide an overview of this type of investment.

Due to other commitments, Mrs. Holly and Ms. Dorsett left the meeting prior to the conclusion of Mr. West’s presentation. The remainder of the Board stayed for the remainder of the presentation.

The General Employee Pension Board meeting was adjourned at 9:35 AM.

                                                                                                                   _________________________

                                                                                                                   Herta Holly, Chair

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Barbara A. Estep, MMC

Village Clerk