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General Employee Pension Board Meeting Minutes - October 30, 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, October 30, 2014 at the C. Lawton McCall Community Center. The General Employee Pension Board meeting was called to order at 8:35 AM.   The following individuals were present for the meeting:

GENERAL EMPLOYEE PENSION BOARD                               

             

Mary Ross Agosta

              Tom Benton

              Angela Dorney                                                                         

              Jim McCoy

Also present were Dave West of the Bogdahn Group and Pension Attorney Steve Cypen.

SELECTION OF A TEMPORARY CHAIR

Mr. Benton moved to select Mary Ross Agosta as Chair. Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF MINUTES – September 24, 2014

Mr. Benton moved approval of the September 24, 2014 Board meeting Minutes. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2015-001

Mr. Benton moved to approve payment warrant #2015-001. Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.

DISCUSSION AND POSSIBLE ACTION REGARDING CUTWATER ASSET MANAGEMENT TRANSITION.

Mr. West provided information regarding the change in ownership for the Fund, indicating however that there is no change in the management team or personnel. He recommended that the Board consent to the transition as requested by Cutwater.

Ms. Dorney moved to authorize execution of the consent letter. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF SIGNATURE AUTHORIZATION FOR SALEM TRUST

Ms. Estep indicated that the Salem Trust paperwork is a routine update being requested by Salem Trust. She indicated that the authorized signors are the Board Chair, Tom Benton as the Village Manager, Elizabeth Keeley as the Plan Administrator and herself, Barbara Estep, as the Village Clerk. Mr. Benton moved to approve obtaining updated signatures on the applicable form supplied by Salem Trust. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion.

PRESENTATION OF THE 2013 ACTUARIAL VALUATION – Melissa Algayer, Gabriel Roeder Smith

Ms. Algayer reviewed the 2013 Actuarial Valuation report, providing highlights of the plan. Discussion regarding the Village making an annual payment rather than quarterly payments arose which Ms. Algayer stated would change the report figures slightly. The consensus of the Board was to not have GRS amend the report as there was such a slight difference in the report figures. Following Ms. Algayer’s presentation, Ms. Dorney moved to accept the 2013 Valuation Report. 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 the year end, 9/30/14. Mr. West provided an overview of the various Plan investments and their rankings.   Board Members once again questioned the performances due to their poor performance during an “up” market trend. Specific investment performances referenced are attached hereto and made a part hereof.  

In the interest of time and in lieu of a formal presentation, Mr. West provided information with respect to asset allocation in preparation for further discussion and a recommendation to the Board at the next meeting for alternative investments.  

The General Employee Pension Board meeting was adjourned at 10:20 AM.

                                                                                                                   _________________________

                                                                                                                   Mary Ross Agosta, Acting Chair

_________________________

Barbara A. Estep, MMC

Village Clerk