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General Employee Pension Board Meeting Minutes - September 24, 2014

MIAMI SHORES VILLAGE

GENERAL EMPLOYEE PENSION BOARD MEETING

 

 

The Miami Shores Village General Employee Pension Board and Police Retirement Board jointly met on Wednesday, September 24, 2014 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

              Mary Ross Agosta                                       

              Angela Dorney                                                                         

              Jim McCoy (arrived during the Investment Consultant Report)

              Mark Hunter (arrived during the Investment Consultant Report)

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

APPROVAL OF MINUTES – July 11, 2014

Mr. Benton moved approval of the July 11, 2014 Board meeting Minutes. Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2014-005

Ms. Ross Agosta moved to approve payment warrant #2014-005. 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 8/31/14 as well as the quarterly fund performances. Mr. West spoke of the overall strong markets.   Mr. West further advised that the Heartland Group underperformed and had been in a “watch” status with the Bogdahn Group but that there had recently been a vote of no confidence in the Fund. Mr. West stated his recommendation that at the close of the fiscal year, funds from the Heartland Group be transitioned to the Vanguard S & P 400 Index fund and provided the Board with the rational for the recommendation. Board Members questioned the performances of a number of the other Funds, including Wells Fargo and Manning & Napier. Mr. West explained the investment strategies used by Wells Fargo and Manning & Napier and that the Bogdahn Group is not concerned regarding their performances. The Board asked that Mr. West watch those Fund performances for possible future action. The Board requested that Mr. West forward a one page Fund summary on a monthly basis to Elizabeth Keeley for distribution to the Board Members.

Subsequent to these discussions, Ms. Ross-Agosta moved to follow the recommendation of the Bogdahn Group and transition funds from the Heartland Group into the Vanguard S & P 400 Index following the close of the fiscal year. Mr. Hunter seconded the motion and the vote was unanimous in favor of the motion.   At the suggestion of Mr. West and Mr. Cypen, Mr. Hunter moved to approve the use of a transition manager to effect the approved Fund transition. Ms. Ross-Agosta seconded the motion and the vote was unanimous in favor of the motion.

 

Ms. Keeley announced that the next Board Meeting was tentatively scheduled for Thursday, October 30th.

The General Employee Pension Board meeting was adjourned at 9:30 AM.

                                                                                                                   _________________________

                                                                                                                   Herta Holly, Chair

_________________________

Barbara A. Estep, MMC

Village Clerk