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General Employees Pension Board- April 18, 2018 Minutes

MIAMI SHORES VILLAGE

GENERAL EMPLOYEE PENSION BOARD MEETING

The Miami Shores Village General Employee Pension Board and Police Retirement Board jointly met on Tuesday, April 18, 2017 at the C. Lawton McCall Community Center.  The General Employee Pension Board meeting was called to order at 8:20 AM.   The following individuals were present for the meeting:

PRESENT:                                                                                       ABSENT:

Alice Burch                                                                     Averill Dorsett

Tom Benton

Angela Dorney

Robert Williamson

Ron Kiefer

Jim McCoy

Also present were Pension Plan Administrators, Yolanda Shea and Doug Falcon, Dave West of AndCo Consulting (formerly The Bogdahn Group), and Pension Attorney Adam Levinson.

APPROVAL OF MINUTES – January 31, 2017

Mr. Williamson moved approval of the January 31, 2017 Board meeting minutes.  Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

PUBLIC COMMENT:

None addressed to the General Employee Pension Board.

APPROVAL OF PAYMENT WARRANT:  2016-0022

Mr. Williamson moved to approve Payment Warrant number 2016-0022.  Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

RATIFY PAYMENT WARRANT:  2016-0021

Mr. Williamson moved to ratify payment warrant 2016-0021 as presented.  Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.

THE BOSTON COMPANY – Meghan Timbas

Ms. Timbas, representing the Boston Company, was present and spoke briefly regarding the firm's investment strategy and performance throughout their relationship with the Village's Plan.  She spoke of the Company's decision to lower their rates and associated fee schedules.  Ms. Timbas confirmed that the lower fee structure will be effective April 1, 2017 and represents a 5 basis point reduction for the Plan funds.  In response to questions posed regarding a comparison of fees amongst Plan Managers, Mr. West confirmed that the fee structure is very competitive and in-line with other, similar Plan Manager fees.

A discussion regarding the Plan's investment strategy took place, specifically active versus passive investments and the use of index investing.  Mr. West advised the Board that his firm continues to monitor the Fund's balances and that the Investment Policy calls for automatic rebalancing if necessary.  Mr. West stated that it is his recommendation to continue to follow the Policy's guidelines as approved by the Board.

Subsequent to these discussions, Mr. Williamson moved to approve the amendment to the Investment Advisory Agreement.  Mr. Keifer seconded the motion and the vote was unanimous in favor of the motion.

INVESTMENT CONSULTANT REPORT

Mr. Dave West of AndCo Consulting, formerly The Bogdahn Group, briefly reviewed the Plan's quarterly performance, indicating that it was an excellent quarter with a 4.9% increase and ahead of benchmarks.        Specific investment performances referenced are attached hereto and made a part hereof.   Mr. West spoke of the positive fund performance by Wells Fargo, hopefully signaling an upward trend in the Fund's performance.  Mr. West clarified that the planned share class conversion was accomplished however the original Fund to which monies were to be transferred was closed and therefore, funds were transferred to the Wells Fargo SGRHXH fund, resulting in a 5 basis point reduction in fees.

ATTORNEY REPORT

Attorney Adam Levinson distributed an article from NASRA (National Association of State Retirement Administrators) regarding a comparison of State run retirement plans.  In addition, Mr. Levinson provided an update of a legislative issue relating to the mortality tables used by the actuary.

ADMINISTRATOR REPORT

Mr. Falcon advised the Board that there has been a request by the Salem Trust Insight Investment Bond Manager to utilize a new computer software program which represents a technology update.  The new software system provider is Electra Information Systems and will be used to provide data collection services only.  There is no trading authority associated with the upgrade.  Mr. West confirmed the information and recommended that the Board authorize the request as presented.  Mr. Benton moved to authorize Salem Trust to work with Electra Information Systems.  Ms. Dorney seconded the motion and the vote was unanimous in favor of the motion.

ADJOURNMENT

The General Employee Pension Board meeting was adjourned at 9:42 AM.