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General Employees Pension Board- July 25, 2017 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, July 25, 2017 at the C. Lawton McCall Community Center. The General Employee Pension Board meeting was called to order at 8:27 AM. The following individuals were present for the meeting:

PRESENT: ABSENT:

Tom Benton Mac Adam Glinn

Averill Dorsett Angela Dorney

Jim McCoy Ronald Kiefer

Robert Williamson

Also present were Pension Plan Administrators, Yolanda Shea and Doug Falcon, Dave West of AndCo Consulting (formerly The Bogdahn Group), Pension Attorney Adam Levinson, Custodian Karen Russo, Salem Trust and Actuary Melissa Moskovitz, Gabriel Roeder Smith (GRS).

APPROVAL OF MINUTES – April 18, 2017

Trustee Dorsett moved approval of the April 18, 2017 Board meeting minutes. Trustee Williamson seconded the motion and the motion passed unanimously.

PUBLIC COMMENT:

None addressed to the General Employee Pension Board.

APPROVAL OF PAYMENT WARRANT: 2017-0007

Trustee Dorsett moved to approve Payment Warrant number 2017-0007. Trustee Williamson seconded the motion and the motion passed unanimously.

RATIFY PAYMENT WARRANT: 2017-0005 and 2017-0006

Trustee Williamson moved to ratify payment warrant 2017-0005 and 2017-0006 as presented. Trustee Dorsett seconded the motion passed unanimously.

ELECTION:

The Board requested this item pertaining election of Chairman be moved to the next meeting when other trustees not present at this meeting including trustee and Mayor Glinn be present.

INVESTMENT – R&D

Mr. West at this time discussed his letter dated July 25, 2017 addressed to Karen Russo from Salem Trust with respect to rebalancing of the R&D account in accordance with the investment policy guidelines to keep a minimum balance of $150,000 and any excess amount thereof to be distributed 60% to Vanguard and 40% to Insight (Cutwater).

Trustee Dorsett moved to accept the letter of rebalancing as per the investment consultant’s recommendation, trustee McCoy seconded the motion, the motion passed unanimously.

The next item Mr. West recommended was to rebalance the domestic equity. Between the Broad Core Value Equity and the Broad Growth Equity they are about 4% or $543,000 over the target allocation. He is recommending putting $543,000 in to the Broad Market Fixed Income bond manager. Mr. West 2

recommended selling $543,000 Wells Fargo Growth Fund and transfer proceeds upon settlement to the Cutwater/Insight Asset Management Fixed Income.

Trustee Dorsett moved to approve the investment consultant’s recommendation to move $543,000 from the Broad Core Value Equity and Broad Growth Equity in to the Broad Market Fixed Income, the motion was seconded by trustee McCoy, one nay, motion passed.

ACTUARY

Ms. Moskovitz discussed her letter dated March 31, 2017 regarding the Village of Miami Shores General Employees’ Pension Plan GASB No. 67 Disclosure Information for Fiscal Year Ending September 30, 2016. The information illustrated the following exhibits:

Statement of Changes in Net Pension Liability and Ratios

Schedule of Net Pension Liability

Notes to Schedule of Net Pension Liability

Schedule of Contributions

Sensitivity Analysis

This concluded the actuaries report.

SALEM TRUST – Karen Russo

Ms. Russo discussed with the Board their commitment and reliability. Monthly their organization based on data used by their independent auditors and government regulators issue a report objectively to deliver better service to the Plan analyzing how the average performance can be improved. Some of the aspects the report cover but not limited to Client Statement Production, Trade Statements, Income Processing, Cash Processing, Corporate Actions and Client Service Totals.

The second item Ms. Russo discussed was the Confirmation of Statement Recipients. This form lists the individuals that are currently receiving statements on behalf of the Board monthly, quarterly or annual. Ms. Russo advised the Board that anyone of the trustees wishing to be added to the list would be a good time to do so at this time.

Trustee Williamson moved to approve signature of the Confirmation of Statement Recipients form. Trustee Dorsett seconded the motion and the motion passed unanimously.

At this time attorney Levinson asked the administrator and investment consultant what their experience is with Salem Trust, Mr. Falcon offered that they are a wonderful custodian to work with. One of the things that Salem does that other custodians do not do is to manage the R&D account minimum balance and mover the monies according to the investment consultant’s letter of direction. Trustee Dorsett asked if this was a service stated in the agreement or verbal. Ms. Russo said it is a verbal agreement and this is a service they do for their clients. Mr. West echoed Mr. Falcon’s sentiments and further said Salem Trust is a preferred provider for custodian services. Attorney Levinson asked Ms. Russo how she felt working with the administrator and investment consultant and Ms. Russo responded stating she had a very good working relationship with both the administrator and investment consultant. 3

ATTORNEY

Mr. Levinson for the purpose of the new trustee discussed some of the aspects of the sunshine law. For example he pointed out to the trustees that there should be no discussions amongst the trustees regarding the subject matters discussed at the meetings other than at the scheduled meetings. If trustees have any questions they are able to discuss with the service providers for example, administrator, investment consultant, etc.,

The next item attorney Levinson discussed was the memorandum dated June 19, 2017 addressed to All Florida Pension Clients regarding 2017 Legislative Update. Below are the topics addressed in that memorandum:

1) Public records pre-suit written notice – SB 80 (Chapter No. 2017-21)

2) Public records exemption for retired firefighters – SB 1108 (chapter No. 2017-96)

3) Omnibus FRS bill – SB 7022 (Chapter No. 2017-88)

4) Disabled public safety property tax exemption – HB 455 (Chapter 2017-105)

5) Body camera bill – HB 305 (Chapter No. 2017-15)

6) Proposed additional $25,000 homestead exemption – HB 7107 (chapter No. 2017-35)

Attorney Levinson distributed a copy of Sec. 18-78 of the ordinance regarding Pension Board - function; membership; organization; meetings

This concluded the attorney’s report.

At 9:19 a.m. there was no longer a quorum.

Approved: At pension meeting 10/24/2017