LimeBike Memorandum of Understanding

July 25, 2017

 

MIAMI SHORES VILLAGE

POLICE OFFICERS’ RETIREMENT SYSTEM BOARD MEETING

The Miami Shores Village Police Retirement Board and General Employee Pension Board jointly met on Tuesday, July 25, 2017 at the C. Lawton McCall Community Center. The Police Officers’ Retirement Board meeting was called to order at 8:27 AM. The following individuals were present for the meeting:

PRESENT: ABSENT:

Alice Burch Jonathan Meltz

John Bolton

Christopher McDonald

Natasha McKay

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).

ELECTION:

Trustee Bolton nominated trustee Burch to be the new Chairman for the Police Board, trustee Burch accepted the nomination; trustee McKay seconded the motion and the vote was unanimous in favor of the motion. An election for Secretary was not required at this time as trustee McKay is the secretary for the Board at the present time.

APPROVAL OF MINUTES – April 18, 2017

The Chairman pointed out to the administrator that the minutes reflected a motion made by trustee Benton from the General Employee Board when in fact the motion was made by trustee Bolton, Ms. Shea advised the Board that they would make that correction accordingly.

Trustee Bolton moved approval of the April 18, 2017 Board meeting minutes with the stated correction. Trustee McKay seconded the motion and the motion passed unanimously.

PUBLIC COMMENT:

None

APPROVAL OF PAYMENT WARRANT: 2017-0008

Trustee Bolton moved to approve Payment of Warrant number 2017-0008. Trustee McKay seconded the motion and the motion passed unanimously.

RATIFY PAYMENT WARRANT: 2017-0006 and 2017-0007

Trustee Bolton moved to ratify payment of Warrant 2017-0006 and 2017-0007 as presented. Trustee McDonald seconded the motion and the motion passed unanimously.

INVESTMENT – R&D

Mr. West 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 Bolton moved to accept the letter of rebalancing as per the investment consultant’s recommendation, trustee McDonald seconded the motion and the motion passed unanimously. 2

Mr. West advised the Board that there were no additional investment recommendations for the police pension plan.

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 Bolton moved to approve signature of the Confirmation of Statement Recipients form. Trustee McDonald 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.

ATTORNEY

Mr. Levinson for the purpose of the new trustee discussed the sunshine law some of the aspects of the sunshine law is that trustees cannot discuss meeting agenda items outside the pension meeting. If the trustees have any questions they can contact the service providers such as the 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:

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.

The Chairman at this time asked the service providers what their experience is with other pension plans having the City Clerk attend pension meetings. Investment, Administrator and Legal consultant all agreed that typically the City Clerk does not attend board pension meetings. 3

This concluded the attorney’s report.

ACTUARY

Ms. Moskovitz discussed the Miami Shores Village Police Officers’ Retirement System Actuarial Valuation Report as of October 1, 2016 Annual Employer Contribution is Determined by this Valuation for the Fiscal Year Ending September 30, 2018.

After discussing the results, Ms. Moskovitz pointed out that if the Board wishes for her to do a comparison of the existing 7 ½% assumption rate to 7% assumption rate she can prepare it for the Board and present it at a future meeting.

The Board asked how their funding rate compares to other pension plans. Ms. Moskovitz pointed out that they are at 76.4% funded and most of their plans are averaging anywhere from 70 to 80% funding. Attorney Levinson pointed out that the FRS is in the low 80’s funding ratio and he has plans that are in the 60’s and 70’s funding ratio.

Trustee Bolton moved to approve the Miami Shores Village Police Officers’ Retirement System Actuarial Valuation Report as of October 1, 2016, Annual Employer Contribution is Determined by this Valuation for the Fiscal Year Ending September 30, 2018 Trustee McDonald seconded the motion and the motion passed unanimously.

Ms. Moskovitz advised the Board that she will submit the report to the State accordingly.

ADMINISTRATOR

Mr. Falcon discussed the Miami Village Expense Budget FYE 2017 police report and advised the Board that the estimated budget for last year came below as expected. The Board asked Mr. Falcon to make some adjustments to the allocated amount on the investment monitor by increasing the allotted amount by $2,000. In addition the board asked Mr. Falcon to reduce by $2,000 the custodian and legal fees by $1,000 each. Mr. Falcon advised the Board that he would make those adjustments and submit the report to the Village Finance Director accordingly.

Trustee McDonald moved to approve the Miami Shores Village Police Officers Retirement Plan Expense Budget FYE 2017 Trustee Bolton seconded the motion and the motion passed unanimously.

Mr. Falcon advised the Board that due to a conflict with one of the service providers, we would propose to have the next meeting October 24th rather than October 31, 2017 the Board asked Mr. Falcon to confirm with all the trustees the new date accordingly.

Next meeting October 24th

Meeting adjourned at 10:37 a.m.

Approved: At Pension Meeting 10/24/2017