Police Retirement Board Minutes April 3, 2012

MIAMI SHORES VILLAGE

POLICE PENSION BOARD MEETING

The Miami Shores Village Police Officers’ Retirement Pension Board and General Employee Pension Board jointly met on Tuesday, April 3, 2012 at the C. Lawton McCall Community Center. The meeting was called to order at 8:15 AM.   The following individuals were present for the meeting:

POLICE PENSION BOARD                                             

                Lt. David McLeod

                Officer Cliff Vickers

                Steve Loffredo

                Al Davis

Absent from the Police Retirement Pension Board meeting was JC Rodriguez.

Also present were Elizabeth Keeley, Plan Administrator, Steve Cypen, special counsel to the Pension Boards, and Steve Palmquist, Actuary.

APPROVAL OF THE MINUTES

Mr. Davis moved to approve the June 12, 2008, November 5, 2010 and the May 5, 2011 minutes as submitted. Lt. McLeod seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2012-003

Mr. Davis moved to approve payment of warrant #2012-003. Officer Vickers seconded the motion and the vote was unanimous in favor of the motion.

INVESTMENT OBJECTIVES AND FUND CHOICES

General Employee Pension Board Member, Mark Hunter, asked to have a discussion regarding the possibility of transferring pension monies to passive index funds versus the current investment options. Mr. Hunter briefly explained passive index funds and how they operate. Attorney Cypen indicated that passive funds are a form of diversification of the plan monies and that there are a number of municipalities and states that invest in passive funds. Mr. Palmquist also provided information regarding the operation of passive index funds. A number of Board Members offered their opinions regarding the feasibility of transferring monies. At the conclusion of the discussions, it was the consensus of the Board to ask the Bogdahn Group to provide the Board with historical data on the performance of passive index funds versus active funds at the meeting scheduled for May, 2012.

DISCUSSION REGARDING THE STATE PREMIUM TAX MONEY / PRESENTATION OF 2010 ANNUAL VALUATION

Mr. Steve Palmquist, the Board’s Actuary, provided a status report on the Police Pension Fund as well as the available Chapter 185 Revenue monies. Mr. Palmquist reviewed the remaining “extra” benefits, per the State Statutes, that have not been implemented by the Village. He further indicated that costs associated with these benefits would be contained in his report in response to the Village’s request to provide data regarding the Police Plan. Mr. Palmquist presented information related to the 2010 Annual Valuation and he clarified various issues raised by Board Members regarding the Chapter 185 monies.

Mr. Davis left the meeting at this point in time.

APPROVAL OF THE 2011 ANNUAL STATE REPORT

Lt. McLeod moved to execute and file the 2011 Annual State Report. Officer Vickers seconded the motion and the vote was unanimous in favor of the motion.

NEXT MEETING: The next meeting of the Police Retirement Pension Board is scheduled for May 3, 2012.

ADJOURNMENT

The Police Retirement Pension Board Meeting was adjourned at 9:45 AM.

                                                                                                                                _________________________

                                                                                                                                Steve Loffredo, Chair

_________________________

Barbara A. Estep, MMC

Village Clerk