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Police Retirement Board Minutes May 3, 2012

MIAMI SHORES VILLAGE

POLICE RETIREMENT SYSTEM PENSION BOARD MEETING

 

 

The Miami Shores Village Police Retirement Pension Board and the General Employee Pension Board jointly met on Thursday, May 3, 2012 at the C. Lawton McCall Community Center. The meeting was called to order at 8:35 AM.   The following individuals were present for the meeting:

 

POLICE RETIREMENT PENSION BOARD                                  

                Steve Loffredo 

                Al Davis                                                               

                David McLeod                                                                                  

                                                                                                               

Also present were Elizabeth Keeley, Plan Administrator, Steve Cypen, special counsel to the Pension Boards, Dave West of the Bogdahn Group and Steve Palmquist, Village Actuary.

 

IMPACT STUDY RESULTS FOR STATE PREMIUM TAX MONEY

 

Mr. Steve Palmquist, the Village Actuary, provided information to the Board regarding the Chapter 185 minimum benefits and associated State premiums. Mr. Palmquist reviewed the numbers and the assumptions used to calculate the provided tables. He further reported that the Division of Retirement has ruled that the issue of up to 300 hours of overtime is no longer considered a Chapter 185 benefit.

 

Following Mr. Palmquist’s report, Lt. McLeod moved to mirror the General Employee’s Plan to reduce, over a five year period of time, the rate of return from 8% to 7.5% in .10% increments. Following a brief discussion regarding the pros and cons of waiting to make the decision until a full Board is present, Mr. Davis seconded the motion and the vote was unanimous in favor of the motion.

 

APPROVAL OF THE MINUTES

 

Lt. McLeod moved to approve the February 2, 2012 and the April 3, 2012 minutes as submitted. Mr. Davis seconded the motion and the vote was unanimous in favor of the motion.

 

APPROVAL OF PAYMENT WARRANT: 2012-004

 

Mr. Davis moved to approve payment of warrant #2012-004. Lt. McLeod seconded the motion and the vote was unanimous in favor of the motion.

 

SALEM TRUST COMPANY PRESENTATION ON SALEM SOLUTIONS CIT

 

Ms. Cindy Farrow of Salem Trust was in attendance to make a presentation regarding a new product offering. Attorney Cypen questioned the appropriateness of allowing Salem Trust to make a presentation when other service providers were not offered the same opportunity. Mr. West confirmed that Salem Trust’s program specifics had not been reviewed or thoroughly evaluated. Mr. Cypen suggested that Salem make a presentation to the Bogdahn Group and that if Bogdahn feels it is something to pursue, Bogdahn can recommend to the Board. Mr. Davis moved to follow the advice of the Board attorney and follow proper protocol. Lt. McLeod seconded the motion and the vote was unanimous in favor of the motion. Board Members thanked Ms. Farrow for her attendance but did not hear the presentation.

 

REQUEST BY CUTWATER ASSET MANAGEMENT FOR DATA AGGREGATION SERVICES

 

It was confirmed that this request is routine in nature and allows for information sharing amongst the asset managers.   There is no monetary impact associated with the request. Mr. Davis moved to approve Cutwater’s request. Lt. McLeod seconded the motion and the vote was unanimous in favor of the motion.

 

INVESTMENT CONSULTANT REPORT

 

Mr. Dave West from The Bogdahn Group provided an overview of the last quarter and the European and U.S. events which influenced the market and the rate of returns. Mr. West also provided information regarding the performance of the various funds.   The specific investment performances referenced are attached hereto and made a part hereof.

 

INDEXING VS. ACTIVE MANAGEMENT

 

It was the consensus of the Board to defer this item until Board Member Mark David Hunter is present.

 

PENSION PLAN SUMMARY PUBLICATION

 

Ms. Keeley indicated that a revised Pension Plan Summary booklet needs to be compiled which will involve the Actuary, Steve Palmquist, supplying updated pension plan numbers. Mr. Davis moved to approve the costs associated with completing the booklet, not to exceed $1,500. Lt. McLeod 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 tentatively scheduled for August 23, 2012.

 

ADJOURNMENT:

 

The Police Retirement Pension Board Meeting was adjourned at 9:50 AM.

 

 

 

                                                                                                                                _________________________

                                                                                                                                Steve Loffredo, Chair

 

_________________________

Barbara A. Estep, MMC

Village Clerk