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Police Pension Board Meeting Minutes - January 31, 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, January 31, 2017 at the C. Lawton McCall Community Center. The Police Officers’ Retirement Board meeting was called to order at 8:20 AM.   The following individuals were present for the meeting:

PRESENT:                                                                                       ABSENT:             

              

               Herta Holly                                                                     Natasha McKay

Ivonne Ledesma

John Bolton

Cliff Vickers

              

Also present were Pension Plan Administrators, Doug Falcon and Yolanda Shea, John Thinnes of AndCo Consulting (formerly The Bogdahn Group), and Pension Attorney Paul Daragjati, attending on behalf of Adam Levinson.

APPROVAL OF MINUTES – October 26, 2016

Ms. Ledesma moved approval of the October 26, 2016 Board meeting minutes. Officer Vickers seconded the motion and the vote was unanimous in favor of the motion.

PUBLIC COMMENT:

None addressed to the Board.

APPROVAL OF PAYMENT WARRANT: 2016-023

Mr. Bolton moved to approve Payment Warrant number 2016-023. Ms. Ledesma seconded the motion and the vote was unanimous in favor of the motion.

RATIFY PAYMENT WARRANTS: 2016-018, 2016-019, 2016-020, 2016-021, and 2016-022

Mr. Bolton asked for clarification regarding warrants 2016-020 and 2016-021 relating to FPPTA conference registration fees. Mr. Falcon advised that there were 2 separate charges of $500 as one payment had not previously been made. Ms. Ledesma moved to ratify the payment warrants as provided. Mr. Bolton seconded the motion and the vote was unanimous in favor of the motion.

INVESTMENT CONSULTANT REPORT

Mr. John Thinnes introduced himself and indicated that the Village’s regular representative, Dave West, was attending the FPPTA conference. Mr. Thinnes further spoke of the new firm name, AndCo Consulting, formerly The Bogdahn Group and offered information on the company’s philosophy of putting the customer first and the importance of their relationship with Miami Shores. Mr. Thinnes spoke of the Plan’s quarterly performance and gave a brief overview of the various Plan investments.     Specific investment performances referenced are attached hereto and made a part hereof.   Mr. Thinnes spoke of the Wells Fargo fund performance and that the month of January shows 3% growth, indicating the beginning of a hopeful turnaround in the Fund’s performance. He advised that the Board should continue to monitor the Fund closely. Mayor Burch requested clarification on the change in the Wells Fargo Fund as she believed there was to be a transfer from the Wells Fargo SGRNX fund to the Wells Fargo SGRNIX fund. Mr. Thinnes believes that the new Wells Fargo fund will be SGRHX but will check with Mr. West and report back to Ms. Estep so that the Fund information contained in the minutes can be corrected if necessary.    

ATTORNEY REPORT

Attorney Paul Daragjati introduced himself, filling in for Attorney Adam Levinson who is attending the FPPTA conference. Attorney Daragjati provided an update of legislative issues involving pension programs, including an issue relating to the mortality tables used by the actuary.

ADMINISTRATOR REPORT

Mr. Falcon indicated that he is looking for the Board and/or Village to set a policy regarding providing retirement benefit information to employees who are trying to determine if they are financially able to retire. Mr. Falcon stated that he can provide that information on a limited basis but it is not possible to provide accurate benefit estimates when the various benefit variables are present without getting the actuary involved.   Ms. Estep advised that the current policy is for the Board to pay for only one actuarial benefit calculation for an employee and that when the subject was raised in the past, employees were advised to use their last annual benefit statement to determine their monthly pension payment.   It was suggested that Mr. Falcon check with the actuary to see if they could provide a table for formula to use for estimating a monthly benefit.   Mr. Falcon reported that the annual report for the Police Retirement Fund had been registered with the State as required.

ADJOURNMENT

The Police Officers’ Retirement System Board meeting was adjourned at 9:00 AM.

                                            

                                                                                                         _________________________

                                                                                                         Herta Holly, Chair

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Barbara A. Estep, MMC

Village Clerk