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Police Pension Board Meeting Minutes - July 11, 2014

MIAMI SHORES VILLAGE

POLICE PENSION BOARD MEETING

 

 

The Miami Shores Village Police Pension Board and the General Employee Pension Board jointly met on Friday, July 11, 2014 at the C. Lawton McCall Community Center. The Police Pension Board meeting was called to order at 8:25 AM.   The following individuals were present for the meeting:

POLICE PENSION BOARD

              Present                                                                                                     Absent

              Hunt Davis                                                                                               Ivonne Ledsma

              John Bolton                                                                                             Clifford Vickers

              Dave McLeod                                                             

             

Also present were Elizabeth Keeley, Plan Administrator, Dave West of the Bogdahn Group, Melissa Algayer, Plan Actuary and Pension Attorney Steve Cypen.

INVESTMENT CONSULTANT REPORT

Mr. Dave West from The Bogdahn Group provided a current overview of the market of 7/10/14 prior to proceeding to give an overview of the quarterly fund performances. The Village’s funds finished the quarter with less than stellar returns.   Mr. West provided information on a number of the investment areas and reviewed the comparative performances of the funds. Some questions arose as to the custodial accounting. Mr. West indicated he would research the specifics and follow-up with the plan administrator. Specific investment performances referenced are attached hereto and made a part hereof.  

Additional discussion regarding the information previously presented on Real Estate Asset Investment ensued. It was the consensus of the Board to table the matter at this time.

APPROVAL OF MINUTES – March 6, 2014

Lt. McLeod moved approval of the March 6, 2014 Board meeting minutes. Mr. Davis seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2014-003

Lt. McLeod moved to approve payment warrant #2014-003. Mr. Bolton seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF GASB NO. 37 IMPLEMENTATION

Ms. Algayer of Gabriel, Roeder, Smith (GRS) the plan actuary provided an overview of the new GASB 67 accounting and reporting standards for pension plans that would need to be included in the financial statement for the plan year ending September 30, 2014 and requested approval of the fees to provide the required GASB 67 information.

Mr. Bolton moved approval of the GASB No. 67 implementation and fees as outlined in the GRS letter dated October 11, 2013. Lt. McLeod seconded the motion and the vote was unanimous in favor.

APPROVAL OF THE SUMMARY PLAN DESCRIPTION

Ms. Algayer provided a review of the changes that were updated for the Summary Plan Description. Lt. McLeod moved for approval of the Summary Plan Description. Mr. Bolton seconded the motion and the vote was unanimous in favor.

APPROVAL OF SALEM TRUST MIGRATING TO ACH FOR PAYMENTS

Salem Trust, the plan custodian, requested approval to employ ACH for processing payment to the plan service providers. Mr. Cypen confirmed there was no issue with this method and it was cost effective. Mr. Bolton moved for approval of the Client ACH Authorization Agreement. Lt. McLeod seconded the motion which passed unanimously.

APPROVAL OF THE 2013 ANNUAL REPORT – DIVISION OF RETIREMENT

Mrs. Keeley reviewed the 2013 State Annual Report with the Board. One correction was noted to the age of Ofc. Vickers. Mr. Bolton moved for approval of the State Report for submission with the correction. Lt. McLeod seconded the motion which passed unanimously.

With no other business being presented and no public comment offered, the meeting was adjourned at 9:50 AM.

                                                                                                                   _________________________

                                                                                                                   Hunt Davis, Chair

_________________________

Elizabeth Keeley

Plan Administrator