Police Pension Board Meeting Minutes - October 30, 2014

MIAMI SHORES VILLAGE

POLICE RETIREMENT PENSION BOARD MEETING

 

 

The Miami Shores Village Police Retirement Pension Board and the General Employee Pension Board jointly met on Thursday, October 30, 2014 at the C. Lawton McCall Community Center. The Police Retirement Pension Board meeting was called to order at 8:25 AM.   The following individuals were present for the meeting:

POLICE RETIREMENT PENSION BOARD                               

             

              Ivonne Ledesma

              Hunt Davis (arrived at 8:35 AM)

              John Bolton

              Cliff Vickers

Also present were Dave West of the Bogdahn Group and Pension Attorney Steve Cypen.

SELECTION OF A BOARD SECRETARY

Mr. Bolton moved to select Ivonne Ledesma as the Board Secretary. Mr. Vickers seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF MINUTES – September 24, 2014

Mr. Bolton moved approval of the September 24, 2014 Board meeting Minutes. Mr. Vickers seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2015-001

Mr. Bolton moved to approve payment warrant #2015-001. Mr. Vickers seconded the motion and the vote was unanimous in favor of the motion.

DISCUSSION AND POSSIBLE ACTION REGARDING CUTWATER ASSET MANAGEMENT TRANSITION.

Mr. West provided information regarding the change in ownership for the Fund, indicating however that there is no change in the management team or personnel. He recommended that the Board consent to the transition as requested by Cutwater.

Ms. Ledesma moved to authorize execution of the consent letter. Mr. Vickers seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF SIGNATURE AUTHORIZATION FOR SALEM TRUST

Ms. Estep indicated that the Salem Trust paperwork is a routine update being requested by Salem Trust. She indicated that the authorized signors are the Board Chair, Tom Benton as the Village Manager, Elizabeth Keeley as the Plan Administrator and herself, Barbara Estep, as the Village Clerk. Ms. Ledesma moved to approve obtaining updated signatures on the applicable form supplied by Salem Trust. Mr. Vickers seconded the motion and the vote was unanimous in favor of the motion.

PRESENTATION OF THE 2013 ACTUARIAL VALUATION – Melissa Algayer, Gabriel Roeder Smith

Ms. Algayer reviewed the 2013 Actuarial Valuation report, providing highlights of the plan. Discussion regarding the Village making an annual payment rather than quarterly payments arose which Ms. Algayer stated would change the report figures slightly. The consensus of the Board was to not have GRS amend the report as there was such a slight difference in the report figures. Following Ms. Algayer’s presentation, Ms. Ledesma moved to accept the 2013 Valuation Report. Mr. Vickers seconded the motion and the vote was unanimous in favor of the motion.

 

INVESTMENT CONSULTANT REPORT

Mr. Dave West from The Bogdahn Group provided information regarding the Plan’s performance as of the year end, 9/30/14. Mr. West provided an overview of the various Plan investments and their rankings.   Board Members once again questioned the performances due to their poor performance during an “up” market trend. Specific investment performances referenced are attached hereto and made a part hereof.  

In the interest of time and in lieu of a formal presentation, Mr. West provided information with respect to asset allocation in preparation for further discussion and a recommendation to the Board at the next meeting for alternative investments.  

The Police Retirement Pension Board meeting was adjourned at 10:20 AM.

                                                                                                                   _________________________

                                                                                                                   Hunt Davis, Chair

_________________________

Barbara A. Estep, MMC

Village Clerk