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Police Pension Board Meeting Minutes - September 24, 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 Wednesday, September 24, 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                               

             

Hunt Davis

              Ivonne Ledesma

              Cliff Vickers                                    

              John Bolton                                                                              

             

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

APPROVAL OF MINUTES – July 11, 2014

Ms. Ledesma moved approval of the July 11, 2014 Board meeting Minutes. Officer Vickers seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2014-004

Ms. Ledesma moved to approve payment warrant #2014-004. Officer 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 8/31/14 as well as the quarterly fund performances. Mr. West spoke of the overall strong markets.   Mr. West further advised that the Heartland Group underperformed and had been in a “watch” status with the Bogdahn Group but that there had recently been a vote of no confidence in the Fund. Mr. West stated his recommendation that at the close of the fiscal year, funds from the Heartland Group be transitioned to the Vanguard S & P 400 Index fund and provided the Board with the rational for the recommendation. Board Members questioned the performances of a number of the other Funds, including Wells Fargo and Manning & Napier. Mr. West explained the investment strategies used by Wells Fargo and Manning & Napier and that the Bogdahn Group is not concerned regarding their performances. The Board asked that Mr. West watch those Fund performances for possible future action. Mr. West will be forwarding a one page Fund summary on a monthly basis to Elizabeth Keeley for distribution to the Board Members.

Subsequent to these discussions, Ms. Ledesma moved to follow the recommendation of the Bogdahn Group and transition funds from the Heartland Group into the Vanguard S & P 400 Index following the close of the fiscal year. Officer Vickers seconded the motion and the vote was unanimous in favor of the motion.   At the suggestion of Mr. West and Mr. Cypen, Mr. Bolton moved to approve the use of a transition manager to effect the approved Fund transition. Ms. Ledesma seconded the motion and the vote was unanimous in favor of the motion.

 

Ms. Keeley announced that the next Board Meeting was tentatively scheduled for Thursday, October 30th.

Ms. Ledesma asked to have a discussion regarding the asset allocation and thereafter moved to add a discussion item to the agenda regarding asset allocation. Mr. Bolton seconded the motion and the vote was unanimous in favor of the motion. Ms. Ledesma spoke of her concern regarding the percentage of funds in the equities account and wanted to be able to have the discussion now so that the Board could plan on making changes in 6 months to a year if feasible.   Ms. Ledesma was advised that an investment policy is in place, approved by the Board, which targets the allocation percentages. Mr. West spoke of the Bogdahn Group’s objective approach with institutional pension funds and the objective to keep target investments in balance. Mr. West spoke of the 60/40 split between Equity accounts and other investment types which are relatively conservative in comparison to the peer group of government pension programs. Mr. West indicated that it is not The Bogdahn Group’s policy nor is it recommended that the Board attempt to time market changes. There was no action taken at the conclusion of the discussion.

The Police Retirement Pension Board meeting was adjourned at 10:00 AM.

                                                                                                                   _________________________

                                                                                                                   Hunt Davis, Chair

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Barbara A. Estep, MMC

Village Clerk