LimeBike Memorandum of Understanding

Police Retirement Pension Board Meeting - January 26, 2016

MIAMI SHORES VILLAGE

POLICE RETIREMENT SYSTEM BOARD MEETING

 

 

The Police Retirement Board and the General Employee Pension Board jointly met on Tuesday, January 26, 2016 at the C. Lawton McCall Community Center. The Police Retirement Board meeting was called to order at 8:25 AM.   The following individuals were present for the meeting:

GENERAL EMPLOYEE PENSION BOARD                               

             

              Herta Holly                                                                                ABSENT:              Cliff Vickers

Ivonne Ledesma

John Bolton

              Natasha McKay

Also present were Dave West of the Bogdahn Group, Pension Attorney Adam Levinson; Salem Trust representatives Bradley Rinsem and Karen Russo; Melissa Algayer from the actuarial firm of Gabriel, Roeder Smith, and Finance Director, Holly Hugdahl.

Also present were Doug Falcon and Yolanda Shea from FHA-TPA.

APPROVAL OF MINUTES – October 22, 2015

Ms. Ledesma moved approval of the October 22, 2015 Board meeting Minutes. Mr. Bolton seconded the motion and the vote was unanimous in favor of the motion.

ELECTION OF BOARD SECRETARY:

Board Member Natasha McKay volunteered to be the Board Secretary. By a consensus of the Board, Natasha McKay was named Secretary.

INTRODUCTION AND REPORT BY THE PENSION BOARD ATTORNEY: Adam Levinson

Board Attorney Adam Levinson was introduced and provided information to the Board regarding his and his firm’s background, his work and alliance with Steve Cypen and his familiarity with the Village’s plans.

APPROVAL OF PENSION PLAN ADMINISTRATORS

Ms. Hugdahl provided information regarding the process of soliciting, interviewing and recommending selection of a firm to provide Plan Administration services to the Village’s pension boards. Representatives from the recommended firm, FHA-TPA, were present and responded to questions posed by the Board Members and provided a scenario of the typical transaction process.   Details of the term of the contract were highlighted. Mr. Bolton moved to hire FHA-TPA as the Police Officers’ Retirement System Board Plan Administrators.   Ms. Ledesma seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PENSION ADMINISTRATOR AUTHORIZATION LETTER FOR SALEM TRUST

Based on the approval to hire FHA-TPA, formal authorization by the Board to allow Salem Trust to work with FHA-TPA is required for the records. Ms. Ledesma moved to approve execution of the approval letter. Ms. McKay seconded the motion and the vote was unanimous in favor of the motion.

Mr. Bradley Rinsem, President and Chief Executive Officer and Karen Russo, Senior Vice President and Regional Manager of Salem Trust were present and provided information regarding the services provided by Salam Trust.

APPROVAL OF SIGNATORIES FOR SALEM TRUST

Ms. Hugdahl presented signature forms for completion by authorized signers for plan documents and payment warrants.   Ms. Ledesma moved approval of the signature forms as presented. Ms. Holly seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PENSION ADMINISTRATOR AUTHORIZATION LETTER FOR GABRIEL, ROEDER SMITH & COMPANY.

Ms. Melissa Algayer from the Village’s actuarial firm of Gabriel, Roeder Smith & Company was present and offered information to the Board regarding their services.  

Based on the approval to hire FHA-TPA, formal authorization by the Board to allow Gabriel, Roeder Smith & Company to work with FHA-TPA is required for the records. Ms. Ledesma moved to approve execution of the approval letter. Ms. McKay seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2016-002

Ms. Ledesma moved to approve Payment Warrant number 2016-002. Ms. McKay seconded the motion and the vote was unanimous in favor of the motion.   Ms. Ledesma requested clarification on a number of the invoice billings contained on the payment warrant.

APPROVAL OF NATASHA McKAY TO ATTEND FPPTA CONFERENCE

Ms. Ledesma move to approve Ms. McKay’s attendance at the upcoming FPPTA Conference. Mr. Bolton seconded the motion and the vote was unanimous in favor of the motion.

INVESTMENT CONSULTANT REPORT

Ms. Ledesma left the Board Meeting at this time.

Mr. Dave West from The Bogdahn Group provided information regarding the Plan’s performance as of 12/31/15. Mr. West provided an overview of the various Plan investments and their rankings.   Specifically, Mr. West indicated that the termination of Manning & Napier as per the Board’s instructions had been completed in January. Specific investment performances referenced are attached hereto and made a part hereof.  

Ms. Hugdahl advised the Board that the Village’s annual contribution to the Plan would be done in the next number of weeks. Based on this information Mr. West asked for approval to rebalance the funds to be in line with Investment Policy Statement targets.

Mr. Bolton moved to approve the appropriate rebalancing to Investment Policy Statement targets. Ms. McKay seconded the motion and the vote was unanimous in favor of the motion.

Mr. West provided information regarding a recommended change to the Investment Policy Statement, summarizing the changes and proposed target levels; realigning the equity and domestic allocations,

and aligning the Police Retirement Pension funds with the General Employee Pension funds. In addition, the new Policy Statement would reflect the change in the assumption rate at 7 ½%.

Mr. Bolton moved to approve the recommended changes to the Investment Policy Statement. Ms. McKay seconded the motion and the vote was unanimous in favor of the motion.

PUBLIC COMMENT

None

The Police Officers’ Retirement System Board meeting was adjourned at 10:45 AM.

                                                                                                                   _________________________

                                                                                                                   Herta Holly, Chair

_________________________

Barbara A. Estep, MMC

Village Clerk