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Police Retirement Pension Board Meeting Minutes - March 6, 2014

MIAMI SHORES VILLAGE

POLICE PENSION BOARD MEETING

 

 

The Miami Shores Village Police Pension Board and the General Employee Pension Board jointly met on Thursday, March 6, 2014 at the C. Lawton McCall Community Center. The Police Pension Board meeting was called to order at 8:15 AM.   The following individuals were present for the meeting:

POLICE PENSION BOARD                                         

             

              Hunt Davis

              Yvonne Ledesma

              Cliff Vickers

              Dave McLeod (arrived during Mr. West’s presentation)                                                                        

             

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

APPROVAL OF MINUTES – October 31, 2013

Ms. Ledesma moved approval of the October 31, 2013 Board meeting Minutes. Mr. Vickers seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2014-002

Ms. Ledesma moved to approve payment warrant #2014-002. 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 a current snapshot of investments as of 3/3/14 prior to proceeding to give an overview of the quarterly fund performances, indicating that the Village’s funds finished the quarter with good returns.   Mr. West provided information on a number of the investment areas and reviewed the comparative performances of the funds. Mr. West reported that the Bogdahn Group’s Research Group is recommending a change in the benchmark for Fund Manager, Manning & Napier in order to have the reporting be more appropriate and fair due to the emerging markets and expanding the investment policy statement. A lengthy discussion ensued regarding the purpose of changing the benchmark with Mr. West reiterating Bogdahn Group’s belief of the fairness of changing the benchmark. He confirmed that the peer group would not change and the returns themselves would not change. Following the discussion, Ms. Ledesma moved to change Manning & Napier’s benchmark from EAFE to ACWI XUS. Mr. Vickers seconded the motion and the vote was unanimous in favor of the motion. Specific investment performances referenced are attached hereto and made a part hereof.  

REAL ESTATE ASSET CLASS DISCUSSION

Mr. West presented information regarding Real Estate Asset Investment, explaining the types of real estate involved in the various funds, the difference between an open end fund and a closed end fund, the definition of a REIT (Real Estate Investment Trust), and other basic information in order to provide an overview of this type of investment.

Mr. West responded to questions posed by Board Members and following the presentation, it was the consensus of the Board to have an item on the next agenda to discuss further.

APPOINTMENT OF A FIFTH BOARD MEMBER

The Board considered applications from three resident volunteers, John Bolton, Michael Compo, and Neil Kodsi. Mr. Cypen reminded the Board that following their selection, the Village Council will need to confirm the appointment. The consensus of the Board was to select John Bolton as the fifth member of the Board. Ms. Estep indicated that confirmation will be scheduled on the March 18, 2014 Council Meeting agenda.

With no other business being presented and no public comment offered, the meeting was adjourned at 10:03 AM.

                                                                                                                   _________________________

                                                                                                                   Hunt Davis, Chair

_________________________

Barbara A. Estep, MMC

Village Clerk