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Police Retirement Pension Board Meeting Minutes - October, 31, 2013

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 31, 2013 at the C. Lawton McCall Community Center. The Police Retirement Pension Board meeting began at 8:30 PM once a quorum was present. The following individuals were present for the meeting:

POLICE RETIREMENT PENSION BOARD                               

             

Hunt Davis

Ivonne Ledesma

              Lt. David McLeod (arrived during Dave West’s report)                                

                                                                                     

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

INVESTMENT CONSULTANT REPORT

Mr. Dave West from The Bogdahn Group provided an overview of the year end fund performances, indicating that the Village’s funds finished the year with very 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 Salem Trust report is still preliminary with an amended report due for year end. The specific investment performances referenced are attached hereto and made a part hereof.  

Ms. Ledesma initiated a discussion regarding the possibility of investing monies in a Real Estate Investment Fund. Opinions were provided by both Mr. West of the Bogdahn Group as well as the Pension Attorney, Steve Cypen. A number of Board Members offered their comments as well. It was the consensus of the Board to have an educational session on Real Estate Investment Funds during the next Board Meeting.

APPROVAL OF MINUTES – SEPTEMBER 24, 2013

Ms. Ledesma moved approval of the September 24, 2013 Board meeting Minutes. Lt. McLeod seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2014-001

Ms. Ledesma moved to approve payment warrant #2014-001. Lt. McLeod seconded the motion and the vote was unanimous in favor of the motion.

IRS QUALIFIED PLAN DETERMINATION

Mr. Cypen provided information regarding the Pension Plan’s IRS filing status. Mr. Cypen’s comments were informational only and no action was required or taken.

DISCUSSION AND POSSIBLE ACTIO REGARDING THE FUNDING METHOD FOR THE POLICE PLAN VALUATION

Ms. Keeley provided information regarding the Actuarial Valuation report and the need for the Board to select a Funding Method in order to proceed with a final report. Ms. Keeley called attention to the options provided by the Actuary and advised the Board of the action taken by the General Employee Pension Board at the previous Pension Board Meeting. Following a brief discussion, Ms. Ledesma moved to use the Entry Age Normal Funding Method and accept the draft report pending revisions. Lt. McLeod seconded the motion and the vote was unanimous in favor of the motion.

With no other business being presented and no public comment offered, the meeting was adjourned at 9:25 AM.

                                                                                                                   _________________________

                                                                                                                   Hunt Davis, Chair

_________________________

Barbara A. Estep, MMC

Village Clerk