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Police Retirement Pension Board Meeting Minutes - September 24, 2013

MIAMI SHORES VILLAGE

POLICE RETIREMENT PENSION BOARD MEETING

 

 

The Miami Shores Village Police Retirement Pension Board and General Employee Pension Board jointly met on Tuesday, September 24, 2013 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

              David McLeod

              Ivonne Ledesma                                                                                    

             

Also present were Elizabeth Keeley, Plan Administrator and Dave West of the Bogdahn Group. Pension Attorney Alison Bieler and Actuary Melissa Algayer from the firm of Gabriel Roeder Smith also joined the meeting.

ELECTION OF BOARD CHAIR

Lt. McLeod moved to appoint Hunt Davis as the Board Chair. Officer Vickers seconded the motion and the vote was unanimous in favor of the motion.

ELECTION OF BOARD SECRETARY

Lt. McLeod moved to appoint Officer Vickers as the Board Secretary. Mr. Davis seconded the motion and the vote was unanimous in favor of the motion.

APPROVAL OF PAYMENT WARRANT: 2013-004

Lt. McLeod moved to approve payment of warrant #2013-004. Ms. Ledesma seconded the motion and the vote was unanimous in favor of the motion.

INVESTMENT CONSULTANT REPORT

Although Mr. West’s presentation was provided in two parts due to other agenda considerations needing attention, all information is relayed in this section of the minutes. Mr. Dave West from The Bogdahn Group provided an overview of the last quarter and year to date, as well as current performances. Mr. West spoke of the 5% to 6% increase in asset values and the recommendation to rebalance the funds per the investment policy targets. A discussion regarding whether or not there has been prior approval to automatically rebalance the funds ensued. Following the discussion, the Board chose to authorize the transfers, with Ms. Ledesma moving to rebalance the funds per the investment policy targets. Lt. McLeod seconded the motion and the vote was unanimous in favor of the motion. Mr. West provided information on a number of the investment areas and reviewed the comparative performances of the funds. The specific investment performances referenced are attached hereto and made a part hereof.  

DISCUSSION REGARDING THE SALEM TRUST REPORTING TRANSITION

Mr. West and Ms. Bieler spoke of the Salem Trust reporting matter which will result in an amended quarterly report and recalculation and reissuance of statements. Ms. Bieler detailed the process to rectify any problems which occurred due to the reporting system issues. Ms. Bieler stressed that the Plan’s assets are safe and if any losses were realized, Salem Trust has committed to make up the loss. The CEO of Salem Trust will be invited to attend the next Board Meeting to address the Board.

DISCUSSION REGARDING ADOPTING A POLICY RELATING TO PUBLIC COMMENT AT THE BOARD MEETINGS

Ms. Bieler reviewed the proposed policy recommended by her firm with respect to complying with recently adopted State Legislature pertaining to public comment. Following a review of the policy and its rules, Ms. Ledesma moved to adopt the policy as presented and recommended by Ms. Bieler. Officer Vickers seconded the motion and the vote was unanimous in favor of the motion.

Ms. Bieler announced the “Nuts and Bolts of Shareholder Litigation” workshop taking place in Orlando.

Prior to the conclusion of the meeting, a brief discussion regarding appropriating monies for Board members to attend the “Nuts and Bolts” workshop in Orlando ensued. Ms. Ledesma moved to allocate up to $1,000 for Lt. McLeod and Officer Vickers to attend the 10/23 – 10/24 workshop. Mr. Davis seconded the motion and the vote was unanimous in favor of the motion.

ADJOURNMENT:

The Police Retirement Pension Board Meeting was adjourned at 9:55 AM.

                                                                                                                   _________________________

                                                                                                                   Hunt Davis, Chair

_________________________

Barbara A. Estep, MMC

Village Clerk