Police Retirement Board Minutes Feb 2, 2012


                                                     POLICE PENSION BOARD


                                                                February 2, 2012



The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, February 2, 2012 at the Community Center and was called to order at 8:40 A.M.



  1. 2.ROLL CALL


In order for the record to reflect those present, the roll was called with the following members present:



Steve Loffredo                        JC Rodriguez  

Lt. David McLeod          Ofc. Cliff Vickers



Al Davis


Also Present:    Lisa Keeley, Plan Administrator / Recording Secretary



3.         APPROVAL OF MINUTES – November 24, 2008 / December 8, 2011


Mr. Rodriguez moved for approval of the minutes for November 24, 2008 and December 8, 2011 as submitted. Lt. McLeod seconded the motion which was passed unanimously.



4.         APPROVAL OF PAYMENT WARRANT – Police Warrant No. 2012 – 002


Lt. McLeod moved for approval of payment warrant Police Warrant No. 2012 – 002 as submitted. Mr. Rodriguez seconded the motion which was passed unanimously.





As approved at the last Board meeting, the Heartland Advisors Addendum to the Investment Policy Statement guidelines were revised to be limited to 15% of the total portfolio. Mr. Rodriguez moved for approval of the Addendum to the IPS as revised. Lt. McLeod seconded the motion which was passed unanimously.


Due to a scheduling conflict, Mr. West presented ahead of The Boston Company.



7.         INVESTMENT CONSULTANT REPORT – Bogdahn Group, Dave West


Mr. West discussed the European market conditions and how they affected the plan returns. He reviewed the investment manager’s returns for the quarter ending December 31, 2011. The total market value of the fund was $12,998,423, a net increase of $869,406.


The total fund returned 5.77%. The domestic equity portfolio return of 11.66% was under the US Core Large Cap Equity Median return of 12.12%. The international equity portfolio return of 3.02%, was below the International Equity Multi-Cap Core Funds Median return of 3.38%. The fixed income portfolio return of 1.50% beat the US Broad Market Core Fixed Income Median return of 1.12%. The plan ranked in the fifty-seventh percentile compared to all public plans in the Total Fund Median..



6.         INVESTMENT MANAGER REPORT – The Boston Company - Jerry Navarette &

Jessica Rochlin


Mr. Navarette reviewed the management at The Boston Company as well as the overall ten year performance. Ms. Rochlin reviewed the sector attributions and the dynamic value of the plan. The quarterly return for the plan was 14.75%.





Request to attend FPPTA Conference June 2012


Lt. McLeod and Officer Vickers requested that the Board approve the costs to attend the upcoming FPPTA conference. After discussion regarding the conference, Lt. McLeod moved to authorize two Police Board of Trustee members to attend the conference with costs not exceed $1000 per member. Mr. Rodriguez seconded the motion which passed unanimously.


Discussion regarding Miami Shores Village Resolution No. 1207


Lt. McLeod requested information from the Trustees that are also Council Members regarding the Florida League of Cities Initiative regarding police officer pension and disability presumption reforms to make the plans sustainable, sound and secure for current and future police officers. To the best of his knowledge, Mr. Loffredo clarified the presumption removal and that some disabilities are non-service related.


Discussion regarding the Chapter 185 monies from the State


Mr. Axelrad, PBA attorney was present and made inquiries regarding the Chapter 185 money. Discussion regarding an impact study to implement the minimum benefits ensued. It was requested that the actuary provide a cost estimate for an impact study.



9.         ADJOURNMENT


The February 2, 2012 meeting of the Police Pension Board was adjourned at 10:06 AM.





     Steve Loffredo, Chairperson                                                  Lisa Keeley, Recording Secretary