General Employee Pension Board - April 3, 2012MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD MEETING
The Miami Shores Village General Employee Pension Board and the Police Retirement Pension Board jointly met on Tuesday,
April 3, 2012 at the C. Lawton McCall Community Center. The meeting was called to order at 8:15 AM. The following individuals were present for the meeting:
GENERAL EMPLOYEE PENSION
BOARD
Tom Benton
Hunt Davis
Jim McCoy
Angela Dorney
Mark Hunter
Averill Dorsett
Mary Ross Agosta
Also present were Elizabeth Keeley, Plan Administrator,
Steve Cypen, special counsel to the Pension Boards, and Steve Palmquist, Village Actuary.
ELECTION OF ACTING CHAIRPERSON
Mr. Benton moved to appoint Averill Dorsett as the Acting Chairperson.
Mr. Davis seconded the motion and the vote was unanimous in favor of the motion.
APPROVAL OF THE MINUTES
Mr. Davis moved to approve the June 12, 2008, November 5, 2010 and the May
5, 2011 minutes as submitted. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT: 2012-003
Mr. Hunter moved to approve
payment of warrant #2012-003. Mr. Davis seconded the motion and the vote was unanimous in favor of the motion.
INVESTMENT OBJECTIVES AND FUND CHOICES: Board Member, Mark Hunter, asked
to have a discussion regarding the possibility of transferring pension monies to passive index funds versus the current investment options. Mr. Hunter briefly explained passive index
funds and how they operate. Attorney Cypen indicated that passive funds are a form of diversification of the plan monies and that there are a number of municipalities and states that
invest in passive funds. Mr. Palmquist also provided information regarding the operation of passive index funds. A number of Board Members offered their opinions regarding the feasibility
of transferring monies. At the conclusion of the discussions, it was the consensus of the Board to ask the Bogdahn Group to provide the Board with historical data on the performance
of passive index funds versus active funds at the meeting scheduled for May, 2012.
NEXT MEETING: The next meeting of the General Employee Pension Board is scheduled for May 3, 2012.
ADJOURNMENT:
The General Employee Pension Board Meeting was adjourned at 9:15 AM.
____
_____________________
Averill Dorsett, Acting Chair
_________________________
Barbara A. Estep, MMC
Village Clerk