General Employee Pension Board - August 30, 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 Thursday,
August 30, 2012 at the C. Lawton McCall Community Center. The meeting was called to order at 8:25 AM. The following individuals were present for the meeting:
GENERAL EMPLOYEE PENSION
BOARD
Tom Benton
Hunt Davis
Jim McCoy
Angela Dorney
Averill Dorsette
Also present were Elizabeth Keeley, Plan Administrator, Steve Cypen, special counsel to
the Pension Boards, and Dave West of the Bogdahn Group.
SELECTION OF BOARD CHAIR
Ms. Dorney moved to select Hunt Davis as Chair for the meeting. Mr. Benton seconded the motion and
the vote was unanimous in favor of the motion.
APPROVAL OF THE MINUTES
Mr. Benton moved to approve the May 3, 2012 minutes as submitted. Ms. Dorney seconded the motion and the vote
was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT: 2012-005
Mr. Benton moved to approve payment of warrant #2012-005. Mr. McCoy seconded the motion and the vote was
unanimous in favor of the motion.
INVESTMENT CONSULTANT REPORT
Mr. Dave West from The Bogdahn Group provided an overview of the last quarter and the economic conditions and rational
for market performances. 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. Mr. West expressed the Bogdahn Group’s recommendation to maintain the current investment strategy. Due to the recent performance
record of the Boston Group, Ms. Dorney moved to have the Boston Group make a presentation to the Board at the next scheduled meeting. Ms. Dorsett seconded the motion and the vote was
unanimous in favor of the motion.
INDEXING VS. ACTIVE MANAGEMENT
Mr. West provided a presentation (as attached) regarding Active versus Passive investment strategies and the historical
data relating to the different models of investing. Mr. West will provide the Board with alternative investment ideas at the next meeting.
NEXT MEETING:
The next meeting of the General Employee Pension Board is tentatively scheduled for October 25, 2012.
ADJOURNMENT:
The General Employee Pension Board Meeting was
adjourned at 10:45 AM.
_________________________
Hunt Davis, Chair
_________________________
Barbara A. Estep, MMC
Village Clerk