General Employee Pension Board - October 31, 2013MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD MEETING
The Miami Shores Village General Employee Pension Board and Police Retirement Board jointly met on Thursday, October 31,
2013 at the C. Lawton McCall Community Center. The General Employee Pension Board meeting was called to order at 8:25 AM. The following individuals were present for the meeting:
GENERAL
EMPLOYEE PENSION BOARD
Herta Holly
Mary Ross Agosta
Tom Benton
Averill Dorsett (arrived during Dave West’s report)
Jim McCoy
Angela Dorney (arrived during Dave West’s
report)
Also present were Elizabeth Keeley, Plan Administrator, Dave West of the Bogdahn Group and Pension Attorney Steve Cypen.
APPROVAL OF MINUTES – SEPTEMBER 24, 2013
Ms.
Ross Agosta moved approval of the September 24, 2013 Board meeting Minutes. Mr. Benton seconded the motion and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT:
2014-001
Ms. Ross Agosta moved to approve payment warrant #2014-001. Mr. Benton 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 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.
A discussion was initiated by a member of the Police
Retirement Pension Board 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.
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.
With no other business
being presented and no public comment offered, the meeting was adjourned at 9:12 AM.
_________________________
Herta Holly, Chair
_________________________
Barbara
A. Estep, MMC
Village Clerk