General Employee Pension Board - September 24, 2013MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD MEETING
The Miami Shores Village General Employee Pension Board and Police Retirement Board jointly met on Tuesday, September 24,
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
Mark Hunter
Averill Dorsett
Jim McCoy
Angela Dorney
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
Ms.
Dorney moved to appoint Mayor Herta Holly as the Board Chair. Ms. Ross Agosta seconded the motion and the vote was unanimous in favor of the motion.
ELECTION OF BOARD SECRETARY
Ms.
Ross Agosta moved to appoint Ms. Angie Dorney as the Board Secretary. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT:
2013-005
Mr. Hunter moved to approve payment of warrant #2013-005. Ms. Dorsett 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 Mr. Hunter moving to rebalance the funds per the investment policy targets. Ms. Ross Agosta 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. Dorsett moved to adopt the policy as presented and recommended by
Ms. Bieler. Ms. Dorney 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.
PRESENTATION OF THE 2011 GENERAL EMPLOYEE ACTUARIAL VALUATION
Ms. Algayer provided information relating to the valuation report and outlined the options available to the
Board for submitting the report to the State. Ms. Algayer reviewed the reasons for the significant increase in the Village’s required contribution. Ms. Algayer clarified the various
funding ratios provided in the handout. Following a brief discussion and recommendation by Ms. Keeley and Ms. Algayer, Ms. Dorney moved to accept the draft valuation and submit the
valuation report utilizing Option 3 as presented and attached hereto. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.
DISCUSSION REGARDING OVERPAYMENT
TO BENEFICIARY
Ms. Keeley indicated that an overpayment of retirement benefits has been made to a former employee’s widow. Ms. Keeley confirmed that a notification letter has been
mailed and that she is seeking the Board’s direction on how to proceed. Following a discussion regarding the necessity of having the overpayment returned, Ms. Dorsett moved to have
Ms. Meizoso make a monthly payment of $6.25 towards the balance of overpayment made. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion.
ADJOURNMENT:
The
General Employee Pension Board Meeting was adjourned at 9:50 AM.
_________________________
Herta Holly, Chair
_________________________
Barbara A. Estep, MMC
Village
Clerk