General Employee Pension Board - March 6, 2014MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD MEETING
The Miami Shores Village General Employee Pension Board and Police Retirement Board jointly met on Thursday, March 6, 2014
at the C. Lawton McCall Community Center. The General Employee Pension Board meeting was called to order at 8:15 AM. The following individuals were present for the meeting:
GENERAL
EMPLOYEE PENSION BOARD
Herta Holly
Tom Benton
Averill Dorsett
Jim McCoy
Angela Dorney
Also present were Elizabeth Keeley, Plan Administrator, Dave West of
the Bogdahn Group and Pension Attorney Steve Cypen.
APPROVAL OF MINUTES – October 31, 2013
Mr. Benton moved approval of the October 31, 2013 Board meeting Minutes. Ms. Dorsett seconded
the motion and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT: 2014-003
Mr. Benton moved to approve payment warrant #2014-003. Ms. Dorsett seconded the
motion and the vote was unanimous in favor of the motion.
INVESTMENT CONSULTANT REPORT
Mr. Dave West from The Bogdahn Group provided a current snapshot of investments as of 3/3/14
prior to proceeding to give an overview of the quarterly fund performances, indicating that the Village’s funds finished the quarter with 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 Bogdahn Group’s Research Group is recommending a change in the
benchmark for Fund Manager, Manning & Napier in order to have the reporting be more appropriate and fair due to the emerging markets and expanding the investment policy statement. A
lengthy discussion ensued regarding the purpose of changing the benchmark with Mr. West reiterating Bogdahn Group’s belief of the fairness of changing the benchmark. He confirmed that
the peer group would not change and the returns themselves would not change. Following the discussion, Mr. Benton moved to change Manning & Napier’s benchmark from EAFE to ACWI XUS.
Mrs. Holly seconded the motion and the vote was unanimous in favor of the motion. Specific investment performances referenced are attached hereto and made a part hereof.
REAL ESTATE
ASSET CLASS DISCUSSION
Mr. West presented information regarding Real Estate Asset Investment, explaining the types of real estate involved in the various funds, the difference between
an open end fund and a closed end fund, the definition of a REIT (Real Estate Investment Trust), and other basic information in order to provide an overview of this type of investment.
Due to other commitments, Mrs. Holly and Ms. Dorsett left the meeting prior to the conclusion of Mr. West’s presentation. The remainder of the Board stayed for the remainder of the
presentation.
The General Employee Pension Board meeting was adjourned at 9:35 AM.
_________________________
Herta Holly, Chair
_________________________
Barbara
A. Estep, MMC
Village Clerk