General Employee Pension Board - January 26, 2016MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD MEETING
The Miami Shores Village General Employee Pension Board and Police Retirement Board jointly met on
Tuesday, January 26, 2016 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
Alice Burch
Tom Benton
Angela Dorney
Jim McCoy
Robert Williamson
Ron Kiefer
Averill Dorsett – arrived during Pension Board Attorney’s introduction.
Also present were Dave West of the Bogdahn Group, Pension Attorney Adam Levinson; Salem Trust
representatives Bradley Rinsem and Karen Russo; Melissa Algayer from the actuarial firm of Gabriel,
Roeder Smith, and Finance Director, Holly Hugdahl.
Also present were Doug Falcon and Yolanda Shea from FHA-TPA.
APPROVAL OF MINUTES – October 22, 2015
Mr. Kiefer moved approval of the October 22, 2015 Board meeting Minutes. Mr. Williamson seconded
the motion and the vote was unanimous in favor of the motion.
ELECTION OF BOARD SECRETARY:
Board Member Angela Dorney volunteered to be the Board Secretary. By a consensus of the Board,
Angela Dorney was named Secretary.
INTRODUCTION AND REPORT BY THE PENSION BOARD ATTORNEY: Adam Levinson
Board Attorney Adam Levinson was introduced and provided information to the Board regarding his and
his firm’s background, his work and alliance with Steve Cypen and his familiarity with the Village’s plans.
APPROVAL OF PENSION PLAN ADMINISTRATORS
Ms. Hugdahl provided information regarding the process of soliciting, interviewing and recommending
selection of a firm to provide Plan Administration services to the Village’s pension boards.
Representatives from the recommended firm, FHA-TPA, were present and responded to questions
posed by the Board Members and provided a scenario of the typical transaction process. Details of the
term of the contract were highlighted. Mr. Benton moved to hire FHA-TPA as the General Employee
Pension Board Plan Administrators. Ms. Dorsett seconded the motion and the vote was unanimous in
favor of the motion.
APPROVAL OF PENSION ADMINISTRATOR AUTHORIZATION LETTER FOR SALEM TRUST
Based on the approval to hire FHA-TPA, formal authorization by the Board to allow Salem Trust to work
with FHA-TPA is required for the records. Mr. Benton moved to approve execution of the approval
letter. Ms. Dorsett seconded the motion and the vote was unanimous in favor of the motion.
Mr. Bradley Rinsem, President and Chief Executive Officer and Karen Russo, Senior Vice President and
Regional Manager of Salem Trust were present and provided information regarding the services
provided by Salam Trust.
APPROVAL OF SIGNATORIES FOR SALEM TRUST
Ms. Hugdahl presented signature forms for completion by authorized signers for plan documents and
payment warrants. Mr. Benton moved approval of the signature forms as presented. Ms. Dorsett
seconded the motion and the vote was unanimous in favor of the motion.
APPROVAL OF PENSION ADMINISTRATOR AUTHORIZATION LETTER FOR GABRIEL, ROEDER SMITH &
COMPANY.
Ms. Melissa Algayer from the Village’s actuarial firm of Gabriel, Roeder Smith & Company was present
and offered information to the Board regarding their services.
Based on the approval to hire FHA-TPA, formal authorization by the Board to allow Gabriel, Roeder
Smith & Company to work with FHA-TPA is required for the records. Mr. Benton moved to approve
execution of the approval letter. Ms. Dorsett seconded the motion and the vote was unanimous in favor
of the motion.
APPROVAL OF PAYMENT WARRANT: 2016-002
Ms. Dorsett moved to approve Payment Warrant number 2016-002. 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 information regarding the Plan’s performance as of
12/31/15. Mr. West provided an overview of the various Plan investments and their rankings.
Specifically, Mr. West indicated that the termination of Manning & Napier as per the Board’s
instructions had been completed in January. Specific investment performances referenced are attached
hereto and made a part hereof.
Ms. Hugdahl advised the Board that the Village’s annual contribution to the Plan would be done in the
next number of weeks. Based on this information Mr. West asked for approval to rebalance the funds
to be in line with Investment Policy Statement targets.
Ms. Dorney moved to approve the appropriate rebalancing to Investment Policy Statement targets. Ms.
Dorsett seconded the motion and the vote was unanimous in favor of the motion.
Mr. West provided information regarding a recommended change to the Investment Policy Statement,
summarizing the changes and proposed target levels; realigning the equity and domestic allocations. In
addition, the new Policy Statement would reflect the change in the assumption rate at 7 ½%.
Ms. Dorsett moved to approve the recommended changes to the Investment Policy Statement. Mr.
Benton seconded the motion and the vote was unanimous in favor of the motion.
PUBLIC COMMENT
Ms. Dorsett spoke of the Village’s DROP policies and parameters for employment.
The General Employee Pension Board meeting was adjourned at 10:45 AM.
_________________________
Alice Burch, Chair
_________________________
Barbara A. Estep, MMC
Village Clerk