Police Pension Board - July 11 2014MIAMI SHORES VILLAGE
POLICE PENSION BOARD MEETING
The Miami Shores Village Police Pension Board and the General Employee Pension Board jointly met on
Friday, July 11, 2014 at the C. Lawton McCall Community Center. The Police Pension Board meeting was
called to order at 8:25 AM. The following individuals were present for the meeting:
POLICE PENSION BOARD
Present Absent
Hunt Davis Ivonne Ledsma
John Bolton Clifford Vickers
Dave McLeod
Also present were Elizabeth Keeley, Plan Administrator, Dave West of the Bogdahn Group, Melissa
Algayer, Plan Actuary and Pension Attorney Steve Cypen.
INVESTMENT CONSULTANT REPORT
Mr. Dave West from The Bogdahn Group provided a current overview of the market of 7/10/14 prior to
proceeding to give an overview of the quarterly fund performances. The Village’s funds finished the
quarter with less than stellar returns. Mr. West provided information on a number of the investment
areas and reviewed the comparative performances of the funds. Some questions arose as to the
custodial accounting. Mr. West indicated he would research the specifics and follow-up with the plan
administrator. Specific investment performances referenced are attached hereto and made a part
hereof.
Additional discussion regarding the information previously presented on Real Estate Asset Investment
ensued. It was the consensus of the Board to table the matter at this time.
APPROVAL OF MINUTES – March 6, 2014
Lt. McLeod moved approval of the March 6, 2014 Board meeting minutes. Mr. Davis seconded the
motion and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT: 2014-003
Lt. McLeod moved to approve payment warrant #2014-003. Mr. Bolton seconded the motion and the
vote was unanimous in favor of the motion.
APPROVAL OF GASB NO. 37 IMPLEMENTATION
Ms. Algayer of Gabriel, Roeder, Smith (GRS) the plan actuary provided an overview of the new GASB 67
accounting and reporting standards for pension plans that would need to be included in the financial
statement for the plan year ending September 30, 2014 and requested approval of the fees to provide
the required GASB 67 information.
Mr. Bolton moved approval of the GASB No. 67 implementation and fees as outlined in the GRS letter
dated October 11, 2013. Lt. McLeod seconded the motion and the vote was unanimous in favor.
APPROVAL OF THE SUMMARY PLAN DESCRIPTION
Ms. Algayer provided a review of the changes that were updated for the Summary Plan Description. Lt.
McLeod moved for approval of the Summary Plan Description. Mr. Bolton seconded the motion and the
vote was unanimous in favor.
APPROVAL OF SALEM TRUST MIGRATING TO ACH FOR PAYMENTS
Salem Trust, the plan custodian, requested approval to employ ACH for processing payment to the plan
service providers. Mr. Cypen confirmed there was no issue with this method and it was cost effective.
Mr. Bolton moved for approval of the Client ACH Authorization Agreement. Lt. McLeod seconded the
motion which passed unanimously.
APPROVAL OF THE 2013 ANNUAL REPORT – DIVISION OF RETIREMENT
Mrs. Keeley reviewed the 2013 State Annual Report with the Board. One correction was noted to the
age of Ofc. Vickers. Mr. Bolton moved for approval of the State Report for submission with the
correction. Lt. McLeod seconded the motion which passed unanimously.
With no other business being presented and no public comment offered, the meeting was adjourned at
9:50 AM.
_________________________
Hunt Davis, Chair
_________________________
Elizabeth Keeley
Plan Administrator