Police Pension Board - March 6, 2014MIAMI SHORES VILLAGE
POLICE PENSION BOARD MEETING
The Miami Shores Village Police Pension Board and the General Employee Pension Board jointly met on
Thursday, March 6, 2014 at the C. Lawton McCall Community Center. The Police Pension Board meeting
was called to order at 8:15 AM. The following individuals were present for the meeting:
POLICE PENSION BOARD
Hunt Davis
Yvonne Ledesma
Cliff Vickers
Dave McLeod (arrived during Mr. West’s presentation)
Also present were Elizabeth Keeley, Plan Administrator, Dave West of the Bogdahn Group and Pension
Attorney Steve Cypen.
APPROVAL OF MINUTES – October 31, 2013
Ms. Ledesma moved approval of the October 31, 2013 Board meeting Minutes. Mr. Vickers seconded
the motion and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT: 2014-002
Ms. Ledesma moved to approve payment warrant #2014-002. Mr. Vickers 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, Ms. Ledesma moved to change Manning &
Napier’s benchmark from EAFE to ACWI XUS. Mr. Vickers 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.
Mr. West responded to questions posed by Board Members and following the presentation, it was the
consensus of the Board to have an item on the next agenda to discuss further.
APPOINTMENT OF A FIFTH BOARD MEMBER
The Board considered applications from three resident volunteers, John Bolton, Michael Compo, and
Neil Kodsi. Mr. Cypen reminded the Board that following their selection, the Village Council will need to
confirm the appointment. The consensus of the Board was to select John Bolton as the fifth member of
the Board. Ms. Estep indicated that confirmation will be scheduled on the March 18, 2014 Council
Meeting agenda.
With no other business being presented and no public comment offered, the meeting was adjourned at
10:03 AM.
_________________________
Hunt Davis, Chair
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Barbara A. Estep, MMC
Village Clerk