Police Pension Board - September 24, 2013MIAMI SHORES VILLAGE
POLICE RETIREMENT PENSION BOARD MEETING
The Miami Shores Village Police Retirement Pension Board and General Employee Pension Board jointly
met on Tuesday, September 24, 2013 at the C. Lawton McCall Community Center. The Police
Retirement Pension Board meeting was called to order at 8:25 AM. The following individuals were
present for the meeting:
POLICE RETIREMENT PENSION BOARD
Hunt Davis
Ivonne Ledesma
David McLeod
Ivonne Ledesma
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
Lt. McLeod moved to appoint Hunt Davis as the Board Chair. Officer Vickers seconded the motion and
the vote was unanimous in favor of the motion.
ELECTION OF BOARD SECRETARY
Lt. McLeod moved to appoint Officer Vickers as the Board Secretary. Mr. Davis seconded the motion
and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT: 2013-004
Lt. McLeod moved to approve payment of warrant #2013-004. Ms. Ledesma 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 Ms. Ledesma moving to rebalance the funds per the investment
policy targets. Lt. McLeod 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. Ledesma moved to adopt the policy as presented and recommended by Ms. Bieler. Officer
Vickers 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.
Prior to the conclusion of the meeting, a brief discussion regarding appropriating monies for Board
members to attend the “Nuts and Bolts” workshop in Orlando ensued. Ms. Ledesma moved to allocate
up to $1,000 for Lt. McLeod and Officer Vickers to attend the 10/23 – 10/24 workshop. Mr. Davis
seconded the motion and the vote was unanimous in favor of the motion.
ADJOURNMENT:
The Police Retirement Pension Board Meeting was adjourned at 9:55 AM.
_________________________
Hunt Davis, Chair
_________________________
Barbara A. Estep, MMC
Village Clerk