Police Retirement Pension Board - 01-31- 2017MIAMI SHORES VILLAGE
POLICE OFFICERS’ RETIREMENT SYSTEM BOARD MEETING
The Miami Shores Village Police Retirement Board and General Employee Pension Board jointly met on
Tuesday, January 31, 2017 at the C. Lawton McCall Community Center. The Police Officers’ Retirement
Board meeting was called to order at 8:20 AM. The following individuals were present for the meeting:
PRESENT: ABSENT:
Herta Holly Natasha McKay
Ivonne Ledesma
John Bolton
Cliff Vickers
Also present were Pension Plan Administrators, Doug Falcon and Yolanda Shea, John Thinnes of AndCo
Consulting (formerly The Bogdahn Group), and Pension Attorney Paul Daragjati, attending on behalf of
Adam Levinson.
APPROVAL OF MINUTES – October 26, 2016
Ms. Ledesma moved approval of the October 26, 2016 Board meeting minutes. Officer Vickers
seconded the motion and the vote was unanimous in favor of the motion.
PUBLIC COMMENT:
None addressed to the Board.
APPROVAL OF PAYMENT WARRANT: 2016-023
Mr. Bolton moved to approve Payment Warrant number 2016-023. Ms. Ledesma seconded the motion
and the vote was unanimous in favor of the motion.
RATIFY PAYMENT WARRANTS: 2016-018, 2016-019, 2016-020, 2016-021, and 2016-022
Mr. Bolton asked for clarification regarding warrants 2016-020 and 2016-021 relating to FPPTA
conference registration fees. Mr. Falcon advised that there were 2 separate charges of $500 as one
payment had not previously been made. Ms. Ledesma moved to ratify the payment warrants as
provided. Mr. Bolton seconded the motion and the vote was unanimous in favor of the motion.
INVESTMENT CONSULTANT REPORT
Mr. John Thinnes introduced himself and indicated that the Village’s regular representative, Dave West,
was attending the FPPTA conference. Mr. Thinnes further spoke of the new firm name, AndCo
Consulting, formerly The Bogdahn Group and offered information on the company’s philosophy of
putting the customer first and the importance of their relationship with Miami Shores. Mr. Thinnes
spoke of the Plan’s quarterly performance and gave a brief overview of the various Plan investments.
Specific investment performances referenced are attached hereto and made a part hereof. Mr. Thinnes
spoke of the Wells Fargo fund performance and that the month of January shows 3% growth, indicating
the beginning of a hopeful turnaround in the Fund’s performance. He advised that the Board should
continue to monitor the Fund closely. Mayor Burch requested clarification on the change in the Wells
Fargo Fund as she believed there was to be a transfer from the Wells Fargo SGRNX fund to the Wells
Fargo SGRNIX fund. Mr. Thinnes believes that the new Wells Fargo fund will be SGRHX but will check
with Mr. West and report back to Ms. Estep so that the Fund information contained in the minutes can
be corrected if necessary.
ATTORNEY REPORT
Attorney Paul Daragjati introduced himself, filling in for Attorney Adam Levinson who is attending the
FPPTA conference. Attorney Daragjati provided an update of legislative issues involving pension
programs, including an issue relating to the mortality tables used by the actuary.
ADMINISTRATOR REPORT
Mr. Falcon indicated that he is looking for the Board and/or Village to set a policy regarding providing
retirement benefit information to employees who are trying to determine if they are financially able to
retire. Mr. Falcon stated that he can provide that information on a limited basis but it is not possible to
provide accurate benefit estimates when the various benefit variables are present without getting the
actuary involved. Ms. Estep advised that the current policy is for the Board to pay for only one actuarial
benefit calculation for an employee and that when the subject was raised in the past, employees were
advised to use their last annual benefit statement to determine their monthly pension payment. It was
suggested that Mr. Falcon check with the actuary to see if they could provide a table for formula to use
for estimating a monthly benefit. Mr. Falcon reported that the annual report for the Police Retirement
Fund had been registered with the State as required.
ADJOURNMENT
The Police Officers’ Retirement System Board meeting was adjourned at 9:00 AM.
_________________________
Herta Holly, Chair
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Barbara A. Estep, MMC
Village Clerk