06-02-2011 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD MEETING
The Miami Shores Village General Employee Pension Board and the Police Retirement Pension Board
jointly met on Thursday,June 2, 2011 at the C. Lawton McCall Community Center. The meeting was
called to order at 8:25 AM with the following individuals present:
GENERAL EMPLOYEE PENSION BOARD
Averill Dorsett
Tom Benton
Jim McCoy
Angela Dorney
Hunt Davis
Absent from the General Employee Pension Board was Mary Ross Agosta and Betsy Heagle.
Also present were Elizabeth Keeley, Plan Administrator, Dave West from the Bogdahn Group,Steve
Palmquist from Gabriel, Roeder Smith Actuarials,and Steve Cypen,special counsel to the Pension
Boards.
ELECTION OF ACTING CHAIRPERSON
Mr. Benton moved to appoint Hunt Davis as the Acting Chairperson. Ms. Dorsett seconded the motion
and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT: 2011-004
Ms. Keeley listed the scheduled payments included in the warrant. Ms. Dorsett moved to approve
payment of warrant#2011-004. Mr. Benton seconded the motion and the vote was unanimous in favor
of the motion.
Due to a scheduling conflict, Mr. Palmquist's presentation was moved to a later part of the agenda.
INVESTMENT CONSULTANT REPORT
Mr. Dave West,a representative of The Bogdahn Group, provided an overview of the first quarter's
events which influenced the market and the rate of returns. Mr.West also provided information
regarding the performance of the various funds. The specific investment performances referenced are
attached hereto and made a part hereof.
APPROVAL OF TRANSITION MANAGER
Mr. West outlined the options available to the Village regarding liquidating the funds currently held by
Aletheia, and made his recommendation to use Capis as the transition manager to effectively and
efficiently make the desired change. A lengthy discussion ensued among the Board Members, Mr.West,
and Mr.Cypen, regarding the available options,their pros and cons,and the possible impacts. At the
conclusion of the discussions, Ms. Dorsett moved to authorize Mr.Cypen and Mr.West to negotiate an
acceptable agreement with Wells Fargo,and if not possible,to allow for Salem Trust Company to effect
the liquidation of funds. Ms. Dorney seconded the motion and the vote was unanimous in favor of the
motion.
In order to complete the transfer process, Mr.West has recommended the use of a third party
transition manager, Capis. Based on the recommendation, Ms. Dorsett moved to authorize execution of
the Capis Agreement previously approved by Mr.Cypen and Mr.West. Ms. Dorney seconded the
motion and the vote was unanimous in favor of the motion.
APPROVAL OF AUTHORIZED SIGNORS
As an administrative, housekeeping issue, Ms. Keeley requested an additional signor be authorized to
sign documents, i.e. payment warrants approved by the Board. Ms. Keeley indicated that currently she
and Mr. Benton are authorized as the required two signatures. Ms. Keeley suggested that Ms. Estep be
added as a signor so that if she or Mr. Benton were not available,documents could still be processed.
Ms. Dorsett moved to approve the addition of Barbara Estep as an authorized signor. Ms. Dorney
seconded the motion and the vote was unanimous in motion.
PRESENTATION OF THE 2009 ACTUARIAL VALUATION
Mr.Stephen Palmquist of Gabriel Roeder Smith,offered highlights of the 2009 Actuarial Valuation to the
Board, including the anticipated employer contribution. Mr. Palmquist indicated that there has been a
required change in the mortality rate schedules and that use of the new rate schedule will result in an
increase in the cost of the plans from 1—3%approximately.
Due to the lack of a quorum for the latter portion of Mr. Palmquist's presentation, acceptance of the
report will be scheduled for the next Pension Board Meeting.
ADJOURNMENT
The General Employee Pension Board Meeting was adjourned at 10:18 AM.
Hunt Davis,Acting Chair
f' me
Barbara A. Estep, MMC
Village Clerk
General Employee Warrant - No. 2011 - 004
For payment from the Village Pension Fund for General Employees in the Village of Miami Shores,Florida.
To Chair and Administrator, or such other officers, who from time to time are duly designated and authorized by the Board of
Trustees of said Fund, to sign checks, drafts or orders for the payment of money; You are hereby authorized by the Board of
Trustees of the Miami Shores Village Pension Fund for General Employees in Miami Shores Village to pay the amounts listed
below for services rendered to the said Board of Trustees,and to pay the persons named below,hereby certified by the Board of
Trustees as being on the Pension list of said Board by circulation of this warrant,pensions from 04/01/11 to 05/31/11 inclusive,
or for the period of time opposite the name of said persons.
Name(Pensions,Benefits,Services Provided or Obligations) Amount
To be paid by Trustee:
Authorize payment to Aletheia Research and Management,Inc
Quarterly management fees for the period 01/01/11 —03/31/11 $ 3,937.17
Authorize payment to Boston Company
Quarterly management fees for the period 01/01/11 —03/31/11 $ 1,964.64
Authorize payment to Cutwater Asset Management
Quarterly management fees for the period 01/01/11 —03/31/11 $ 1,465.66
Authorize payment to Salem Trust Company
Quarterly fee for period 01/01/11 —03/31/11 $ 1,370.14
Authorize payment to Gabriel Roeder Smith&Company
Actuarial Services through 03/31/11 Invoice date 04/11/11 $ 1,047.00
Authorize Lump Sum Distribution of Employee Pension Contribution
Clara Bender $ 18,382.63
For information only:
Ratify previously authorized signature warrant 2011-003
Lump Sum Distribution-Jack St.Thomas $ 6,427.84
Dated this 2nd day of June,2011 Approved by:
Hunt Davis,Acting Chairperson
As Chair of the Board of Trustees Village Pension Fund for
General Employees in the Village of Miami Shores,Florida