MIAMI SHORES POLICE - MINUTES MEETING-2-10-2020.edited1
MIAMI SHORES VILLAGE
POLICE OFFICERS’ RETIREMENT SYSTEM BOARD MEETING
The Miami Shores Village General Employee Pension Board and Police Retirement Board
jointly met on Tuesday, February 10, 2020, at the C. Lawton McCall Community Center.
The Police Officer Pension Board meeting called to order at 8:20 AM The following
individuals were present for the meeting:
PRESENT: ABSENT:
Alice Burch, Chairwoman Jonathan Meltz, Trustee
John Bolton, Secretary
Shmueal Mauda, Trustee
Christopher McDonald, Trustee
Also present were Pension Plan Administrators, Doug Falcon and Yolanda Shea FHA-TPA
Benefit Administrators, Inc., Dave West, AndCo Consulting, and Pension Attorney Adam
Levinson, Klausner Kaufman Jensen & Levinson.
TRUSTEES PRESENT: TRUSTEES NOT PRESENT
Alice Burch Jonathan Meltz
John Bolton
Christopher McDonald
Shmueal Mauda
APPROVAL OF MINUTES
The Chairman asked if anyone had any questions regarding the minutes of the meeting on September
24, 2019, Part I & II.
A motion made by Trustee Mauda seconded by Trustee Bolton to approve the minutes of
the meeting held September 24, 2019 Part I & Part II motion passed unanimously.
PUBLIC COMMENTS
Officer Mauda stated that when they attend conferences, they have to do it on their own time. He
would ask that the Village provide some consideration for compensatory time in an equal amount.
APPROVAL OF WARRANT
The Chairman asked if anyone had any questions regarding Warrant 2020-0006 for $2,000.00, there being no
questions,
A motion made by Trustee Bolton seconded by Trustee Mauda to approve Warrant 2020-0006 in
the amount of $2,000.00 motion passed unanimously.
RATIFY PAYMENT OF WARRANTS
The Chairman asked if anyone had questions regarding the warrants. Trustee Bolton asked the
administrator to provide a list of all the invoices from GRS for 2019. Trustee Bolton also asked if
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Warrant 2020-0004 in their packets reflect the correction brought out regarding a discrepancy on the
total amount paid, Ms. Shea responded affirmatively.
The following were presented to be ratified: Warrant 2019-0012 $11,390.50, 2019-0013 $5,576.97,
2019-0014 $18,531.48, 2019-00015 $2,886.00, 2019-0016 $720.00, 2019-0017 $6,010.00, 2020-0001
$720.00, 2020-0002 $11,948.00, 2020-0003 $8,131.37, 2020-0004 $1,400.14, 2020-0005 $894.57 &
2020-0007 $5,000.00 there being no further questions,
A motion made by Trustee Mauda seconded by Trustee Bolton to approve Warrant 2019-
0012 through Warrant 2020-0007, as stated above, motion passed unanimously.
INVESTMENT
Mr. West discussed the Miami Shores Village Police Officers’ Pension Fund Investment
Performance Review Ending December 31, 2019. Some of the market highlights he noted are
as follows. Broad asset class returns were positive during the 2nd quarter of 2019 with both equity and
fixed income indices extending their year-to-date gains. US stocks outperformed international stocks
during a very volatile quarter. Equity indices rose to start the period as progress in global trade
negotiations outweighed signs of weakness in macroeconomic data.
Trustee Bolton asked where the AndCo corporate offices are, and Mr. West provided a brief over view,
including their fee arrangement, and the investment policy provisions. There are no recommended
actions at this point.
This concluded the investment report.
ATTORNEY REPORT
Secure Act and IRS Limits for 2020
HB 1113/SB 1270 – Fiduciary Standards for Local Officers and Appointed Public Officials
Changes to Florida’s Notary Public Law to Permit Remote Online Notarizations
ADMINISTRATOR REPORT
Mr. Falcon advised the board that in the previous meeting we discussed members who exit the DROP and leave
the money in the fund: there is a question whether or not the interest is calculated based on the quarter they exit
the DROP or the date receive distributions.
The Chairman noted that this item needs a Board decision. Attorney Levinson
recommended discussing this subject matter at the next meeting with the GRS
representative who will also present the actuarial valuation.
There being no further business,
A motion made, seconded, and passed unanimously to adjourn the meeting at
9:32 AM.
Approved: Minutes approved at the meeting 6/15/2020 meeting