02-02-2012 Regular MeetingMIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
February 2, 2012
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, February
2, 2012 at the Community Center and was called to order at 8:40 A.M.
2. ROLL CALL
In order for the record to reflect those present, the roll was called with the following members present:
Present
Steve Loffredo JC Rodriguez
Lt. David McLeod Ofc. Cliff Vickers
Absent
Al Davis
Also Present: Lisa Keeley, Plan Administrator / Recording Secretary
3. APPROVAL OF MINUTES — November 24, 2008 / December 8, 2011
Mr. Rodriguez moved for approval of the minutes for November 24, 2008 and December 8, 2011 as
submitted. Lt. McLeod seconded the motion which was passed unanimously.
4. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2012 — 002
Lt. McLeod moved for approval of payment warrant Police Warrant No. 2012 — 002 as submitted. Mr.
Rodriguez seconded the motion which was passed unanimously.
5. APPROVAL OF THE INVESTMENT POLICY STATEMENT ADDENDUM FOR
HEARTLAND ADVISORS
As approved at the last Board meeting, the Heartland Advisors Addendum to the Investment Policy
Statement guidelines were revised to be limited to 15% of the total portfolio. Mr. Rodriguez moved for
approval of the Addendum to the IPS as revised. Lt. McLeod seconded the motion which was passed
unanimously.
Due to a scheduling conflict, Mr. West presented ahead of The Boston Company.
7. INVESTMENT CONSULTANT REPORT — Bogdahn Group, Dave West
Mr. West discussed the European market conditions and how they affected the plan returns. He reviewed
the investment manager's returns for the quarter ending December 31, 2011. The total market value of
the fund was $12,998,423, a net increase of $869,406.
•
•
•
Police Pension Board February 2, 2012 Page 2
The total fund returned 5.77%. The domestic equity portfolio return of 11.66% was under the US Core
Large Cap Equity Median return of 12.12%. The international equity portfolio return of 3.02%, was
below the International Equity Multi -Cap Core Funds Median return of 3.38%. The fixed income
portfolio return of 1.50% beat the US Broad Market Core Fixed Income Median return of 1.12%. The
plan ranked in the fifty-seventh percentile compared to all public plans in the Total Fund Median..
6. INVESTMENT MANAGER REPORT — The Boston Company - Jerry Navarette &
Jessica Rochlin
Mr. Navarette reviewed the management at The Boston Company as well as the overall ten year
performance. Ms. Rochlin reviewed the sector attributions and the dynamic value of the plan. The
quarterly return for the plan was 14.75%.
8. OTHER BUSINESS
Request to attend FPPTA Conference June 2012
Lt. McLeod and Officer Vickersrequested that the Board approve the costs to attend the upcoming
FPPTA conference. After discussion regarding the conference, Lt. McLeod moved to authorize two
Police Board of Trustee members to attend the conference with costs not exceed $1000 per member. Mr.
Rodriguez seconded the motion which passed unanimously.
Discussion regarding Miami Shores Village Resolution No. 1207
Lt. McLeod requested information from the Trustees that are also Council Members regarding the Florida
League of Cities Initiative regarding police officer pension and disability presumption reforms to make
the plans sustainable, sound and secure for current and future police officers. To the best of his
knowledge, Mr. Loffredo clarified the presumption removal and that some disabilities are non -service
related.
Discussion regarding the Chapter 185 monies from the State
Mr. Axelrad, PBA attorney was present and made inquiries regarding the Chapter 185 money.
Discussion regarding an impact study to implement the minimum benefits ensued. It was requested that
the actuary provide a cost estimate for an impact study.
9. ADJOURNMENT
The February 2, 2012 meeting of the Police Pension Board was adjourned at 10:06 AM.
Lisa Keeley, Recording Secretary
•
•
•
Police Warrant - No. 2012 - 002
For payment from the Village Pension Fund for Police Officer's 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 Police Officer's 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 12/08/11 to 01/31/12 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 Boston Company
Quarterly management fees for the period 10/01/11-12/31/11
Authorize payment to Cutwater Asset Management
Quarterly management fees for the period 10/01/11-12/31/11
Authorize payment to Heartland Advisors
Quarterly management fees for the period 10/01/11-12/31/11
Authorize payment to The Bogdahn Group
Quarterly consulting fees for the period 10/01/11-12/31/11
Authorize payment to Cypen & Cypen
Legal Counsel Services through 12/08/11 Invoice #6150
Authorize payment to Salem Trust Company
Quarterly fee for period 10/01/11-12/31/11
Authorize payment to Gabriel Roeder Smith & Company
Actuarial Services through 11/30/11 Invoice date 12/09/11
Actuarial Services through 12/31/11 Invoice date 01/09/12
Authorize payment to Holland & Knight LLP total costs not to exceed $25,000
Legal Counsel IRS Review 11/04/11 Invoice #2725105
Dated this 2nd day of February, 2012 Approved by:
•1
vo
.hen Loffr
As Chair o the Board of T • ' illage Pension Fund for
Police Officer's in the Village of Miami Shores, Florida
$ 2,323.91
$ 2,429.20
$ 3,392.00
$ 5,000.00
$ 325.00
$ 1,943.05
$ 3,656.00
$ 2,639.00
$ 75.00