HomeMy WebLinkAboutFIPO Meeting MinutesMINUTES OF THE REGULAR MEETING OF
THE CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFICERS'
RETIREMENT TRUST
Members Present
O. Cotera
J. Diner
N. Enriquez
M. Fernandez
T. Gabriel
S. McDonald
R. Moskovitz
T. Roell
A. Rotolo
Also Present
S. Cypen
June 11, 2014
Appointed by the City Commission
Appointed by the City Commission
Elected b y the Fire Fighters
Appointed by the City Commission (via telephone)
Elected by the Fire Fighters (via telephone)
Elected by the Police Officers
Appointed by the City Manager
Appointed by the City Commission
Elected by the Police Officers
Legal Advisor
Vice -Chairman O. Cotera called the meeting to order at 8:30 a.m. with a full Board in
particiaption.
APPROVAL OF MINUTES
The minutes of the Investment Review Meeting of May 8, 2014, were reviewed. The
minutes were approved by a motion from N. Enriquez, a second from J. Diner and a
unanimous vote.
The Board reviewed the minutes of the Regular Meeting of May 8, 2014. A motion was
made by N. Enriquez and seconded by A. Rotolo to approve the minutes. The motion
was approved unanimously.
RATIFICATION OF PAYMENT
Payments for the period were reviewed. A motion was made by N. Enriquez and
seconded by A. Rotolo to ratify payments presented. The motion was approved
unanimously.
RETIREMENTS DURING THE PERIOD
The Board reviewed the retirements presented for the period. A motion was made by A.
Rotolo and seconded by N. Enriquez to approve the retirements presented in the agenda
package. The motion was approved unanimously.
MINUTES OF THE REGULAR MEETING OF THE CITY OF MIAMI
FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST
June 11, 2014 Page 2 of 3
ADMINISTRATIVE BUDGET
The Personnel Committee reported that it had met and reviewed in depth the proposed
Administrative Budget for Fiscal Year 2014-2015. The Coininittee recommended that
theproposedBudget be approved. Discussion ensued. A motion was made by N.
Enriquez and seconded by A. Rotolo to approve the proposed Budget. The motion was
approved unanimously.
ACTUARIAL VALUATION FY 2014-2015
The Board once again reviewed the Draft of the Actuarial Valuation Report for Fiscal
Year 2014-2015 prepared by Nyhart. Discussion ensued. N. Enriquez moved and was
seconded by A. Rotolo to adopt the Draft as presented. The motion was approved
unanimously.
MARCO CONSULTING - Proxy Voting Contract
G. Kinczewski and M. O'Brien were present representing Marco Consultant. A proposed
contract with Marco Consulting Group for Proxy Voting Services was reviewed. A
question and answer period followed the review. A motion was made by J. Diner and
seconded by S. McDonald to accept the contract with an effective date of July 1, 2014.
Discussion resumed. The motion was approved unanimously. The representatives from
Marco also reviewed with the Board several samples of Policy Statement formats. J.
Diner moved and was seconded by R. Moskovitz to adopt the format used by NCPERS
subject to review by the Board's Attorney. The motion was approved unanimously.
INVESTMENT ISSUES
The Investment Consultant addressed the Board via telephone and discussed the
following:
• Munder Capital — Assignment of Munder to Victor Capital. The Consultant
reviewed with the Board the new ownership. A motion was made by T. Roell and
seconded by J. Diner to approve the change. The motion was approved
unanimously.
• Ambassador — The Consultant updated the Board on the status of the SEC case.
• Dodge & Cox — The Consultant reported that Dodge & Cox were requesting
Board approval to hold investment in SLM and Navient which are below
acceptable investment rating, for a period not to exceed two years. The
Consultant recoininended that the Board approve the request. Discussion ensued.
N. Enriquez moved and was seconded by J. Diner to approve the request and
allow Dodge & Cox to hold the positions for a period not to exceed two years.
The motion was approved unanimously.
MINUTES OF THE REGULAR MEETING OF THE CITY OF MIAMI
FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST
June 11, 2014 Page 3 of 3
COMMITTEE REPORTS
• Legal Review — Chairman set up the Committee and appointed J. Diner, M.
Fernandez and himself to serve on the Committee. J. Diner was asked to review
the insurance Policy. Chairman
. a discuss r o�i�y. requested a meeting be Set, up to Castro
Law Suit cost and the possibility of hiring a "coverage counsel".
ATTORNEY'S REPORT
Attorney S. Cypen reported to the Board that he had been contacted by a litigation fine
requesting to be considered by the Board. Discussion ensued. It was the consensus of the
Board to revisit adding additional firnis in three years.
CONFERENCES DURING THE PERIOD
A. Rotolo made a motion and it was seconded by N. Enriquez to approve the attendance
of any member interested in attending the conferences presented. The motion was
approved unanimously.
Being no further business the meeting was adjourned at 10:00 a.m.
Attest:
O. Cotera, Vice- Chainnan
R. H. Nagle, Administrator