MIAMI BEACH EMPLOYEES’RETIREMENT PLAN OF THE CITY OF MIAMI BEACH PENSION BOARD MEETING Tuesday, December 10, 2019 10:00 a.m. CITY HALL Pension Office Conference Room BOARD OF TRUSTEES James Boyd Lynn Bernstein Jason Casanova Jose Del Risco Ray Horday Jonathan Sinkes Mark Taxis Manny Villar Jr. John Woodruff CONSENT AGENDA PAGE C-1 Minutes for approval – October 15, 2019 4 C-2 New Members of the System – 10 Kevin Blount Jason Randolph Joseph Centorino Faviana Fernandez Remberto Martinez Raydel Acosta Gonzalez Carlos Agon Abel Castillo Pedro Galindo Rodny Napoles Andres Perez Himam Quinones Christopher Roig Yaima Ruiz Randy Russell Deivys Vasquez Enrique Villa Giulianna Gutierrez Jose Sanchez Reuben Bazil Benjamin Braun Patrick Hanuschik Elisnel Jean Nestale C-3 New Retirees – 11 Fulgencio Ehlers Tony Smith Rhonda Gracie C-4 New Pensioners – (None) C-5 Request for Lump Sum Refunds – 14 Bianca White Alex Gomez Tony Brown C-6 Request for Accumulated Contribution Refund For a Named Beneficiary – (None)

CONSENT AGENDA December 10, 2019 Page 2 C-7 Purchase of Creditable Service Time – 17 Edmond Bernard Exantis Jeune C-8 New DROP applicants – 19 Esther Delva Luis Blanco Mara Onate C-9 Lump Sum Refunds Paid since last meeting – 22 Dayanes Martinez Dorcas Lester Wilgains Othello Pamela Rios Cheryl Alvarez C-10 Financial Reports

a. Pension Payroll for December 1, 2019 – $3,889,061.16 b. DROP Payroll for December 1, 2019 - $419,353.51

C-11 Requests for Payment – December 2019 Legal Amount Pg. # Legal Services - KKJ&L $ 5,000.00 23 for the month of December 2019 Bookkeeping Joan Wall- Bookkeeper For the month of December 2019 $ 350.00 25 Actuary Gabriel, Roeder, Smith & Company Inv#450649 Dated: 11/11/2019 For services rendered through 10/31/2019 Charges since 9/30/19 for work on 10/1/19 Actuarial Valuation report (2.5 hrs) total charges to date equal $1,454.00 $ 659.00 26 Final charge for preparation of four sets of optional form conversion factors (10.5 hours) $ 3,130.00 26 Preparation of presentation and attend- once at 10/15/19 meeting to discuss

impact of IRC Section 415 (9.0 hours) $ 3,125.00 26

CONSENT AGENDA December 10, 2019 Page 3 C-11 Requests for Payment – December 2019 – (continued) Computer Consultant Pension Technology Group Pension Pro, Inv #2049 Dated: 12/1/2019 $ 6,000.00 28 Ellen Schaffer Semi-Annual support fee for PC Pension System for Gen & Unc employees term 11/01/2019- 5/1/2020 $ 844.00 30 Office, etc Sharp Electronics Corporation For the month of December 2019 Invoice #9002438103 dated 12/4/2019 $ 136.13 32 Quench USA Inc : Water System Acct # D303087 Inv#INV Month of December 2019 $ 34.99 34 Office Depot: Office supplies Inv# 352469905001;352475339001 $ 185.92 35 Central Services Inv#23753 Date 12/2/19 Month- Nov 2019 $ 801.09 39 Storage - GRM Monthly Storage Fees Charges for the month of Nov 2019 $ 125.76 41 American Express- misc $ 419.00 44 Conv/Seminars/Dues/Etc American Express: $ 22,105.30 44 IN ACCORDANCE WITH THE AMERICANS WITH DISABILITY ACT OF 1990, PERSONS NEEDING A SPECIAL ACCOMMODATION TO PARTICIPATE IN THIS PROCEEDING SHOULD CONTACT THE PENSION OFFICE NO LATER THAN FOUR DAYS PRIOR TO THE PROCEEDING. TELEPHONE (305) 673-7437 FOR ASSISTANCE; IF HEARING IMPAIRED, TELEPHONE THE FLORIDA RELAY SERVICE NUMBERS (800) 955-8771 (TDD) OR (800) 955-8770 (VOICE), FOR ASSISTANCE. IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE BOARD WITH RESPECT TO ANY MATTER CONSIDERED A THIS MEETING, HE WILL NEED A RECORD OF THE PROCEEDINGS, AND FOR SUCH PURPOSE HE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. FLORIDA STATUTES 286.0105 THIS MEETING MAY BE CONDUCTED BY MEANS OF OR IN CONJUNCTION WITH COMMUNICATIONS MEDIA TECHNOLOGY, SPECIFICALLY A TELEPHONE CONFERENCE CALL. THE ABOVE LOCATION, WHICH IS ORDINARILY OPEN TO THE PUBLIC, SHALL SERVE AS AN ACCESS POINT. PERSONS WISHING TO ATTEND SHOULD APPEAR AT THE ACCESS POINT, WHERE TELEPHONIC ACCESS TO THE MEETING WILL BE PROVIDED.

MINUTES OF THE MEETING OF THE BOARD OF TRUSTEES OF THE MIAMI BEACH EMPLOYEES’ RETIREMENT PLAN

OF THE CITY OF MIAMI BEACH November 12, 2019

Chairman Boyd called the meeting to order at 10:03 a.m. Board Members present were as follows: James Boyd Lynn Bernstein Jason Casanova Jose Del Risco Ray Horday Jonathan Sinkes Mark Taxis Manny Villar Jr. John Woodruff Members absent – (None) Also present were:

Rick Rivera Pension Administrator Sandra Sicily Assistant Pension Administrator Stewart Kaufman Attorney at Klausner, Kaufman Et Al. Bill Cottle Fund’s Investment Consultant, Milliman Steven Cottle Fund’s Investment Consultant, Milliman Alan Perry Consulting Actuary, Milliman Scott Porter Consulting Actuary, Milliman Alexander Grant Relationship Manager, Wellington Amar Reganti Investment Director, Wellington Kate Hurley Client Advisor, JP Morgan Daniel Galinko Investment Specialist, JP Morgan Brad Lucas Investment Specialist, JP Morgan Anna Kersten Associate, JP Morgan Amada Gonzalez City of Miami Beach employee

CONSENT AGENDA A motion was made by Ms. Bernstein duly seconded by Mr. Del Risco and unanimously RESOLVED that the Consent Agenda be approved less the addendum to item

C-11. C-1 Board Minutes approved – October 15, 2019 C-2 New Members of the System were approved as follows – Last Name First

Name Start Date Job Title Hire Date

ANDASHEVA FAROAT 10/1/2019 ASSISTANT CITY ATTORNEY I 10/16/2017 BIEN-AIME KELITHA 10/14/2019 PROPERTY & EVIDENCE TECH I 10/14/2019 FRANKY PETER 10/14/2019 MSW I 4/8/2019 FREDERICK QUINTIN 10/14/2019 WATER DIST SYSTEM OPER D 4/15/2019 RODRIGUEZ DAVID 10/14/2019 PARK RANGER 10/2/2017

PENSION BOARD MINUTES November 12, 2019 Page 2 C-2 New Members of the System were approved as follows – continued Last Name First

Name Start Date Job Title Hire Date

CALLEJA ANTHONY 10/21/2019 MECHANIC II 10/21/2019 WILLIAMS TANEYA 10/21/2019 FINANCIAL ANALYST - FIN. 10/21/2019 REMILIEN SONY 11/4/2019 CODE COMPLIANCE OFF 1 T 11/4/2019 SALAZAR SOLER

EDUARDO 11/4/2019 STREETLIGHT TECHNICIAN I 11/4/2019 PEREZ SUZETTE 9/30/2019 RECREATION LEADER I 10/26/2015 C-3 New Retiree Allowances were approved as follows – Name Date Retirement Type

Monthly Amount

Rhonda Montoya Hasan 10/1/2019 Ord. Service Ret. (50% J&S) $7,074.88 C-4 New Pensioner Allowances were approved as follows – (None) Name Date Beneficiary of:

Monthly Amount

Merle T. Moore 11/1/2019 Emory Moore $1,411.80 C-5 Requests for Lump Sum Refunds were approved as follows – Name Separation Date Gross Amount YCS Dorcas Lester October 18, 2019 $ 19,494.26 3.80 Wilgains Othello October 25, 2019 $ 12,037.31 3.53 Pamela Rios October 4, 2019 $ 13,629.98 2.02 Ebony Dukes November 15, 2019 $ 29,889.67 6.02

C-6 Request for Accumulated Contribution Refund for a Named Beneficiary was approved as follows – (None) C-7 Purchases of Creditable Service Time were approved as follows – (None) C-8 DROP applicants were approved as follows – Name Effective

Estimated Benefit Last DROP Pmt.

Alfred Hayden 11/01/2019 $2,385.20 10/01/2024 Mark Coolidge 11/01/2019 8,145.71 10/01/2024

C-9 Lump Sum Refunds paid since the last meeting were approved as follows – Check Date Name gross withholding check # 10/28/2019 Alfredo Orzaiz $ 14,828.04 $ 2,965.61 ACH 10/29/2019 Jose Diaz $ 10,310.03 $ 2,062.01 117398 10/29/2019 Guillermo De Naciemiento $ 9,192.70 $ 1,838.54 117400 10/29/2019 David Lanauze $ 15,355.94 $ 3,071.19 117401 10/29/2019 Ronald Alegria $ 5,443.96 $ 1,088.79 117402

PENSION BOARD MINUTES November 12, 2019 Page 3 C-9 Lump Sum Refunds paid since the last meeting were approved as follows –

(continued) Check Date Name gross withholding check # 10/29/2019 Taylor Hall $ 18,584.63 R/O 117404 10/29/2019 Alexander Schmidt $ 23,649.87 R/O 117405 10/29/2019 Deeana Johnson $ 10,000.00 $ 2,000.00 117406 10/29/2019 Deeana Johnson $ 24,004.43 R/O 117407 10/29/2019 Jhojan Gallo $ 2,927.58 $ 585.52 117408 C-10 The Financial Reports were approved as presented. The September 2019 Bank Reconciliation was approved as presented C-11 Requests for Payment were approved as presented – November 2019 Legal Amount Legal Services - KKJ&L $5,000.00 for the month of November 2019 Bookkeeping Joan Wall- Bookkeeper For the month of November 2019 $350.00 Auditors Marcum LLP- External Audit Fees Progress bill for Retirement Plans for Fiscal ended September 30, 2019 Invoice #101345370 Dated 10/31/2019 $1,200.00 Computer Consultant Pension Technology Group Pension Pro, Inv # 2032 Dated: 11/1/2019 $6,000.00 Office, etc Sharp Electronics Corporation For the month of November 2019 Invoice # dated $136.13 Quench USA Inc : Water System Acct # D303087 Inv#INV02119379 Month of November 2019 $34.99 Office Depot: Office supplies Inv# 393896062001; 393904269001 $281.52 Central Services Inv#23248 Date 11/1/19 Month- Oct 2019 $660.60

PENSION BOARD MINUTES November 12, 2019 Page 4 C-11 Requests for Payment were approved as presented – Continued Office, etc - continued Charges for the month of Oct 2019 $39.36 American Express- Misc $9.79 Tyler Business Forms: Tyler Forms $100.00 Tyler Forms Signature Digitization $25.00 Tyler Forms Reprogram Additional Sig Card $150.00 Tyler Form Minor Modification (2 forms/ same change) PR shipping & handling $15.55 Investment Fees - Wellington Wellington Trust Co Client ID# 68R4, Inv# 20190930-101918-A $112,318.37 Client ID# 4V55, Inv# 20190930-97338-A $89,664.02 Conv/Seminars/Dues/Etc American Express: $3,796.20 Conference Reimbursement: L. Bernstein $1,102.65 R. Rivera $996.69 M. Taxis $1,271.59 S. Sicily $947.10 J. Casanova $1,321.64 J. Del Risco $2,765.21 M. Villar $1,369.41

REGULAR AGENDA R-1 Deferred Items – (None) R-2 New Items –

A. Public Forum – Mr. Kaufman said that this item should remain on the board agendas going forward in case any members of the public wished to address the Board regarding the retirement fund. The Chairman asked the attendees of the meeting if anyone desired to address the Board. Ms. Amada Gonzalez asked if she was on the Board Agenda today. Mr. Kaufman said that she was not. Ms. Gonzalez questioned the Board regarding an employee benefit statement (EBS) she had received recently. She wished to know if she was a member of the Plan. The Administrator said that she had received the statement in error and that it contained no pertinent information regarding membership. He apologized for the misunderstanding. Ms. Gonzalez asked if there were any updates to her item. The Chairman said that there was no new information on her item. The Administrator asked Ms. Gonzalez to please visit his office after the meeting to clarify the matter. Ms. Gonzalez thanked the Board.

PENSION BOARD MINUTES November 12, 2019 Page 5

B. Proposed notice of agency action – Mr. Kaufman said that at the last

Board meeting the Board had adopted a proposed notice of agency action regarding the possible forfeiture of benefits for former employee Ivo Martinez. He said that Mr. Martinez and his counsel had been served on October 15th. He said that prior to the date required for a response, Mr. Martinez’s counsel had requested an extension for a response. Mr. Kaufman said that as a professional courtesy he had granted an extension for a response. He said that this item should remain on agendas until a response was received.

R-3 Administrator’s Report – There was no new information R-4 Invesment Reports

A. JP Morgan quarterly presentation – Ms. Hurley provided the Board a firm update and introduced Mr. Galinko who provided the Board a quarterly presentation of the infrastructure fund the Plan was invested in. Mr. Galinko said that JP Morgan would be lowering the fees on the Infrastructure fund as well as simplifying the calculation used to assess the quarterly fees to the Plan. He said that the Board would need to approve the lower fee structure. Mr. Galinko said that lowering the fees was a result of JP Morgan’s wish to stay competitive amongst its piers. Mr. Galinko discussed currency hedging as an option with the infrastructure fund. He said that Miami Beach did not have currency hedging in place. A discussion ensued. Mr. Cottle did not recommend currency hedging at this time and stated he would study the viability of this option and report back to the Board at a future meeting. Mr. Lucas went over the quarterly performance report for the strategic property fund. He discussed the recent underperformance of the fund and stated that the fund was well positioned going forward to provide strong performance. Mr. Lucas went over the reasons why the Fund had underperformed in recent years and also discussed the changes made so that strong performance would be expected going forward.

A motion was made by Ms. Bernstein duly seconded by Mr. Woodruff, and with all in favor, it was unanimously

RESOLVED that JP Morgan’s proposed structure to lower fees be

approved as presented.

B. Milliman Inc. quarterly presentation – Mr. Steven Cottle reviewed the quarterly and fiscal year performance of the Plan. Mr. Bill Cottle reviewed the Asset Allocation Study requested by the Board. He said that the current policy asset mix has a 10-year arithmetic average expected return of 6.05%. He said that based on the actuarial investment return target of 7.4% he recommended adding 5% of private equity & 5% private debt to the Fund’s current asset allocation. He said that this change would result in an expected long-term return of 7.0%.

PENSION BOARD MINUTES November 12, 2019 Page 6

A discussion ensued. Mr. Taxis asked if the current asset mix could be changed to produce a higher expected return without the addition of any private equity or debt. He requested that Mr. Cottle bring this information back to a future meeting. Mr. Cottle was instructed to bring back more information regarding the proposed new asset classes specifically providing in greater detail their definition, there historical returns as well as their expected future returns and how they function. Mr. Del Risco requested that at the next investment board meeting Milliman please provide a recommendation to the Board regarding JP Morgan’s strategic property fund. He said that the property fund had been underperforming for the last three years versus its piers and benchmark. Mr. Woodruff requested that no investment managers be scheduled to present at the next quarterly investment meeting so that all attention could be directed to the asset allocation study.

C. Wellington Management Quarterly Presentation – Mr. Grant and Mr.

Reganti reviewed their quarterly presentation for the period ending September 30, 2019.

A motion was made by Mr. Taxis duly seconded by Mr. Sinkes and unanimously RESOLVED that the addendum to the Consent Agenda be added to Item C-

11. A motion was made by Mr. Taxis duly seconded by Mr. Sinkes and unanimously RESOLVED that Consent Item C-11, Requests for Payment, be approved as

presented. R-5 For Your Information

Chairman Boyd and Mr. Kaufman reviewed for your information.

A motion was made by Ms. Bernstein duly seconded by Mr. Horday, and with all in favor, it was unanimously Resolved that the meeting be adjourned. The meeting was

adjourned at 12:43 p.m.

______________________ ___________________________ James W. Boyd, Chairman Jose Del Risco, Secretary

NEW MEMBERS DECEMBER 10, 2019 BOARD AGENDALast Name First Name Start Date Job Title Hire DateBLOUNT KEVIN 10/28/2019 ASST PUMPING MECHANIC 4/22/2019RANDOLPH JASON 10/28/2019 CODE COMPLIANCE OFF 1 T 10/29/2018CENTORINO JOSEPH 11/1/2019 INSPECTOR GENERAL 11/1/2019FERNANDEZ FAVIANA 11/4/2019 PERMIT CLERK I 11/4/2019MARTINEZ REMBERTO 11/4/2019 PERMIT CLERK I 11/4/2019ACOSTA GONZALEZ RAYDEL 11/11/2019 LIFEGUARD I 1/22/2018AGON CARLOS 11/11/2019 LIFEGUARD I 7/30/2018CASTILLO ABEL 11/11/2019 LIFEGUARD I 2/20/2018GALINDO PEDRO 11/11/2019 MSW I 5/13/2019NAPOLES RODNY 11/11/2019 LIFEGUARD I 2/21/2018PEREZ ANDRES 11/11/2019 MASONRY HELPER 5/13/2019QUINONES HIRAM 11/11/2019 MSW I 5/13/2019ROIG CHRISTOPHER 11/11/2019 COMMUNICATIONS OPERATOR 2/11/2019RUIZ YAIMA 11/11/2019 COMMUNICATIONS OPERATOR 2/11/2019RUSSELL RANDY 11/11/2019 CODE COMPLIANCE OFF 1 T 11/5/2018VASQUEZ DEIVYS 11/11/2019 PARK RANGER 10/23/2017VILLA ENRIQUE 11/11/2019 REC PROGRAM SUPERVISOR 5/7/2019GUTIERREZ GIULIANNA 11/12/2019 OFFICE ASSOCIATE IV 11/12/2019SANCHEZ JOSE 11/12/2019 ENVIROMENTAL TECNICIAN 11/12/2019BAZIL REUBEN 11/18/2019 MSW I 4/3/2017BRAUN BENJAMIN 11/18/2019 CAO FELLOW TEMP 11/18/2019HANUSCHIK PATRICK 11/18/2019 FINANCIAL ANALYST -

FINANCE 11/18/2019

JEAN NESTALE ELISNEL 11/25/2019 MSW I 11/25/2019

12/3/2019 10:54:20 AM

Ordinance No. 2015-3946 NEW RETIREE NAME: Fulgencio A. Ehlers DATE OF BIRTH: August 7, 1957 CLASSIFICATION: MSW II DEPARTMENT: Sanitation TIER: ‘B’ TERMINATION DATE: December 31, 2019 BENEFITS TO COMMENCE: January 1, 2020 TYPE OF RETIREMENT: Normal Service Retirement Partial Lump Sum Option (PLOP)– 25% CREDITABLE SERVICE: 11.05 ycs EST. PENSION BENEFIT: $1,277.74 (100%) ($319.44)- PLOP (25%) Starting Gross: $ 958.31 PLOP Distribution: $48,511. SECTION OF ORDINANCE: 5.03 - Partial Lump Sum Distribution

Ordinance No. 2015-3946 NEW RETIREE NAME: Tony Smith DATE OF BIRTH: November 2, 1964 CLASSIFICATION: MSW II DEPARTMENT: Parks and Recreation TIER: ‘B’ TERMINATION DATE: October 14, 2008 BENEFITS TO COMMENCE: December 1, 2019 TYPE OF RETIREMENT: Ordinary Service Retirement (LA) CREDITABLE SERVICE: 10.04 ycs EST. PENSION BENEFIT: $698.38 SECTION OF ORDINANCE: 5.04- Vested Retirement Allowance

Ordinance No. 2015-3946 NEW RETIREE NAME: Rhonda Gracie DATE OF BIRTH: November 7, 1964 CLASSIFICATION: Parks Superintendent DEPARTMENT: Parks and Recreation TIER: ‘B’ TERMINATION DATE: June 21, 2013 BENEFITS TO COMMENCE: December 1, 2019 TYPE OF RETIREMENT: Joint Service Retirement (100% J&S) CREDITABLE SERVICE: 9.25 ycs EST. PENSION BENEFIT: $1,924.21 SECTION OF ORDINANCE: 5.04- Vested Retirement Allowance

ORDINANCE NO. 2015-3946

REQUEST FOR LUMP SUM REFUND

NAME: Bianca White CLASSIFICATION: Code Compliance Officer I DEPARTMENT: Code Compliance DATE OF SEPARATION: September 24, 2019 CREDITABLE SERVICE: .22 ycs ESTIMATED LUMP SUM DUE: $1,045.82 Federal Tax Withholding: $209.16 SECTION OF ORDINANCE: 5.10

ORDINANCE NO. 2015-3946

REQUEST FOR LUMP SUM REFUND

NAME: Alex Gomez CLASSIFICATION: MSW II DEPARTMENT: Sanitation DATE OF SEPARATION: November 22, 2018 CREDITABLE SERVICE: 3.22 ycs ESTIMATED LUMP SUM DUE: $12,143.36 Federal Tax Withholding: $2,428.67 SECTION OF ORDINANCE: 5.10

ORDINANCE NO. 2015-3946

REQUEST FOR LUMP SUM REFUND

NAME: Tony O. Brown CLASSIFICATION: Capital Projects Coordinator DEPARTMENT: Capital Improvement Projects DATE OF SEPARATION: August 26, 2019 CREDITABLE SERVICE: 1.55 ycs ESTIMATED LUMP SUM DUE: $14,155.22 Federal Tax Withholding: $2,831.04 SECTION OF ORDINANCE: 5.10

Ordinance No. 2015-3946 NEW DROP MEMBER NAME: Esther Delva DATE OF BIRTH: July 22, 1961 CLASSIFICATION: MSW I DEPARTMENT: Sanitation BEGINNING DROP DATE: December 1, 2019 TYPE OF RETIREMENT: Ordinary Service Retirement (50%) CREDITABLE SERVICE: 11.94 ycs EST. PENSION BENEFIT: $1,010.74 SECTION OF ORDINANCE: 5.13

Ordinance No. 2015-3946 NEW DROP MEMBER NAME: Luis A Blanco DATE OF BIRTH: November 6, 1964 CLASSIFICATION: Senior Mechanical Inspector DEPARTMENT: Building Department BEGINNING DROP DATE: December 1, 2019 TYPE OF RETIREMENT: Joint Service Retirement (66.66%) CREDITABLE SERVICE: 20.73 ycs EST. PENSION BENEFIT: $4,809.65 SECTION OF ORDINANCE: 5.13

Ordinance No. 2015-3946 NEW DROP MEMBER NAME: Mara Onate DATE OF BIRTH: October 26, 1964 CLASSIFICATION: Administrative Aide I DEPARTMENT: Parks and Recreation BEGINNING DROP DATE: December 1, 2019 TYPE OF RETIREMENT: Ordinary Service Retirement (50%) CREDITABLE SERVICE: 23.44 ycs EST. PENSION BENEFIT: $3,229.27 SECTION OF ORDINANCE: 5.13

Lump Sums Paid November 2019Check Date Name gross withholding check #11/1/2019 Dayanes Martinez 20,338.65$ R/O 11743211/26/2019 Dorcas Lester 20,426.97$ 4,085.39$ 11745111/26/2019 Wilgains J. Othello, Jr 12,029.69$ 2,405.94$ 11745211/26/2019 Pamela Rios 13,867.95$ 2,773.59$ 11745311/26/2019 Cheryl Alvarez 42,127.72$ R/O 117454

MIAMI BEACH EMPLOYEES’ RETIREMENT PLAN PENSION BOARD MEETING

Tuesday, December 10, 2019 10:00 a.m. CITY HALL

Pension Office Conference Room

REGULAR AGENDA R-1 Deferred Items –

A. Proposed Notice of Agency Action R-2 New Items –

A. Memo from Milliman regarding Private Equity - 51 R-3 Administrator’s Report

R-4 For Your Information

A. DROP Update – 52

B. Conference Calendar – 54

IN ACCORDANCE WITH THE AMERICANS WITH DISABILITY ACT OF 1990, PERSONS NEEDING A SPECIAL ACCOMMODATION TO PARTICIPATE IN THIS PROCEEDING SHOULD CONTACT THE PENSION OFFICE NO LATER THAN FOUR DAYS PRIOR TO THE PROCEEDING. TELEPHONE (305) 673-7437 FOR ASSISTANCE; IF HEARING IMPAIRED, TELEPHONE THE FLORIDA RELAY SERVICE NUMBERS (800) 955-8771 (TDD) OR (800) 955-8770 (VOICE), FOR ASSISTANCE. IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE BOARD WITH RESPECT TO ANY MATTER CONSIDERED A THIS MEETING, HE WILL NEED A RECORD OF THE PROCEEDINGS, AND FOR SUCH PURPOSE HE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. FLORIDA STATUTES 286.0105 THIS MEETING MAY BE CONDUCTED BY MEANS OF OR IN CONJUNCTION WITH COMMUNICATIONS MEDIA TECHNOLOGY, SPECIFICALLY A TELEPHONE CONFERENCE CALL. THE ABOVE LOCATION, WHICH IS ORDINARILY OPEN TO THE PUBLIC, SHALL SERVE AS AN ACCESS POINT. PERSONS WISHING TO ATTEND SHOULD APPEAR AT THE ACCESS POINT, WHERE TELEPHONIC ACCESS TO THE MEETING WILL BE PROVIDED.

Memorandum

1

650 California Street, 21st Floor San Francisco, CA 94108 USA

Tel +1 415 403 1333 Fax +1 415 403 1334

milliman.com

December 3, 2019

To: Rick Rivera, Retirement Administrator Miami Beach Employees Retirement Plan

From: Bill Cottle, Jeff Nipp, Steven Cottle Subject: Private Equity & Private Debt Educational Session Memo

Background The recently completed asset allocation study for the Miami Beach Employees Retirement Plan suggested the consideration of two new asset classes, private equity and private debt. Both of these topics were addressed at the Milliman Investment Educational Conference in September. To obtain further background on these subjects, we recommend that the Board consider a strictly educational session on these two asset classes. Private Equity Conference Presentations At the Milliman Investment Educational Conference in Monterey, Kevin Campbell of Taurus Private Markets and James Korczak of Adams Street Partners participated in the Small & Mid-Market Private Equity Opportunities panel. In the Taurus presentation, the definition of private equity was provided, as well as the explanation of different types of private equity investing. Net of fee performance comparisons with other equity indexes was stated. In addition, the evolution of the private equity asset class was developed. In the Adams Street presentation, several of the above topics were also addressed. In addition, an explanation of how to access the private equity asset class was stated. Finally, a fund size risk-return analysis was made. Summary It is our expectation that the presentations previously provided by Taurus and Adams Street would provide an excellent educational framework for the possible investment in private equity. In addition, both of these firms are well versed in private debt and could provide basic information on this topic as well. It is our recommendation to have Taurus and Adams Street present background information on private equity and private debt to the Board at its January 14th Board Meeting.

DROP UPDATE as of November 1st DROP Payroll DROPName Department ‐ Title Start date DROP end date

1 ICMA Denham, Charles Info Tech Spec II 1/1/2015 12/31/20192 ICMA White, Marvin MSW I 2/1/2015 1/31/20203 ICMA/NW Collado, Jesus Sewer Supervisor 3/1/2015 2/28/20204 ICMA Reyes Carbajal MSW I 3/1/2015 2/28/20205 ICMA Lesther Fleuinord MSW III 5/1/2015 4/30/20206 ICMA Liliane Morissette MSW I 5/1/2015 4/30/20207 ICMA Marie Joacilien MSW II 5/1/2015 4/30/20208 ICMA Aspil Dessalines MSW III 6/1/2015 5/31/20209 ICMA Willie Jackson Jr.  Heavy Equipment Operator I 7/1/2015 6/30/202010 ICMA Carlos Da Cruz Office Associate V 9/1/2015 8/31/202011 ICMA Bruce Lamberto Engineering Assistant I 9/1/2015 8/31/202012 ICMA Poggio, Eduardo Fire Equipment Mechanic 9/1/2015 8/31/202013 ICMA Mobley‐Nason, Annette Dispatcher 9/1/2015 8/31/202014 ICMA Rebolledo, Rosanna Complaint Operator II 9/1/2015 8/31/202015 ICMA Williams, Gwendolyn Public Safety Pay Administrator 10/1/2015 9/30/202016 ICMA Rodriguez, Dagoberto Pool Guard I 10/1/2015 9/30/202017 ICMA Rodriguez, Pedro Pool Guard I 10/1/2015 9/30/202018 ICMA Perez, Mayra Account Clerk III 10/1/2015 9/30/202019 ICMA Valdes, Robert Chief Structural Engineer 12/1/2015 11/30/202020 ICMA Anderson, Miguel Snr. Building Inspector 12/1/2015 11/30/202021 ICMA Brocato, Emilio MSW II 2/1/2016 1/31/202122 ICMA Belorme, Junias MSW III 3/1/2016 2/28/202123 ICMA Lee, Robert Code Compliance Officer II 3/1/2016 2/28/202124 ICMA/NW Stratton, Harry Painter 4/1/2016 3/31/202125 ICMA Stewart, Carlton MSW III 4/1/2016 3/31/202126 ICMA/NW Cristobal, Lidia Financial Analyst II 5/1/2016 4/30/202127 ICMA Avalos, Adrian Chief BLDG Code Compliance Officer 7/1/2016 6/30/202128 ICMA Yanes, Saul Building Services Tech 8/1/2016 7/31/202129 ICMA Barr, Estelle Administrative Aide I 8/1/2016 7/31/202130 ICMA Eduardo Nunez Heavy Equipment Operator I 9/1/2016 8/31/202131 ICMA Charles Uthandi Property & Evidence Tech 9/1/2016 8/31/202132 ICMA Alberto Copperi MSW III 10/1/2016 9/30/202133 ICMA/NW Ofelia Levy Administrative Aide I 10/1/2016 9/30/202134 ICMA Gerald Coldros Heavy Equipment Operator II - PW 1/1/2017 12/31/202135 ICMA Raul Soria Financial Analyst III 1/1/2017 12/31/202136 ICMA Hirschhorn, Christina Police Tech Serv. - Admin Aide II 3/1/2017 2/28/202237 ICMA Hatfield, Liliam City Clerk - Asst City Clerk 4/1/2017 3/31/202238 ICMA/NW Perez, Patricia PSCU - Complaint Operator II 4/1/2017 3/31/202239 ICMA Aguila, Raul City Attorney - City Attorney 4/1/2017 3/31/202240 ICMA Brown, Lavoris PW - Greenspace Mngmnt - Park Super 5/1/2017 4/30/202241 ICMA Garcia, Cayetano Ocean Rescue - Lifeguard I 5/1/2017 4/30/202242 ICMA Sonny, Deo PW - Water Pipefitter 5/1/2017 4/30/202243 ICMA Tamayo, Orosmon PW - Civil Engineer I 6/1/2017 5/31/202244 ICMA Perman, Terry Parks & Rec - MSW III 6/1/2017 5/31/202245 ICMA Butler, Stevy Parks & Rec - MSW I 5/1/2017 4/30/202246 ICMA Granados, Dania Police Tech Serv. - Data Entry Clerk 7/1/2017 6/30/202247 ICMA Rodriguez, Rosario Building - Permit Clerk I 8/1/2017 7/31/202248 ICMA/NW Christian, Jeffery MSW III 9/1/2017 8/31/202249 ICMA Diaz, Juan Planning - Planning&Zoning inspector 10/1/2017 9/30/202250 ICMA Nunez, Daniel Property & Evidence Tech I 10/1/2017 9/30/202251 ICMA Ramirez, Haydee Administrative Aide I - Sanitation 10/1/2017 9/30/202252 ICMA Hart, Debora Office Assoc. V PW engineering 11/1/2017 10/31/202253 ICMA Noborikawa, Jose Electrician - Public Works Sewer 1/1/2018 12/31/202254 ICMA Hoanshelt, Judy Grants Manager Division Director 3/1/2018 2/28/2023

DROP UPDATE as of November 1st DROP Payroll DROP DROPName Department ‐ Title Start date end date

55 NW Morales, Yamilex  CAO Paralegal CAO 4/1/2018 3/31/202356 NW Brown, Denise  Police Records Supervisor - Police Tech 3/1/2018 2/28/202357 NW Randi MacBride  Office Assoc. V Code Compliance 2/1/2018 1/31/202358 NW Sandra Meyer Office Assoc. V Building dept. 4/1/2018 3/31/202359 NW Martinez, Candelario Chief Electrical Inspector - Bldg dept 6/1/2018 5/31/202360 NW Guerrier, Arielle Police Records Technician - Police dept 6/1/2018 5/31/202361 NW Martell, James Painter - Parking 7/1/2018 6/30/202362 NW Frances, Saul Parking Director - Parking Dept. 8/1/2018 7/31/202363 NW Franco-Rubines, Laura Assistant Parking Director - Parking Dept 8/1/2018 7/31/202364 NW Moreira, Gilbert MSW II, Parking On-Street 8/1/2018 7/31/202365 NW Andre, Marie-France I.T. Specialist II - I.T. 8/1/2018 7/31/202366 ICMA Izquierdo, Jose Carpenter - Public Works Property Mngmnt 9/1/2018 8/31/202367 ICMA Hernandez, Jorge Code Compliance Officer II 9/1/2018 8/31/202368 NW Fojon, Elizabeth Property & Evidence Technician 9/1/2018 8/31/202369 ICMA Desamours, Lucien MSW I 8/1/2018 7/31/202370 ICMA De Olazarra, Andrew Lifeguard II 10/1/2018 9/30/202371 NW Reeder, Patricia Executive Office Associate II 8/1/2018 7/31/202372 NW Iglesias, Juan Mason, Public Works Streets 10/1/2018 9/30/202373 NW Zapata, Alvaro Electrician - Public Works Water 10/1/2018 9/30/202374 NW Correa, Nelida Office Associate III, Parking Administration 10/1/2018 9/30/202375 NW Rodriguez, Esther Parking Administration Manager 1/1/2019 12/31/202376 NW Cadina, Vicky Ann PUBLIC SAFETY COMM. DIVISION, operator 12/1/2018 11/30/202377 NW Montenegro, Victor C. Parking Meter Tech. - Parking On-Street 1/1/2019 12/31/202378 NW Monestime, Joseph Street Lights Tech. I - Public Works Street 1/1/2019 12/31/202379 NW Hipskind, Christopher Sr. Systems Administrator - I.T. 3/1/2019 2/28/202480 NW Reeters Lindo, Linda MSW III - Sanitation 3/1/2019 2/28/202481 ICMA Bistolfi, Juan Sr. Building Inspector - Building Services 4/1/2019 3/31/202482 NW Lago, Manuel Parking Enforcement Spec I 4/1/2019 3/31/202483 NW Coney, Shawnnee Parking Enforcement Spec I 5/1/2019 4/30/202484 NW Wint, Glassome Office Associate IV 3/1/2019 2/28/202485 ICMA Varela, Orlando Mechanic III 6/1/2019 5/31/202486 NW Merino, Miriam Assistant to the City Attorney II 6/1/2019 5/31/202487 NW Kirby, Karl Sewer Supervisor - PW Sewer 8/1/2019 7/31/202488 NW Sarria, Marvin Electrician Supervisor 8/1/2019 7/31/202489 NW McMillion, Jimmy Financial Analyst III 8/1/2019 7/31/202490 NW *Zeigler, James Chief Plumbing Inspector 9/1/2019 8/31/202491 NW *Rosenthal, Yarden Public Safety Specialist 9/1/2019 8/31/202492 NW *Benincasa, John Tax Auditor 10/1/2019 9/30/202493 NW *Dellacasa-Diaz, Sandra Human Resources Specialist 10/1/2019 9/30/202494 NW *Gaters, Levan Mechanic III 10/1/2019 9/30/202495 NW *Jimenez, Madeline Commuminacations Operator 10/1/2019 9/30/202496 NW *Pernas, Jorge I.T. Specialist II - I.T. 10/1/2019 9/30/202497 NW *Coolidge, Mark Internal Auditor 11/1/2019 10/31/2024*New DROP Members

recent DROP exitsICMA Milz, Tommy MSW IIIICMA Thomas, shirley BuyerICMA Hartnett, Michael System AdministratorICMA Babcock, John Police Records ManagerICMA Cavanaugh, Daniel Lifeguard IIICMA Garcia Sr.,  Osvaldo Lifeguard IICMA Chiovaro, Maria Case WorkerICMA Dufour, Carmin Tax Auditor

Consent AgendaMinutes for ApprovalNew Members for ApprovalNew Retirees for ApprovalLump Sums for ApprovalProbation Buybacks for ApprovalDROP members for ApprovalLump Sums PaidRequests for Payments Dec 2019 agenda.pdfKlausner Kaufman Et Al.Joan Wall BookkeepingGRS ActuaryPension Tech. GroupEllen Schaffer ProgrammerSharp CopierQuench Water Sys.Office DepotCMB - Central ServicesGRM StorageAMEX

Regular AgendaPrivate Equity MEMO from MillimanDROP UpdateConference Calendar