05-10-2001 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
MAY 10, 2001
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on
Thursday, May 10, 2001 in the Conference Room of the Village Hall. The meeting was called to
order at 8:20 A.M.
2. ROLL CALL
In order for the record to reflect those present, the roll was called with the following members
present:
Present: Mayor Al Davis
Thomas J.Benton
Joseph Charles
Les Forney
Wendy Reiner(via telephone)
Richard Trumble
Absent: Henry Courtney
Also Present: Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
EMERGENCY AGENDA ITEM
Due to the departure of the previous chair, Mary Ross Agosta, a new chairman was selected. Mr. Charles
proposed Mr.Davis as the new chair and so moved with a second from Mr.Trumble. The vote was unanimous in
favor.
4. APPROVAL OF PAYMENT WARRANT
Mr. Charles moved for approval of the payment warrant as submitted. Mr. Trumble seconded the
motion and the vote was unanimous in favor.
3. INVESTMENT REPORTS-The Boston Company,Carl O'Connell
Mr.O'Connell gave a brief introduction on The Boston Company value style of investing. The company focuses
on large cap stocks;they find the catalysts to unlock the stock value thus increasing the stock value. He spoke of
the asset allocation and indicated the company was reaching the 60%target.
3. INVESTMENT REPORT - Merrill Lynch, Larry Cole
Mr. Cole explained that the last quarter was one of transition. The funds were still consolidated as of
March 31, 2001. There was a high cash value due to the bond conversion to cash during the
transition. The combined fund had a total return of-2.6%for the quarter with a total market value of
$17,405,485. Mr. Cole provided background information on the volatility ofthe stock market in both
present conditions and long term effects. He also spoke of the Pension Plan's movement in manager's
to diversify investment strategies. Mr. Cole stated that the pension fund is solid.
f
General Employee Pension Board May 10,2001 Page 2
4. OTHER BUSINESS.
There was no other business.
5. ADJOURNMENT
The May jA 2001 regular meeting of the General Employee Pension Board was adjourned at 9:25
A.M.
Al Davis, Chairperson Thomas J. Benton, Secretary
Lisa Keeley, Recording SWretary
......................................................................................................................................................................................
WARRANT - G No. 01- 2
For payment from the Village Pension Fund for General Employee'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 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 at its meeting held on 5/10/01 pensions for the period of time opposite the name of
said persons.
Name(Pensions,Benefits, Services Provided or Obligations) Amount Check Nr.
Estimated Distribution of Pension Contribution due to resignation:
Yves Vincent $2,415.81
Jocelyn Felker $ 821.41
v">
Dated this 10th day of May,2001 Approved by:
Alfred Davis
As/air the Board of Trustees Village Pension Fund for
General Employee's in the Village of Miami Shores,Florida
.................................................................................. .............................................................................................................
:.............................................................................................................................................................................................................................
WARRANT - G No. 01 - 1
For payment from the Village Pension Fund for General Employee'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 General Employees in Miami Shores Village to pay the amounts listed below for
services rendered to the said Board of Trustees,and to pay tlie persons named below,hereby certified by the Board of Trustees as
being on the Pension list of said Board at its meeting held on 4/26/01 pensions from 9/14/00 to 3/31/01 inclusive,or for the
period of time opposite the name of said persons.
Name(Pensions,Benefits, Services Provided or Obligations) Amount Check Nr.
Reimburse Miami Shores Village for:
Miscellaneous Expenses:
Florida Public Pension Trustee Association membership $ 300.00 88723
Federal Express Delivery $ 124.08 89266
Federal Express Delivery $ 8.26 89400
Lon Worth Crow -Premium for Fiduciary Policy $3,930.80 89284
Federal Express Delivery $ 10.99 90341
Sunshine State Messenger Delivery $ 14.00 90415
Teleconferencing Services $ 17.64 90284
Federal Express Delivery 11.90 90085
TOTAL MISCELLANEOUS EXPENSES Lj,4I7.67
Actuarial Fees(in excess of authorized amount from Warrant G No.00-2):
Gabriel,Roeder,Smith&Company 79.00
TOTAL REIMBURSEMENT TO MIAMI SHORES VILLAGE LI!L96.67
Actual Distribution of Pension Contribution due to resignation:
Curtis Sanford $20,290.70
Enrique Navarro $ 930.46
Oscar Espinosa $ 1,378.78
Sheldon Smith $ 3,773.29
SunTrust
Actual Quarterly fees for the period ending 12/31/00 $28,448.15 paid from Pension
fund
SunTrust
Actual Quarterly fees for the period ending 03/31/01 $15,566.73
(paid to Trustee from proceeds resulting from settlement of the Finova Bond)
Estimated Payments:
Payment of Actuarial Calculations
Gabriel,Roeder,Smith&Company-Not to Exceed $ 3,000.00
Dated this 26"day of April,2001 Approved by:
Mary Ross Agosta
As Chair of the Board of Trustees Village Pension Fund for
General Employee's in the Village of Miami Shores,Florida
............................................................................................................................................................................................................................