11-08-2001 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD REGULAR MEETING
NOVEMBER 8, 2001
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on
Thursday,November 8,2001 in the Conference Room of the Village Hall. The meeting was called to
order at 8:22 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Al Davis, Chair
Mary Ross Agosta
Thomas J.Benton
Joseph Charles
Wendy Reiner
Richard Trumble
Absent:Henry Courtney
Also Present: Steve Cypen,Pension Board Attorney(via telephone)
Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
Mr.Davis welcomed the newly appointed Ms.Ross Agosta to the Board. He asked that a letter be sent on behalf
of the Board to Mr. Les Forney acknowledging his term and thanking him for his dedication. Mr. Malatak
indicated that he would prepare a letter immediately.
3. 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.
6. OTHER BUSINESS-Custodial Services
Mr. Malatak explained that although Fiduciary Trust did meet the minimum requirements of the Board, the
Fiduciary Trust administration advised that there would still be an interrelationship between Colonial Trust
Services and Fiduciary Trust. As such,Salem Trust was selected,meeting the fee structure of six basis points as
long as both plans utilize their services. In the event one plan moves services,an alternate fee structure would
become effective. The contracts were reviewed and approved by Mr.Cypen and await signature.
Mr.Malatak introduced the representatives from the new plan custodian,Salem Trust. Mr.Robert Darr and Ms.
Karen Russo. Mr.Darr gave a brief explanation of Salem Trust as a custodial company. Ms.Russo provided
information on the day to day custodial services provided through her offices. She did confirm experience with
the Village Pension Plan through Barnett Bank some years prior. The Board welcomed Salem Trust services.
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General Employee Pension Board November 8,2001 Page 2
4A. INVESTMENT MANAGERS REPORT-Davis,Hamilton,Jackson-Janna Woods
Ms. Woods reported that the fund's total market value as of September 30, 2001 was $3,440,250. The total
equity return for the period ending September 30,2001 was-14.6%beating the Russel 1000 Growth by 4.8%
with a fixed income return of 4.9%compared to the Lehman Intermediate Government Corporation. Ms.Woods
reviewed the market factors that prompted the company's buys and sells for the quarter.
4B. INVESTMENT MANAGERS REPORT-The Boston Company-Carl O'Connell&Paul Leahy
Mr.O'Connell gave a brief overview of the equities held and the investment objectives utilized by the firm in their
value-oriented investment process. The total market value of the fund ending September 30, 2001 was
$3,498,294. The total portfolio return for the period was -7.2%with an equity return of-13.8%and a fixed
income return of 6.0%beating the Merrill Lynch Government/Corporation return of 5.0%.
5. CONSULTANTS REPORT -Merrill Lynch-Larry Cole&Jeff Swanson
Mr. Cole reviewed the investment managers returns for the quarter. He noted that the stock market had a poor
quarter,but the bond market kept the fund from major losses with the 40%asset allocation. The total combined
fund balance at September 30, 2001 was $6,946,937 with a return of-6.6%. In comparison to other Florida
municipal funds,the Police plan ranked in the forty-first percentile.
7. ADJOURNMENT
The November 8,2001 regular meeting of the General Employee Pension Board was adjourned at 9:35 A.M.by a
motion to that effect from Ms.Ross Agosta.
Al Davis,Chairperson Thomas J.Benton, Secretary
Lisa Keeley,Recording Secretary
. . —
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
Board of Trustees as
services_rendered_the said Board_Trustees,and— pay. the persons named below,_hereby certified'' the
being on the Pension list of said Boud at its meeting held on 11/08/01 pensions from 08/01/01 to 09/30/01 inclusive,or for
the period of time opposite the name of said
Name(Pensions,Benefits,Services Provided or Obligations) Amount Check Nr.
Reimburse Miami Shores Village for:
Miscellaneous Expenses:
Federal Express Delivery $ 24.58
TOTAL MISCELLANEOUS EXPENSES $ 24.58
TOTAL REIMBURSEMENT TO MIAMI SHORES VILLAGE 24.58
Authorize payment to Davis,Hamilton,Jackson&Associates
Quarterly management fees for the period 10/0 1/0 1 - 12/3 1/01 $4,323.21
Authorize payment to The Boston Company
Quarterly management fees for the period 07/01/01 -09/30/01 Not to exceed$7,500.00
Authorize payment to Merrill Lynch
Consulting services 01/01/01 -06/30/01 $ 4,638.28
Consulting services 07/01/01 -09/30/01 Lik5l.72
TOTAL DUE MERRILL LYNCH $ 7,690.60
Authorize payment to Gabriel,Roeder,Smith&Company
First installment for Annual Actuarial Evaluation $ 1,593.00
Authorize payment to Colonial Bank
Quarterly trust fees Davis,Hamilton account
for the period ending 09/30/01 $ 573.18
Quarterly trust fees The Boston Company account
for the period ending 09/30/01 $ 598.44
Dated this 8*day oyNovember,20O} Approved by:
Al Davis
a»Chair of the Board ofTrustees Village Pension Fund for
General Employee's iothe Village n[Miami Shores,Florida
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