05-09-2002 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
MAY 9, 2002
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,May
9,2002 in the Conference Room of the Village Hall. The meeting was called to order at 8:05 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present Absent
Al Davis,Chairman Mary Ross Agosta
Tom Benton Wendy Reiner Henry Courtney
Joseph Charles Richard Trumble
Also Present: Steve Cypen,Pension Board Attorney
Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
3. APPROVAL OF MINUTES
Mr. Charles moved for approval of the February 14,2002 minutes. Ms.Reiner seconded the motion. During
discussion,Mr.Cypen indicated that in Item 3,the payment warrant should be identified by number rather than
"as submitted." Mr. Cypen also requested that in Item 5A, Line 2,the period be specifically identified. The
motion to approve passed unanimously.
4. APPROVAL OF PAYMENT WARRANT
Mr.Charles moved for approval of payment warrant G No.02-2 as submitted. Mr.Benton seconded the motion
which was passed unanimously.
5A. INVESTMENT MANAGER REPORT-Davis,Hamilton,Jackson&Associates-Janna Woods
Ms. Woods indicated that the allocation includes approximately four percent cash which will be re-invested
shortly. She reviewed the performance of the fund with a total market value of$3,617,583 as ofMarch 31,2002.
The return for the period was 1.0%;the equity return being 1.8%compared to the Russell 1000 Growth return of
-2.6%and the fixed income return equal to the Merrill Lynch Government/Corporate return of-0.6%.
511. INVESTMENT MANAGER REPORT-The Boston Company-Carl O'Connell&Ryan Fitzpatrick
Mr.O'Connell reported that the fund's total market value as of March 31,2002 was$3,646,664. The total return
for the quarter was 2.5%; with a 5.6%return on equities compared to the Russell 1000 Value of 4.7%. Mr.
Fitzpatrick reviewed the -2.3% fixed income return which was just below the -2.1% Merrill Lynch
Government/Corporate return.
General Employee Pension Board May 9, 2002 Page 2
6. CONSULTANTS REPORT-Merrill Lynch-Larry Cole
Mr.Cole reviewed the investment manager's returns for the quarter ending March 31,2002. He noted that the
exclusion from the international investment market is somewhat limiting the funds growth. It is an asset class
that could provide some additional exposure. The Board requested that information on international investments
be brought to the table at the next meeting.
The fund ranked in the bottom ten percent compared to the public balanced public fund sample. He indicated
that, although the market is currently extremely volatile, both managers still fall within the investment policy
parameters. Both managers have had good returns for the fiscal year to date and reached those earnings in a
different manner which will stabilize the long run returns.
7. ADMINISTRATIVE REPORT-Mark A.Malatak,Plan Administrator
Mr.Malatak made announcements regarding the upcoming FPPTA June conference and the management online
service provided by Salem Trust.
Mr. Malatak indicated that Colonial Bank submitted the final custodial costs. He explained that the increased
final audit costs were a direct result of Colonial's failure to maintain accurate records. Mr.Malatak asked for the
Board to determine whether or not to pay the management fees or use it as an offset against the increased audit
fees paid due to Colonial's poor custodial performance.
Mr.Charles moved not to pay the custodial fees due to Colonial Bank as it should be considered an offset to the
increased audit fees paid as a direct result of Colonial Bank's reporting. Mr.Benton seconded the motion and the
vote was unanimous in favor.
8. OTHER BUSINESS
There was no other business.
9. ADJOURNMENT
The May 9, 02 regular meeting of the General Employee Pension Board was adjourned at 9:30 AM with a
motion fr r. Charles seconded by Ms.Reiner and unanimous in favor.
1.
Al Davis,Chairman Lisa Keeley,Recording Secretary