05-13-2004 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
MAY 13,2004
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,May
13,2004 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
Mary Ross Agosta Tom Benton
Joseph Charles Angela Dorney
John Rumble
Absent
Mayor Jim McCoy,Chairman
Wendy Reiner
Also Present: Steve Cypen,Pension Board Attorney
Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
EMERGENCY ITEM—Election of Acting Chairman
Due to the absence of Chairman McCoy, Mr. Benton moved that Mrs. Ross Agosta be appointed
as acting chairman for the May 13, 2004 General Employee Pension Board meeting. The motion
was seconded by Mrs. Dorney. The vote was unanimous in favor.
3. APPROVAL OF February 12,2004 MINUTES
Mr. Benton moved for approval of the February 12, 2004 minutes as submitted. Mr. Charles seconded the
motion. The motion to approve passed unanimously.
4. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2004-003
Mr.Benton moved for approval of payment warrant General Employee Warrant No.2004-003 as submitted.
Mr.Charles seconded the motion which was passed unanimously.
5A. INVESTMENT MANAGER REPORT-Davis,Hamilton,Jackson&Associates-Janna Woods
Ms. Woods reviewed the performance of the fund with a total market value of$3,688,490 as of March 31,
2003.The return for the period was 1.8%;the equity return being 1.0%just beating the Russell 1000 Growth
return of 0.8%and the fixed income return being 3.2%compared to the Lehman Government/Corporate return of
2.5%.
General Employee Pension Board May 13, 2004 Page 2
5B. INVESTMENT MANAGER REPORT-The Boston Company—Paul Leahy
Mr.Leahy reported that the fund's total market value as of March 31,2004 was$3,763,881. The total return for
the quarter was 2.1%;with a 1.7%return on equities falling under the Russell 1000 Value of 1.7%. The 3.1%
fixed income return just beat the Merrill Lynch Government/Corporation return of 3.0%.
6. CONSULTANTS REPORT-Merrill Lynch—Jeff Swanson
Mr. Swanson reviewed the investment manager's returns for the quarter ending March 31, 2004. The total
market value of the fund was$7,403,290 a net increase of$81,290. The fund ranked in the seventieth percentile
compared to the public balanced public fund sample. Mr.Swanson indicated that both managers fell within the
investment policy parameters. Mr.Swanson reviewed the manager's performance noting that diversification is a
challenge due to the fund's size.
7. OTHER BUSINESS
Mr Cypen discussed recent developments regarding the Attorney General's opinion prohibiting members from
holding more than one office unless the code provisions make duties ex officio. Mr.Cypen reviewed the Village
Code of Ordinances regarding the Pension Board members concluding that there was no problem with the General
Employee Board.
8. ADJOURNMENT
The May 13,2004 regular meeting of the General Employee Pension Board was adjourned at 9:30 AM with a
motion from Mr.Benton seconded by Mr.Charles and unanimous in favor.
A 1�-.A.J �� a4,L5 -
Mary loss Agosta,Acting Chairperson Lisa Keeley,Recording Secretary