05-12-2005 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
MAY 12, 2005
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,May
12,2005 in the Conference Room of the Village Hall. The meeting was called to order at 8:05A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present
Tom Benton John Rumble
Joseph Charles Herta Holly
Absent
Mary Ross Agosta
Wendy Reiner
Also Present: Steve Cypen,Pension Board Attorney
Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
3. ELECTION OF CHAIRPERSON
With new members on the Board, an election of a new chairperson was held. Mr. Benton
nominated Mrs. Herta Holly as Chairperson for the General Employee Board. Mr. Charles
seconded the motion. The vote was unanimous in favor.
4. APPROVAL OF MINUTES—February 10,2005
Mr.Rumble moved for approval of the minutes as submitted. Mr.Benton seconded the motion. The motion to
approve passed unanimously.
5. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2005—004&004A
Mr.Benton moved for approval of payment warrants General Employee Warrant No.2005—004 and 004A as
submitted. Mr. Charles seconded the motion which was passed unanimously.
General Employee Pension Board May 12,2005 Page 2
5A. INVESTMENT MANAGER REPORT-Davis,Hamilton,Jackson&Associates-Janna Woods
Ms. Woods reviewed the performance of the fund with a total market value of$3,638,293 as of March 31,
2005.The return for the period was-2%;the equity return being-2.9%beating the Russell 1000 Growth
return of-4.1%and the fixed income return of-0.3%also beating the Lehman Government/Corporate return
of-0.7%.
511. INVESTMENT MANAGER REPORT-The Boston Company—Ryan Fitzpatrick
Mr. Fitzpatrick reported that the fund's total market value as of March 31, 2005 was $4,001,967. The total
return for the quarter was-0.7%;with a-1.0%return on equities compared to the Russell 1000 Value of 0.1%.
The-0.2%fixed income return just beat the Merrill Lynch Government/Corporation return of-0.6%.
6. CONSULTANTS REPORT-Merrill Lynch—Jeff Swanson
Mr. Swanson was absent and unable to provide the quarterly report.
7. OTHER BUSINESS
Mr. Charles made a motion to amend the agenda to allow a presentation from Smith Barney. Mr. Benton
seconded the motion which passed unanimously.
Mr.Malatak gave a brief summary regarding past discussion on the plan's investment consultant,Merrill Lynch.
Mr.Mark King and Mr.Eddie King from Smith Barney were introduced. Mark King gave a brief background on
the firm's platform in comparison with the current pension plan including alternative investments. A fee analysis
was also provided. After hearing the information presented,Mr.Cypen suggested that a breakdown of hard and
soft dollar costs be provided in order to better compare with the current plan costs.
8. ADJOURNMENT
The May 12,2005 regular meeting of the General Employee Pension Board was adjourned at 10:10 AM with a
motion from Mr.Benton seconded by Mr.Charles and unanimous in favor.
Herta Holly,Chairperson Lisa Keeley,Recording Secretary
General Employee Warrant - No. 2005 - 004
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 05/122005,pensions from 02/01/05 to 05101105 inclusive,or for the period of time opposite the name of said
persons.
Name(Pensions,Benefits,Services Provided or Obligations) Amount
To be paid by Trustee:
Authorize payment to Davis,Hamilton,Jackson&Associates
Quarterly management fees for the period 04/01/05—06/30/05 $4,547.87
Authorize payment to The Boston Company
Quarterly management fees for the period 01/01/05-03/31/05 $6,002.95
Authorize payment to Merrill Lynch Consulting Services
Quarterly consulting services for the period 01/01/05—03/31/05 $3,333.13
Authorize payment to Salem Trust Company
Quarterly fee for period 01/01/05 -03/31/05 $ 1,140.50
Dated this 12`h day of May,2005 Approved by:
Herta Holly,Chairperson
As Chair of the Board of Trustees Village Pension Fund for
General Employee's in the Village of Miami Shores,Florida
General Employee Payment Request
No. 2005 - 004A
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 05/12/05,pension from 02/01/05 to 05101105 inclusive,or for the period of time opposite the name of said
persons.
Name(Pensions,Benefits,Services Provided or Obligations) Amount
To be paid by Trustee:
Authorize Benefits Payable as a Result of Retirement commencing July 1,2005
Tales Saintfleur (Estimate:not to exceed life annuity amount) $ 1,307.05/monthly
Authorize Benefits Payable as a Result of Retirement commencing August 1,2005
Richard Trumble-Modified Cash Refund Annuity Option $ 1,053.49/monthly
Request dated this 12`h day of May,2005
Approved by: f
Herta Holly,Chairperson
As Chair of the Board of Trustees Village Pension Fund for
General Employee's in the Village of Miami Shores,Florida