11-10-2005 Regular Meeting s
MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
NOVEMBER 10,2005
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,
November 10,2005 in the Conference Room of the Village Hall. The meeting was called to order at 8:25A.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 Angela Dorney
Joseph Charles Mary Ross Agosta
Absent
Herta.Holly
Wendy Reiner
Also Present: Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
EMERGENCY ITEM - ELECTION OF ACTING CHAIRPERSON
Due to the absence of chairperson, Herta Holly, Mr. Benton moved to elect Mary Ross Agosta as the acting
chairperson for today's meeting. Mr.Charles seconded the motion. The motion passed unanimously.
3. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2000 001
Mr.Benton moved for approval of payment warrant General Employee Warrant No. 2006—001 as submitted.
Mrs.Dorney seconded the motion which was passed unanimously.
5. OTHER BUSINESS
Mr.Malatak asked the Board to consider allowing administration to authorize employee payouts when there is no
Board quorum or meeting at the time of employee's request. Discussion regarding warrant required signatures
and check points ensued. Mr.Benton made a motion to authorize employee payouts and warrants by the Finance
Director and the Village Manager requiring the signature of the Finance Director and the Village Manager in
order to expedite payments with notification to the Board as soon as possible following the transaction. Mr.
Charles seconded the motion which passed unanimously.
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General Employee Pension Board November 10,2005 Page 2
4. CONSULTANTS REPORT-Merrill Lynch-Jeff Swanson
Mr.Kirchner introduced himself as a new representative on the Merrill Lynch team. He discussed the fund asset
allocation and the possibility of other investment options to achieve higher returns.
Mr.Kirchner reviewed the investment manager's returns for the quarter ending September 30,2005. The total
market value of the fund was$7,939,180,a net increase of$173,280. The total fund returned 2.7%ranking in
the seventieth percentile compared to the public balance fund sample.
Mr. Benton discussed the consultant performance of Merrill Lynch for past few years and the lack of advice
provided to the Board. He commended Mr. Kirchner for providing more information to the Board at today's
meeting than had been provided in the past. Mary Ross Agosta also agreed on the dissatisfaction with Merrill
Lynch.
After discussing the total fund and its performance,Mr.Benton made a motion to instruct Merrill Lynch to do a
thorough analysis and review of the portfolio to ensure and recommend a better return on investments with
consideration to investing 10% in international funds. Mrs. Dorney seconded the motion. The vote passed
unanimously.
6. ADJOURNMENT
The November 10,2005 regular meeting of the General Employee Pension Board was adjourned at 9:35 AM.
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Mary Ross Agosta,Ch irperson Lisa Keeley,Recording Secretary
General Employee Payment Request
No. 2006 - 001
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 via this payment request pensions from 05/01/05 to 11/01/05 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 07/01/05—09/30/05 $4,620.25
Quarterly management fees for the period 10/01/05—12/31/05 $4,696.56
Authorize payment to The Boston Company
Quarterly management fees for the period 04/01/05 -06/30/05 $6,104.53
Quarterly management fees for the period 07/01/05—09/30/05 $6,287.27
Authorize payment to Merrill Lynch Consulting Services
Quarterly consulting services for the period 04/01/05—06/30/05 $3,063.67
Quarterly consulting services for the period 07/01/05—09/30/05 $3,235.10
Authorize payment to Salem Trust Company
Quarterly fee for period 04/01/05-06/30/05 $ 1,160.64
Quarterly fee for period 07/01/05—09/30/05 $ 1,189.32
Authorize Lump Sum Distribution of Employee Pension Contribution:
Al Berg $22,855.62
Clifford McCullough $ 382.31
Richard Miller $17,088.66
Ratify Retirement Benefit Payable:
Tales St.Fleur—previously approved as an estimate on 05/12/05 $ 1,131.85/actual monthly election
Dated this 101h day of November,2005 Approved by:
Maryfs Agosta,Acting Chairpe on
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
N o. 2005 - 001
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 via this payment request pensions from 08/01/04 to 10/0 1/04 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 Lump Sum Distribution of Employee Pension Contribution
Angela Becker $ 8,223.75
Cheryl Chancellor $ 1,672.50
Request dated this 28`h day of October,2004
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As Members of the Board of Trustees Village Pension Fund for
General Employee's in the Village of Miami Shores,Florida