01-10-2007 Special Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
SPECIAL MEETING
JANUARY 10,2007
1. CALL TO ORDER
The special meeting of the Miami Shores Village General Employee Pension Board was held on Wednesday,
January 10,2007 in the Conference Room of the Village Hall. The meeting was called to order at 8:40A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present
Herta Holly Joseph Charles
Mary Ross Agosta Angela Dorney
Tom Benton Averill Dorsett
Absent
James McCoy
Also Present: Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
3. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2007-002
Mr.Benton moved for approval of payment warrant General Employee Warrant No.2007—002 as submitted.
Mrs.Dorney seconded the motion which was passed unanimously.
4. INVESTMENT CONSULTANT—Alan Kirchner,Merrill Lynch
Interview and Presentation by Investment Managers
Mr.Kirchner informed the Board that one of the presenters was unable to attend the meeting in person,but would
be available by telephone. It was the consensus of the Board that they did not want to interview an investment
manager that could not make arrangements to attend in person.
Mr. Kirchner provided a Manager Interview — Scoring Review worksheet to the Board as a guide for the
presentations.
Aletheia Research and Management—Joe Boskovich,Jr.and Chad Cook
Mr.Boskovich discussed the investment style of the firm. Since inception,the company has had an 18%return.
The company does not rely on traditional channels of information. He indicated that the company does not invest
more than 20%in one industry group and no more than 5%in one stock. Various examples of the investment
style and returns were provided with statistical information to substantiate it. Mr.Cook expounded on the risk
management side of the firm referring to the upside/downside capture ratio method that was used.
General Employee Pension Board January 10,2007 Page 2
Herta Holly left at this time and passed the gavel to Ms.Ross Agosta.
Edgewood Management LLC—Lawrence Creel and Donna Colon
Mr. Creel presented the firm as one that manages risk appropriately by using the team approach. The basic
philosophy of the firm is to invest in high quality growth stocks. They follow a strict discipline by owning only
twenty-two companies in the portfolio.
Discussion on both presentations ensued. Mr. Benton moved that the Board instruct the plan administrator to
bring a contract for the Aletheia Research and Management to the next meeting. Mr.Charles seconded the motion
with the vote as follows:Affirmative—Mr.Benton,Mr.Charles,Mrs.Dorney;Opposed—Mrs.Ross Agosta,Ms.
Dorsett.
10. ADJOURNMENT
The January 10,2007 special meeting of the General Employee Pension Board was adjourned at 10:20 AM.
f
Herta.Holly,Chairperson Lisa Keeley,Recording Secretary
General Employee Warrant No. 2007 - 002
For payment from the Village Pension Fund for General Employee's in the Village of Miami Shores,Florida.
To Char 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 11/01/06 to 01/09/07 inclusive,or for the period of time opposite the name of saidpersons.
Name(Pensions,Benefits,Services Provided or Obligations) Amount
To be paid by Trustee:
Authorize Lump Sum Distribution of Employee Pension Contribution
Richard Bujtas $27,676.49
Dated this 10`h day of January,2007 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