05-10-2007 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
MAY 10, 2007
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,May
10,2007 in the Conference Room of the Village Hall. The meeting was called to order at 8:20A.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
Tom Benton Averill Dorsett
James McCoy
Absent
Mary Ross Agosta Angela Dorney
Also Present: Steve Cypen,Pension Board Attorney
Mark A. Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
3. APPROVAL OF MINUTES—February 8,2007
Ms.Dorsett moved for approval of the February 8,2007 minutes as submitted with a second from Mr.Benton.
The motion passed unanimously.
4. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2007-006
Mr.Benton moved for approval of payment warrant General Employee Warrant No.2007—006 as submitted.
Mr. Charles seconded the motion which was passed unanimously.
5. INVESTMENT CONSULTANT REPORT-Merrill Lynch—Michael Callaway
Mr. Callaway reviewed the investment manager's returns for the quarter ending March 31, 2007. The total
market value of the fund was$8,792,260,a net increase of$158,090. The total fund returned 1.4%exceeding the
target index and ranking in the twenty-second percentile compared to the public balance fund sample.
It was requested that on page 23 of the Merrill Lynch report,that title referring to the"Rank above respective
sample average"be changed to read"Percentile Rank".
General Employee Pension Board May 10,2007 Page 2
7. OTHER BUSINESS
Mr.Malatak reviewed the Plan's redistribution of assets from Davis,Hamilton,Jackson&Associates to Aletheia
Research,Royce Pennsylvania and Boston Company International.He projected a target date of May 31,2007 for
the,transition to be completed.
At this time, Ms. Dorsett requested an emergency item be added to the agenda in order for discussion and
acceptance of the Investment Policy and Manager Addendums to be addressed. Mr.Benton seconded the motion
to add an item and the vote was unanimous in favor. After brief discussion regarding the approval of the
previously submitted documents,Ms.Dorsett moved that the Board recognize and accept the Investment Policy
document and the Addendums as previously approved at the Board meeting ofNovember 9`h,2006. Mr.Benton
seconded the motion which passed unanimously.
`& ADJOURNMENT
The May 10,2007 regular meeting of the General Employee Pension Board was adjourned at 9:15 AM.
Herta Holly,Chairperson Lisa Keeley,Recording Secretary
*Please note: In preparing these minutes,a recorded copy of this meeting was unavailable.
General Employee Warrant No. 2007 - 006
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 fisted 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 02/01/07 to 05/01/07 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
rustee:Authorize payment to Davis,Hamilton,Jackson&Associates
Quarterly management fees for the period 04/01/07—06/30/07 $4,919.58
Authorize payment to The Boston Company
Quarterly management fees for the period 01/01/07—03/31/07 $ 7,117.96
Authorize payment to Salem Trust Company
Quarterly fee for period 01/0 1/07—03/31/07 $ 1,317.78
Ratify Lump Sum Distribution:
Jean Maxi Archelus—previously approved by signature
Warrant No. 2007-005 $2,538.34
Authorize Lump Sum Distribution:
Karen Banda $ 1,278.99
Orando Baker $ 802.70
Authorize Benefits Payable as a Result of DROP Participation commencing April 1,2007
Elizabeth Esper an amount not to exceed $3,300.55/monthly
Authorize Benefits Payable as a Result of Retirement
Gloria Aldana TBA
'� 07 Approved b :
Dated flus 10 day of May,20 pp y
Herta Holly,Chairperson
As Chair of the Board of Trustees Village Pension Fund for
General Employee=s in the Village of Miami Shores,Florida