08-09-2007 Regular Meeting c
MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
AUGUST 9, 2007
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,
August 9,2007 in the Conference Room of the Village Hall. The meeting was called to order at 8:55A.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 Joseph Charles
Angela Dorney Averill Dorsett
James McCoy
Absent
Herta Holly Tom Benton
Also Present: Alison Bieler,Pension Board Attorney
Lisa Keeley,Interim Plan Administrator/Recording Secretary
3. ELECTION OF ACTING CHAIRPERSON
Due to the absence of chairperson, Herta Holly, Mr. Charles moved to elect Mary Ross Agosta as the acting
chairperson for today's meeting. Ms.Dorsett seconded the motion. The motion passed unanimously.
4. APPROVAL OF MINUTES—May 10,2007
Mr.Charles moved for approval of the May 10,2007 minutes as submitted with a second from Ms.Dorsett. The
motion passed unanimously.
5. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2007-007
Ms.Dorsett moved for approval of payment warrant General Employee Warrant No.2007—007 as submitted.
Mr. Charles seconded the motion which was passed unanimously.
6. INVESTMENT CONSULTANT REPORT-Merrill Lynch—Michael Callaway,Via Telephone
Mr.Callaway reviewed the investment manager's returns for the quarter ending June 30,2007. The total market
value of the fund was$9,153,490,a net increase of$361,230. The total fund returned 4.3%exceeding the target
index and ranking in the sixty-fourth percentile compared to the public balance fund sample.
General Employee Pension Board August 9, 2007 Page 2
Mr. Callaway informed the Board of recent changes in the personnel at the Boston Company International
Investment team. He expressed his concern leaving the plan's money invested long term with the new
replacement team. He indicated that Merrill Lynch would provide alternative international investment managers
within the next two weeks for the Board's review. It was the consensus of the Board to meet sometime during the
first week of September to review the prospective international managers.
7. OTHER BUSINESS
Mrs. Keeley confirmed to the Board that the Plan's redistribution of assets from Davis,Hamilton,Jackson&
Associates to Aletheia Research,Royce Pennsylvania and Boston Company International had been completed on
July 19,2007 and that the next quarterly report would reflect the new allocations.
Mary Ross Agosta expressed the Board's sympathy with the Finance Director's passing and congratulated Mrs.
Keeley for the job she has done in the interim as well as her continued dedication.
8. ADJOURNMENT
The August 9,2007 regular meeting of the General Employee Pension Board was adjourned at 9:35 AM.
Mary Ross Agosta,Acting 4airperson Lisa Keeley,Recording Secretary
General Employee Warrant No. 2007 - 007
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 05/01/07 to 08/09/07 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 payment to The Boston Company
Quarterly management fees for the period 04/01/07—06/30/07 $ 7,364.29
Authorize payment to Salem Trust Company
Quarterly fee for period 04/01/07—06/30/07 $ 1,371078
Authorize Lump Sum Distribution:
Juliana Reese $3,552.61
Brooke Pinney $7,208.89
For information purposes only to be ratified by Board of Trustees:
Ratify Lump Sum Distribution previously approved by Warrant No. 2007-006
Orando Baker $ 1,522.68
Ratify Benefits Payable as a Result of Retirement previously approved by Warrant No. 2007-006
As elected by Gloria Aldana $ 715.41/monthly
Ratify Benefits Payable as a Result of DROP Participation previously approved by Warrant No. 2007—006
As elected by Elizabeth Esper $3,300.55/monthly
Dated this 9'h day of August,2007 Payments approved by: &h� )L
Acting Chai erson
As Chair of the Board of Trustees Village Pension Fund for
General Employee's in the Village of Miami Shores,Florida