09-17-2008 Regular Meeting _ w
MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
SEPTEMBER 17,2008
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Wednesday,
September 17, 2008 in the Conference Room of the Village Hall. The meeting was called to order at 8:30
A.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 Angela Dorney Averill Dorsett
Mary Ross Agosta James McCoy
Absent
Joseph Charles Tom Benton
Also Present: Lisa Keeley, Interim Plan Administrator/Recording Secretary
3. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2008—005
Mrs.Dorney moved for approval of payment warrant General Employee Warrant No.2008—005 as submitted.
Ms. Dorsett seconded the motion which was passed unanimously.
4. INVESTMENT CONSULTANT REPORT—The Bogdahn Group,Bryan Bakardjiev
Mr.Bakardjiev introduced himself and provided the quarterly returns for the plan ending June 30,2008. The
total market value of the fund was$8,737,667,a net decrease of$52,875. The total fund returned-0.25%with
the domestic equity portfolio returning .78% beating the Russell 1000 Index return of -1.89%. The
international equity portfolio returned-1.85%barely ahead of the EAFE return of-1.93%. The bond portfolio
beat the benchmark of-1.45%with a.36%return.
Mr.Bakardjiev provided an overview of the current financial institution distress,noting that some of the Plan's
holdings were sold before the market bottomed out and that there was no more immediate exposure to these
holdings by the Plan.
5. OTHER BUSINESS
Mr. Bakardjiev requested a special meeting in the next quarter to discuss the Bogdahn Group's
recommendations regarding asset classes,fee negotiation,custodial funds and manager fees as well as a formal
review of the investment policy.
The Board asked Mrs. Keeley to organize a date by consensus of all members and set the time with Bogdahn
Group.
General Employee Pension Board September 17,2008 Page 2
6. ADJOURNMENT
The September 17,2008 regular meeting of the General Employee Pension Board was adjourned at 9:15 AM.
Herta Holly,Chairperson Lisa Keeley,Recording Secretary
General Employee Warrant No. 2008 - 005
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 05/16/08 to 09/15/08 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 04/01/08—06/30/08 $ 7,385.73
Authorize payment to Aletheia Research and Management,Inc
Quarterly management fees for the period 04/01/08—06/30/08 $ 5,442.24
Authorize payment to Salem Trust Company
Quarterly fee for period 04/01/08—06/30/08 $ 1,304.70
Authorize Lump Sum Distribution:
Sterling Barker $ 592.82
Claudio Grande $ 11,402.06
Carlos Quijano $ 5,484.51
Eric Reynolds $ 24,656.94
James Spring $ 4,229.32
For information purposes only to be ratified by Board of Trustees:
Ratify Lump Sum Distribution previously approved by Warrant No.2008-004
Mark Bowman $4,069.89
Dated this 17a'day of September,2008 Payments 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