02-12-2009 Regular Meeting _ w
MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
FEBRUARY 12,2009
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on
Thursday, February 12, 2009 in the Conference Room of the Village Hall and was called to order at 8:23
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 Tom Benton
Joseph Charles Averill Dorsett
Absent
Mary Ross Agosta Angela Dorney
James McCoy
Also Present: Steve Cypen, Pension Board Attorney
Lisa Keeley, Interim Plan Administrator/Recording Secretary
3. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2009—003
Ms. Dorsett moved for approval of payment warrant General Employee Warrant No. 2009 — 003 as
submitted. Mr. Benton seconded the motion which was passed unanimously.
5. INVESTMENT CONSULTANT REPORT—Bogdahn Group,Bryan Bakardjiev
Mr.Bakardjiev reviewed the investment manager's returns for the quarter ending December 31,2008.
The total market value of the fund was$6,802,221,a net decrease of$1,055,883. The total fund returned
-12.63%net of fees. The domestic equity portfolio return of-23.96%just under the US Core Large Cap
Equity Median return of-21.72%. The international equity portfolio returned-16.86%,beating the
International Equity Multi-Cap Core Funds Median return of-20.25%. The fixed income portfolio return
of 6.91%outpaced the US Intermediate Fixed Income Median return of 4.20%. The plan ranked in
the thirty-sixth percentile compared to all public plans in the Total Fund Median.
Mr. Bakardejiev commented on the addition of the compliance check list in the quarterly report. The
report will show a comparison of the plans earnings and the assumption return rate.
Mr.Benton questioned the feasibility of the plan to sustain itself through the current market. Mr.
Bakardjiev indicated that the fiduciary responsibility of the Board is to follow the long term goal of the
plan which should sustain the market's ups and downs over time.
General Employee Pension Board February 12,2009 Page 2
4. INVESTMENT MANAGER REPORT—Jerry Navarrete,The Boston Company
Mr.Navarrete reported that the fund's total market value as of December 31, 2008 was $4,581,592. The
total return for the quarter was- 4.92%; with a -20.39% return on equities compared to the Russell 1000
Value of -22.18%. The 6.90% fixed income return beat the Merrill Lynch Government/Corporation
return of 5.70%.
6. OTHER BUSINESS
There was no other business.
7. ADJOURNMENT
The February 12, 2009 regular meeting of the General Employee Pension Board was adjourned at 8:55
AM with a motion from Mr. Benton,a second from Ms.Dorsett and a vote unanimous in favor.
Herta.Holly,Chairperson Lisa Keeley,Recording Secretary
General Employee Warrant - No. 2009 - 003
For payment from the Village Pension Fund for General Employees 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 by circulation of this warrant,pensions from 11/08/08 to 02/11/09 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 10/01/08— 12/31/08 $ 6,744.70
Authorize payment to Aletheia Research and Management,Inc
Quarterly management fees for the period 10/01/08— 12/31/08 $ 3,177.86
Authorize payment to Salem Trust Company
Quarterly fee for period 10/01/08— 12/31/08 $ 1,015.36
Authorize payment to The Bogdahn Group
Quarterly management fees for the period 10/01/08— 12/31/08 $ 4,500.00
Authorize payment to Gabriel,Roeder,Smith&Company $ 2,535.00
Acutuarial Services through 12/31/08 Invoice#107078
Authorize payment to Cypen&Cypen $ 708.25
Legal Counsel Services through 12/01/08 Invoice 94930
Authorize payment to Holland&Knight LLP
Legal Counsel IRS Review 12/08/08 Invoice#2331387 $ 1,750.00
Legal Counsel IRS Review 01/12/09 Invoice#2339735 $ 150.00
`
Dated this 12 h day of February,2009 Approved by: `L
Herta Holly,Chairperson
As Chair of the Board of Trustees Village Pension Fund for
General Employee's in the Village of Miami Shores,Florida