09-10-2009 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
SEPTEMBER 10,2009
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on
Thursday, September 10, 2009 in the Conference Room of the Village Hall and was called to order at
8:20 A.M.
2. ROLL CALL
In order for the record to reflect those present,the roll was called with the following members present:
Present
Tom Benton Joseph Charles
Donald Shockey Mary Ross Agosta
Angela Dorney Averill Dorsett
James McCoy
Also Present: Steve Cypen, Pension Board Attorney
Lisa Keeley, Interim Plan Administrator/Recording Secretary
EMERGENCY AGENDA ITEM - ELECTION OF PERMANENT CHAIRPERSON
Mr. Benton moved that Ms.Ross Agosta be elected chairperson for the General Employee Pension Board.
Ms. Dorsett seconded the motion which passed unanimously.
3. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2009—006
Mr. Benton moved for approval of payment warrant General Employee Warrant No. 2009 — 006 as
submitted. Ms. Dorsett seconded the motion which was passed unanimously.
4. INVESTMENT CONSULTANT REPORT—Bogdahn Group,Bryan Bakardjiev
Mr. Bakardjiev reviewed the investment manager's returns for the quarter ending July 30,2009. The total
market value of the fund was $6,998,790. The total fund returned 10.91% net of fees. The domestic
equity portfolio return of 19.09% beat the US Core Large Cap Equity Median return of 15.50%. The
international equity portfolio returned 21.93% under the International Equity Multi-Cap Core Funds
Median return of 24.09%. The fixed income portfolio return of 1.26% lagged behind the US Broad
Market Core Fixed Income Median return of 2.75%. The plan ranked in the forty-second percentile
compared to all public plans in the Total Fund Median. Mr. Bakardjiev noted that Aletheia has
underperformed for the last four quarters and recommended the manager attend the next Board meeting.
General Employee Pension Board September 10,2009 Page 2
4. INVESTMENT CONSULTANT REPORT—Continued-Bogdahn Group,Bryan
Bakardjiev
Mr. Bakardjiev requested that the international fund be rebalanced to the current maximum allocation.
Mr. Charles made a motion to rebalance the international allocations to the maximum of 10% of cost.
Mrs.Dorney seconded the motion which passed unanimously.
5. DISCUSSION AND POSSIBLE ACTION REGARDING REGULATORY
RECOMMENDATIONS FROM HOLLAND&KNIGHT ATTORNEY,ROBERT J.
FRIEDMAN—Steve Cypen
Mr. Cypen recommended that Mr. Friedman be scheduled for a presentation to the Board regarding the
status of the IRS qualification process and what needs to be done. It was the consensus of the Board to
have Mr. Friedman attend a meeting in the future for a status report.
6. DISCUSSION AND POSSIBLE ACTION REGARDING PENSION FUND
PRESENTATION DOCUMENT—Steve Cypen
Mr. Cypen indicated that the firm of Beggs & Lane has formed a consortium to conduct a free
damage/liability analysis for the plan based on the prior relationship the Board had with Merrill lynch
Consulting Services and its soft-dollar program. It was the recommendation of Mr. Cypen for the Board
to accept the firm's proposal to study the plan's program with Merrill Lynch to determine if the Plan has
any interest in the participating in the consortium. Ms. Dorsett moved that Mrs. Keeley draft a letter
accepting the proposal for a free investigation. Mr. Benton seconded the motion. The motion passed
unanimously.
7. OTHER BUSINESS
There was no other business.
8. ADJOURNMENT
The September 10, 2009 regular meeting of the General Employee Pension Board was adjourned at 9:40
AM.
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Mary Ross Agosta,Chairperson Lisa Keeley, Recording Secretary
General Employee Warrant - No. 2009 - 006
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 08/01/09 to 09/10/09 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 Aletheia Research and Management,Inc
Quarterly management fees for the period 04/01/09—06/30/09 $ 3,260.51
Authorize payment to Boston Company
Quarterly management fees for the period 04/01/09—06/30/09 $ 6,368.23
Authorize payment to Heartland Advisors
Quarterly management fees for the period 05/27/09—06/30/09 $ 768.00
Authorize payment to The Bogdahn Group
Quarterly management fees for the period 04/01/09—06/30/09 $ 4,500.00
Authorize payment to Salem Trust Company
Quarterly fee for period 04/01/09—06/30/09 $ 1,045.99
Dated this 10th day of September,2009 Approved by: A-,�
Mary i6s Agosta,Cha' erson
As Chair of the Board of Trustees Village Pension Fund for Police
Officer's in the Village of Miami Shores,Florida