02-11-2010 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING �.
February 11,2010 -
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,
February 11,2010 in the Conference Room of the Village Hall and was called to order at 8:15 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 Angela Dorney
Betsy Heagle James McCoy
Absent
Mary Ross Agosta Averill Dorsett
Donald Shockey
Also Present: Alison Bieler,Pension Board Attorney(via telephone)
Lisa Keeley,Interim Plan Administrator/Recording Secretary
EMERGENCY AGENDA ITEM-ELECTION OF ACTING CHAIRPERSON FOR MEETING
Mr.Benton moved that Ms.Heagle be elected acting chairperson for today's meeting. Mrs.Dorney seconded
the motion which passed unanimously.
3. INVESTMENT MANAGER REPORT—Aletheia Research and Management,Inc,
David Bunzel
Mr. Bunzel indicated that the portfolio lagged the benchmark for the quarter. As of December 31,2009,the
portfolio value was$1,506,808. Mr.Bunzel described the investment philosophy of the firm,indicating that
the firm believes in long term investing with an average period of the top 10 holdings of 4.3 years. He
indicated the portfolio is high quality,capturing more on the upside and losing less on the downside.
12. OTHER BUSINESS—Cypen & Cypen,Alison Bieler
Mrs.Bieler confirmed that the contracts with MBIA were completed with the Investment Policy Statement to
be included. She noted that MBIA filed papers for a name change to rename the company to Cutwater
Investment Advisors.
Mrs.Bieler discussed the memorandum dated December 21,2009 regarding the Florida Public Records Act
Amendments regarding Social Security Numbers recommending the Board adopt a policy statement regarding
"Social Security Number Collection Disclosure Statement"as outlined in the referenced memorandum.
Mr. Benton moved for approval of the Social Security Number Collection Disclosure Statement. The motion
was seconded by Mrs. Dorney and passed unanimously.
General Employee Pension Board February 11,2010 Page 2
4. APPROVAL OF MINUTES—March 12,2009 and December 10,2009
One correction was noted on the December 10,2009 minutes,page 2,#9 Adjournment changing"Police"to
General Employee. Mr. Benton moved for approval of the March 12, 2009 minutes as submitted and the
December 10, 2009 minutes with the correction. Mrs. Dorney seconded the motion which passed
unanimously.
5. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2010—002
Mr.Benton moved for approval of payment warrant General Employee Warrant No.2010—002 as submitted.
Mrs. Dorney seconded the motion which was passed unanimously.
6. REQUEST APPROVAL FOR AUTHORIZED SIGNORS TO PAY CONTRACTUAL
INVOICES UPON RECEIPT.
Discussion regarding how payments are made ensued. Because ofthe Board meeting with inconsistency,it has
been difficult to pay timely. Mrs.Dorney moved that in the absence of a regularly scheduled Board meeting,
invoices be paid by the authorized signors. Otherwise, payment authorizations should be approved at the
regularly scheduled Board. Mr. Benton seconded the motion. The motion passed unanimously.
7. REQUEST APPROVAL FOR ADDITIONAL AUTHORIZED SIGNOR ON CUSTODIAL
DISBURSEMENT ACCOUNT.
Mrs.Keeley requested that an additional signor be added to the custodial disbursement account in addition to
Mr. Benton and herself as the Board has instructed that the custodian receive two signatures for any
disbursements processed on the account. It is requested that the Village Clerk,Barbara Estep,be added to the
account in order to process disbursement requests in a timely manner. Mr.Benton moved that Mrs.Estep be
added as an authorized signor for the General Employee custodial disbursement account with Salem Trust.
Mrs. Dorney seconded the motion which passed unanimously.
8. REQUEST APPROVAL FOR FPPTA MEMBERSHIP.
Mrs. Keeley requested that the Board consider rejoining the Florida Public Pension Trust Association
(FPPTA). The Board deferred the membership request at this time.
9. INVESTMENT CONSULTANT REPORT—Bogdahn Group,Bryan Bakardjiev
Mr. Bakardjiev reviewed the investment manager's returns for the quarter ending December 31,2009. The
total market value of the fund was $8,021,892, a net increase of$161,026. The total fund returned 2.62%.
The domestic equity portfolio return of 4.09%wasjust under the US Core Large Cap Equity Median return of
5.97%. The international equity portfolio returned 2.27%,was under the International Equity Multi-Cap Core
Funds Median return of 2.79%. The fixed income portfolio return of.10% lagged behind the US Broad
Market Core Fixed Income Median return of.59%. The plan ranked in the ninetieth percentile compared to all
public plans in the Total Fund Median.
General Employee Pension Board February 11, 2010 Page 3
10. DISCUSSION AND POSSIBLE ACTION REGARDING INVESTMENT POLICY
STATEMENT AND ADDENDUMS.
Mr.Bakardjiev recommended that the fixed income quality should be at a minimum rating of investment grade
or better. The Plan currently has a minimum rating of"A" or better. Mr. Bakardjiev indicated that this
recommendation is consistent with other pension plan investment policies. Discussion regarding the
International Equity Range ensued.
Mrs. Dorney moved that the Board accept the Investment Policy Statement with the minimum rating of
investment grade and changing the International Equity Range to a maximum of 25% and accepting the
addendums including a maximum of 10%international investments for the investment managers. Mr.Benton
seconded the motion which passed unanimously.
11. DISCUSSION AND POSSIBLE ACTION REGARDING MEETING PLACE.
Mrs.Keeley indicated that due to the both Boards combining meeting dates and times,it was suggested that the
meeting be moved from the Village Hall Conference Room to a suitable room at the Miami Shores Village
Community Center.
It was the consensus of the Board to move the next meeting to the Community Center.
9. ADJOURNMENT
The February 11, 2010 meeting of the General Employee Pension Board was adjourned at 10:00 AM.
I �A /
Betsy Heagle,Acting Chairperson Lisa Keeley, Recording Secretary
General Employee Warrant - No. 2010 - 002
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 12/11/09 to 02/10/10 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 10/0 1/09— 12/3 1/09 $ 3,767.02
Authorize payment to Boston Company
Quarterly management fees for the period 10/01/09—12/31/09 $ 6,844.00
Authorize payment to Heartland Advisors
Quarterly management fees for the period 10/01/09— 12/31/09 $ 2,571.00
Authorize payment to The Bogdahn Group
Quarterly consulting fees for the period 10/01/09— 12/31/09 $ 4,500.00
Authorize payment to Salem Trust Company
Quarterly fee for period 10/01/09— 12/31/09 $ 1,199.00
Authorize payment to Cypen&Cypen
Legal Counsel Services through 01/05/10 Invoice date 01/05/10 $ 300.00
Dated this I I 1 day of February,2010 Approved by: " 41 A -
Betsy Heag e,Acting erson
As Acting Chair of the Board of Trustees Village Pension Fund for
General Employees in the Village of Miami Shores,Florida