06-03-2010 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
June 3,2010
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on
Thursday,June 3,2010 in the Royal Palm Room of the Community Center and 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
Tom Benton Hunt Davis Angela Dorney Averill Dorsett James McCoy
Absent
Mary Ross Agosta Betsy Heagle
Also Present: Alison Bieler, Pension Board Attorney
Lisa Keeley, Interim Plan Administrator/Recording Secretary
EMERGENCY AGENDA ITEM-ELECTION OF ACTING CHAIRPERSON FOR MEETING
Mr. Benton moved that Mr. Davis be elected acting chairperson for today's meeting. Mrs. Dorney
seconded the motion which passed unanimously.
3. APPROVAL OF MINUTES—February 11,2010
Mr. Benton moved for approval of the February 11,2010 minutes as submitted. Ms. Dorsett seconded the
motion which passed unanimously.
4. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2010—004
Ms. Dorsett moved for approval of payment warrant General Employee Warrant No. 2010 — 004 as
submitted.Mr. Benton seconded the motion which was passed unanimously.
5. INVESTMENT CONSULTANT REPORT—Bogdahn Group,Bryan Bakcardjiev
Mr. Bakardjiev reviewed the investment manager's returns for the quarter ending March 31, 2010. The
total market value of the fund was $8,320,810,a net increase of$314,492. The total fund returned 3.93%.
The domestic equity portfolio return of 5.93% beat the US Core Large Cap Equity Median return of
5.41%. The international equity portfolio returned .59%, was under the International Equity Multi-Cap
Core Funds Median return of 1.26%. The fixed income portfolio return of 1.44% lagged behind the US
Broad Market Core Fixed Income Median return of 2.12%. The plan ranked in the forty-sixth percentile
compared to all public plans in the Total Fund Median.
General Employee Pension Board June 3,2010 Page 2
5. INVESTMENT CONSULTANT REPORT Continued—Bogdahn Group,Bryan Bakardjiev
Mr. Bakardjiev provided a cost analysis of the plans fees for the investment managers and compared the
fees to other plans. The average plan fees of other plans is approximately 69 basis points compared to
the 62 basis points paid by the Village plan. It was noted that Alethia was the only investment manager
whose fees were higher than the average of 75.
Mr. Bakardjiev provided recommendations regarding the investment managers. The first being to keep
Alethia on watch based on recent performance as they do have a good long term track record. However,
he will bring alternatives for a large growth manager to the next meeting to be proactive should a decision
regarding the retention of Alethia. The second recommendation was to bring alternatives for the
international manager,Artio as their fees are also high.
Mr. Bakardjiev noted that the Investment Policy Statements had been signed and originals are
forthcoming.
6. OTHER BUSINESS
Ms.Bieler provided an update on the IRS determination process.
7. ADJOURNMENT
The June 3, 2010 meeting of the General Employee Pension Board was adjourned at 9:05 AM.
Hunt Davis,Acting Chairperson Lisa Keeley,Recording Secretary
General Employee Warrant - No. 2010 - 004
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 02/11/10 to 06/02/10 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 Aletheis Research and Management,Inc
Quarterly management fees for the period 01/01/10—03/31/10 $ 3,865.75
Authorize payment to Heartland Advisors
Quarterly management fees for the period 01/01/10—03/31/10 $ 2,769.00
Authorize payment to The Bogdahn Group
Quarterly consulting fees for the period 01/01/10—03/31/10 $ 4,500.00
Authorize payment to Salem Trust Company
Quarterly fee for period 01/01/10—03/31/10 $ 1,234.80
Authorize payment to Cypen&Cypen
Legal Counsel Services through 02/10/10 Invoice date 04/08/10 $ 675.53
Authorize payment to Gabriel Roeder Smith&Company
Actuarial Services through 01/31/10 Invoice date 02/12/10 $ 1,204.00
Authorize payment to Gabriel Roeder Smith&Company
Actuarial Services through 04/30/10 Invoice date 05/13/10 $ 1,889.00
Authorize payment to Pensions&Investments
Annual subscription renewal 52 issues(one half of cost) $ 181.50
For information only:
Ratify previously authorized Benefits Payable as a Result of DROP Participation
Irene Toleno Straight Life Annuity Commencing 12/1/09 $ 2,789.95/monthly
Ratify previously authorized Benefits Payable as a Result of Retirement
Silvio Martinez 50%Joint&Survivor Annuity Commencing 5/1/10 $ 860.77/monthly
Ratify previously authorized payments to Holland&Knight LLP total costs not to exceed$25,000
Legal Counsel IRS Review 02/11/10 Invoice#2483988 $ 75.96
Ratify previously authorized payments to Holland&Knight LLP total costs not to exceed$25,000
Legal Counsel IRS Review 03/10/10 Invoice#2493602 $ 101.60
Ratify previously authorized payments to Holland&Knight LLP total costs not to exceed$25,000
Legal Counsel IRS Review 04/09/10 Invoice 42504034 $ 17 :9
Dated this 3`d day of June,2010 Approved by:
Hunt Davis,Acting Chairperson
As Chair of the Board of Trustees Village Pension Fund for
General Employees in the Village of Miami Shores,Florida