11-05-2010 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
November 5,2010
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Friday,
November 5,2010 at the Community Center and was called to order at 8:25 A.M.
2. ROLL CALL
In order for the record to reflect those present,the roll was called with the following members present:
Present
Mary Ross Agosta,Chair
Tom Benton Angela Dorney
Betsy Heagle Hunt Davis
James McCoy
Absent
Averill Dorsett
Also Present: Lisa Keeley, Interim Plan Administrator/Recording Secretary
3. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2011—001
Mr. Davis moved for approval of payment warrant General Employee Warrant No. 2011 — 001 as
submitted. Ms. Heagle seconded the motion which was passed unanimously.
Mr. Benton arrived at this time.
4. INVESTMENT MANAGER REPORT—The Boston Company,Matthew Hart
Mr. Hart reported that the funds total market value as of September 30, 2010 was $2,049,916. The total
return for the quarter was 10.36%; with a 0.23%return on equities compared to the Russell 1000 Value of
10.13%. He spoke of the company's dynamic value investment team.
5. INVESTMENT CONSULTANT REPORT—Bogdahn Group,Bryan Bakardjiev& Dave
West
Mr. Bakardjiev introduced Mr. West as the new account consultant. Mr. West discussed the economic
outlook of the plan. Mr. Bakardjiev reviewed the investment manager's returns for the quarter ending
September 30, 2010. The total market value of the fund was$8,346,830,a net increase of$630,018. The
total fund returned 8.21%. The domestic equity portfolio return of 11.23%was under the US Core Large
Cap Equity Median return of 11.53%. The international equity portfolio return of 15.59%,was below the
EAFE Index return of 16.53%. The fixed income portfolio return of 2.50%almost equaled the US Broad
Market Core Fixed Income Median return of 2.48%. The plan ranked in the sixty-ninth percentile
compared to all public plans in the Total Fund Median.
General Employee Pension Board November 5,2010 Page 2
5. INVESTMENT CONSULTANT REPORT—Bogdahn Group,Bryan Bakardjiev& Dave
West-Continued
Mr. Bakardjiev provided a recap of the changes made to the plan over the course of the year including
restructuring the international manager, updating the Investment Policy Statement and negotiating the
fees with Aletheia. He noted that the portfolio is appropriately positioned this quarter.
6. OTHER BUSINESS
There was no other business.
7. ADJOURNMENT
The November 5,2010 meeting of the General Employee Pension Board was adjourned at 10:04 AM.
Mary Ross Agosta, Chairperson Lisa Keeley,Recording Secretary
General Employee Warrant - No. 2011 - 001
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 wan-ant,pensions from 09/08/10 to 11/01/10 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 07/01/10—09/30/10 $ 3,926.05
Authorize payment to Boston Company
Quarterly management fees for the period 07/01/10—09/30/10 $ 3,074.88
Authorize payment to Cutwater Asset Management
Quarterly management fees for the period 07/01/10—09/30/10 $ 1,409.00
Authorize payment to The Bogdahn Group
Quarterly consulting fees for the period 07/01/10—09/30/10 $ 4,500.00
Authorize payment to Salem Trust Company
Quarterly fee for period 07/01/10—09/30/10 $ 1,247.68
Authorize payment to Gabriel Roeder Smith&Company
Actuarial Services Invoice date 09/13/10 $ 1,476.00
Authorize Lump Sum Distribution of Employee Pension Contribution
Melissa Leon $ 9,338.52
Authorize Benefits Payable as a Result of DROP Participation commencing October 1,2010
Thomas J.Benton 100 Joint&Survivor Annuity $7,430.03/monthly
Dated this 5a'day of November,2010 Approved by:
Maryss Agosta,Chairperso
As Chair of the Board of Trustees Village ension Fund for
General Employees in the Village of Miami Shores,Florida