09-01-2011 Regular Meeting r '
MIAMI SHORES VILLAGE`
GENERAL EMPLOYEE PENSION BOARD MEETING
The Miami Shores Village General Employee Pension Board and the Police Retirement Pension Board
jointly met on Thursday,September 1,2011 at the C. Lawton McCall Community Center. The meeting
was called to order at 8:25 AM with the following individuals present:
GENERAL EMPLOYEE PENSION BOARD
Tom Benton
Jim McCoy
Angela Dorney
Betsy Heagle `
Averill Dorsett(arrived during the meeting)
Absent from the General Employee Pension Board was Mary Ross Agosta and Hunt Davis.
Also present were Elizabeth Keeley, Plan Administrator, Dave West from the Bogdahn Group, Kevin Joy
with Heartland, and Steve Cypen, special counsel to the Pension Boards.
ELECTION OF ACTING CHAIRPERSON
Ms. Dorney moved to appoint Tom Benton as the Acting Chairperson. Mr. McCoy seconded the motion
and the vote was unanimous in favor of the motion.
APPROVAL OF THE MINUTES
Ms. Dorney moved to approve the September 9, 2010, March 31, 2011 and June 2, 2011 minutes as
submitted. Mr. McCoy seconded the motion and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT: 2011-006
Ms. Estep advised the Board that the scheduled payments included in the warrant were all routine in
nature. Ms. Dorney moved to approve payment of warrant#2011-006. Mr. McCoy seconded the
motion and the vote was unanimous in favor of the motion.
ACCEPTANCE OF THE 2009 ACTUARIAL EVALUATION REPORT
As a follow-up to Mr. Palmquist's presentation of the actuarial report during the June 2, 2011 meeting,
Ms. Dorney moved to accept the 2009 Actuarial Evaluation Report. Mr. McCoy seconded the motion
and the vote was unanimous in favor of the motion.
INVESTMENT MANAGER REPORT
Mr. Kevin Joy from Heartland provided a brief report to the Board regarding the status of the
investments held with Heartland. Mr.Joy indicated that the majority of fund managers see the volatility
in the market as an opportunity to obtain stocks which may not normally be within reach. Mr.Joy
y
asked that the Board consider allowing Heartland to handle a small percentage of international stocks
for companies headquartered outside of the U.S., indicating that he would submit a formal request in
the near future. Following a brief discussion, the Board indicated that if a request is received,they
would discuss and take action at the next Board Meeting.
INVESTMENT CONSULTANT REPORT
Mr. Dave West,the representative from The Bogdahn Group, provided an overview of the second
quarter's events which influenced the market and the rate of returns. Mr.West also provided
information regarding the performance of the various funds. The specific investment performances
referenced are attached hereto and made a part hereof.
ADJOURNMENT
The General Employee Pension Board Meeting was adjourned at 9:30 AM.
� N
Tom Benton,Acting Chair
Barbara A. Estep, MMC
Village Clerk
Miami Shores Village General Employees' Pension Fund
Comparative Performance Trailing Returns
As of June 30,2011
Quarter To Year Y ea rs Years Inception Date
Jun-2011 _7"
Total Fund Gross)` 017; (8 )`:..1 La l r(6l) 68 3.09 (85)'w.,4 25 (76) 4 13 (93) 07/01/2001``'`
. . 20 23 ( ), , .. _
Total Fund Policy
0.89 (65) 11.44 (53) 21.69 (42) 5.83 (23) 5.28 (35) 4.63 (80)
Difference -0.72 -0.33 -1.46 -2.74 -1.03 -0.50
All Public Plans-Total Fund Median 1.09 11.50 21.09 4.81 4.88 5.30
g �
106 2 55 3.170 .3.64* 07/Ol/2001�'•
9, a,. .-- 19 78 ,
Total Fund(Net)
Total Fund Policy, 0.89 11.44 21.69 - 5.83 ' 5.28 4.63
-0.80 -0.75 -1.91 -3.28 -1.58 -0 99
Difference _ _
1659 (64)30 52 L (60)x d 136 (87) 3 68T (53)` n'3 22 ,(76) 07/01/2001
Total Dome§t>Ic=Equity �� _• 3.4
Domestic Equity Policy -0.03 (65) 18.68 (47) 32.37 (41) 398 (50) 3.48 (60) 3.30 (75)
Difference -1.62 -1.34 -1.85 -2.62 0.20 -0.08
Cap Core Equity(SA+CF) 0.49 18.29 31.26 3.94 3.82 3.93
IM U.S.Large Y
Y_. �r-� -.-a- .�--��--- 07/01/2001
.�--- 2.27f(42). r 2.55 (22).:. S.Il ,(33) , 6 65 .(76) - v6 74 (62). ; 6.01,.(62) "
Total'Fixedlncome , rc n -- - 6.01 (87) 5.29 (95)
Total Fixed Policy 2.29 (39) 1.39 (76) 3.90 (81) 5.66 (93)
Difference -0.02 1.16 1.21 0.99 0.73 0.72
IM U.S.Broad Market Core Fixed Income SA+CF 2.24 1.75 4.65 7.30 6.95 6.10
THE
Returns for periods greater than one year are annualized. Returns are expressed as percentages. BOGDAHN
16 ` GROUP
General Employee Warrant - No. 2011 - 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 06/01/11 to 08/31/11 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 04/01/11—06/30/11 $ 3,839.90
Management fees for the period 07/01/11—07/25/11 $ 1,080.81
Authorize payment to Boston Company
Quarterly management fees for the period 04/01/11 —06/30/11 $ 1,951.06
Authorize payment to Cutwater Asset Management
Quarterly management fees for the period 04/01/11 —06/30/11 $ 1,491.04
Authorize payment to Heartland Advisors
Quarterly management fees for the period 07/01/10—09/30/10 $ 2,637.00
Quarterly management fees for the period 10/01/10—12/31/10 $ 2,713.00
Quarterly management fees for the period 04/01/11 —06/30/11 $ 2,871.00
Authorize payment to Cypen&Cypen
Legal Counsel Services through 06/02/11 Invoice date 06/02/11 $ 1,953.50
Legal Counsel Services through 06/20/11 Invoice date 07/06/11 $ 200.00
Authorize payment to Salem Trust Company
Quarterly fee for period 04/01/11 —06/30/11 $ 1,378.71
Authorize payment to Gabriel Roeder Smith&Company
Actuarial Services through 05/31/11 Invoice date 06/13/11 $ 3,883.00
Actuarial Services through 06/30/11 Invoice date 07/06/11 $ 3,883.00
For information only:
Ratify previously authorized signature warrant 2011-005
Benefits Payable as a Result of Retirement—Charles Harber $ 1,135.00
l ~
Dated this I"day of September,2011 Approved by: /
Tom Benton,Acting Chairperson
As Chair of the Board of Trustees Village Pension Fund for
General Employees in the Village of Miami Shores,Florida