08-15-2001 Regular MeetingA
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MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
AUGUST 15, 2001
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Wednesday, August 15, 2001
in the Conference Room of the Village Hall. The meeting was called to order at 8:08 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present: Detective Timothy Dearden
Sergeant Robert Frame
William Heffernan
Absent: Mark Ulmer
Robert Blum
Also Present: Mark A. Malatak, Plan Administrator
Lisa Keeley, Recording Secretary
EMERGENCY AGENDA ITEM
Due to the chairman, Mr. Ulmer, being absent, Detective Dearden moved that Mr. Heffernan be elected as
. chairman. Sgt. Frame seconded the motion and the vote was unanimous in favor.
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3. APPROVAL OF MINUTES
There was one correction noted by Mrs. Keeley on page 1, Item 4 - Other Business. Mrs. Keeley indicated that
the length of service for Corporal Taylor was incorrect at 27 IA years and should read 26 1/2 years. With the
correction as noted, Detective Dearden moved for approval of the minutes. Sgt. Frame seconded the motion and
the vote was unanimous in favor.
4. APPROVAL OF PAYMENT WARRANT
There was some discussion regarding the quarterly fees charged by Colonial Bank for custodial services. It was
noted that this was the market rate for such services. Mr. Malatak gave a brief overview of the custodial
responsibilities. In addition, Mr. Malatak indicated that there have been some recent developments in the services
provided by Colonial Bank. He suggested that the Bank be put on notice with a sixty day window. Should they
not respond satisfactorily to the Pension Plan's needs, there would be a proposal for new custodians at the next
Board meeting. Resolving the custodial fees issue, Detective Dearden moved for approval of the payment
warrant. Sergeant Frame seconded the motion which passed unanimously.
5. DROP AMENDMENT TO GRANDFATHER CORPORAL STANLEY TAYLOR FOR YEARS OF
SERVICE
There was a motion by Detective Dearden to table this item with a second from Sergeant Frame. The vote was
unanimous in favor.
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Police Pension Board August 15, 2001 Page 2
6. INVESTMENT REPORTS - Merrill Lynch, Jeff Swanson
Mr. Swanson explained that the pension plan was still evaluated as a combined fund due to the investment
program transition last quarter. In moving the securities to Colonial Bank there were several transactions over the
first month before the monies were fully allocated and invested. The total market value of the funds was
$18,037,150 with a total return of 3.5%. Mr. Swanson indicated that the volatility will continue in the equity
market. The Miami Shores Village Combined Pension Plan ranked 314 in comparison with other Florida
municipal clients. Mr. Malatak noted that there is an increasing number of plans investing internationally. He
asked that Mr. Swanson provide the Board with suggestions for international investing at the next meeting.
7a. INVESTMENT REPORTS - The Boston Company, Carl O'Connell & Paul Leahy
Mr. O'Connell relayed information regarding a transition made by The Boston Company's fixed income managers
to affiliate with the Standish Mellon Group. This will enable the managers to have a more dedicated resources to
evaluate the portfolio. This is strictly an administrative matter with no impact to the plan nor change to fees.
Mr. O'Connell proceeded to give a brief overview of the equities held and the investment objectives utilized by
the firm in their value -oriented investment process. The total market value of the fund ending July 31, 2001 was
$5,385,441. The total portfolio return ending July 31, 2001 was 9.3% for the equities exceeding the 4.0% return
of the Russell 1000 Value. Mr. Leahy reported the fixed income return of 2.7% was just under the Merrill Lynch
Government/Corporation return of 3.3%.
7b. INVESTMENT REPORTS - Davis, Hamilton, Jackson & Associates, Janna Woods
Ms. Woods reported that the fund's total market value as of June 30, 2001 was $5,102,996. The total equity
return for the period ending July 31, 2001 was 6.6% with a fixed income return of 0.3%. She noted that cash
was held in a money market account so there was always earnings on the funds.
Mr. Heffernan left at this time.
Ms. Woods explained the investment philosophy of DHJ&A as one of a growth style manager. In addition, the
firm is an intermediate fixed income manager holding assets not longer than a ten year period.
8. OTHER BUSINESS
There was no other business to discuss.
9. ADJOURNMENT
The August 15, 2001 regular meeting of the Police Pension Board was adjourned at 9:20 A.M.
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William Heff/ ding Chairman
Lisa Keeley, Recording Secretary
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WARRANT - P No. 01-2
For payment from the Village Pension Fund for Police Officer's 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 Police Officer's 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 at its meeting held on 08/15/01 , pensions from 04/01/01 to 07/31/01 inclusive, or for the period
of time opposite the name of said persons.
Name (Pensions, Benefits, Services Provided or Obligations)
Amount Check Nr.
Reimburse Miami Shores Village for:
Miscellaneous Expenses:
Teleconferencing Services $ 38.88 91132
Lon Worth Crow - Premium for Crime Bond $ 93.00 90964
Federal Express Delivery $ 8.52 91849
TOTAL MISCELLANEOUS EXPENSES $ 140.40
Davis, Hamilton, Jackson & Associates
Quarterly management fees for the period 04/06/01 - 06/30/01 $ 5,893.82 91052
TOTAL REIMBURSEMENT TO MIAMI SHORES VILLAGE $ 6,034.22
Authorize payment to Davis, Hamilton, Jackson & Associates
Quarterly management fees for the period 07/01/01 - 09/30/01 $ 6,530.71
Authorize payment to The Boston Company
Quarterly management fees for the period 04/10/01 - 06/30/01 $ 7,247.31
Authorize payment to Colonial Bank
Quarterly trust fees Davis, Hamilton account
for the period ending 06/30/01 $ 8,513.48
Quarterly trust fees The Boston Company account
for the period ending 06/30/01 $ 8,929.79
Dated this 15th day of August, 2001 Approved by:
Mark Ulmer
As Chair of the Board of Trustees Village Pension Fund for
Police Officer's in the Village of Miami Shores, Florida