01-14-2003 Special Meeting•
MIAMI SHORES VILLAGE
POLICE PENSION BOARD SPECIAL MEETING
JANUARY 14, 2003
1. CALL TO ORDER
The special meeting ofthe Miami Shores Village Police Pension Board was held on Tuesday, January
14, 2003 in the Conference Room of the Village Hall. The meeting was called to order at 9:05 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Mark Ulmer, Chairman
Robert Blum
William Heffernan
Sergeant David McLeod
Absent: Detective Timothy Dearden
Also Present: Mark A. Malatak, Plan Administrator
Lisa Keeley, Recording Secretary
4. APPROVAL OF TRAVEL TO FPPTA CONFERENCE — February 2-5, 2003
• Mr. Malatak explained the recent changes regarding the administrative costs associated with the Pension Plan
after the filing of the 2001 State Report with the Division of Retirement. Only those costs associated with
investment expenses are permissible to be charged off against pension fund proceeds. All other administrative
expenses are to be paid via contribution by the Village general operating budget. Under the new regulations, the
Village can no longer recover cash advanced by the general fund as a reimbursement from the Pension fund.
There was discussion regarding future budgetary requirements. Additionally, Mr. Malatak spoke of the annual
actuarial report whereby there are two components of required funding sources on behalf of the Police Pension
fund. The first is the actuarial required funding for the gains or losses for the year. The second is the
administrative costs associated with the fund.
Mr. Malatak requested authorization for the expenses associated with the travel request for Detective Dearden
and Sergeant McLeod in addition to the regular membership fee for the Florida Public Pension Trust Association.
Mr. Blum inquired as to the funding source for the costs as to whether they could come from an outside source.
Mr. Malatak confirmed it could. Mr. Ulmer spoke of the need to educate new members as to the duties and legal
obligations of the members. However, if the member wants to continue individual associations, it should be a
personal choice. Regarding, the request before the Board, Mr. Ulmer indicated he would be in favor of sending
Sgt. McLeod as the newest Board member rather than Det. Dearden who has attended numerous conferences and
is well educated.
Mr. Heffernan indicated the authorization was a procedural problem as there was no money to allocate. The
Council should set procedural spending guidelines. Mr. Heffernan noted that Det. Dearden has been on the Police
Pension Board for over ten years. While Sgt. McLeod will be attending basic curriculum courses, Det. Dearden
would be attending stock and portfolio analysis as his recurring certification. Mr. Ulmer noted that the Board
pays Merrill Lynch and the investment managers to perform analysis. Mr. Malatak noted that when the costs
were lumped together, the cost associated with travel was not material.
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Police Pension Board Special Meeting January 14, 2003 Page 2
Mr. Malatak sought approval for authorization for Salem Trust to disburse the funding for the travel related
expenses as the Village cannot pre -fund the costs. After discussion with Steve Cypen, Pension Board Attorney,
Mr. Malatak indicated that should the Pension Board authorize the travel expenses, the Village is obligated to
pay the costs regardless.
Mr. Ulmer noted that if policy were to be made regarding Pension Board member attendance at FPPTA
conferences, first time members should be offered an opportunity to attend the basic course. Mr. Heffernan
agreed and indicated that there are local offerings as well at lower costs.
Mr. Heffernan moved for approval of Sgt. McLeod's attendance and related travel expenses deferring Det.
Dearden's request. The motion was seconded by Mr. Ulmer.
After further discussion regarding the expenses, Mr. Heffernan amended his motion to withdraw the authorization
for costs associated with the certification program fee for Sergeant McLeod. Mr. Ulmer seconded the amendment
to the motion.
The vote was called with the following results: Yes — Mr. Ulmer, Mr. Heffernan, Mr. Blum; No — Sgt. McLeod.
The motion carried three to one.
Discussion ensued regarding other funding options for Det. Dearden's attendance.
3. APPROVAL OF FPPTA MEMBERSHIP FEE
Mr. Malatak recommended approval of the FPPTA membership fee. Mr. Heffernan sponsored the motion with a
second by Sgt. McLeod. The motion passed unanimously.
4. ADJOURNMENT
The January 14, 2003 special meeting of the Police Pension Board was adjourned at 9:40 A.M..
Mark Ulmer, Chairman
Lisa Keeley, Recording Secretary