11-13-2003 Regular Meeting•
MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
NOVEMBER 13, 2003
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, November 13,
2003 in the Conference Room of the Village Hall. The meeting 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 Absent
Al Davis Ed Quinton
Sergeant David McLeod William Heffernan
Detective Timothy Dearden
Also Present: Steve Cypen, Pension Board Attorney
Mark A. Malatak, Plan Administrator
Lisa Keeley, Recording Secretary
EMERGENCY ITEM — Election of Acting Chairman
Due to the absence of Chairman Quinton, Sgt. McLeod moved that Mr. Davis be appointed as
acting chairman for the November 13, 2003 Police Pension Board meeting. The motion was
seconded by Detective Dearden. The vote was unanimous in favor.
3. APPROVAL OF September 4, 2003 MINUTES
Detective Dearden moved for approval of the September 4, 2003 minutes as submitted. The motion was
seconded by Sergeant McLeod. The vote was unanimous in favor.
4. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2004 - 001
Detective Dearden moved for approval of payment warrant Police Warrant No. 2004 - 001 as submitted.
Sergeant McLeod seconded the motion. The motion passed unanimously.
6b. INVESTMENT CONSULTANT REPORT — Revised Statement of Investment Policy
Merrf Lynch — Jeff Swanson
Mr. Swanson described the change to the American Depository Receipt Securities language on page 4, item 4 to
allow the purchase of an ADR security "or a foreign company listed on the Domestic Exchange."
Additionally, page 5, item lb regarding the duration of the fixed income portfolio, the recommended change is
from less than 150% to "135%" of the duration of the market index.
• Item 3b). regarding the FFIEC High Risk Security Test is no longer required and was therefore struck from the
statement of investment policy.
Detective Dearden moved to accept the revised Statement of Investment Policy Goals and Guidelines. Sergeant
McLeod seconded the motion which passed unanimously.
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Police Pension Board November 13, 2003 Page 2
7. OTHER BUSINESS
Discussion ensued regarding Trustee travel and education. It was determined that all travel and training must be
presented on a per request basis. It was requested that Mr. Cypen work with the Plan Administrator, Mr. Malatak
and the Village Manager, Mr. Benton to prepare an education policy.
8. ADJOURNMENT
Sergeant McLeod left at this time. Due to lack of a quorum, the November 13, 2003 regular meeting ofthe Police
Pension Board was adjourned at 9:00 AM with a motion by Sergeant McLeod, seconded by Detective Dearden,
passing unanimously.
5A. INVESTMENT MANAGER REPORT - The Boston Company - CarI O'Connell
Mr. O'Connell reported that the fund's total market value as of September 30, 2003 was $4,755,322. The total
return for the quarter was 1.5%; with a 2.8% return on equities compared to the Russell 1000 Value of 2.1 % and
a -0.6% fixed income return which fell below the -0.5% Merrill Lynch Government/Corporation return.
5B. INVESTMENT MANAGER REPORT - Davis, Hamilton, Jackson & Associates - Janna Woods
Ms. Woods reviewed the performance of the fund with a total market value of $4,793,045 as of September 30,
2003. The return for the period was 1.7%; the equity return being 3.2% compared to the Russell 1000 Growth
return of 3.9% and the fixed income return of -0.4% beat the Lehman Government/Corporation return of -0.5%.
6. CONSULTANTS REPORT - Merrill Lynch — Jeff Swanson
Mr. Swanson then reviewed the investment manager's returns for the quarter ending September 30, 2003. The
total market value ofthe fund was $9,528,200 a net increase of $51,540. The fund ranked in the bottom twenty-
six percent compared to the public balanced public fund sample. Mr. Swanson indicated that both managers fell
within theme:. tment policy parameters.
Al Davis, Acting Chairman
Lisa Keeley, Recording Secretary