05-13-2004 Regular Meeting•
MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
MAY 13, 2004
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, May 13, 2004 in
the Conference Room of the Village Hall. The meeting was called to order at 8:05 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present
Al Davis Detective Timothy Dearden
Sergeant David McLeod
Absent
Ed Quinton William Heffernan
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, Sergeant McLeod moved that Mr. Davis be appointed
as acting chairman for the May 13, 2004 Police Pension Board meeting. The motion was
seconded by Detective Dearden. The vote was unanimous in favor.
3. APPROVAL OF February 12, 2014 MINUTES
Detective Dearden moved for approval of the February 12, 2004 minutes as submitted. Sergeant McLeod
seconded the motion. The motion to approve passed unanimously.
4. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2004 — 003 & 2004 — 003A
Sergeant McLeod moved for approval of payment warrant Police Warrant No. 2004 — 003 and 2004-003A as
submitted. Detective Dearden seconded the motion. The motion passed unanimously.
5A. INVESTMENT MANAGER REPORT - Davis, Hamilton, Jackson & Associates - Janna Woods
Ms. Woods reviewed the performance of the fund with a total market value of $5,025,386 as of March 31, 2004.
• The return for the period was 0.5%; the equity return being -0.5% or below the Russell 1000 Growth return of
0.8% and the fixed income return being 2.5% equal to the Lehman Government/Corporation return.
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Police Pension Board May 13, 2004 Page 2
5B. INVESTMENT MANAGER REPORT - The Boston Company — Paul Leahy
Mr. Leahy reported that the fund's total market value as of March 31, 2004 was $5,203,034. The total return for
the quarter was 2.0%; with a 1.7% retum on equities compared to the Russell 1000 Value of 3.0% and a 3.0%
fixed income return equaled the Merrill Lynch GovernmentlCorporation return.
6. CONSULTANTS REPORT - Merrill Lynch — Jeff Swanson
Mr. Swanson then reviewed the investment manager's returns for the quarter ending March 31, 2004. The total
market value of the fund was $10,205,010; a net increase of $34,090. The fund ranked in the sixty-ninth
percentile compared to the public balanced public fund sample. Mr. Swanson indicated that both managers fell
within the investment policy parameters. Mr. Swanson reviewed the manager's performance noting that
diversification is a challenge due to the fund's size.
7. OTHER BUSINESS
Mr Cypen discussed recent developments regarding the Attorney General's opinion prohibiting members from
holding more than one office unless the code provisions make duties ex officio. Mr. Cypen reviewed the Village
Code of Ordinances regarding the Pension Board members concluding that the Village Attorney may need to
redefine the offices held by members of the Police Pension Board. Mr. Benton indicated he would get a follow-up
opinion from the Village Attorney.
8. ADJOURNMENT
The May 13, 2004 regular meeting of the Police Pension Board was adjourned at 9:30 AM with a motion from
Detective Dearden seconded by Sergeant McLeod and unanimous in favor.
Al Davis, Acting Chairman Lisa Keeley, Recording Secretary
Police Warrant - No. 2004 - 003A
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 ofsaidBoard
at its meeting held on 05/13/2004, pensions from 02/01/04 to 05/01/04 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:
Distribution of Employee DROP Contribution
Steven Sadowski $102,927.57 plus interest
Not to exceed $115,000.00
Dated this 13th day of May, 2004 Approved by:
ofthe Board of Trustees Village Pension Fund for Police
cer's in the Village of Miami Shores, Florida