05-12-2005 Regular Meeting•
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MIAMI SHORES V! LLAGE
POLICE PENSION BOARD
REGULAR MEETING
MAY 12, 2005
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, May 12, 2005 in
the Conference Room of the Village Hall. The meeting was called to order at 8:05A.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
JC Rodriguez
Officer Clifford Vickers
Absent
Lieutenant David McLeod
Also Present: Steve Cypen, Pension Board Attorney
Mark A. Malatak, Plan Administrator
Lisa Keeley, Recording Secretary
3. ELECTION OF CHAIRPERSON
With new members on the Board, an election of a new chairperson was held. Mr. Rodriguez
nominated Mr. Al Davis as Chairperson for the Police Board. Ofc. Vickers seconded the motion.
The vote was unanimous in favor.
4. APPROVAL OF MIMJTES — August 12, 2004, August 30, 2004 & September 22, 2004
Mr. Rodriguez moved for approval of the minutes as submitted. Mr. Vickers seconded the motion. The motion
to approve passed unanimously.
5. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2005 — 002 & 002A
Mr. Davis asked that each warrant be considered separately. After discussion regarding the management and
consultant fees, Ofc. Vickers moved for approval of payment warrant Police Warrant No. 2005 — 002 with a
second from Mr. Rodriguez. The motion passed unanimously.
There was discussion regarding the retirement benefits for the two police officers. The motion to approve Police
Warrant No. 2005 — 002A which includes the retirement benefits payable as a result of DROP participation for
Richard Jessup estimated not to exceed the straight life annuity of $3,843.33 monthly and the retirement benefits
payable as a result of retirement for Martha Reed-Norato estimated not to exceed the straight life annuity of
$2,759.68 monthly was made by Mr. Rodriguez and seconded by Ofc. Vickers. The motion to approve passed
unanimously.
Police Pension Board
May 12, 2005 Page 2
• 5A. INVESTMENT MANAGER REPORT - Davis, Hamilton, Jackson & Associates - Janna Woods
Ms. Woods reviewed the performance of the fund with a total market value of $4,812,481 as of March 31,
2005. The return for the period was -2%; the equity return being -2.9% beating the Russell 1000 Growth
return of -4.1% and the fixed income return of -0.3% also beating the Lehman Government/Corporate return
of -0.7%.
5B. INVESTMENT MANAGER REPORT - The Boston Company — Ryan Fitzpatrick
Mr. Fitzpatrick reported that the fund's total market value as of March 31, 2005 was $5,274,681. The total
return for the quarter was -0.7%; with a -1.0% return on equities compared to the Russell 1000 Value of 0.1 %.
The -0.1% fixed income return just beat the Merrill Lynch Government/Corporation return of -0.6%.
6. CONSULTANTS REPORT - Merrill Lynch — Jeff Swanson
Mr. Swanson was absent and unable to provide the quarterly report.
7. OTHER BUSINESS
• Mr. Rodriguez made a motion to amend the agenda to allow a presentation from Smith Barney. Ofc. Vickers
seconded the motion which passed unanimously.
Mr. Malatak gave a brief summary regarding past discussion on the plan's investment consultant, Merrill Lynch
Mr. Mark King and Mr. Eddie King from Smith Barney were introduced. Mark King gave a brief background on
the firm's platform in comparison with the current pension plan. A fee analysis was also provided. After hearing
the information presented, Mr. Cypen suggested that a breakdown of hard and soft dollar costs be provided in
order to better compare with the current plan costs.
8. ADJOURNMENT
The
Mr
12, 2005 regular meeting of the Police Pension Board was adjourned at 10:10 AM with a motion from
quez seconded by Ofc. Vickei and unanimous in favor.
Al Davis, Chairperson
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Lisa Keeley, Recording Secretary
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Police Warrant - No. 2005 - 002
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 ofsaid Board
at its meeting held on 05/12/2005, pensions from 02/01/05 to 05/01/05 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 Davis, Hamilton, Jackson & Associates
Quarterly management fees for the period 04/01/05 — 06/30/05 $ 6,015.60
Authorize payment to The Boston Company
Quarterly management fees for the period 01/01/05- 03/31/05 $ 7,912.02
Authorize payment to Merrill Lynch Consulting Services
Quarterly consulting services for the period 01/01/05 - 03/31/05 $ 3,019.50
Authorize payment to Salem Trust Company
Quarterly fee for period 01/01/05 - 03/31/05 $ 1,509.47
Dated this 12a' day of May, 2005 Approved by:
Al Davis, Chairperson
As air ofthe Board ofTrustees Village Pension Fund for Police
cer's in the Village of Miami Shores, Florida
w
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Police Warrant - No. 2005 - 002A
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 PensionlistofsaidBoard
at its meeting held on 05/12/2005, pensions from 02/01/05 to 05/01/05 inclusive, or for the period of time opposite the name of said
persons.
Name (Pensions, Benefits, Services Provided or Obligations) Amount
To be pard by Trustee:
Authorize Benefits Payable as a Result of DROP Participation commencing July 1, 2005
Richard Jessup (Estimate not to exceed straight life annuity)
Authorize Benefits Payable as a Result of Retirement commencing August 1, 2005
Martha Reed Norato (Estimate not to exceed straight life annuity)
Dated this 12th day of May, 2005 Approved by:
$ 3,843.33/monthly
$ 2,759.68/monthly
A L 'DAV! St Chairperson
As Chair ofthe Board of Trustees Village Pension Fund for Police
Officer's in the Village of Miami Shores, Florida