11-10-2005 Regular Meeting•
MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
NOVEMBER 10, 2005
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, November 10,
2005 in the Conference Room of the Village Hall. The meeting was called to order at 8:40A.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, Chairman
JC Rodriguez
David McLeod (late arrival)
Cliff Vickers
Absent
Kurt Gustinger
Also Present: Mark A. Malatak, Plan Administrator
• Lisa Keeley, Recording Secretary
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3. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2006— 002
Mr. Rodriguez moved for approval of payment warrant Police Warrant No. 2006— 002 for quarterly fees as
submitted. Mr. Vickers seconded the motion which was passed unanimously.
Mr. Rodriguez moved for approval to ratify Martha Reed Norato's pension benefit election as submitted. Mr.
Vickers seconded the motion which passed unanimously.
Mr. Rodriguez moved for approval to ratify Richard Jessup's pension benefit election as submitted. Mr. Vickers
seconded the motion which passed unanimously.
5. OTHER BUSINESS
Mr. Malatak asked the Board to consider allowing administration to authorize employee payouts when there is no
Board quorum or meeting at the time of employee's request. Discussion regarding warrant required signatures
and check points ensued. Mr. Vickers made a motion to authorize employee payouts and warrants by the Finance
Director and the Village Manager requiring the signature of the Finance Director and the Village Manager in
order to expedite payments with notification to the Board as soon as possible following the transaction. Mr.
Rodriguez seconded the motion which passed unanimously.
David McLeod arrived at this time.
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Police Pension Board November 10, 2005 Page 2
4. CONSULTANTS REPORT - Merrill Lynch — Alan Kirchner
Mr. Kirchner introduced himself as a new representative on the Merrill Lynch team. He discussed the fund asset
allocation and the possibility of other investment options to achieve higher returns.
Mr. Kirchner reviewed the investment manager's returns for the quarter ending September 30, 2005. The total
market value of the fund was $10,333,080, a net increase of $143,740. The total fund returned 2.8% ranking in
the sixty-third percentile compared to the public balance fund sample.
Discussion ensued regarding the dissatisfaction with the consultant performance of Merrill Lynch for past few
years and the lack of advice provided to the Board. Kudos was given to Mr. Kirchner for providing more
information to the Board at today's meeting than had been provided in the past.
After discussing the total fund and its performance, Mr. Rodriguez made a motion to instruct Merrill Lynch to do
a thorough analysis and review of the portfolio to ensure and recommend a better return on investments with
consideration to investing 10% in international funds. Lt. McLeod seconded the motion. The vote passed
unanimously.
6. ADJOURNMENT
The November 10, 2005 regular meeting of the Police Pension Board was adjourned at 9:35 AM.
Lisa Keeley, Recording Secretary
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Police Warrant - No. 2006 - 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
by circulation of this warrant, pensions from 10/01/05 to 11/01/05 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 10/01/05 —12/31/05 $ 6,102.00
Authorize payment to The Boston Company
Quarterly management fees for the period 07/01/05- 09/30/05 $ 8,195.15
Authorize payment to Merrill Lynch Consulting Services
Quarterly consulting services for the period 07/01/05 - 09/30/05 $ 2,951.52
Authorize payment to Salem Trust Company
Quarterly fee for period 07/01/05 - 09/30/05 $ 1,583.84
Ratify Retirement Benefit Payable:
Martha Reed Norato — previously approved as an estimate on 05/12/05 $ 2,683.24 / actual monthly election
Richard Jessup — previously approved as an estimate on 05/12/05 $ 3,480.14 / actual monthly election
Dated this 10th day of November, 2005 Approved by.
1
Chairperson
Chair of the Board of Trustees Village Pension Fund for Police
Officer's in the Village of Miami Shores, Florida