05-10-2007 Regular Meeting•
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MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
MAY 10, 2007
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, May 10, 2007 in
the Conference Room of the Village Hall. The meeting was called to order at 8:20A.M.
2. ROLL CALL
In order for the record to reflect those present, the roll was called with the following members present:
Present
Hunt Davis
JC Rodriguez Officer Clifford Vickers
Absent
Lieutenant David McLeod Kurt Gustinger
Also Present: Steve Cypen, Pension Board Attorney
Mark A. Malatak, Plan Administrator
Lisa Keeley, Recording Secretary
3. ELECTION OF CHAIRPERSON
Mr. Davis nominated Mr. Rodriguez as Chairperson for the Police Pension Board. The nomination was seconded
by Officer Vickers and passed unanimously.
4. APPROVAL OF MINUTES — February 8, 2007
Ofc. Vickers moved for approval of the February 8, 2007 minutes as submitted with a second from Mr. Davis.
The motion passed unanimously.
5. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2007 - 004
Mr. Davis moved for approval of payment warrant Police Warrant No. 2007 — 004 as submitted. Ofc. Vickers
seconded the motion which was passed unanimously.
6. INVESTMENT CONSULTANT REPORT - Merrill Lynch — Michael Callaway
Mr. Callaway reviewed the investment manager's returns for the quarter ending March 31, 2007. The total
market value of the fund was $11,085,160, a net increase of $200,280. The total fund returned 1.4% exceeding
the target index and ranking in the twenty-first percentile compared to the public balance fund sample.
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Police Pension Board May 10, 2007 Page 2
It was requested that on page 23 of the Merrill Lynch report, that title referring to the "Rank above respective
sample average" be changed to read "Percentile Rank".
7. OTHER BUSINESS
Mr. Malatak reviewed the Plan's redistribution of assets from Davis, Hamilton, Jackson & Associates to Aletheia
Research, Royce Pennsylvania and Boston Company International. He projected atarget date of May 31, 2007 for
the transition to be completed.
At this time, Mr. Davis requested an emergency item be added to the agenda in order for discussion and
acceptance of the Investment Policy and Manager Addendums to be addressed. Officer Vickers seconded the
motion to add an item and the vote was unanimous in favor. After brief discussion regarding the approval of the
previously submitted documents, Mr. Davis moved that the Board recognize and accept the Investment Policy
document and the Addendums as previously approved at the Board meeting of November 9th, 2006. Officer
Vickers seconded the motion which passed unanimously.
8. ADJOURNMENT
The May 10, 2007 regular meeting of the Police Pension Board was adjourned at 9:15 AM.
Lisa Keeley, Recording Secretary
* Please note: In preparing these minutes, a recorded copy of this meeting was unavailable.
Police Warrant - No. 2007 - 004
• For payment from the Village Pension Fund for Police Officer=s in the Village of 14fiami 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, drabs 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 lit ofsaid Board
by circulation of this warrant, pensions from 02/01/07 to 05/01/07 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 04/01/07 — 06/30/07 $ 6,170.99
Authorize payment to The Boston Company
Quarterly management fees for the period 01/01/07 — 03/31/07 $ 9,011.24
Authorize payment to Salem Trust Company
Quarterly fee for period 01/01/07 — 03/31107 $ 1,763.64
Ratify Lump Sum Distribution:
Sergio Garcia — previously approved by signature
Warrant No. 2007 - 003
$ 4,087.77
• Authorize Benefits Payable as a Result of DROP Participation commencing April 1, 2007
Donald Lobnes (100% Joint and Last Survivor Annuity) $ 3,427.47/monthly
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Dated this 10th day of May, 2007 Approved by:
As Chair of the Board ofTrustees Village Pension Fund for Poles
Officer=s in the Village of Miami Shores, Florida