11-14-2008 Regular Meeting•
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MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
NOVEMBER 14, 2008
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Friday, November
14, 2008 in the Conference Room of the Village Hall. The meeting was called to order at 8:20 A.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 Lt. David McLeod
Absent
JC Rodriguez Ofc. Clifford Vickers
One Seat Vacant
Also Present: Steve Cypen, Pension Board Attorney
Lisa Keeley, Interim Plan Administrator / Recording Secretary
As only two members of the Board were present, there was no quorum for this meeting.
6. DISCUSSION AND POSSIBLE ACTION REGARDING THE PLAN'S IRS TAX -
QUALIFIED STATUS — Steve Cypen
Mr. Cypen briefly discussed the increased focus that the Internal Revenue Service has placed on
governmental pension plans specifically the plan document requirements necessary to maintain
the tax -qualified status of the plan. Plan documents must be updated by January 31, 2009 or
apply for a determination letter with the possible proposed amendments from the IRS. It is the
recommendation of Mr. Cypen to hire the firm of Holland & Knight to work on the IRS issue at
$250 per hour for a cost not to exceed $25,000.
As there was no quorum for this item and due to deadline restrictions, Mr. Cypen advised the two
members present could agree to proceed in favor of this item with ratification of the item at the next
Board meeting.
10. ADJOURNMENT
The November 14, 2008 meeting of the Police Pension Board was adjourned at 10:00 AM.
Lisa Keeley, Recording Secretary