02-12-2009 Regular Meeting•
MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
FEBRUARY 12, 2009
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, February
12, 2009 in the Conference Room of the Village Hall. The meeting was called to order at 8:23 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
JC Rodriguez Ofc. Clifford Vickers
One Seat Vacant
Also Present: Steve Cypen, Pension Board Attorney
Lisa Keeley, Interim Plan Administrator / Recording Secretary
3. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2009 - 002
Mr. Davis moved for approval of payment warrant Police Warrant No. 2009 — 002 as submitted. Ofc.
4111 Vickers seconded the motion which was passed unanimously.
Lt. McLeod arrived at this time.
5. INVESTMENT MANAGER REPORT — Bogdahn Group, Bryan Bakardjiev
Mr. Bakardjiev reviewed the investment manager's returns for the quarter ending June 30, 2009. The
total market value of the fund was $9,687,755. The total fund returned 9.70%. The domestic equity
portfolio return of 19.05% exceeding the US Core Large Cap Equity Median return of 15.50%. The
international equity portfolio returned 21.93%, was under the International Equity Multi -Cap Core Funds
Median return of 24.09%. The fixed income portfolio return of 1.21% lagged behind the US Broad
Market Core Fixed Income Median return of 2.75%. The plan ranked in the sixty-first percentile
compared to all public plans in the Total Fund Median. Mr. Bakardjiev noted that Aletheia has
underperformed for the last four quarters and recommended the manager attend the next Board meeting.
Mr. Bakardejiev commented on the addition of the compliance check list in the quarterly report. The
report will show a comparison of the plans earnings and the assumption return rate.
A question arose regarding the feasibility of the plan to sustain itself through the current market.
Mr.Bakardjiev indicated that the fiduciary responsibility of the Board is to follow the long term goal of
the plan which should sustain the market's ups and downs over time.
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Police Pension Board February 12, 2009 Page 2
4. INVESTMENT MANAGER REPORT — Jerry Navarrete, The Boston Company
Mr. Navarrete reported that the fund's total market value as of December 31, 2008 was $6,221,276. The
total return for the quarter was- 3.67%; with a -20.41 % return on equities compared to the Russell 1000
Value of -22.18%. The 6.89% fixed income return beat the Merrill Lynch Government/Corporation
return of 5.70%.
6. OTHER BUSINESS
There was no other business.
7. ADJOURNMENT
The February 12, 2009 regular meeting of the Police Pension Board was adjourned at 8:55 AM with a
motion from Lt. McLeod, a second from Ofc Vickers and a vote unanimous in favor.
Lisa Keeley, Recording Secretary
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Police Warrant - No. 2009 - 002
For payment from the Village Pension Fund for Police Officer's in the Village of Miami Shores, Florida.
To Chair and Adminish(tor, 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 of said Board by circulation of this warrant, pensions from 11/08/08 to 02/11/09 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 The Boston Company
Quarterly management fees for the period 10/01/08 —12/31/08
Authorize payment to Aletheia Research and Management, Inc
Quarterly management fees for the period 10/01/08 —12/31/08
Authorize payment to Salem Trust Company
Quarterly fee for period 10/01/08 —12/31/08
Authorize payment to The Bogdahn Group
Quarterly management fees for the period 10/01/08 —12/31/08
Authorize payment to Gabriel, Roeder, Smith & Company
Acutuarial Services through 11/30/08 Invoice #106756
Acutuarial Services through 12/31/08 Invoice #107079
$ 9,158.53
$ 3,785.99
$ 1,384.10
$ 4,500.00
$ 5,148.00
$ 8,147.00
Authorize payment to Cypen & Cypen $ 554.55
Legal Counsel Services through 12/01/08 Invoice #4931
Authorize payment to Holland & Knight LLP
Legal Counsel IRS Review 12/08/08 Invoice #2331386
Legal Counsel IRS Review 01/12/09 Invoice #2339734
Dated this 12th day of February, 2009 Approved by:
$ 2,400.00
$ 150.00
JC Ro
guez, Chairperson
As Chair of the : h d of Trustees Village Pension Fund for Police
Officer's in the Village of Miami Shores, Florida