09-10-2009 Regular Meeting•
1. CALL TO ORDER
MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
SEPTEMBER 10, 2009
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, September
10, 2009 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
Stephen Loffredo Al Davis
Officer Clifford Vickers
Absent
Lieutenant David McLeod
Also Present: Steve Cypen, Pension Board Attorney
Lisa Keeley, Interim Plan Administrator / Recording Secretary
EMERGENCY AGENDA ITEM - ELECTION OF ACTING CHAIRPERSON
Mr. Davis made a motion to alter the agenda to include an emergency item to elect as acting chairman,
Mr. Loffredo with a second from Ofc. Vickers. The motion passed unanimously.
3. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2009 - 005
Mr. Davis moved for approval of payment warrant Police Warrant No. 2009 — 005 as submitted. Ofc.
Vickers seconded the motion which was passed unanimously.
4. INVESTMENT CONSULTANT 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.
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Police Pension Board September 10, 2009 Page 2
4. INVESTMENT CONSULTANT REPORT — Continued - Bogdahn Group, Bryan
Bakardjiev
Mr. Bakardjiev spoke of Florida legislation that increased the plan's ability to invest up to 25% of market
value in international investments. This will be placed on an upcoming agenda.
Mr. Bakardjiev requested that the international fund be rebalanced to the current maximum allocation.
Mr. Davis made a motion to rebalance the international allocations to the maximum of 10% of cost. Ofc.
Vickers seconded the motion which passed unanimously.
5. DISCUSSION AND POSSIBLE ACTION REGARDING REGULATORY
RECOMMENDATIONS FROM HOLLAND & KNIGHT ATTORNEY,
ROBERT J. FRIEDMAN — Steve Cypen
Mr. Cypen recommended that Mr. Friedman be scheduled for a presentation to the Board regarding the
status of the IRS qualification process and what needs to be done. It was the consensus of the Board to
have Mr. Friedman attend a meeting in the future for a status report.
6. DISCUSSION AND POSSIBLE ACTION REGARDING PENSION FUND
PRESENTATION DOCUMENT — Steve Cypen
Mr. Cypen indicated that the firm of Beggs & Lane has formed a consortium to conduct a free
damage/liability analysis for the plan based on the prior relationship the Board had with Merrill lynch
Consulting Services and its soft -dollar program. It was the recommendation of Mr. Cypen for the Board
to accept the firm's proposal to study the plan's program with Merrill Lynch to determine if the Plan has
any interest in the participating in the consortium. Mr. Davis moved that Mrs. Keeley draft a letter
accepting the proposal for a free investigation. Ofc. Vickers seconded the motion. The motion passed
unanimously.
7. DISCUSSION AND POSSIBLE ACTION REGARDING THE ELECTION OF A FIFTH
MEMBER
Mr. Davis moved the Board recommend to the Village Council to appoint JC Rodriguez as the fifth
member of the Police Pension Board. Ofc. Vickers seconded the motion which passed unanimously.
8. OTHER BUSINESS
There was no other business.
9. ADJOURNMENT
The September 10, 2009 regular meeting of the Police Pension Board was adjourned at 9:45 AM.
Lisa Keeley, Recording Secretary
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Police Warrant - No. 2009 - 005
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 of said Board by circulation of this warrant, pensions from 08/01/09 to 09/10/09 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 Aletheia Research and Management, Inc
Quarterly management fees for the period 04/01/09 — 06/30/09 $ 3,890.74
Authorize payment to Boston Company
Actuarial Services through 05/27/09 — 06/30/09 $ 8,947.95
Authorize payment to Heartland Advisors
Actuarial Services through 05/27/09 — 06/30/09 $ 1,000.00
Authorize payment to The Bogdahn Group
Quarterly management fees for the period 04/01/09 — 06/30/09 $ 6,500.00
Authorize payment to Salem Trust Company
Quarterly fee for period 04/01/09 — 06/30/09 $ 1,447.72
Dated this 10th day of September, 2009 Approved by: A /;rel ✓t
S f n Loffredo, A Chairperson
As Chair of the and of Trustees Vill. _e Pension Fund for Police
Officer's in the Village of Miami Shores, Florida