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02-11-2010 Regular Meeting• • • • MIAMI SHORES VILLAGE POLICE PENSION BOARD REGULAR MEETING February 11, 2010 1. CALL TO ORDER The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, February 11, 2010 in the Conference Room of the Village Hall and was called to order at 8:15 A.M. 2. ROLL CALL In order for the record to reflect those present, the roll was called with the following members present: Present Mayor, Al Davis Steve Loffredo Lt. David McLeod Officer Cliff Vickers J.C. Rodriguez Also Present: Alison Bieler, Pension Board Attorney (via telephone) Lisa Keeley, Interim Plan Administrator / Recording Secretary 3. INVESTMENT MANAGER REPORT — Aletheia Research and Management, Inc, David Bunzel Mr. Bunzel indicated that the portfolio lagged the benchmark for the quarter. As of December 31, 2009, the portfolio value was $1,995,584. Mr. Bunzel described the investment philosophy of the firm, indicating that the firm believes in long term investing with an average period of the top 10 holdings of 4.3 years. He indicated the portfolio is high quality, capturing more on the upside and losing less on the downside. 12. OTHER BUSINESS — Cypen & Cypen, Alison Bieler Mrs. Bieler confirmed that the contracts with MBIA were completed with the Investment Policy Statement to be included. She noted that MBIA filed papers for a name change to rename the company to Cutwater Investment Advisors. Mrs. Bieler discussed the memorandum dated December 21, 2009 regarding the Florida Public Records Act Amendments regarding Social Security Numbers recommending the Board adopt a policy statement regarding "Social Security Number Collection Disclosure Statement" as outlined in the referenced memorandum. Al Davis moved for approval of the Social Security Number Collection Disclosure Statement. The motion was seconded by Mr. Rodriguez and passed unanimously. Al Davis left at this time. Police Pension Board February 11, 2010 Page 2 4. APPROVAL OF MINUTES — March 12, 2009 and December 10, 2009 Mr. Rodriguez moved for approval of the March 12, 2009 and the December 10, 2009 minutes as submitted. Ofc. Vickers seconded the motion which passed unanimously. 5, APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2010 — 002 Mr. Rodriguez moved for approval of payment warrant Police Warrant No. 2010 — 002 as submitted. Lt. McLeod seconded the motion which was passed unanimously. 6. REQUEST APPROVAL FOR AUTHORIZED SIGNORS TO PAY CONTRACTUAL INVOICES UPON RECEIPT. Discussion regarding how payments are made ensued. Because of the Board meeting with inconsistency, it has been difficult to pay timely. Mr. Rodriguez moved that invoices be paid upon receipt. This motion died for lack of a second. Lt. McLeod moved that in the absence of a regularly scheduled Board meeting, invoices be paid by the authorized signors. Otherwise, payment authorizations should be approved at the regularly scheduled Board. Mr. Rodriguez seconded the motion. The motion passed unanimously. . 7. REQUEST APPROVAL FOR ADDITIONAL AUTHORIZED SIGNOR ON CUSTODIAL DISBURSEMENT ACCOUNT. Mrs. Keeley requested that an additional signor be added to the custodial disbursement account in addition to Mr. Benton and herself as the Board has instructed that the custodian receive two signatures for any disbursements processed on the account. It is requested that the Village Clerk, Barbara Estep, be added to the account in order to process disbursement requests in a timely manner. Lt. McLeod moved that Mrs. Estep be added as an authorized signor for the Police Plan custodial disbursement account with Salem Trust. Mr. Rodriguez seconded the motion which passed unanimously. 8. REQUEST APPROVAL FOR FPPTA MEMBERSHIP. Mrs. Keeley requested that the Board consider rejoining the Florida Public Pension Trust Association (FPPTA). Lt. McLeod moved approval of FPPTA membership with a second from Ofc. Vickers. The motion passed unanimously. 9. INVESTMENT CONSULTANT REPORT — Bogdahn Group, Bryan Bakardjiev Mr. Bakardjiev reviewed the investment manager's returns for the quarter ending December 31, 2009. The total market value of the fund was $11,082,374, a net increase of $109,621. The total fund returned 2.41%. The domestic equity portfolio return of 4.01% was just under the US Core Large Cap Equity Median return of 5.97%. The international equity portfolio returned 2.27%, was under the International • Equity Multi -Cap Core Funds Median return of 2.79%. The fixed income portfolio return of .11% lagged behind the US Broad Market Core Fixed Income Median return of .59%. The plan ranked in the ninety- fourth percentile compared to all public plans in the Total Fund Median. Police Pension Board February 11, 2010 Page 3 10. DISCUSSION AND POSSIBLE ACTION REGARDING INVESTMENT POLICY STATEMENT AND ADDENDUMS. Mr. Bakardjiev recommended that the fixed income quality should be at a minimum rating of investment grade or better. The Plan currently has a minimum rating of "A" or better. Mr. Bakardjiev indicated that this recommendation is consistent with other pension plan investment policies. Discussion regarding the International Equity Range ensued. Mr. Bakardjiev indicated that Police Plan has restrictions for a scrutinized company list based on Chapter 175 & 185 requirements. Lt. McLeod moved that the Board accept the Investment Policy Statement with the minimum rating of investment grade and changing the International Equity Range to a maximum of 25% and accepting the addendums including a maximum of 10% international investments for the investment managers. Ofc. Vickers seconded the motion which passed unanimously. 11. DISCUSSION AND POSSIBLE ACTION REGARDING MEETING PLACE. Mrs. Keeley indicated that due to the both Boards combining meeting dates and times, it was suggested that the meeting be moved from the Village Hall Conference Room to a suitable room at the Miami Shores Village Community Center. It was the consensus of the Board to move the next meeting to the Community Center. 9. ADJOURNMENT The February 11, 2010 meeting of the Police Pension Board was adjourned at 10:00 AM. Stephen Loffredo, hairperson Lisa Keeley, Recording Secretary • • • Police Warrant - No. 2010 - 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 of said Board by circulation of this warrant, pensions from 12/11/09 to 02/10/10 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 10/01/09 —12/31/09 $ 4,988.96 Authorize payment to Boston Company Quarterly matlugement fees for the period 10/01/09 —12/31/09 $ 9,646.35 Authorize payment to Heartland Advisors Quarterly management fees for the period 10/01/09 —12/31/09 $ 3,463.00 Authorize payment to The Bogdahn Group Quarterly consulting fees for the period 10/01/09 —12/31/09 $ 5,000.00 Authorize payment to Salem Trust Company Quarterly fee for period 10/01/09 —12/31/09 $ 1,656.36 Authorize payment to Cypen & Cypen Legal Counsel Services through 12/17/09 Invoice date 01/05/10 $ 454.75 Dated this 11th day of February, 2010 Approved b phen Loffredo erson As Chair of e Board of Trustees '' '_e Pension Fund for Police Officer's in the Village of Miami Shores, Florida