09-01-2011 Joint Meeting•
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MIAMI SHORES VILLAGE
POLICE RETIREMENT PENSION BOARD MEETING
The Miami Shores Village Police Retirement Pension Board and the General Employee Pension Board
jointly met on Thursday, September 1, 2011 at the C. Lawton McCaII Community Center. The meeting
was called to order at 8:25 AM with the following individuals present:
POLICE RETIREMENT PENSION BOARD
JC Rodriguez
Al Davis
Cliff Vickers
Steve Loffredo
Also present were Elizabeth Keeley, Plan Administrator, Dave West from the Bogdahn Group, Kevin Joy
of Heartland, and Steve Cypen, special counsel to the Pension Boards.
APPROVAL OF THE MINUTES
Mr. Rodriguez moved to approve the June 2, 2011 minutes as submitted. Mr. Davis seconded the
motion and the vote was unanimous in favor of the motion.
APPROVAL OF PAYMENT WARRANT: 2011-004
Ms. Estep advised the Board that the scheduled payments included in the warrant were all routine in
nature. Mr. Davis moved to approve payment of warrant #2011-004. Mr. Rodriguez seconded the
motion and the vote was unanimous in favor of the motion.
ACCEPTANCE OF THE 2009 ACTUARIAL EVALUATION REPORT
As a follow-up to Mr. Palmquist's presentation of the actuarial report during the June 2, 2011 meeting,
Mr. Rodriguez moved to accept the 2009 Actuarial Evaluation Report. Mr. Davis seconded the motion
and the vote was unanimous in favor of the motion.
INVESTMENT MANAGER REPORT
Mr. Kevin Joy from Heartland provided a brief report to the Board regarding the status of the
investments held with Heartland. Mr. Joy indicated that the majority of fund managers see the volatility
in the market as an opportunity to obtain stocks which may not normally be within reach. Mr. Joy
asked that the Board consider allowing Heartland to handle a small percentage of international stocks
for companies headquartered outside of the U.S., indicating that he would submit a formal request in
the near future. Following a brief discussion, the Board indicated that if a request is received, they
would discuss and take action at the next Board Meeting.
• INVESTMENT CONSULTANT REPORT
Mr. Dave West, the representative from The Bogdahn Group, provided an overview of the first quarter's
events which influenced the market and the rate of returns. Mr. West also provided information
regarding the performance of the various funds. The specific investment performances referenced are
attached hereto and made a part hereof. Mr. West advised the Board that there is surplus cash in the
fund. This is due to the receipt of funds previously held by the State. Mr. West suggested that as the
monies are not currently being invested, the Board direct the Fund custodian to move $250,000 to
investment managers. He specifically suggested that $125,000 be transferred to the Boston Group and
another $125,000 be transferred to the International Fund. The Board chose not to take any action at
this time but would look at a possible transfer at the next Board meeting.
ADJOURNMENT
The Police Retirement Pension Board Meeting was adjourned at 10:18 AM.
#6,/. 67 (ix M C
Barbara A. Estep, MM
• Village Clerk
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Miami Shores Village Police Officers' Pension Fund
Comparative Performance Trailing Returns
As of June 30, 2011
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1
Quarter
Oct -2010
To
Jun -2011
1 3
Year 1`ears
5
Since Inception
fears Inception Date
Total 'Fund '(Gross)
Total Fund Policy
Difference
All Public Plans -Total Fund Median
Total Fund (Net)
Total Fund Policy
Difference
033 (84) 10.56 (71) 19.04 (79) 2.54 (91): 3.88 (87) 3.94 (95) 07/01/2001
1.01 (57) 10.58 (70) 20.25 (68) 5.12 (41) 4.85 (53) 4.42 (85)
-0.68 -0.02 -1.21 -2.58 -0.97 -0.48
1.09 11.50 21.09 4.81 4.88 5.30
0.25 10.17 18.62 1.94 3.29 3.44 07/01/2001
1.01 10.58 20.25 5.12 4.85 4.42
-0.76 -0.41 -1.63 -3.18 -1.56 -0.98
Total Do>rnestic Equity
-143. (92) 17.51 (60) 30.78 (56) -0.37 (97) 2.54 (84) 2.65 (91) 07/01/2001
Domestic Equity Policy -0.03 (65) 18.68 (47) 32.37 (41) 3.98 (50) 3.48 (60) 3.30 (75)
Difference -1.60 -1.17 -1.59 -4.35 -0.94 -0.65
IM U.S. Large Cap Core Equity (SA+CF) 0.49 18.29 31.26 3.94 3.82 3.93
Total Fixed Income 2.30 (38) 2.82 (15) 5.17 (32) 7.05 (60) 6.97 (48) 6.12 (45) 07/01/2001
Total Fixed Policy 2.29 (39) 1.39 (76) 3.90 (81) 5.66 (93) 6.01 (87) 5.29 (95)
Difference 0.01 1.43 1.27 1.39 0.96 0.83
IM U.S. Broad Market Core Fixed Income SA+CF 2.24 1.75 4.65 7.30 6.95 6.10
Returns for periods greater than one year are annualized. Returns are expressed as percentages.
16
THE
ri BOGDAHN
GROur.
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Police Warrant - No. 2011 - 004
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 06/01/11 to 08/31/11 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 04/01/11 — 06/30/11
Management fees for the period 07/01/11— 07/25/11
Authorize payment to Boston Company
Quarterly management fees for the period 04/01/11— 06/30/11
Authorize payment to Cutwater Asset Management
Quarterly management fees for the period 04/01/11— 06/30/11
Authorize payment to Heartland Advisors
Quarterly management fees for the period 07/01/10 — 09/30/10
Quarterly management fees for the period 10/01/10 —12/31/10
Quarterly management fees for the period 04/01/11 — 06/30/11
Authorize payment to Cypen & Cypen
Legal Counsel Services through 06/02/11 Invoice date 06/02/11
Legal Counsel Services through 06/20/11 Invoice date 07/06/11
Authorize payment to Salem Trust Company
Quarterly fee for period 04/01/11— 06/30/11
Authorize payment to Gabriel Roeder Smith & Company
Actuarial Services through 05/31/11 Invoice date 06/13/11
Actuarial Services through 07/31/11 Invoice date 08/15/11
Dated this 1s` day of September, 2011
Approved by:
$ 4,822.77
$ 1,356.95
$ 2,604.83
$ 2,324.49
$ 3,556.00
$ 3,572.00
$ 3,781.00
$ 1,951.20
$ 200.00
$ 1,999.89
$ 4,075.00
$ 1,765.00
S
As Chair of th
Police Officer's
110..
en Lof&edo C13 erson
of Trustees Villi ension Fund for
in the Village of Miami Shores, Florida