BOARD OF TRUSTEES OF THE CITY PENSION FUND FOR
FIREFIGHTERS & POLICE OFFICERS
In the City of Pembroke Pines
Hampton Professional Center
1951 NW 150 Avenue – Suite #104
Pembroke Pines, FL 33028
REGULAR MONTHLY MEETING – AUGUST 21, 2008
The three hundred and fifty-sixth meeting of the Firefighters and Police Officers Pension Fund in the City of
Pembroke Pines was called to order at 2:05 p.m. by Vice Chairman James Ryan.
1. Roll Call – Fire Members Police Members City Members
Steve Dougherty John Birkenheuer Gary Arenson
Richard Moss Carl Heim Vicki Minnaugh
James Ryan Isadore Nachimson
Others Present: Greg McNeillie from Dahab Associates; Michael Harhai from Buckhead Capital
Management; Jamie Dupont, Tom Capobianco and Eric Henderson from Independence Investments;
Robert Maddock and Matthew Palazzolo from Inverness Counsel, Inc.; Retired F/F Anthony Napolitano;
F/F Kenneth Fritz, Vincent Garcia, Brent Iten, Frank Martin, Johnny Mullin and Frank Musumeci;
Stephen H. Cypen, Esq., Attorney for the Fund; Karen H. Warner, Plan Administrator; and James Fisher,
Asst. Plan Administrator.
2. Dahab Associates – Performance Report for Q/E 6/30/2008. Greg McNeillie reported that the fund’s
total gross return was 0.0% for the quarter ended 6/30/2008 with a portfolio value of $264,016,210. At
quarter end, investment of the total portfolio was 48.2% in domestic equities, 30.2% in fixed income
(including State of Israel Bonds), 9.0% in international equities, 6.4% in real estate and 6.2% in cash and
equivalents. Mr. McNeillie stated that the asset allocation to all sectors was in compliance with the plan’s
Investment Policy and Guidelines. The following gross returns, detailed by manager, were reported:
Quarter Ended 6/30/2008
Equity Fixed Inc. R.E. Trailing
Bench- Fixed Bench- Bench- Total 12
Equities mark Income mark R.E. mark Portfolio Months
Am. Realty Advisors --- --- --- --- 1.5% 0.9% 1.5% 10.5%
AmSouth Timber Fd. --- --- --- --- 0.9% 1.0% 0.9% 4.0%
Atlanta Capital -2.3% 0.6% --- --- --- --- -2.2% -6.1%
BlackRock --- --- --- --- -0.4% 0.6% -0.4% 7.0%
Buckhead -2.5% -5.3% --- --- --- --- -2.4% -16.8%
Independence 0.8% 1.3% --- --- --- --- 0.8% -6.3%
Inverness -0.8% -2.7% -1.1% -1.5% --- --- -0.8% 2.0%
Sawgrass 9.6% 0.6% --- --- --- --- 9.5% -11.0%
SSgA Midcap 2.4% 5.4% --- --- --- --- 2.4% -22.7%
SSgA Int’l. Equity 0.8% -0.9% --- --- --- --- 0.8% -7.0%
TA Assoc. Realty --- --- --- --- 0.9% 0.6% 0.9% 9.5%
At the May quarterly meeting, Mr. McNeillie assigned “letter grades” to each manager’s performance and
explained the rationale behind those grades. He reported that those results are basically consistent for
the quarter ended 6/30/2008, with the exception of Buckhead as they had another fairly good quarter. He
continues to be concerned with the SSgA Midcap because it just is not coming back.
Discussion followed relative to the positive effect of diversifying into (and within) real estate. Mr.
McNeillie noted that essentially the only safe place to be for the quarter was in real estate or cash.
Discussion then turned to whether it is appropriate to consider diversifying within the bond portfolio –
basically expanding into a style different from that of Inverness. He also mentioned that, from an
Pembroke Pines Fire & Police Pension Meeting of August 21, 2008 Page 1
allocation standpoint, the 60% equity could be increased, or the bond standard could be lowered. Bond
restrictions can only be changed by ordinance.
Questions continue to come up about the timing of real estate portfolio values, how this affects the
availability of the quarter rate of return, and how it impacts the preparation of DROP statements. There
is nothing that can be done to speed up the process, as the real estate managers fully need 45 days
after quarter end to value the assets.
Seeking the Board’s direction and input, an open issue continues to be the status of the second half of
the Value Manager search. The Buckhead results were reviewed again, and the Board was asked to
consider on a quarter-to-quarter basis whether to proceed with the search. Gary Arenson moved to put
the Value Manager search on hold for the time being, pending Buckhead’s future performance reports.
Vicki Minnaugh seconded the motion. The motion carried unanimously.
3. Buckhead Capital Management – Investment / Market Report. Michael Harhai represented the firm
this date. A snapshot of the portfolio reflects a total value of $20,758,833 as of 6/30/2008. He reported
the portfolio was 93% invested at quarter end. He also explained that they held 7% in cash due to recent
market turbulence. Mr. Harhai stated that the past 18 months or so have been extremely difficult, with an
environment less than favorable for value. In an attempt to preserve as much capital as possible,
Buckhead is working toward putting the portfolio in a more defensible position.
Mr. Harhai reported the purchase of Pioneer Natural Resources, Allstate Insurance and Franklin
Resources (Franklin Templeton mutual funds). Notable sales included Allied Waste and Genworth. The
portfolio’s best performers included Chesapeake Energy Corp. and Conoco/Phillips. Going forward,
Buckhead will be adding Consumer Discretionaries and Financials – the portfolio is currently
underweight in both sectors.
4. Independence Investments – Investment / Market Report. Jamie Dupont, Tom Capobianco and Eric
Henderson represented the firm this date. The portfolio value was reported to be $21,021,704. Mr.
Dupont gave a brief overview of the company. Independence has recently experienced a decrease in
assets under management. He identified asset allocation changes, state level changes and market
depreciation as the three primary factors resulting in the decrease. Mr. Dupont noted the firm has
experienced two personnel changes (a research analyst, and the retirement of the firm’s CEO), and
stressed that the transition in both instances is expected to be seamless.
Eric Henderson addressed performance, noting year-to-date return of -9.3% vs. the Russell 1000 Growth
return of -10.79% – essentially less negative than their benchmark. Mr. Henderson reviewed a list of
recent best performers, including Celgene and Norfolk Southern, and worst detractors – Sandisk and
Merck. He continued by stating it is a tough market environment with a high amount of negativity;
however, because of the firm’s “bottom up” approach to trading stocks, they view the market
environment as a great opportunity. Independence is confident in their philosophy and process. They
remain focused on performance and exceeding the fund’s expectations.
5. Inverness Counsel – Investment / Market Report. Robert Maddock and Matthew Palazzolo (Director
of Research) represented the firm this date. The portfolio value on 6/30/2008 was reported at
$136,089,3704 with an asset allocation of 37.0% to equities, 55.5% to fixed income and 7.5% in cash
and cash equivalents. Mr. Maddock stated that the total portfolio is down 2.2% for the fiscal year to date.
The return has been good on a relative basis (as opposed to an absolute basis). In previous reports,
Inverness had suggested that we could be experiencing a temporary bear market recovery, and they
believe that scenario has played out. Mr. Maddock noted that consumers are starting to make difficult
decisions about energy consumption and decreasing energy needs. Inverness sees growth potential in
areas where alternatives will be developed. Mr. Maddock stated they are gradually increasing the
financials position of the portfolio, currently in the 11% to 13% range.
Inverness also provided the following written commentary:
While the market had certainly recovered during the first part of the second quarter, concerns that this
had been a bear market rally have since been borne out. After all, the price of oil continues to break
records having reached over $145 by mid-July with some suggesting that the price may go to $200/bbl.
This, of course, has had a deleterious impact on the consumer’s ability to spend on discretionary items
Pembroke Pines Fire & Police Pension Meeting of August 21, 2008 Page 2
and is even forcing difficult decisions about spending on staples. Certainly, a confluence of continued
demand growth around the world, coupled with even greater shocks to the nations supplying oil, could
drive the price up that far. But we note that the consumer is also starting to make difficult decisions about
energy consumption. This is something that we had not seen up till now. The impact of such events as
the invasion of Georgia may keep the price of energy volatile and higher than hoped for some time. The
invasion has resulted in damage to the pipeline serving Europe that does not go through Russia.
Nevertheless, there are reasons to suspect that nations like China and India may confront the difficult
decisions. Their growth has been driven by increasing exports to the rest of the world (particularly the
U.S.) and a growing local consumer (dare we say middle?) class. However, their growth in business is
likely to experience a slowdown as the American consumer continued to buy less and as the softness in
the U.S. dollar makes U.S. goods more attractive. This slowdown in business is likely to affect
employment and the growth of consumer demand in China and India. Also, the price of oil is taking its
toll on China as well. They have maintained internal price controls on the price of fuel and are likely to
keep those controls in place in some areas through August in the face of the pending Olympics and the
need to rebuild the areas hit by earthquake. But, they are starting to institute some price increases or
fuel rationing in other areas which is likely to slow if not reduce their energy consumption. There is some
debate as to whether this will reaccelerate after the Olympics, but the bottom line is that their previous
energy consumption growth line is unsustainable.
On the supply side, China and India have been aggressively pursuing new oil and gas sources inside
and out of their territories. The U.S. is beginning to look at new sources of oil, gas and alternatives
which were not reasonably priced when oil was $30 but now make sense at these prices. Furthermore,
as alternative and sustainable energy solutions are developed further and achieve economies of scale,
they will be attractive at even lower prices. So, while it is possible that oil could go higher for a while,
such increases will only hasten the day when people reduce consumptions and switch over to non-
OPEC and non-fossil energy, not just temporarily but permanently.
While we see weakness from the consumer durables for some time to come, we also see growth and
strength in the areas that will support the development of domestic oil, gas and coal as well as the
development of alternative energy and the electrical grid which will distribute it. Some of the names that
we follow in capital goods and technology address those areas, and we are looking at others.
We are still underweight in financials (with 10-13% versus the S&P 500 which is at 16%), but not as
much as we once were. We think there may be a couple more blows but that we are approaching their
end. Meantime, the yield curve is positively sloped with a big enough spread to derive real profit from
less risky “plain vanilla” business. We think that the sector is being set up for a strong recovery down the
We remain concerned about inflation and view the commodities, staples and energy names as ways to
cope with those threats. At the same time, the financial debacle and the weakness in the consumer has
raised the possibility of deflation as well, so we are keeping a careful eye on the indicators.
The length of the slowdown/recession remains a matter for debate driven by concerns about how many
nasty surprises in the financial sector are likely to occur, what the price of oil will do in the near term, how
many layoffs in housing and finance will go against the new hires in energy, alternative energy, electrical
infrastructure, and businesses exporting more, due to the weak dollar. The other uncertainty that may
affect the decision to make new hires is driven by the political environment with the possibility of higher
taxes and more regulations causing some businesses to hold off until after the elections.
In the face of adversity and tighter credit standards, there is still a lot of capital out there to be invested.
We point attention to recent merger and acquisition announcements and strategic alliances that have
affected our client portfolios in a positive and significant way. Anheuser-Busch agreed to be sold to
InBev, a Belgium based beer maker for a sum of $52 billion or ~$70/share. Dow Chemical announced
that it will acquire Rohm & Haas for ~$15.3 billion or ~$78/share. Teva agreed to buy Barr Labs for $7
billion. And Vivendi is merging with Activision. Much of the activity mentioned has involved foreign
buyers bidding for US firms which is no surprise, given the weak dollar. Furthermore, considering
current favorable tax rates and that some of these firms are largely family owned (BUD and ROH), we
are focusing efforts toward researching other similar potential transactions and the financial institutions
involved with such events.
Pembroke Pines Fire & Police Pension Meeting of August 21, 2008 Page 3
Fortunately, our investment style is not driven by timing. While performance year-to-date at Inverness
has suffered in absolute terms, we have out-performed on a relative basis. Inverness Counsel continues
to focus on our “bottom up” selection process by making sure that what we buy and hold for client
accounts is trading at a reasonable price based on both valuation and growth. Given the uncertain
economy and market, this approach will be more essential than ever.
The Board recessed at 3:20 p.m. and reconvened at 3:55 p.m.
6. Approval of Minutes for July 17, 2008. Vice Chairman Ryan presented minutes from the meeting of
July 17, 2008 for approval. Gary Arenson moved to approve. Carl Heim seconded the motion. The
motion carried unanimously.
7. Ratification of Warrant #426. Vice Chairman Ryan presented Warrant #426 in the amount of
$750,000.00 for ratification, noting that it had been circulated for signatures following the July meeting
due to its time-sensitive nature. Vicki Minnaugh moved to approve payment of Warrant #426 as
presented. Isadore Nachimson seconded the motion. The motion carried unanimously, authorizing the
Bank of New York (per attached wiring instructions) for:
State of Israel bond –
2 Year Floating Rate LIBOR Bond @ 2.225% maturing 7/1/2010
8. Approval of Warrant #427. Vice Chairman Ryan presented Warrant #427 in the amount of $99,713.92
for approval and payment. Vicki Minnaugh moved to approve payment of Warrant #427 as presented.
Isadore Nachimson seconded the motion. The motion carried unanimously, authorizing the payment of:
Cypen & Cypen – Monthly Retainer for August, 2008 $3,250.00
Hampton Professional Center Condo No. 2 –
Monthly Maintenance (Suite #104) for September, 2008 $407.72
Karen Warner – Mo. Allowance for August, 2008 (Med/Dental/Life) $375.00
LEAF – Xerox Copier Lease for August, 2008 $194.23
Twilight Industries, LLC – Office Maintenance for August, 2008 $152.00
Buckhead Capital Management – Mgmt. Fee for Q/E 6/30/2008 $26,724.27
City of Pembroke Pines – Local Business Tax Renewal (through 9/30/2009) $112.50
Everything Imprinted – Imprinted Office Supplies $600.75
Atlanta Capital Management – Mgmt. Fee for Q/E 6/30/2008 $22,354.00
McConnell Air Conditioning, Inc. – A/C Repair / Service Call $205.62
Steve Dougherty – Reimb Conf. Expenses (NCPERS Harvard/Cambridge)
Per Diem (4 days) 240.00
Dahab Associates, Inc. – Consulting Fee for Q/E 6/30/2008 $20,700.72
MSA Group – FL State Assessment Fee (umbrella policy – Old Dominion) $22.40
Gabriel, Roeder, Smith & Co. – Prof. Fees for July, 2008 $6,762.00
Fiduciary Trust Company – Custody Fee Q/E 7/2008 (Inverness) $13,632.96
Fiduciary Trust Company – Custody Fee Q/E 7/2008 (Atlanta) $1,310.32
John Birkenheuer – Reimb Conf. Expenses (FPPTA) Hotel $813.60
Per Diem (4 days) 240.00
450 mi @ $.585/mi 263.25
Pembroke Pines Fire & Police Pension Meeting of August 21, 2008 Page 4
9. Approval of DROP Benefits and Back-DROP Balances – Ordinance 1480 (Police). Vicki Minnaugh
moved to approve the calculation of DROP Benefits and Back-DROP Balances as presented. Steve
Dougherty seconded the motion. The motion carried unanimously to approve:
DROP DROP Back-DROP
Eff. Date Term. Date Form of Benefit Additions
P/O Kenneth Hall 7/01/2008 6/30/2013 Joint & 75% Contingent $ 0.00
10. Request for DROP Account Distributions – F/F John Caprio and F/F Steven Weishaar. Prior to any
board action, Karen Warner noted that Actuary Wilson’s letter has also been received with regard to a
withdrawal request from F/F Douglas Mikell. Vicki Minnaugh moved to add the request from Mikell to the
agenda. Gary Arenson seconded the motion. The motion carried unanimously. The following DROP
account distribution requests were presented for Board consideration:
F/F John Caprio Lump Sum ***
F/F Douglas Mikell Lump Sum ***
F/F Steven Weishaar Lump Sum ***
*** (See Attachment A)
Actuary Larry Wilson has provided the necessary letters indicating that these distributions would not
pose a problem with the 415 limitation at the present time. Vicki Minnaugh moved to approve the
distribution requests for John Caprio, Douglas Mikell and Steven Weishaar as presented. Gary Arenson
seconded the motion. The motion carried unanimously.
11. Status Update – Disability Offset (Workers Compensation) – P/O Anthony Arcuri.
Karen Warner explained that on the day prior to the distribution of agenda packets, the Pension Office
received requests for another extension – P/O Arcuri due to subpoena, and Ms. Wolfson (attorney) due
to a family health emergency. The Pension Office has learned there was an August 11 hearing before
an administrative judge with respect to reopening the worker’s compensation case for possible
modification. P/O Arcuri now advises that avenue has now been exhausted. Vicki Minnaugh moved to
table this matter until the September 18 meeting, at which time P/O Arcuri and/or his legal counsel
should be present to finalize the matter of applying the offset to his disability benefit. Gary Arenson
seconded the motion. The motion carried unanimously.
12. Review / Approve – Net Return for Q/E 6/30/2008. Copies of the rate of return letter from Dahab
Associates were distributed. Their correspondence indicates the return has been calculated at -0.15%
(net of fees). Following discussion, Gary Arenson moved to accept the rate of return for the Q/E
6/30/2008 as presented. Vicki Minnaugh seconded the motion. The motion carried unanimously. GRS
will be asked to finalize DROP statements based upon this information.
13. Review / Approve – Capital Call (TA Associates Realty)
Add / Approve – Warrant #428
Agenda packets included a copy of the capital call letter from TA Associates Realty, requesting $750,000
by September 2, 2008. Vicki Minnaugh moved to approve the capital call request from TA Associates
Realty as presented. Gary Arenson seconded the motion. The motion carried unanimously.
Vicki Minnaugh moved to add Warrant #428 to the agenda for payment approval. Isadore Nachimson
seconded the motion. The motion carried unanimously. Isadore Nachimson moved to approve payment
of Warrant #428 as presented. Steve Dougherty seconded the motion. The motion carried unanimously,
authorizing the payment of:
Pembroke Pines Fire & Police Pension Meeting of August 21, 2008 Page 5
Bank of America, N.A. (per attached wiring instructions) for:
Real Estate Investment – TA Associates Realty
Realty Associates Fund VIII Corporation $750,000.00
Account No. 4602278139
14. Review / Approve – Auditor’s Engagement Letter for FYE 9/30/2008. Goldstein Schechter Koch has
presented their 2008 engagement letter, with a quote of $15,225 for this year’s audit services. Vicki
Minnaugh moved to approve the engagement letter, with annual costs to be capped at $15,225 for the
year ended 9/30/2008. Isadore Nachimson seconded the motion. The motion carried unanimously.
Actuary – Actuary Larry Wilson distributed copies of a “Use of Chapter Money” worksheet for discussion.
The worksheet illustrated actual chapter funds received, adjusted by the cost of benefit improvements. It
also identified the cost of improvements based upon specific pension ordinances.
Actuary Wilson announced that an offer has been made to Douglas Beckendorf, to work with State
Actuary Charles Slavin in anticipation of his possible retirement. Mr. Beckendorf is an Enrolled Actuary
and was formerly affiliated with Watson Wyatt & Co. GRS views this event as very positive.
Attorney – Attorney Cypen stated he had reviewed the documents from Eaton Vance Management and
had posed questions and possible modifications. They indicated the issues would be directed to their
Legal Department, but there has been no further word.
The Department of Management Services’ Division of Retirement will sponsor their 40 Annual Police &
Fire Pension Conference in Kissimmee, FL (September 8 – 10 ). A “Rules Development Workshop” will
continue on September 10 relative to the oversight of local government retirement plans by the Division
of Retirement. Attorney Cypen suggested it would be good if the Board could be represented to express
the Board’s opposition.
Vice Chairman – Vice Chairman Ryan acknowledged F/F Anthony Napolitano’s contributions as a 10-
year member of the Fire & Police Pension Board of Trustees. He expressed his appreciation on behalf of
the Police membership and wished him well in retirement.
In this same vein, Trustee Gary Arenson presented a perpetual “Chairmen’s Plaque” and again
expressed the Board’s appreciation for F/F Napolitano’s leadership as Chairman for five terms during his
tenure. The Plaque will remain in the Pension Office and will be updated annually.
Plan Administrator – Karen Warner stated that the 2-year reappointment of Gary Arenson to this Board
was approved by the City Commission at their August 6 meeting.
Trustee Election Update –
No election will be necessary for the Police representative, as P/O James Ryan was the only
member to self-nominate. Therefore, P/O Ryan will serve for the 2-year term 10/1/2008 – 9/30/2010.
The ballot process for two Fire representatives is currently underway. Three Firefighters chose to
self-nominate: Adam Cabeza, Steve Dougherty and Frank Musumeci. Ballots will be counted on
Wednesday, September 17 , and the results will be reported at the September 18 pension meeting.
Subsequent to this month’s agenda packets being mailed out, the Pension Office received a capital call
letter from Regions / AmSouth requesting $4,000,000 by September 9, 2008. Karen Warner noted that
the fund’s total investment obligation to this manager will be satisfied with this transaction. Gary Arenson
moved to add the Regions / AmSouth capital call to the agenda. Vicki Minnaugh seconded the motion.
The motion carried unanimously. Vicki Minnaugh moved to approve the capital call request from
Regions / AmSouth as presented. Gary Arenson seconded the motion. The motion carried
Pembroke Pines Fire & Police Pension Meeting of August 21, 2008 Page 6
Vicki Minnaugh moved to add Warrant #429 to the agenda for payment approval. Isadore Nachimson
seconded the motion. The motion carried unanimously. Vicki Minnaugh moved to approve payment of
Warrant #429 as presented. Isadore Nachimson seconded the motion. The motion carried
unanimously, authorizing the payment of:
Regions Bank (per attached wiring instructions) for:
Real Estate Investment – AmSouth Timber Company TE, LLC
Account No. 0064289222 $4,000,000.00
The Pension Office is in receipt of additional bills for payment and other benefit disbursements for
approval. Vice Chairman Ryan presented Warrant #430 for addition to the agenda and approval for
payment. Gary Arenson moved to add Warrant #430 to the agenda. Vicki Minnaugh seconded the
motion. The motion carried unanimously.
Gary Arenson moved to approve payment of Warrant #430 presented in the amount of $80,540.40.
Isadore Nachimson seconded the motion. The motion carried unanimously, authorizing payment of the
F/F Anthony Napolitano – Mo. Retirement Benefit Commencing 9/1/2008 ***
P/O Kimberly Birkenheuer – Mo. Disability Benefit Commencing 8/1/2008 ***
P/O Kimberly Birkenheuer – Prorated Disability Benefit for the period
7/18/2008 – 7/31/2008 ***
F/F John Caprio – Lump Sum DROP Withdrawal ***
F/F Steven Weishaar – Lump Sum DROP Withdrawal ***
F/F Douglas Mikell – Lump Sum DROP Withdrawal ***
First Place Trophies – Napolitano Plaque $82.80
Bennett Fire Products – Napolitano Plaque $203.00
SunTrust Bank (Visa – Fisher) Mo. Pest Control $35.00
Bd Mtg / Off Supplies 162.08
Storage Unit 104.00
SunTrust Bank (Visa – Warner) ISP (2 months) $49.90
Bd Mtg / Off Supplies / Equip. 340.28
US Treasury – Federal Withholding (Caprio – Weishaar – Mikell) $13,050.00
*** (See Attachment A) TOTAL $80,540.40
For Information Only – Email received this afternoon from the City’s Finance Department confirms the
receipt of State chapter funds totaling $2,233,497.54. The Firefighters’ portion is $1,170,655.35 and
$1,062,842.19 for Police Officers. These amounts have been wired to Fiduciary Trust.
17. Input from Retirees: None.
18. Input from Active Members: F/F Ken Fritz inquired as to the status of resolving his allegation of
discrimination. Attorney Cypen explained that this Board has urged the City to take action. It appears
the City Attorney’s Office is working on the issue, talking to the State Division of Retirement, to arrive at a
resolution. Karen Warner noted that A.C.A. Julie Klahr requested copies of back-up documentation on
August 20 . Retired F/F Anthony Napolitano stated he has addressed the Fritz issue, health insurance
premium increases, disability offsets and ordinance rewrite with the City Manager. There is another
meeting scheduled in the coming days from which he hopes to learn more definitive information.
Pembroke Pines Fire & Police Pension Meeting of August 21, 2008 Page 7
F/F Johnny Mullin is a single man with no beneficiary. In preparing to enter the DROP, he would like to
hear that his status of “single with no beneficiary” has no impact on his plan benefit whether he’s married
or single. Attorney Cypen stated that it was his understanding it is the beneficiary side of the equation
impacted by the “single or married” factor.
19. Adjournment – Vice Chairman Ryan announced the next regular meeting would be held on Thursday,
September 18, 2008 at 4:00 pm. There being no further business before the Board, Carl Heim moved to
adjourn the meeting at 4:45 pm. Steve Dougherty seconded the motion. The motion carried
James Ryan – Vice Chairman John Birkenheuer – Secretary
Pembroke Pines Fire & Police Pension Meeting of August 21, 2008 Page 8