06-12-2008 Special Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
SPECIAL MEETING
JUNE 12,2008
1. CALL TO ORDER
The special meeting of the Miami Shores Village General Employee Pension Board was held on
Thursday,June 12,2008 in the Conference Room of the Village Hall and was called to order at 8:10 A.M.
2. ROLL CALL
In order for the record to reflect those present,the roll was called with the following members present:
Present
Herta Holly,Chair
Tom Benton Angela Dorney
Joseph Charles Averill Dorsett
James McCoy
Absent
Mary Ross Agosta
Also Present: Lisa Keeley, Interim Plan Administrator/Recording Secretary
3. PRESENTATION BY INVESTMENT CONSULTANTS
3a. THISTLE ASSET CONSULTING—Mr.John McCann & Mr.Vavrica
Mr.McCann gave a brief background on the company and its history. In addition,he reviewed the
Company's client list with 95%of clients in Florida. He spoke of the selection process for a manager
search. Mr.McCann indicated the firm would be here to improve the plan through different means
including changes to asset allocation,using a defined discipline approach for the long term and using
consistent,stable management over time. The managers under the company's direction had a rate of
return of 9.7%net of fees. The firm uses an aggregate equity analysis. The average ranking of Thistle
clients is in the nineteenth percentile for all managers out there. The company is 100%independent with
no affiliations with investment advisors,brokers,etc...
3b. DAHAB ASSOCIATES,INC.—Greg McNeillie
Mr. McNeillie provided an overview of the company which has over 22 years of experience. The
company is also completely independent. A team approach is used assigning a lead consultant with
support. The consultants are proactive not reactive and"move with the times." The firm makes decisions
with clients,does not dictate to clients. Manager searches are conducted from a portfolio of
approximately 600 managers.
3c. SHDR INVESTMENT ADVISERS,INC.—Jonas Mullins,Jr&Bert McEldowney
Mr. Mullins presented the firm as owned by BB&T Bank with approximately 100 clients. The company
is compensated only through consultant fees. Managers are accepted by merit only after an extensive
interview process. The strongest attribute of the firm is they only manage retirement plans. There is an
in-house actuarial firm. Asset liability model studies are done in-house as well. They manage all plans to
ERISA standards(whether public or private).
General Employee Pension Board June 12,2008 Page 2
3d. THE BOGDAHN GROUP—Joseph Bogdahn& Bryan Bakardjiev
Mr. Bogdahn gave a brief background of the firm noting it is an independent registered investment
advisory firm, professionally qualified. The firm is located in Florida providing performance evaluation
and consulting only. 85%percent of business is based in the public pension market. Mr.Bogdahn
reviewed the relationship and investment added value as well as the technology added value. Mr.
Bakardjiev reviewed the plan's portfolio and provided the firm's approach that would be implemented
should the firm be chosen. These included asset allocation,manager assignments,plan design and
investment policy statement.
4. DISCUSSION AND POSSIBLE ACTION REGARDING THE SELECTION OF AN
INVESTMENT CONSULTANT
Mrs. Keeley asked the Board to rank the firms in order of preference. Discussion regarding the firms
ensued. The review committee provided feedback from the references received. Mr. Benton moved for
the firms ranking as 1. The Bogdahn Group, 2. Thistle Asset Consulting and 3. Dahab Associates, Inc.
with SHDR Investment Advisers not ranked. Ms. Dorsett seconded the motion. The vote was unanimous
in favor. Ms. Dorsett moved that the Board direct the Board attorney, Mr. Cypen to negotiate the
contract. Mr.Benton seconded the motion. The vote passed unanimously.
5. ADJOURNMENT
The June 12, 2008 regular meeting of the General Employee Pension Board was adjourned at 10:45 AM.
Herta Holly, Chairperson Lisa Keeley,Recording Secretary