11-24-2008 Special Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
SPECIAL MEETING
NOVEMBER 24,2008
1. CALL TO ORDER
The special meeting of the Miami Shores Village General Employee Pension Board was held on Monday,
November 24,2008 in the Conference Room of the Village Hall and called to order at 8:20 A.M.
2. ROLL CALL
In order for the record to reflect those present,the roll was called with the following members present:
Present
Mary Ross Agosta Joseph Charles
Angela Dorney Averill Dorsett
Tom Benton James McCoy
Also Present: Steve Cypen,Pension Board Attorney
Lisa Keeley,Interim Plan Administrator/Recording Secretary
EMERGENCY AGENDA ITEM-ELECTION OF ACTING CHAIRPERSON FOR MEETING
Mr.Benton moved that Ms.Dorsett be elected acting chairperson for today's meeting. Mr.Charles seconded
the motion which passed unanimously.
3. DISCUSSION AND POSSIBLE ACTION REGARDING THE INVESTMENT POLICY
STATEMENTS—Bryan Bakardjiev,The Bogdahn Group
Mr. Bakardjiev indicated that the appropriate changes had been made as recommended by Mr. Cypen. The
addendums include the appropriate benchmark for the type of managed fund. Discussion on this item blended
with Item#4 as the selection of a new manager would add an additional addendum to the IPS.
Ms. Ross-Agosta arrived at this time.
4. INVESTMENT CONSULTANT RECOMMENDATIONS WITH DISCUSSION AND
POSSIBLE ACTION—Bryan Bakardjiev,The Bogdahn Group
At the Board's request,the Bogdahn Group prepared an Investment Manager Review of Value Equity
Managers. The recommendation report ranked the managers by trailing performance returns,trailing rank
vs. the US All Cap Value Universe, calendar year performance,manager risk/return,annualized excess
return.
General Employee Pension Board November 24,2008 Page 2
4. INVESTMENT CONSULTANT RECOMMENDATIONS WITH DISCUSSION AND
POSSIBLE ACTION—Continued-Bryan Bakardjiev,The Bogdahn Group
Mr. Bakardjiev reviewed each manager's strengths and costs.
- Anchor provides a high dividend yield with a better down capture ration.
- Heartland has a low PE ratio using comingled funds at a cost of 85 basis points.
- Moody Aldrich has more risk with similar returns to the other managers at a cost of 100 basis
points.
Mr. Benton moved to replace the current manager Royce Pennsylvania with Heartland with a second by Mr.
Charles. The motion passed unanimously. In order to have an equal distribution between the equity managers,
a motion to equalize the value of equity between Heartland and the Boston Company at 50% for domestic
value equity by transferring approximately$500 from the Boston Company to Heartland was made by Ms.
Ross-Agosta. Mr. Benton seconded the motion which was unanimous in favor.
3. DISCUSSION AND POSSIBLE ACTION REGARDING THE INVESTMENT POLICY
STATEMENTS—Continued-Bryan Bakardjiev,The Bogdahn Group
Mary Ross Agosta moved to approve the Investment Policy Statements as submitted adding Heartland as the
All Cap Value Equity Manager and correcting the numbering on the addendum. Mr. Benton seconded the
motion which passed unanimously.
5. OTHER BUSINESS
There was no other business.
6. ADJOURNMENT
The vember 24,2008 special meeting of
the General Employee Pension Board was adjourned at 9:40 AM.
Averill Dorsett, Acting Chairperson Lisa Keeley,Recording Secretary