01-21-2010 Special Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
SPECIAL MEETING
January 21,2010
1. CALL TO ORDER
The special meeting of the Miami Shores Village General Employee Pension Board was held on
Thursday,January 21,2010 in the Conference Room of the Village Hall. The meeting was called to order
at 8:30A.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 Thomas J. Benton Averill Dorsett
Angela Dorney Besty Heagle Jim McCoy
Absent
Donald Shockey
Also Present: Lisa Keeley,Interim Plan Administrator/Recording Secretary
3. PRESENTATION BY INVESTMENT MANAGERS
Integrity Fixed Income Management—Earl Dehney,President
Mr. Dehney provided a brief background on the firm indicating that fixed income is the only
product in which the company invests. Approximately 90% of the company's business is with
Florida Public Pension funds. A list of representative accounts was provided. The company is
client service oriented and has been in business 5 years. It is 100% employee owned with four
equity owners which provides a vested interest for the employees. The company believes that
excess yield adds value over time and invests using a conservative strategy. Fees were provided
at a rate of 25 basis points annually with an option of custody for the fixed assets included in the
fee.
Mr. McCoy arrived at this time.
Sawgrass Asset Management—Chris Greco and David Furfine
Mr. Greco provided a brief background on the firm indicating that the firm is 100% employee
owned with both Mr. Greco and Mr. Furfine as owners. It is believed that employee ownership
provides stability and open access to the plan's investment manager. The firm is Florida based
with the only business being institutional clients for the last twelve years, many of which are
Florida municipalities. The company is an active manager that will provide the stable part of the
pension fund. They provide high quality, customized portfolio. Fees would be 25 basis points on
all assets under management.
General Employee Pension Board January 21,2010 Page 2
3. PRESENTATION BY INVESTMENT MANAGERS-continued
MBIA Asset Management—Thomas Tight,Jeffrey MacDonald,John F. Grady III
Mr. Tight provided an overview of the company which was established in 1994. The company is
a 100% fixed income manager. Mr. Grady reviewed the client list in Florida. Mr. MacDonald
reviewed the investment philosophy of the firm using a team approach for long-term investing.
The company uses a disciplined investment process including strategy, research, portfolio
construction and compliance. The fees for management would be 25 basis points.
4. DISCUSSION AND POSSIBLE ACTION REGARDING THE SELECTION OF A FIXED
INCOME MANAGER SELECTION
The Board reviewed and discussed the presentations. Each trustee discussed their top choices.
Further discussion regarding the firms and various factors including operations, management
structure, fee structure and returns ensued. Mr. Bakardjiev reviewed the manager's performance
and rankings.
Ms. Dorsett moved for the Board to select MBIA as the new fixed income manager for the
General Employee Pension Plan. Ms. Heagle seconded the motion which was unanimous in
favor.
5. ADJOURNMENT
The January 21, 2010 special meeting of the General Employee Pension Board was adjourned at 11:15
AM.
Mary Ross Agosta,C irperson Lisa Keeley,Recording Secretary