06-12-2008 Special Meeting•
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MIAMI SHORES VILLAGE
POLICE PENSION BOARD
SPECIAL MEETING
JUNE 12, 2008
1. CALL TO ORDER
The special meeting of the Miami Shores Village Police Pension Board was held on Thursday, June 12,
2008 in the Conference Room of the Village Hall. The meeting 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
Hunt Davis
Lieutenant David McLeod
Officer Clifford Vickers
Absent
JC Rodriguez
Currently 1 Vacant Seat
Also Present: Lisa Keeley, Interim Plan Administrator / Recording Secretary
EMERGENCY AGENDA ITEM - ELECTION OF CHAIRPERSON
Lt. McLeod moved that an emergency agenda item be added for the election of a chairperson for today's
meeting. There was a second from Ofc. Vickers. The vote passed unanimously. Lt. McLeod moved that
Mr. Davis be elected chairperson for today's meeting. Ofc. Vickers seconded the motion which passed
unanimously.
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...
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Police Pension Board June 12, 2008 Page 2
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 institutional 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 fnn 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).
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. Lt. McLeod 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. Ofc. Vickers seconded the motion. The vote was
unanimous in favor. Lt. McLeod moved that the Board direct the Board attorney, Mr. Cypen to negotiate
the contract. Ofc. Vickers seconded the motion. The vote passed unanimously.
5. ADJOURNMENT
The June 12, 2008 special meeting of the Police Pension Board was adjourned at 10:45 A.M.
Hunt Davis, Acting Chairperson
Lisa Keeley, Recording Secretary