06-10-1982 Regular MeetingMiami Shores Village
PENSION BOARD MEETING
June 10, 1982
A meeting of the Miami Shores Pension Board was held on Thursday,
June 10, 1982, 8:00 a.m. at the Village Hall, with the following Board
members in attendance:
Councilman Herbert Spahn
Mr. Joseph Gionfriddo
Village Manager Forney
Police Chief Fletcher
Ann Vigneron
Absent: Mayor Robert Lodge
Mr. John McCoy
Also present: Sri Balgobin, Pension Administrator
Wally Wilson, Wyatt Company
In the absence of Mayor Lodge, Councilman Spahn chaired the meeting.
MINUTES - Jan. 26, 1982 & Feb. 25, 1982.
Upon motion made by John Fletcher and seconded by Mr. Forney, the
minutes were unanimously approved as presented.
CHANGE IN PENSION ADMINISTRATOR.
In view of Sri Balgobin's resignation Mr. Forney proposed that the
new Finance Director would become the Pension Administrator as part of the
Finance Director's duties.
REVIEW OF ACTUARIAL VALUATION OF THE PENSION PLAN.
Mr. Wally Wilson of the Wyatt Company, reviewed the Actuarial Valuation
as of January 1, 1982, highlighting Table II, Comparison of Cost Data of
January 1, 1981 and January 1, 1982 Valuations.
REVIEW OF INVESTMENTS.
Mr. Wilson discussed Page 29 of the report and explained how the
figures were arrived at which indicated for the period 1/1/81 to 12/31/81
an Actuarial Assumed Rate of Investment Return of 6.0%, an Estimated Cost
Value Yield Including Only Realized Appreciation or Depreciation of 8.4%
• and an Estimated Market Value Yield Including Unrealized Appreciation or
Depreciation of 7.0%. Mr. Wilson stated that we have a conservative plan
and the rate of return is "in the middle of the road".
A Performance report covering 12/31/81 to 4/30/82 was received from
the Trustee, now operated by Barnett Bank. This report indicated a return
for the 4 month period of .065%. Sri reported that the pension funds are
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being handled by the Jacksonville office and on computer. Discussion followed
as to whether or not it would be advisable to have a money manager to
keep current with our investment folio. Mr. Spahn suggested that the bank
make a presentation along the others wishing to be considered.
In order to secure bid proposals from interested investment brokers
it was decided that Mr. Wilson would draw up specifications. It was generally
agreed that the fund would not invest in insurance companies.
Mr. Forney suggested that a small group be asked to review the proposals.
Mr. Fann pointed out that it must be a public meeting. Mr. Fletcher stated
that he was opposed to any screening committee. Ih accordance with a motion
made by Mr. Forney and then withdrawn, Ann Vigneron made a new motion to
solicits proposals for handling the pension funds from money managers and
banks and our new trustee. The motion was seconded by Mr. Gionfriddo and
passed unanimously.
OLD/NEW BUSINESS.
Sri Balgobin asked if the Board wanted to receive all the public
relations packets on the banks and money managers, or just the questionnaire
proposals and the consensus of the Board was that it wished to receive
complete data from the interested companies. Concerning a time frame for
these proposals, it was suggested four months or by the beginning of the
fiscal year.
At the suggestion of Pension Administrator Balgobin, a majority
of the Board members present agreed to forego breakfast meetings.
The meeting adjourned at 9:08 a.m.
Approved:
Chairman
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