11-30-1982 Regular MeetingMiami Shores Village
PENSION BOARD MEETING
November 30, 1982
A meeting of the Miami Shores Pension Board was held on Tuesday,
November 30, 1982, 8:00 a.m., at the Village Hall, with the following Board
members in attendance:
Mayor Robert J. Lodge
Mr. Joseph Gionfriddo
Mr. William H. Walker, III
Village Manager Les Forney
Police Chief John Fletcher
Ann Vigneron, employee representative
Absent: Councilman Herbert Spahn, Jr.
Also present: Gail Macdonald, Pension Administrator
Wally Wilson, Wyatt Company
This meeting was called for the purpose of interviewing four
finalists in the search for a new investment manager or pension trustee.
MINUTES - November 9, 1982.
Upon motion made by John Fletcher and seconded by Mr. Jos. Gionfriddo
the minutes were unanimously approved as written.
INTERVIEWS:
The scheduled interviews were as follows:
8:15 - Sun Bank
8:45 - Investment Counsel Corp.
9:15 -North Carolina National Bank
9:45 - Dean Witter Reynolds
SUN BANK - Gary L. Tortora, Pension Trust Officer
Peter Hooten, Vice President, presented qualifica-
tions and experience: 370 employee pension
accounts, offers 10% discount on regular fee
schedule, guaranteed for 3 years, 16 municipal
clients. Mr. Kermis reviewed investment returns;
office located in Ft. Lauderdale; provides
full line of custodial and investment services.
INVESTMENT COUNSEL of Orlando
John Meehan, President and primary manager of
accounts, reported 45-46 clients; provides Trustee
through Florida National Bank for custodial
services; total fee 0.70% market value of assets,
guaranteed for two years.
11/30/82
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NORTH CAROLINA NATIONAL BANK, Charlotte, N.C.
David Yearwood, Trust Officer and Don Berdine,
Vice Pres., made presentation: 2.8 million
in managed assets, 1.8 million in pension
funds; provides full custodial services;
estimated fee .59%, one year guaranteed;
net return 12% estimated.
DEAN WITTER REYNOLDS
Les Peach, Vice Pres, Monty Atwater, Paul Vance
and Bill Pacula, Asst. Vice Pres., Client Services.
25 clients in employee benefits; does not
provide custodial services, has no trust powers,
fee 6% on first 10 million.
Following the interviews and a period of discussion with Mr. Wilson
of the Wyatt Company, Mr. Forney moved that the Board recommend to the Village
Council the appointment of North Carolina National Bank as pension Trustee.
The motion was seconded by Ann Vigneron and passed unanimously.
The meeting adjourned at 10:45 a.m.
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Secretary, Pension B