01-24-1984 Regular MeetingMiami Shores Village
PENSION BOARD MEETING
January 24, 1984
A meeting of the Miami Shores Pension Board was held on Tuesday,
January 24, 1984, 8:00 a.m., at the Village Hall, with the following
Board members in attendance:
Mayor Kevin O'Connor
Councilwoman . Elspeth ..Jensen
Mr. William H. Walker, Jr.
Mr. Sam Michels
Village Manager Les Forney
Ms. Ann Vigneron
Chief John Fletcher
Absent: None
Also present:
(
Mr. Wally Wilson, Actuary, Wyatt Company
Mr. Donald Berdine, Mr. John Reneger, representatives
of NCNB, Trustee
Ms. Gail Macdonald, Pension Administrator
Mr. William F. Fann, Jr., Village Attorney
1) APPROVAL OF MINUTES OF May 10, 1983 meeting.
Chief Fletcher moved that the minutes be approved
as written. The motion was seconded by Mrs. Jensen
and passed unanimously.
(2) APPROVAL OF BILL FOR ACTUARIAL SERVICES BY WYATT CO. for
period 12/1/82 thru 11/30/83, amount of $10,666.00.
After a review of this statement Mr. Forney moved
that it be approved. The motion was seconded by
Mrs. Jensen and passed unanimously.
(3)
ASSET AND TRANSACTION REVIEW - PERIOD ENDING 12/31/83.
Mr. Berdine presented an investment portfolio review
dated January 24, 1984, which included:
1. Review Investment Objectives.
2. Review asset mix and portfolio holdings.
3. Review investment returns.
4. Macroeconomic parameters and outlook.
5. Investment Strategy.
Mr. Burdine concluded that the investments would
meet the anticipated 12% average annual return.
Clarification was made as to reporting schedule
which is on a calendar year.basis.
Chief Fletcher requested that the Pension Board meeting
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be held at least a week after receipt of the Asset
and Transaction Review so that the Board will have an
opportunity to study it before the meeting.
(4) IMPLEMENTATION OF UNISEX FACTORS FOR ALL BENEFITS.
Mr. Wilson briefly reviewed the Unisex ruling and how it
might be implemented. He stated that it does not affect
those on pension and is not retroactive. He felt it
could be implemented when the occasion arises, ie. when
a retiree names a surviving beneficiary or a retiree
elects to take a pension prior to normal retirement age.
Mr. Walker moved that we defer action on this. The motion
was seconded by Mrs. Jensen and passed unanimously.
Mr. Wilson suggested modifying the plan to define actuarial
assumptions.
PROPOSED ORDINANCE ALLOWING DEPARTMENT HEADS TO ELECT
OUT .OF MIAMI SHORES PENSION PLAN.
A proposal was made by Mr. Forney to allow department heads
to opt out of the Village pension plan and select their own
plan with contributions to be made by the Village into
their own funds. Objections discussed were: (a) discrimin-
ation, (b) all employee members of the Pension Board
could end up not belonging to the plan, (c) cost impact
whereby the Village contributions as well as the contribu-
tions of the higher paid employees would not go into the
Village plan, (d) making the plan vulnerable to legal action.
Mr. Fann, Village Attorney, stated he would have to study
this proposed ordinance further.
Mr. Walker moved to defer action for further study. The motion
was seconded by John Fletcher and passed unaminously.
(6) OLD AND NEW BUSINESS.
Chief Fletcher expressed the hope that the travel expenses
of the NCNB were not being charged to the Plan.
Mayor O'Connor asked the Village Manager to pass on to the
bank the impression that they were ill prepared for this
meeting.
(5)
1/24/84
The meeting adjourned at 9:05 a.m.
ayor Kevin O'Connor