07-06-1984 Regular Meeting7/6/84
Miami Shores Village
PENSION BOARD MEETING
July 6, 1984
A meeting of the Miami Shores Pension Board was held on Tuesday,
July 6, 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
Chief John Fletcher
Ms. Ann Vigneron
Absent: None
Also present: Mr. William F. Fann, Jr., Village Attorney
(1) APPROVAL OF MINUTES OF January 24, 1984.
Chief Fletcher moved that the minutes be approved
as written. The motion was seconded by Mrs. Jensen
and passed unanimously.
(2) DISCUSSION OF INVESTMENT PERFORMANCE.
Mr. Sam Michels had previously reported to Mr.
Forney that he felt the Trustee's (NCNB) investment
performance, as reflected in their last statement, was
alarmingly bad. He also reported that he had reason to
believe that the Wyatt'Company's endorsement of this
bank may have been prejudiced. As a result, Mr. Forney
had hired the firm of Kruse, O'Connor & Ling, Inc. to
review the work performed by the Wyatt Company in search
of a new investment manager for the pension funds.
Mr. Michels pointed out where the NCNB had
experienced heavy loses by making changes in the funds.
He also presented statistics showing low ratings on the
NCNB. Further, he recommended going out to bid for
another trustee and for another actuary.
Mr. Forney suggested meeting with NCNB at the first
opportunity after receipt of the June reports, and that
we go out for a new actuary.
Mayor O'Connor recapped the consensus of the
Board, that we meet with NCNB and initiate an in-house
review of potential replacement of the actuary. He added
that the Wyatt Company should be notified of this action.
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(4)
(5)
7/6/84
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Mr. Walker wanted to know how we pay the NCNB
which seems to be a debit to the funds, and he
requested an itemized bill from NCNB.
DISCUSSION OF ACTUARIAL SALARY ASSUMPTIONS.
A letter was received from the State Department of
Administration, Division of Retirement, following
receipt of our annual actuarial report, in which they
pointed out that our actuarial assumptions on salaries
were not in keeping with the actual salary increases.
OLD BUSINESS - none
NEW BUSINESS - None
It was suggested that the Board meet before the meeting with
NCNB.
Mr. Michels was thanked for the time and effort spent on his
report.
The meeting adjourned at 9:00 a.m.
•
O'Connor, Mayor