08-24-1984 Regular Meeting8/24/84
Miami Shores Village
PENSION BOARD MEETING
August 24, 1984
A meeting of the Miami Shores Pension Board was held on
Friday, August 24, 1984, 8:00 a.m., at the Village Hall, with the
following Board members in attendance:
meeting.
Councilwoman Elspeth Jensen
Mr. William H. Walker, Jr.
Mr. Sam Michels
Village Manager Les Forney
Chief John Fletcher
Ms. Ann Vigneron
Absent: Mayor Kevin O'Connor
In the absence of Mayor O'Connor Mrs. Jensen chaired the
(1) APPROVAL OF MINUTES OF July 6, 1984.
Chief Fletcher moved that the minutes be approved
as written. The motion was seconded by Mr.
Forney and passed unanimously.
(2) DISCUSSION REGARDING INVESTMENT PERFORMANCE.
Mr. Sam Michels reviewed investment principles
and trustee management in conjunction with a
critical analysis of stock sales during the
past year which resulted in a heavy loss to the,Plan.
A letter had been received from the Trustee, NCNB,
enclosing the NCNB's Investment Policy Statement
for August and a; very optimistic forecast for
the third quarter of the year along with excellent
returns in the second quarter.
Mr. Forney stated we should meet with NCNB.
Chief Fletcher thought we should look at collusion
between the Wyatt Co. and NCNB and Mr. Walker
agreed that we should seriously consider changing
actuaries. Mr. Forney reported a controversy with
the State with regard to the Village's schedule of
contributions to the fund as established by the
Wyatt Co. If the State does not agree with our actuary
the Village budget this year and/or next could be
severely impacted until we get on an approved
payment schedule.
8/24/84
-2-
The meeting with NCNB was set for Monday,
September 17 at 8:00 a.m.
(3) OLD BUSINESS.
Mr. Forney brought up the special report
he had secured from Kruse, O'Connor &
Ling, on the Wyatt Company's "Investment
Manager Search" and the performance of
the Pension Fund for 1983.
Mr. Forney stated that there was an agreement
to do the report with a $1.000.00 limit.
However, they now want $4500.00 more. The
Board agreed not to pay anymore.
The meeting adjourned at 9:10 a.m.
APPROV D:
/*A,
Mayor
•
r
Village Clerk
Pension Secretary