09-17-1984 Regular Meeting9/17/84
Miami Shores Village
PENSION BOARD MEETING
September 17, 1984
A meeting of the Miami Shores Pension Board was held on Monday,
September 17, 1984, 8:00 a.m., at the Village Hall, with the following
Board members in attendance:
Mayor Kevin O'Connor
Councilman Elspeth Jensen
Mr. William H. Walker, III
Mr. Sam Michels
Village Manager Les Forney
Police Chief John Fletcher
Village Clerk Ann Vigneron
Absent: None
Also present: Mr. William F. Fann,
Village Attorney
Mr. Donald G. Berdine, NCNB
Mr. David Yearwood, NCNB
(1) APPROVAL OF MINUTES - August 24, 1984.
Mrs. Jensen moved that the minutes be approved as
written. The motion was seconded by Chief Fletcher
and passed unanimously.
(2) NCNB REGARDING INVESTMENT PERFORMANCE.
Mr. Donald G. Berdine and Mr. David Yearwood were
present from the North Carolina National Bank, pension
trustee, at the request of the Board to review their
financial management over the past year of our pension
funds. Mr. Berdine covered the following subjects:
(1) Investment objectives, 2. Asset mix and portfolio
holdings, 3. investment returns, 4. Equity process
changes, 5. Macroeconomic parameters and outlook,
and 6. Investment strategy.
Mr. Michels criticized some of the stock transactions
and Mr. Berdine stated a different investment manager
had been assigned to our funds. Further, that the
Board would receive a monthly statement and that the
quarterly reports would be made on a more timely basis.
Mr. Berdine added that this year's returns will be
significantly better.
Mayor O'Connor asked if there was any relationship
between the Wyatt Company and NCNB, as had been
inferred to the Board. Mr. Yearwood stated they have
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no relationship with the Wyatt Company other than
where the Watt Company is actuary for some of their
clients.
In answer to Mr. Michel's criticism of the NCNB bookkeeping
methods of reporting stock values Mr. Berdine stated that
from an actuary standpoint it is correct reporting.
Mr. Berdine admitted that the performance has been poor but
that the portfolio is still in a positive investment
position.
No action was taken by the Board.
No further business was brought up.
The meeting adjourned at 9:16 a.m.
Village Clerk
Pension Secretary