01-16-1985 Regular Meeting1/16/85
Miami Shores Village
PENSION BOARD MEETING
January 16, 1985
A meeting of the Miami Shores Village Pension Board was held on
Wednesday, January 16, 1985, 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, III
Mr. Sam Michels
Village Manager Les Forney
Police Chief John Fletcher
Village Clerk Ann Vigneron
Absent: None
Also present: William F. Fann, Jr., Village Attorney
Gail Macdonald, Finance Director
(1) APPROVAL OF MINUTES.
Upon motion made by Mrs. Jensen and seconded by.
Chief Fletcher the minutes of the meeting of
December 6, 1984 were unanimously approved as written.
General discussion - Mr. Forney stated that the Board had
voted to consider actuary candidates because of the costs
we have had with the Wyatt Company; that we set a date
with NCNB after January 23 to review their year end report,
and recommended that we made a decision on selection of
a pension evaluator.
Mayor O'Connor reported from the Florida League meeting
that state-wide most plans have pension evaluators.
The meeting with NCNB was scheduled for Tuesday, January
29 at 8:00 a.m.
PROPOSALS FOR ACTUARIAL SERVICES:
(2) THE WYATT COMPANY PRESENTATION - Mr. Wally Wilson
Mr. Wilson reviewed the background of his company, the
personnel, services available and fees which were projected
as a maximum in 1986 and 1987 at $8,500 and 9,200.
THE HERGET COMPANY PRESENTATION - Mr. Doug Henderson
All services of this company were reviewed as well as
the fees which were not to exceed $3,000 - $3,400 for
the annual valuation and reports only.
(3)
(4) KRUSE, O'CONNOR & LING - Mr. Jim Rizzo
Reviewed all phases of actuarial services; representing
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(5)
1/16/85
-2-
53 Florida municipalities; fee schedule for
annual valuation and report - $3,900, not to
exceed 10% annual increase.
ERISA COMPLIANCE SYSTEMS, INC. - Mr. Terry R. Wood
Reviewed services; has 13 municipalities; fee- 3 yr.
guarantee - $2,500.
Mayor O'Connor reported that he had discussed Erisa
and the Fla. Municipal Pension Trust Fund at a Fla.
League meeting and he is going to recommend that
the Village become a participant in the Florida Municipal
Pension Trust Fund.
Mr. Walker wanted to find out what forms need to be completed
to provide the actuarial reports, from each company,so that
we know what we are paying for and what we will have to add
for additional costs.
Chief Fletcher moved that we award the contract to Erisa subject
to asking Erisa what formula they will follow and what balance of
expense would be incurred, this information to be presented at
the meeting of January 29.
Attorney Fann advised that the Board can enter into a contract.
The motion to award the contract to Erisa was then passed
unanimously.
UNFINISHED BUSINESS:
Advisory services on trust performance:
Mr. Forney recommended acceptance of the proposal made
by Kidder Peabody. Chief Fletcher moved that the Board
accept the proposal of Kidder Peabody for an investment
advisor to provide the services discussed at the last meeting.
The motion was seconded by Mr. Walker and passed unanimously.
The meeting adjourned at 10:55 a.m.
PPRO
Kevin O'Connor
Mayor
7
Vi lage Clerk
Pension Secretary