01-29-1985 Regular MeetingMiami Shores Village
PENSION BOARD MEETING
January 29, 1985
A meeting of the Miami Shores Village Pension Board was held on
Tuesday, January 29, 1985, 8:00 a.m., at the Village Hall, with the
following in attendance:
Councilwoman Elspeth Jensen
Mr. Sam Michels
Village Manager Les Forney
Police Chief John Fletcher
Village Clerk Ann Vigneron
Absent: Mayor Kevin O'Connor
Mr. William H. Walker, III
Also present:
William F. Fann, Jr., Village Attorney
Gail Macdonald, Finance Director
Village resident R. Van Conoley
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This meeting was called to review the quarterly report from our
trustee, NCNB,and other pending business. Mr. Forney requested that the
order of business be changed to vote on certain items before he had to leave
at 9:00 a.m.
(1) MEETING WITH KIDDER, PEABODY & CO.
Mr. Forney moved approval of a meeting with Kidder, Peabody &
Co. (our new investment advisors) on February 15, 1985.
The motion was seconded by Chief Fletcher and passed
unanimously.
(2) APPROVAL OF WYATT COMPANY ANNUAL FEE.
The Wyatt Company fee in the amount of $8,593.00 for
services rendered in 1984 was approved by motion made by
Mr. Forney, seconded by Chief Fletcher and passed unanimously.
(3)
QUARTERLY REPORT & INVESTMENT PORTFOLIO REVIEW BY NCNB.
Mr. Donald Berdine, Mr. Edward Selee and Mr. C. Edwin
Riley, Jr., representing NCNB, the pension trustee,
discussed the following aspects of the funds management:
- Review investment objectives
- Review asset mix and portfolio holdings
- Review investment returns
• Review economic outlook
Investment strategy
In a general discussion that followed Mr. Berdine recommended
investment in real estate on a long or short term basis. A
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A five-year fund performance on NCNB real estate
investments was presented showing a return of 17.40%.
Chief Fletcher thought 50% in stocks may be too high and
Mr. Berdine stated they have never been up to 50%.
All members of the Board were assured they would receive
a monthly report from the bank.
The meeting adjourned at 9:05 a.m.
even O'Connor
Mayor
Village Clerk
Pension Secretary
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