02-15-1985 Regular MeetingMiami Shores Village
PENSION BOARD MEETING
February 15, 1985
A meeting of the Miami Shores Village Pension Board was held on
Friday, February 15, 1985, 8:00 a.m., at the Village Hall, with the
following 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:
2/15/85
William F. Fann, Jr., Village Attorney
Gail Macdonald, Finance Director/Pension Administrator
Representatives of Kidder, Peabody & Co., Pension
Performance Analysts
(1) FUND PERFORMANCE.
The first item of business was a review of the fund perform-
ance for the quarter ending 12/31/84. Mr. Gerald Bott, Vice
President, and Ms. Karen Cole of Kidder, Peabody & Co.,
presented their report analyzing the pension fund perform-
ance (copy on file) for the period ending 12/31/84. Following
a review of all assets, rates of return, market indexes, etc.,
a recommendation was made for investing in real estate at a
minimum of 10%, maximum 15%, and hiring an equity manager.
It was suggested by Mayor O'Connor that these items be deferred
until the new Council is formed and that they be briefed on
these items.
There was some discussion of liability of Board members.
Mayor O'Connor stated we have insurance to cover this but
in cases of conflict of interest a Board member could be held
liable.
(2) APPROVAL OF RETIREMENT BENEFIT FOR M. ANTOINETTE VIGNERON.
A letter was received from Erisa Compliance Systems, Inc.,
actuary for the Miami Shores Village Pension Plan, certifying
the pension benefit of M. Antoinette Vigneron to be a monthly
single life annuity in the amount of $1,222.52, with payment
commencing on May 1, 1985. Mr. Walker moved approval of the
retirement benefit as certified. The motion was seconded by
Mr. Forney and passed by 6 affirmative votes, with Miss Vigneron
abstaining.
(3)
•
2/15/85
-2-
APPROVAL OF MINUTES (a) Minutes of January 16, 1985 -
After some discussion Chief Fletcher
moved that the minutes be approved
as written. The motion was seconded
by Mr. Walker and passed unanimously.
(b) Minutes of January 29, 1985 - approved
by motion made by Chief Fletcher,
seconded by Mr. Walker and passed
unanimously.
In order to eliminate evaluating reports
made by our trustee -NCNB, our actuary
or our pension performance analyst, it
was stressed that copies of these reports
should be made a permanent part of the
pension records.
The meeting adjourned at 9:15 a.m.
APPRO ED:
N (S47/
Kevin O'Connor
Mayor
•
OikwdTh
Village Clerk
Pension Secretary
r
•
r
qz1lIt
ERISA COMPLIANCE SYSTEMS, INC.
3143 WALLER ST. - JACKSONVILLE, FLORIDA 32205
PHONE (904) 389-5143
February 12, 1985
Ms. Gail MacDonald
Finance Director
Miami Shores Village
10050 N.E. 2nd Avenue
Miami Shores Village, FL 33138
Re: Benefit Certification - M.A. Vigneron
Dear Ms. MacDonald:
This is to document the referenced benefit calculation per our
telephone conversation of February 12. We understand the
following data:
Name: Marie A. Vigneron
Date of Birth: April 16, 1919
Date of Employment: February 13, 1948
Date of Retirement: April 30, 1985
Form of Distribution: Single Life Annuity
Accum. Employee' Contribution: $17,481.04
ECS hereby certifies a monthly single life annuity in the amount
of $1,222.52, with payment commencing on May 1,'1985.
As to the question relating to federal taxation, Ms. Vigneron
would receive 14 monthly payments which constitute her after-tax
contributions; taxability would apply to the payments
thereafter, depending upon her other taxable income and specific
circumstances.
We will forward the election forms to be used by a distributee
as to federal withholding.
Yours very truly,
2
Dale F. Smith
Vice President, Operations
/tet