09-18-1985 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING
The meeting of the Miami Shores Village Pension Board was called to order
at 4:00 p.m. on Wednesday, September 18, 1985, by Mayor Karen Kirby, with the
following in attendance:
Board Members: Mayor Karen Kirby
Dr. Robert Butler
Chief John Fletcher
Sam Michels
Les Forney
William Walker
Absent: John Moore
Also Present:
C. Edwin Reilly, Jr., Vice President
NCNB National Bank, Investment Mgt. Div.
William F. Fann, Jr., Esq.
1. APPROVAL OF MINUTES
Upon motion called for by Mayor Kirby, so moved by Dr. Butler, and seconded by
John Fletcher, the Minutes of the August 14, 1985 meeting were unanimously
approved as written.
2. DISCUSSION OF NCNB FEES
As requested, Ed Reilly addressed the Board in an effort to clear-up the
discrepancies and/or conflicting statements contained in their letter to
Les Forney dated July 7, 1985, in which they advised the Board of their new
fees. Discussion ensued relative to all aspects of the new fee schedule.
Mr. Reilly emphasized the high value and great importance NCNB placed on their
relationship with the Miami Shores Village pension account. Les Forney voiced
the consensus of the Board when he asked Ed Reilly to reconsider the fee
structure - to hold to the original fee schedule until July, 1986. Discussion
and reconsideration ensued. Final Agreement:
NCNB remains as Trustee for the pension funds
through January 1, 1987. The original fee
structure remains in effect for this period
of time.
This agreement was met with goodwill on both sides; a gentlemen's agreement
sealed with a handshake and unanimously endorsed by the Board.
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3. APPROVAL OF VESTED EMPLOYEE'S REQUEST TO WITHDRAW FROM PLAN
A motion was called for by Mayor Kirby to approve the request for withdrawal
of pension funds, per attached written request from Ms. Emma June Sims. Moved
by Dr. Butler, seconded by William Walker, and carried unanimously.
Chief Fletcher raised the question about spousal consent and/or rights under
the new Federal legislation governing pension funds. After discussion,
Bill Walker proposed the following amendment to the previous motion: Pursuant
to any legal problems or complications, the request for withdrawal of pension funds
be approved. Employee must sign release form that the employee fully understands
and waives any future earnings on these funds. Seconded by Dr. Butler and carried.
Les Forney informed the Board that all pertinent information and ramifications
were explained to Ms. Sims in front of a witness, Randy Nutter. That a form
would be drawn up and signed by Ms. Sims, -'and be available for future use.
4. OTHER BUSINESS
The Board Expressed gratitude and farwell to Sam Michels, Sams term on the Board
expired. William Heffernan will fill the vacancy, and be present at the next
meeting of the Board.
5. ADJOURNMENT - 5:45 p.m,
APPROVED:
Karen Kirby, Mayor
S cretary, Pens on Board