08-26-1986 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING
The meeting of the Miami Shores Village Pension Board was called to
order at 8:05 a.m. on Tuesday August 26, 1986 by Mayor Karen Kirby with
the following in attendance:
Board Members: Mayor Karen Kirby
Dr. Robert Butler
William Heffernan
William Walker
Chief John Fletcher
John Moore
Les Forney
Also Present:
Karen Cole and Gerald Bott of
Kidder Peabody and Gail Macdonald,
Pension Administrator
Absent: Mr. William Fann
1. QUARTERLY INVESTMENT REPORT
The significant figures as presented by Kidder Peabody with regard to the
Village's combined overall pension performance are detailed on the attached
two pages of the Kidder Peabody report which are made a permanent part of
these minutes. The combined equity and fixed income portfolio generated
a return for the quarter of 4.0% compared to a national median of 2.7% on
a time weighted basis. Mr. Bott reported the overall portfolio return for
the one year period ending June 30, 1986 as 23.7% which is in line with the
national median of 23.1% for funds with similar asset structures.
2. MOTION TO INCREASE THE ASSET ALLOCATION
The motion to increase the equity portion to 50% with the difference made up
from the fixed income and cash portion was made by Mayor Kirby and seconded
by Dr. Butler.
The motion carried unanimously.
3. MOTION TO APPROVE THE MINUTES OF THE JUNE 3, 1986 MEETING
The motion was made by Mr. William Walker and seconded by Dr. Butler.
The motion was carried unanimously.
4. A MOTION WAS MADE BY MR. FORNEY TO DIRECT HIM TO PREPARE AN ORDINANCE
FOR THE APPROVAL OF THE VILLAGE COUNCIL TO ACCOMPLISH THE FOLLOWING
CHANGES TO THE POLICE & FIRE PENSION PLAN AS REQUESTED BY THE STATE
LEGISLATURE:
1. Change the Board of Trustees so that they eliminate the
Chief of Police from the Board and elect a representative
from the police officers who are participants of the plan.
2. Elect a new chairman and a new secretary from members of the
Board the first meeting after the first of October, 1986.
3. Before the 1st of October, write into the Ordinance the
authorization for the Board to set the Asset Allocation
for the Plan.
The motion was made by Mr. Forney and seconded by Dr. Butler. The motion
carried unanimously.
Mr. Forney also stated that between October 1, 1986 and January 1, 1987 the
question of disability benefits in the retirement plan for police officers
must be clarified. The liability of the Board, seperate powers of the
Board need to be clarified also.
The motion for adjournment was made by Mr. Walker and seconded by Mayor
Kirby. The motion carried unanimously.
Karen Kirby, Mayor
•
MIAMI SHORES VILLAGE
Employees Retirement Plan
Quarter EndinjJune 30, 1986
Investment Structure 12/31/85
Cash Reserves $ _ 758,000 (17.6%)
Equities 1,261,000 (29.2%)
Fixed Income 1,873,000 (43.4%)
Real Estate 4263000 ( 9.8%)
Total $ 4,318,000
Management Structure
Eickhoff & Pieper:
Market Value for 12/31/85
Deposits -
6/30/86
$ _ 349,000 (--7.2%)
2,143,000 (44.3%)
1,801,000 (37.3%)
5403000 (11.2%)
$ 4,833,000
$ 1,548
_ 3543439
Total $ 1,900,397
Market Value for 6/30/86 2,3013021
Net Gain 400,624
Inception Date 8/28/85 $ 1,372,630
Deposit- _ 354,439
Net Deposits $ 1,727,069
'Equities Only: Second Quarter 6.4%
NCNB:
Cash/Fixed Income as of 12/31/85 $ 2,346,042
Withdrawal•___4513062
Adjusted Value- $ 1,894,980
Cash/Fixed Income for 6/30/86 19913671
Net Gain $ 96,691
'Fixed Income Only: Second Quarter 1.7%
Real Estate as of 12/31/85 $ 426,004
Deposit- 92 121
Net Deposits 518,121
Real Estate for 6/30/86
Net Gain
Real Estate Only: Second Quarter 2.3%
Kidder, Peabody Co.
Incorporated
5403561
$ 22,440
MIAMI SHORES VILLAGE
EMPLOYEES RETIREMENT TRUST
ASSET ALLOCATION
ASSET MI
12-31-85
INVESTMENT
POLICY
ASSET MI,
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