08-07-1987 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING
The meeting of the Miami Shores Village Pension Board was called to order
on Friday August 7, 1987 at 8:10 a.m. by Mayor Spero Canton with the following
in attendance:
Board Members
Also Present:
Absent:
Mayor Spero Canton
Dr. Robert Butler
Mr. William Walker
Sargeant Jack Ulmer
Mr. Elly Johnson
Mr. William Heffernan
Mr. William Fann, Village Attorney
Ms. Gail Macdonald, Plan Administrator
Mr. Gerald Bott and Ms. Karen Cole of
Kidder Peabody
Mr. Melvin Moore
1. Quarterly Investment Report by Kidder Peabody.
Mr. Gerald Bott reported on the quarterly performance of the Pension Plan for
the quarter ending June, 1987. The Plan was down .2% in comparison to the
market. Mr. Bott recommended that the Board consider adding an additional
money manager with a different investment philosophy from our two current
managers in order to diversify against risk.
Sargeant Ulmer requested that Kidder Peabody submit a list of 5 different
Money Managers for review by the Board in consideration of Mr. Bott's
recommendation.
2. Asset Allocation Mix
After review of the overall portfolio, Dr. Butler made a motion to increase.
the Real Estate portion of the portfolio to 15%. Mr. Walker seconded the
motion with the suggestion that Kidder Peabody notify NCNB of the increase.
The motion passed unanimously.
3. Discussion of NCNB fees and trustee relationship
Ms. Macdonald informed the Board that NCNB has increased their rate schedule.
at an overall rate of 9%. NCNB has submitted two rate schedules that were
unclear to the Board and the Board decided to defer the issue until a meeting
could be arranged with NCNB to clarify the difference in the rate schedules.
4. Discussion of Eickhoff and Pieper Fees.
Dr. Butler made a motion to accept the current fee schedule as proposed by
Eickhoff and Pieper and it was seconded by Mr. Walker. The motion passed
unanimously.
5. Approval of July 31, 1987 Minutes
Mr. Walker made a motion to incorporate the policy of placing the actual
time of the call to order and adjournment of each Pension Board meeting.
The motion was seconded by Dr. Butler and passed unanimously.
Mr. Walker made a motion to accept the minutes of the July 31, 1987 Pension
Board meeting and the motion was seconded by Dr. Butler and passed unanimously.
6. Adjournment
Mr. Johnson made a motion to adjourn and the motion was seconded by Mr.
Walker. The meeting adjourned at 9:32 a.m.
Ell Joh son
Village anager/ j cretary
Spe/o Canton
Mayer
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