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01-19-1988 Regular MeetingMIAMI SHORES VILLAGE PENSION BOARD MEETING The January 19, 1988 meeting of the Miami Shores Pension Board was called to order by Mayor Spero Canton at 8:10 a.m. The following were in attendance: Board Members: Also Present: Mr. Elly Johnson Mr. William Walker Dr. Robert Butler Mayor Spero Canton Sargeant Jack Ulmer Ms. Patricia Varney Mr. Bruce Baker of Stembler Adams & Sweet Mr. William Fann, Village Attorney Ms. Gail Macdonald, Plan Administrator Absent: Mr. William Heffernan 1. Fiduciary Liability Insurance Mr. Bruce Baker of Stembler Adams & Sweet, Inc. advised the Board of the cost of fiduciary insurance equivalent to 20% of the plan assets. (Approximately a $1,000,000 limit would be adequate.) Dr. Butler made a motion to defer to Mr. Fann for a ruling as to whether this needs to be bid out. If so, authorize Mr. Johnson to start that process and bring back the bids to the Board at the next meeting. At that time, the Board can make the final decision as to what coverage is necessary and to insure the lowest premium for the coverage. The motion was seconded by Ms. Varney. The motion passed unanimously. 2. Approval for Payment of Kruse, O'Connor & Ling Invoice of 12/23/87 Ms. Macdonald brought to the Board's attention the discrepancy of this invoice in the charges that were orally quoted to her and the actual charge. Mr. Rizzo quoted to Ms. Macdonald "a couple of hundred dollars" to do the Actuarial Valuation, and his charges on the invoice are $918. Also, Ms. Macdonald compared the charges bf Mr. Linn to the charges of W. Rizzo for the same meeting held on 11/25/87 for attendance and travel whereas Mr. Linn's charges were $285.18 and Mr. Rizzo's charges are $866. Dr. Butler made a motion to have Kruse O'Connor & Ling submit to the Board a breakdown of charges as to the hourly charge, transportation,lawyer and legal assistant and any administrative preparation that was necessary for this invoice and all future invoices. The motion was seconded by Mr. Johnson. The motion passed unanimously. 3. Disability Legislation Ms. Macdonald reported to the Board that Mr. Linn had no further information at this time to report to the Board and this item was deferred. 4. Joint Annuitant - Revised Motion Ms. Macdonald suggested to the Board that they give this language to Carson & Linn and that they incorporate it into the final ordinance. 5. Preparation of Plan Amendments Ms. Macdonald suggested to the Board that they send all the information that has been agreed on to Mr. Linn at Carson & Linn to rewrite the Plan Amendments at the cost of $500 as proposed by Mr. Linn. Mr. Johnson made a motion to authorize Carson & Linn to proceed with the drafting of the ordinance. Dr. Butler seconded the motion. The motion passed unanimously. 6. Asset Allocation Language Dr. Butler made a motion to give the drafting of the asset allocation to Carson & Linn for the necessary language to place it in a final ordinance. The motion was seconded by Mr. Johnson The motion passed unanimously. 7. Carson & Linn invoice of 12/15/87 Mr. Walker made a motion to approve the invoice of Carson & Linn of 12/15/87. The motion was seconded by Sargeant Ulmer. The motion passed unanimously. 8. Eickhoff & Pieper, Inc. invoice of 1/8/88 Mr. Johnson made a motion to approve the invoice of Eickhoff & Mem; invoice of 1/8/88. The motion was seconded by Mr. Walker. The motion passed unanimously. 9. Approval of 11/25/87 minutes Mr. Walker made .a motion to approve the minutes of the 11/25/87 meeting. The motion was seconded by Mr. Johnson. The motion passed unanimously. 10. Other Business Sargeant Ulmer requested from Ms.. Macdonald information as to the number of employees involved in the minimum age requirement and the cost involved to the Pension Plan to have these people as participants below the age of 21. He also requested Ms. Macdonald to provide the Pension Board with the cost of a cost of living increase to present retirees of the Pension Plan. After further discussion by the Board, Mr. Fann commented to the Board that the proper procedure would be for the Pension Board to recommend to the Village Council the possibility of a cost of living increase and that the Council would have the final say with this matter. Mr. Fann also suggested to the Board that they wait with any further discussion until the election on March 8, 1988 with the anticipation of the referendum to to approved and proceed at that point. Mr. Johnson requested Ms. Macdonald to place the question of a cost of living increase for retirees on the next agenda for the next Pension Board meeting, which would include cost break down, facts and figures. Mr. Walker requested Ms. Macdonald to provide the Board with a fact summary sheet regarding the 1% mill cap and what it means and the pros and cons, facts and figures pertaining to it. Also, what impact it would have on our Pension Plan. 11. Adjournment Sargeant Ulmer made a motion to adjourn and the motion was seconded by Mayor Canton. The motion passed unanimously and the meeting adjourned at 9:25 a.m.