02-18-1988 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING
The February 18, 1988 meeting of the Miami Shores Pension Board was called to
order by Mayor Spero Canton at 8:07 a.m. The following were in attendance:
Board Members:
Also Present:
Mayor Spero Canton
Eii ly F. Johnson
Sargeant Jack Ulmer
Dr. Robert S. Butler
Mr. William Walker
Mr. William Heffernan
Mr. Scott Givens and Ms. Ann Held
of NCNB
Ms. Karen Cole and Mr. Gerald Bott
of Kidder Peabody
Mr. Bill Eickhoff of Eickhoff & Pieper
Mr. David Newman of Kidder Peabody
Ms. Gail Macdonald, Plan Administrator
Absent: Ms. Patricia Varney
Mr. William Fann, Village Attorney
1. Quarterly Investment Review - Kidder Peabody
Mr. Bott reported to the Board that the overall return of the Plan is approximately
15% for the year. With the consideration of the downward trend of the market in
October 1987, Mr. Bott indicated that the Plan is in a flexible position and is
adjusting to the ups and downs of the market.
NCNB Year End Review
Mr. Givens reported that the fund is stable at this time even with the consideration
of the downward trend of the market in October.
Eickhoff & Pieper Review
Mr. Bill Eickhoff reported that the fund is slowly coming up from the fall of the
market in October 1987. The portfolio is a much lower risk than prior to October
because of the difference in the market. Mr. Eickhoff suggested that the Board
keep a close eye on the market to have a clear understanding of h6wtt is pro-
gressing with reference to the fund.
2. Approval of Kruse O'Connor invoice of 12/23/87
Mr. Johnson made a motion to approve the invoice of 12/23/87 and Mr. Walker
seconded the motion..
The motion passed unanimously.
•
Mr. Johnson recommended the Board look into another firm to do the work of Kruse
O'Connor & Ling for the Pension Board.
Mr. Johnson made a motion to appoint the Plan Administrator - Ms. Macdonald, to
secure proposals for consideration for the Pension Board to replace Kruse O'Connor
and Ling. The motion was seconded by Mr. Walker.
The motion passed unanimously.
3. Approval of Carson & Linn Invoice of 1/15/88
Mr. Heffernan made a motion to approve the invoice of 1/15/88 and Dr. Butler
seconded the motion.
The motion passed unanimously.
4. Discussion - Dates of Quarterly Meetings
Ms. Macdonald proposed the Board hold designated quarterly meetings. The Board
approved Ms. Macdonalds request to have all future meetings on a quarterly basis
as follows: The Village of Miami Shores Pension Board will meet on the 2nd
Tuesday of February, May, August and November.
5. Approval of the minutes of the 1/19/88 meeting
Mr. Johnson made a motion to approve the minutes of the 1/19/88 Pension Board
meeting and the motion was seconded by Mr. Walker.
The motion passed unanimously.
6. Other Business
Dr. Butler made a motion to approve the benefit certification of Mr. Louis
Seabrooks. The motion was seconded by Mr. Walker.
The motion passed unanimously.
7. Adjournment
Mr. Johnson made a motion to adjourn and the motion was seconded by Mr. Walker.
The motion passed unanimously and the meeting was adjourned at 9:40 a.m.
Elly F. Jo"fison, Secretary