06-07-1988 Regular MeetingMiami Shores Village
Pension Board Meeting
The June 7, 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
Dr. Robert Butler
Mr. William Walker
Mr. .Elly F. Johnson
Ms. Patricia Varney
Sgt. Jack Ulmer
Mr. William Heffernan arrived at 8:30 a.m.
Mr. William Fann, Village Attorney
Ms. Gail Macdonald, Plan Administrator
Mr. Wally Wilson of Wyatt Co.
Mr. Jim Rizzo of Kruse, O'Connor & Ling
Mr. Doug Henderson of Herget & Co.
Mr. Gerald Bott, Karen Cole and Mr.
David Newman of Kidder Peabody
1. Presentation of Wyatt Co., for Actuarial Services
Mr. Wally Wilson presented to the Pension Board his firm's credentials and
offered a negotiable fee for Wyatt's Actuarial services.
2. Presentation of Kruse, O'Connor & Ling for Actuarial Services
Mr. Jim Rizzo presented the .Board with his firm's credentials and reiterated the
relationship that exists now as present Actuary for the Pension Board.
3. Presentation of Herget & Co., for Actuarial Services
Mr. Doug Henderson presented to the Board his firm's credentials for consideration
as Actuaries for the Pension Board.
Dr. Butler made a motion to accept Wyatt Co. as the new actuaries with certain specific
stipulations to be agreed to. One stipulation being that Wyatt Co. agree to lock in
a three year contract. Another stipulation being that the exact fee structure be in
writing from the Actuary according to the requirements of Ms. Macdonald and Mr. Johnson.
The motion was seconded by Sgt. Ulmer. The motion passed. The voting was:
Mr. Heffernan, Sgt. Ulmer, Ms. Varney, Mayor: Canton and Dr. Butler for; Mr. Johnson
against; and Mr. Walker abstaining.
Dr. Butler made a motion to amend the motion considering Wyatt Co. to include a
specific hourly fee for services.
Mr. Walker .seconded the motion. The motion passed unanimously.
Mr. Johnson made a motion that a special meeting be held on July 12, 1988: in order
to made a selection of an Actuary for the Pension Board.
The motion was seconded by Mr. Walker. The motion passed unanimously.
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Pension Board Meeting June 7, 1988
Mayor Canton changed his vote from a "yes" to a "no" and wait
Pension Board meeting to determine the actuary.
Dr. Butler made a motion to reconsider the previous vote with
ment of Wyatt Co. as the new actuary.
30 days for the next
regard to the appoint -
Ms. Varney seconded the motion and the motion passed unanimously.
Dr. Butler restated the motion that Wyatt Co. be considered for the new Actuary with the
• stipulation being that Wyatt Co. agree to a lock in three year contract and that the
exact fee structure be clarified as to an hourly rate.
* The motion failed to pass. The voting was-; Ms. Varney, Mr. Walker "yes", Sgt. Ulmer
abstained from voting, Mr. Walker, Mr. Heffernan, Mayor Canton, Dr. Butler and
Mr. Johnson voted "no".
Dr. Butler made a motion to table the issue of approving the actuarial appointment
until the July 12, 1988 meeting. Mr. Johnson seconded the motion.
The motion passed unanimously.
4. Risk and Asset Allocation — Kidder Peabody
Mr. Gerald,Bott of Kidder Peabody reported that the overall performance of the
Fund is doing well and is sound. The Plan is broken down as follows: 25% Cash,
35% Equity, 25% Fixed Income and 15% Real Estate.
Dr. Butler made a motion to increase the Real Estate portion of the Plan to 20%
and equally draw from the cash of the equity and fixed income portions of the Plan.
Mr. Johnson secondedthe motion. The motion passed unanimously.
5. Approval of May 10, 1988 Minutes
Mr. Johnson made a motion to approve the minutes of the May 10, 1988 meeting.
Dr. Butler seconded the motion.
The motfon passed with a 6 to 1 vote. 'Mr. Heffernan abstained from voting.
6. Approval of NCNB Quarterly fee statements dated ,3/31/88 and 4/7/88
Mr. Johnson made a motion to approve the payment of the three statements.
Dr. Butler seconded the motion. The motion passed unanimously.
7. Approval ,of Actuarial -.Impact Statement for police benefits.
Dr. Butler made a motion to approve the Actuarial Impact Statement for police benefits.
Sgt. Ulmer seconded the motion. The motion passed with a 6 to 1 vote.
Mr. Walker abstained; from voting.
*This statement is corrected to read: The motion failed to pass. The voting was;
Ms. Varney "yes". Sgt. Ulmer abstained from voting. Mr. Walker, Mr. Heffernan,
Mayor Canton, Dr. Butler and Mr. Johnson voted "no".
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Pension Board Meeting June 7, 1988
Mr. Johnson informed the Pension Board that the proposed ordinance making the changes
in the Pension Fund as prepared by Mr. Jim Linn of Carson & Linn, will be on the
• agenda for Council which meets on June 7, 7:30 p.m.
Mr. Johnson made a motion to adjourn. The motion was seconded by Ms. Varney. The
Pension Board meeting adjourned at 10:30 a.m.
•
l ly Fohnson, Secretary