11-15-1988 Regular MeetingPension
The meeting of the Village
Mayor Spero Canton at 8:05
Board Members
Also Present
Miami Shores Village
Board Meeting of November 15, 1988
of Miami Shores Pension Board was called to order by
a.m. The following were in attendance:
Mayor Spero Canton
Mr. Elly Johnson
Mr. William Walker
Dr. Robert Butler
Ms. Patricia Varney
Sgt. Jack Ulmer
Mr. William Heffernan
Mr. William Fann, Village Attorney
Ms. Gail Macdonald, Plan Administrator
Ms. Karen Cole and Mr. Gerald Bott of
Kidder Peabody & Co.
Mr. Scott Givens of NCNB National Bank
Mr. Wally Wilson of The Wyatt Company
Mr. William Eickhoff of Eickhoff & Pieper,Inc.
1. Review of Actuarial Assumptions - Presented by Mr. Wally Wilson
Mr. Wilson informed the Board that the financial status of the Pension Plan is
excellent. Mr. Wilson advised that The Wyatt Company is pleased with the performance
of the Plan and that the Board should consider increasing the Investment Rate of
Return with the prospect that 1989 will be a good growth period for the Plan.
Dr. Butler made a motion based on our past performance in achieving the financial
objective that it was an appropriate timeto raise the estimated rate of invest-
ment return to 8% from 7%.
Sgt. Ulmer seconded the motion for discussion.
Sgt. Ulmer suggested to amend the motion that if the rate of investment was to be
increased so should the salary projection be increased tout least 6.5%.
Dr. Butler rejected the amendment. Sgt. Ulmer withdrew his second and the motion
failed for lack of a second.
Mr. Wilson suggested that The Wyatt Company bring the Board an array of figures
and different sets of assumptions for the Board for purposes of clarification.
2. Discussion - Proposed Ordinance Change, Sect. 18-49 (b).
Sgt. Ulmer made a motion to reduce the early retirement age from 65 to 62. Ms. Varney
seconded the motion for discussion.
Mr. Johnson recommended that the Ordinance be given to the Village Attorney for review
and then presented to the Council for approval.
Sgt. Ulmer's motion was defeated. The voting was: Sgt. Ulmer and Ms. Varney for,
Dr. Butler, Mr. Walker, Mr. Canton, Mr. Johnson and Mr. Heffernan against.
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Pension Board Minutes
November 15,1988 Meeting
Dr. Butler made a motion to send the Ordinance to the Village Attorney for review and if
there are to be any changes, that the Village Attorney make the proposed changes and
return the Ordinance to the Board for approval.
Mr. Johnson seconded the motion and the motion passed. The voting was: Sgt. Ulmer
against, Ms. Varney abstained, Mr. Walker, Mr. Johnson, Dr. Butler, Mr. Canton and
Mr. Heffernan for.
3. Quarterly Investment Reviews:
NCNB - Mr. Scott Givens reported that the Plan is in excellent shape and has a very
good growth projection for 1989.
Eickhoff & Pieper - Mr. Bill Eickhoff reported that the overall performance of the
Plan is good.
Kidder Peabody - Ms. Karen Cole reported that the overall Fund performance is doing
well.
4. Approval of the August 16, 1988 Minutes.
Mr. Johnson made a motion to approve the Minutes from the 8/16/88 Pension Board
meeting.
Dr. Butler seconded the motion and the motion passed unanimously.
5. Approval of Carlos Lima Retirement Request.
Mr. Johnson made a motion to approve the retirement of Mr. Carlos Lima.
Mr. Walker seconded the motion and the motion passed unanimously.
6. Approval of Eickhoff & Pieper Quarterly invoices for quarter ending 12/31/88.
Mr. Johnson made a motion to approve the payment of Eickhoff & Pieper Quarterly
invoices.
Mr. Walker seconded the motion and the motion passed unanimously.
7. Approval of NCNB Quarterly invoices for Quarter ending 9/30/88.
Mr. Walker made a motion to approve the payment of the NCNB Quarterly invoices.
Dr. Butler seconded the motion and the motion passed unanimously.
. 8. Old Business
Mr. Johnson informed the Board that both Mr. Walker and Sgt. Ulmer had been reappointed
to the Pension Board for new terms.
9. No New Business
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Pension Board Minutes
November 15, 1988 Minutes
10. A motion for adjournment was made at 9:30 a.m. and the motion passed
unanimously.
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