05-16-1989 Regular Meeting•
Miami Shores Village
Pension Board Meeting May 16, 1989
The meeting of the Village of Miami Shores Pension Board was called to order by
Mayor Courtney at 8:03 a.m. The following were in attendance:
Board Members
Also Present:
Mayor Henry Courtney
Mr. Elly Johnson
Sgt. Jack Ulmer
Mr. William Heffernan
Mr. William Walker
Mr. Herb Spahn
Mr. David Newman and Ms. Karen Cole of
Kidder Peabody
Ms. Ann Maseyko and Mr. Scott Givens of
NCNB
Mr. Bill Eickhoff of
Eickhoff & Pieper
Mr. Wallace Wilson of
The Wyatt Company
Mr. William Fann, Village Attorney
Ms. Gail Macdonald, Plan Administrator
Absent: Ms. Patricia Varney (Maternity Leave)
1. Presentation of the Annual Actuarial Evaluation
Mr. Wallace Wilson of The Wyatt Company presented to the Board the annual actuarial
evaluation for the period ending January 1, 1989. Mr. Wilson reported that the
active payroll went up approximately 1.2% of pay as a percentage of payroll, a
significant decrease as a percentage of pay. Mr. Wilson explained that the reason
for this decrease is that it was a relatively good year for the Plan. Actuarial
gains were better than anticipated by the Actuarial assumptions. Mr. Wilson re-
ported to the Board that the overall Plan is stable. Effective June 1988 an
amendment to the Plan for Police benefit improvements for Police retirees beginning
in 1989 caused a substantial Actuarial unfunded liability.
2. Quarterly Investment Review - Kidder Peabody
Ms. Karen Cole reported to the Board the overallperformance of the Plan was stable.
The overall Plan was up 3.2% for the latest quarter and for the latest year the Plan
is up 10.5% (March 1988 to March 1989).
411/ Ms. Cole suggested that the Master Investment Policy be reviewed by the Board at
the next quarterly meeting, to be on August 15, 1989.
•
•
age 2
16, 1989
Pension Board Meeting
3. Quarterly Investment Review - NCNB
Mr. Scott Givens reported to the Board that the Real Estate and Bond portion of the Plan
is slow but holding its position. Mr. Givens has suggested to the Board to stay
cautious with its investments. The overall Investments for the Plan are stable.
4. Quarterly Investment Review - Eickhoff & Pieper
Mr. Bill Eickhoff reported to -the Board the generated market returns are higher
and that the Plan shows an overall yield of 4.1% for the period ending March 1989.
Mr. Courtney requested to have a breakdown of charges by each representative for a
clearer understanding of their charges to the Board 'for their services.
Mr. Johnson made a motion to approve the Minutes of the April 4, 1989 meeting.
Sgt. Ulmer seconded the motion and the motion passed unanimously.
Mr. Johnson made a motion to adjourn the meeting and Sgt. Ulmer seconded the motion.
The motion passed unanimously and the meeting adjourned at 9:50 a.m.
E ly F' :''`'son, Secretary