02-28-1990 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING FEBRUARY 28, 1990
The meeting of the Village of Miami Shores Pension Board was called to
order by Vice Mayor Herb Spahn at 8:05 a.m. The following were In
attendance:
Board Members:
Also Present:
Ms. Jeanne Bryant
Sgt. Jack Ulmer
Mr. William Walker
Ms. Gall Macdonald
Mr. Steven Johnson
Vice Mayor Herb Spahn
Mr. David Newman and Ms. Karen Cole of
Merrill Lynch
Ms. Ann Maseyko and Mr. Scott Givens of
NCNB National Bank
Mr. Willlam Eickhoff of
Eickhoff & Pieper
Mr. Wallace Wilson of
The Wyatt Company
Mr. Mort Mlllhauser of
Eagle Asset Management
Mr. William Fann,
Village Attorney
Ms. Patricia Varney,
Pian Administrator
Absent: Mayor Henry Courtney
1. Quarterly Investment Review - Mr. Mort Mlllhauser, Eagle Asset
Management
Mr. Mlllhauser reported that Mr. Herb Ellers, President of Eagle Asset
Management, will be overseeing the Pension Plan portfolio due to negative
investment returns of 4% from inception date. Mr. Mlllhauser assured the
Board that there was no major concern at the present, but the Investment
performance should be monitored closely.
2. Quarterly Investment Review - Ms. Karen Cole of Merrill Lynch
Ms. Cote reported that Eickhoff, Pieper and Willoughby investment per-
formance Is ahead of their 12% objective for quarter ending 12/89 and NCNB
Is performing exceptionally well.
• gie Asset Management Is showing a dismal performance and should be moni-
Lored closely. Ms. Cole reported that Eagle's stock selection Is a reason
for concern.
3. Quarterly Investment Review - Mr. Scott Givens of NCNB National Bank
Mr. Givens reported the overall performance of the portfolio is good.
4. Quarterly Investment Review - Mr. William Eickhoff of Eickhoff, Pieper
and Willoughby
Mr. Eickhoff reported that the portfolio was up 23 1/2% through 1989. The
overall performance of the portfolio Is good at this time.
5. Approval of retirement benefit for Osvaldo Melzoso
AL motion was made by Mr. Johnson to approve the retirement benefit of Mr.
seizoso. Ms. Macdonald seconded. The motion passed with the following
vote: Mr. Spahn, Mr. Johnson, Sgt. Ulmer, Ms. Bryant, Ms. Macdonald YES,
Mr. Walker opposed. The date of retirement is subject to the signing of
the lease of Miami Shores Country Club.
6. Approval of payment to Eickhoff & Pieper totaling $5,395.
A motion was made by Mr. Walker to approve the payment and Ms. Macdonald
seconded the motion and the motion passed unanimously.
Approval of payment to NCNB totaling $12,802.36.
A motion was made by Mr. Walker to approve the payment and Sgt. Ulmer
seconded the motion and the motion passed unanimously.
Approval of payment to The Wyatt Company totaling $12,397.
Sgt. Ulmer made a motion to approve the payment with the exception that the
Plan Administrator can adjust for the amount of $100, cost of statement to
the auditors, should review of the contract reflect this payment Is not
necessary. The motion was seconded by Ms. Bryant and the motion passed
unanimously.
7. No new business
8. No old business
9. Sgt. Ulmer made a motion to adjourn the meeting at 10:08 a.m. and the
motion was seconded by Ms. Macdonald.
Gall( acdonald, Secretary