02-22-1991 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING FEBRUARY 22, 1991
The meeting of the Village of Miami Shores Pension Board was
called to order by Vice Mayor Herb Spahn at 8:02 a.m. The
following were In attendance:
Board Members:
Vice Mayor Herb Spahn
Gall Macdonald
William Walker
Sgt. Ulmer
Jean Bryant
Kay McCoy
Also Present: Mr. William Fann, Village
Attorney
Ms. Patricia Varney,
Plan Administrator
Mr. Scott Givens, Ms. Anne
Miseyko, Ms. Paulette Park
and Ms. Roach of NCNB
Mr. John Pieper of
Eickhoff, Pieper & Willoughby
Mr. Gerald Bott, Merrill Lynch
Ms. Karen Cole, Merrill Lynch
Absent: Mayor Henry Courtney
1. Presentation of 1990 Actuarial Report. Mr. Wilson reported
that there was a smaller number of active employees due to
the lease of the Country Club. The covered payroll Is
therefore decreased by $200,000. Due to actuarial losses of
$700,000, there is a $151,000 actuarial unfunded liability.
The loss is due to Increased plan expenses and negative
Investment return. Mr. Spahn requested Ms. Patricia Varney
to perform an analysis of the Plan expenses and also to look
Into the asset valuation method to level the annual contri-
bution.
2. Presentation of free checking services offered to Miami
Shores pension retirees. Ms. Paulette Park and Ms. Margaret
Roach made a presentation on free checking services to be
offered to all pension retirees effective April 1991.
(pamphlet attached)
3. Quarterly Investment Report
Eickhoff, Pieper & Willoughby Inc. - Mr. Pieper reported the
overall performance of the Plan Is excellent.
NCNB - Mr. Scott Givens reported the earning of fixed Income
for year-to-date is 10%. The Investment in real estate is
doing well; however, due to the request for fund withdrawal
from some of the largest holders, the fund may be faced with
the possibility of liquidation.
Merrill Lynch - Ms. Cole reported the overall performance of
the fund Is good. Sun Bank Investment was up 7% In the last
2 - 3 weeks. Eickhoff, Pieper & Willoughby In the last
quarter performance was In the upper quartile. NCNB fixed
Income was up by 4.6% for last quarter and 10.1% for year-
to-date.
4. Ms. Cole and Mr. Bott reviewed the asset allocation of the
plan and discussed the overall performance. After the dis-
cussion, the decision was made to defer changing the existing
asset allocation until NCNB had resolved the status of the
real estate fund.
5. Mr. Walker made a motion to approve payment to Eickhoff,
Pieper & Willoughby In the amount of $5,311.64 for management
fees from 1/1/91 to 3/31/91. The motion was seconded by Sgt.
Ulmer and passed unanimously.
6. Sgt. Ulmer made a motion to approve payment to NCNB
for invoices totaling $10,229.35. The motion was seconded by
Ms. McCoy and passed unanimously.
7. Sgt. Ulmer made a motion to approve payment to Eagle Asset
Management In the amount of $420.18 for unpaid management
fees. The motion was seconded by Ms. Macdonald and passed
with Mr. Walker opposing.
8. Mr. Walker make a motion to approve the minutes of the
January 16, 1991 Pension Board meeting. Sgt. Ulmer seconded
the motion and it passed unanimously.
9. A motion was made for adJo nment at 10:10 a.m.
C;je.----
Vice ayor'jb Spahn
•
7 Add
Gal Macdonald, Secretary