11-21-1991 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING NOVEMBER 21, 1991
The meeting of the Village of Miami Shores Pension Board was
called to order by Mayor Steven Johnson at 8:09 a.m. The
following were In attendance:
Board Members:
Also Present:
Steven Johnson
Gail Macdonald
Jack Ulmer
Jean Bryant
Joseph Charles
Walter Latimer
William Fann, Village
Attorney
Patricia Varney,
P lan Administrator
Scott Givens and
B ill Povey of NCNB
B ill Eickhoff of Eickhoff,
P ieper & Willoughby
Karen Cole and
Brian Roberts of
Merrill Lynch
Ray Dunleavy and
Joe Luksis of Sun Bank
Absent: Henry Courtney
1. Quarterly Investment Review
Mr. Bill Eickhoff reported that the fund is 99% invested
and has shown a 1.7% Increase In rate return for quarter
ending 9/30/91. The overall portfolio is up 23.6% since in-
ception.
Mr. Luksis of Sun Bank reported that the plan had a 6.45%
return for quarter ending 9/30/91 and a 18.96% increase since
the inception in February 1991.
Mr. Scott Givens of NCNB informed the Board that the Bond
Fund for quarter ending September 30, is up 5.8% and 16.2%
for year-to-date. As for the real estate, the bank is still
actively looking for buyers in the fund and hopefully another
cash disbursement in January of 1992. Mr. Givens also in-
formed the Board of the merger of C & S Banks with NCNB.
Mr. Roberts of Merrill Lynch informed the Board that since
1983 the Board has an opportunity loss of $2 million dollars
for the Pension Plan. Mr. Roberts suggested to have a
special meeting of the Pension Board to address this Issue.
Mr.Roberts reported that 16% of the Plan is allocated to
cash, 26% to fixed income, 14% to Real Estate and 44% to
equity as of September 30, 1991.
(Mayor Johnson left at 10:00 am to a previously scheduled
meeting and Ms. Macdonald assumed the Chairperson position
for the balance of the meeting.)
After further discussion, the Board agreed to evaluate the
performance of Eickhoff and Pieper after two quarters be-
ginning October 1, 1991.
The Board called a special meeting to be held on December
11, 1991 to discuss the Investment policy and the asset
allocation of the Plan.
•Sgt. Ulmer also suggested a discussion on the cost -of -
living adjustment clause to be added to the Plan.
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2. Actuarial Interview
Interviews were conducted for the following actuary firms:
The Wyatt Company
Martin E. Segal
Kruse, O'Connor & Ling
Ernst & Young
Ms. Macdonald stated some problems she had with Wyatt and the
Board took them into consideration. Ms. Varney stated that
Kruse, O'Connor & Ling was most efficient with their sample
report.
A motion was made by Mr. Latimer to accept Kruse, O'Connor
and Ling as Actuary to the Pension Board for the next 3
years. Mr. Charles seconded the motion and the motion passed
with the following vote; Mr. Charles, Mr. Latimer and Ms.
Macdonald YES; Sgt. Ulmer and Ms. Bryant NO.
3. A motion was made by Mr. Charles to approve the pension
benefit of 50% joint and contingency to Luther Estes. Mr.
Latimer seconded the motion and passed unanimously.
4. A motion was made by Sgt. Ulmer to approve payment to
Eickhoff and Pieper in the amount of $4230.06 for management
fees from 10/1/91 to 12/31/91. Mr. Charles seconded the
motion and passed unanimously.
5. A motion was made by Sgt. Ulmer to approve payment to
NCNB in the amounts of $6,821.94, $962, $2,425.54 and $265
totalling $10,474.48. Mr. Charles seconded the motion and
passed unanimously.
6. A motion to approve payment to Sun Bank In the amount of
$4,545.48 by Sgt. Ulmer was seconded by Mr. Charles and
passed unanimously.
7. Sgt. Ulmer made a motion to accept the Minutes of the
August 20, 1991 Pension Board meeting. Seconded by Ms.
Bryant and passed unanimously.
After polling of the Board the schedule of the next fiscal
years meetings Is as follows:
February 27, 1992
May 21, 1992
August 20, 1992
November 19, 1992
Ms. Bryant moved to adjourn the meeting and was seconded by
410 Sgt. Ulmer at 11:48 am.
Gall
r
Mayor Steffen Johnson
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acdonald, Secretary