12-11-1991 Regular Meeting•
MIAMI SHORES VILLAGE
PENSION BOARD MEETING DECEMBER 11, 1991
The meeting of the Village of Miami Shores Pension Board was
called to order by Mayor Steven Johnson at 8:15 a.m. The
following were In attendance:
Board Members:
Steven Johnson
Gall Macdonald
Jack Ulmer
Jean Bryant
Joseph Charles
Walter Latimer
Also Present: William Fann, Village
Attorney(arrived 9:30)
Patricia Varney,
Plan Administrator
Karen Cole,
Gerald Bott and
Mike Callaway of
Merrill Lynch
Absent: Henry Courtney
1. Mr. Mike Callaway of Merrill Lynch addressed the Board re-
garding the asset allocation of the Pension Plan. After
an extensive discussion, Sgt. Ulmer proposed to change the
asset allocation mix to a 60%/40% 60% In stocks and 40% In
fixed income or cash. Each Individual manager may invest a
maximum of 60% and a minimum of 40% In equities depending on
market conditions. The motion was seconded by Ms. Macdonald
and passed unanimously.
A special meeting was called for Monday January 13, 1992 at
8:30 am to review the draft of the investment policy and
recommendation of Investment managers to be presented by
Merrill Lynch .
Recess called at 9:40 am
Ms. Macdonald was called away at 9:50 am and returned at
10:15 am.
Meeting reconvened at 10:10 am.
411 2. Discussion of Cost -of -Living - Sgt. Ulmer addressed the
Board to propose a change In the ordinance for cost -of -living
adjustments for pension retirees. Sgt. Ulmer proposed to
take away the 3% Interest given to employees' contributions
annually and to use this to fund a 2 1/2% cost -of -living for
retirees. Mr. Fann reiterated that the function of the
Pension Board was to administer the Pension Plan and not to
change the Plan. That responsibility Is for the Village
Council.
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Sgt. Ulmer made a motion to get a quote for costs from Kruse,
O'Connor and Ling for a study of a cost -of -living Increase as
proposed by Sgt. Ulmer, and also the costs of a separate
study as to other alternatives for cost -of -living Increases
for the retirees as recommended by Kruse, O'Connor and Ling.
The motion was seconded by Mr. Latimer and passed
unanimously.
3. Sgt. Ulmer approved the minutes of the Pension Board meet-
ing of November 21, 1991, seconded by Mr. Latimer and passed
unanimously.
4. Mr. Charles moved to adjourn at 10:28 am.
Gall Macdonald, Secretary
Mayor Stev nson