01-13-1992 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING JANUARY 13, 1992
The meeting of the Village of Miami Shores Pension Board was
called to order by Mayor Steven Johnson at 8:35 a.m. The
following were in attendance:
Board Members:
Also Present:
Absent:
Steven Johnson
Gall Macdonald
Jack Ulmer
Jean Bryant
Walter Latimer
Joseph Charles arrived at 8:50 am
Patricia Varney,
Plan Administrator
Karen Cole, and
Mike Callaway of
Merrill Lynch
Mr. Bill Fann, Village Attorney
1. Mr. Steve Palmquist of Kruse, O,'Connor and Ling discussed the quote
the Board had requested regarding the cost estimate of 2.5% COLA to the
pension retirees. After the discussion, Sgt. Ulmer made a motion to
accept Kruse, O'Connor & Ling's proposal for the cost of $1,000 to
$1,200 (including attending special meetings) of calculating the impact
of an automatic 2.5% COLA adjustment to retirees. The motion was
seconded by Mr. Latimer and passed unanimously.
2. Mr. Michael Callaway of Merrill Lynch discussed with the Board the
proposed changes In the investment policy of the Pension Plan. After a
lengthy discussion, Sgt. Ulmer made a motion to submit the proposed
changes of the investment policy to Mr. Jim Linn for his legal opinion
of the investment policy. The motion was seconded by Ms. Macdonald and
passed unanimously.
Mr. Latimer was called away at 9:50 am.
A break was called at 9:55 am.
The meeting reconvened at 10:05 am.
After further discussion with Mr. Callaway, Ms. Macdonald made a motion
to adopt a Balanced Management Policy for the pension plan. Mr.
Courtney seconded the motion and passed unanimously.
Mr. Courtney made a motion to interview three different investment
managers (Sun Bank Capital Management, Invesco Capital Management, and
Barnett Banks Trust) prior to the February 27,:1992 quarterly pension
board meeting. The motion was seconded by Sgt. Ulmer and passed
unanimously.
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3. Ms. Macdonald made a motion to approve the Minutes of the. December
11, 1991 Pension Board meeting. Mr. Charles seconded the motion and
passed unanimously.
4. Sgt. Ulmer made a motion to adjourn at 10:50 am.
Mayor Ste06n Johnson
acdonald, Secretary