08-20-1992 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING AUGUST 20, 1992
A meeting of the Village of Miaml Shores Pension Board was
called to order by Chairman Johnson at 8:05 A.M. The follow-
ing were In attendance:
Board Members:
Also Present:
Mr. Steven Johnson
Lt. Jack Ulmer
Mr. Joseph Charles
Mr. Walter Latimer
Mr. Richard Trumble
Mrs. Patricia Varney,
Plan Administrator
Mr. William Fann,
Village Attorney
Ms. Karen Cole and
Mr. Mike Callaway of
Merrill Lynch
Mr. Don Bryant and
Ms. Ann Thompson of
Barnett Bank
Mr. Joe Luksis and
Mr. Ray Dunleavy of
Sun Bank
Absent: Ms. Galt Macdonald
Mr. Henry Courtney
1. Mrs. Varney Introduced new Board member, Mr. Richard Trumble,
as the replacement to Mrs. Bryant, general employee representative
to the Pension Plan.
2. Quarterly Investment Review
1. Mr. Mike Callaway of Merrill Lynch addressed the Board and
explained that the Investment loss of the portfollo of approxlmate-
ly $59,000 was due to the timing of the market during the tran-
sition from NCNB to Barnett Trust and Sun Bank. He also reported
that both Sun Bank and Barnett are performing very well with the
high quality and well diversified portfolio.
2. Mr. Don Bryant of Barnett Bank Trust reported that the total
performance return from May 31, 1992 to July 31, 1992 was 2.82%.
He also stated that the portfolio Is doing well for such a short
period of time.
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• Gail
3. Mr. Joe Luksis of Sun Bank reported the portfolio was up
1.23% for quarter ending 6/30/92. Mr. Luksis Informed the Board In
order to comply with the new adopted Village Investment policy,
they have to switch the Investment from Corporate Equity Fund to
High Grade Equity Fund.
4. Ms. Cole of Merrill Lynch reported that the monies Invested
In the Real Estate Fund were not being distributed at this time and
that it would be best to Just wait and see what develops.
Mr. Latimer left the meeting at 8:45 A.M.
3. Approval of Invoice In the amount of $2,623.85 for NCNB Real
Estate Fund for quarter ending 6/30/92.
Mrs. Varney reported that she had a discussion with Mr. Callaway
regarding the payment of this invoice. Mr. Callaway suggested not
to pay the invoice submitted and have NCNB deduct the fee from the
real estate portfolio.
After further discussion, Lt. Ulmer moved to have the fee for this
Invoice be deducted from the account. Mr. Trumble seconded the
motion and it passed unanimously.
4. Approval of Sun Bank management fee for quarter ending 6/30/92
In the amount of $7,299.80.
Lt. Ulmer moved to approve payment to Sun Bank In the amount of
$7,299.80. Mr Charles seconded the motion and It passed unanimous-
ly.
5. Request approval of the Minutes of the July 23, 1992 Pension
Board meeting.
Mr. Charles moved to approve the Minutes of the July 23, 1992
Pension Board meeting. Mr. Trumble seconded the motion and it
passed unanimously.
6. A motion for adjournment was made at 9:15 A.M.
acdonald, Secretary
Steven Joh ry bn,, halrman