11-19-1992 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING NOVEMBER 19, 1992
A meeting of the Village of Miami Shores Pension Board was
called to order by Chairman Johnson at 8:07 A.M. The
following were In attendance:
Board Members:
Also Present:
Mr. Steven Johnson
Lt. Jack Ulmer
Mr. Joseph Charles
Mr. Walter Latimer
Mr. Richard Trumble
Mr. Henry Courtney
Ms. Gall Macdonald
Patricia Varney, Pian Administrator
Mr. William Fann,
Village Attorney
Ms. Karen Cole of
Merrill Lynch
Mr. Don Bryant of
Barnett Bank
Mr. Joe Luksis and Mr. Ray Dunleavy
of Sun Bank
1. Quarterly Investment Review
Sun Bank - Mr. Luksis told the Board that the overall per-
formance of the Plan for the quarter was up 4.7% with an
asset allocation of 59.72% In stocks, 39.72 In fixed Income
and .56% in cash.
Barnett Bank - Mr. Bryant reported to the Board that the
portfolio had an overall return for the quarter of 4.78%,
with an asset allocation of 50% In stocks, 48% In fixed In-
come and 2% In cash.
Lt. Ulmer left the meeting at 8:45 a.m.
Merrill Lynch - Ms. Karen Cole reported that the total'fund
was up 4.4% for quarter ending September 30, 1992. Ms. Cole
also reported that both managers are performing well.
NationsBank still has 12.3% of the total portfolio In the
Real Estate Fund; therefore, It is affecting the overall per-
formance.
2. Discussion and approval of physician for examining Raymond
Newby regarding his application for disability benefits.
Mrs. Varney Informed the Board that Mr. Newby lived In
central Florida and,in case the Board decided to have Mr.
Newby examined by a physician In central Florida, she had
obtained a reference from the City of Sebring, Dr. Diana
Deane Carr. Her resume Is attached for the Board's review.
After much discussion, Mr. Courtney moved to request Dr.
Stein to conduct a medical exam on Mr. Newby and to request
the Village Manager to contact the attorney for FEC to
obtain copies of any available medical reports. Mr. Latimer
seconded the motion and it passed unanimously.
3. Discussion of quarterly meeting dates for 1993 Pension
Board meetings.
The Board deferred any action at this time until Mr. Callaway
at Merrill Lynch confirms his dates with the Pian Adminis-
trator.
4. Request approval of payment to Barnett Bank Trust Company
for the quarterly fee for period ending 9/30/92 In the amount
of $6,213.11.
Ms. Macdonald moved to approve payment to Barnett Bank Trust
Company. Mr. Latimer seconded the motion and it passed
unanimously.
5. Request approval of payment to NationsBank In the amount
of $2,616.28 for Real Estate Fund for quarter ending 9/30/92.
Mr. Charles moved to deduct the fees from the account with
NationsBank. Mr. Courtney seconded the motion and It passed
unanimously.
Mr. Charles also requested to have a representative from
NationsBank at the next Pension Board meeting. Ms. Cole
stated she will arrange to have a representative present.
6. Request approval of payment to Sun Bank In the amount of
$7653.67 for quarterly management fee for period ending
September 30, 1992.
Mr. Courtney moved to approve payment to Sun Bank in the
amount of $7653.67. Mr. Latimer seconded the motion and it
passed unanimously.
Ilk 7. Request approval of reimbursing Miami Shores Village In
the amount of $613.17 for services rendered by Carson, Linn &
Adkins regarding pension matters.
Mr. Courtney moved to approve payment. Mr. Charles seconded
the motion and it passed unanimously.
8. Request approval of payment to Kruse, O'Connor & Ling in
the amount of $1,178 for services rendered regarding calcu-
lation of Impact on benefit changes for police officers.
Mr. Courtney moved to approve payment and Ms. Macdonald
seconded the motion and it passed unanimously.
9. Approval of the Minutes of August 20, 1992 meeting.
Mr. Charles moved to approve the minutes as submitted. Mr.
Latimer seconded the motion and it passed unanimously.
A motion was made at 9:24 a.m. to adjourn the meeting.
Gall Macdonald, Secretary
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Steven ohnson, Mayor