02-11-1993 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING
FEBRUARY 11, 1993
A meeting of the Village of Miami Shores Pension Board was
called to order by Chairman Johnson at 8:10 A.M. The follow-
ing were In attendance:
Board Members:
Also Present:
Mr. Steven Johnson
Mr. Joseph Charles
Officer Tim Dearden
Mr. Walter Latimer
Mr. Henry Courtney
Mr. Richard Trumble
Ms. Gail Macdonald
Mrs. Patricia Varney,
Plan Administrator
Mr. William Fann, Village Attorney
Mr. Steve Palmquist and
Ms. Barbara Ochipintl of
Kruse, O'Connor & Ling
Mr. Joe Luksis and Mr. Ray Dunleavy
of Sun Bank
Mr. Don Bryant of Barnett Bank Trust
Mr. Tom Cochran of NCNB
Ms. Karen Cole of Merrill Lynch
1. Introduction of new Pension Board member.
With the retirement of Lt. Ulmer, Mrs. Varney Introduced
Officer Timothy Dearden as the new Police representative to
the Pension Board.
2. Quarterly Investment Review
Sun Bank - Mr. Joe Luksis reported the first quarter Is off
to a good start and the fund Is performing well. The total
fund return for the quarter ending December 1992 was 4.9%.
NCNB - Mr. Tom Cochran reported the Real Estate Fund Is per-
forming well. Mr. Cochran also stated that at the end of the
fourth quarter of this year, NCNB will be offering a proposal
of a "standby trust" funded by NationsBank, to allow plans
who want to terminate their fund to receive their Investment
back earner rather than to wait for liquidation. This
process is under review by various regulatory agencies as
well as the Department of Labor.
Barnett Bank - Mr. Don Bryant reported that the portfolio Is
performing well. The total fund return for quarter ending
December 1992 was 3.4%
Merrill Lynch - Ms. Karen Cole reported the overall gain for
the 1st quarter was very good and the two managers have done
a fine Job with the Equity portfolio. She also stated that
the Real Estate portion Is being handled as best as It can be
at this point In time and that the Real Estate portion pre-
vents the portfolio from showing a larger gain.
Mr. Courtney was called away at 9:30 A.M.
3. Discussion and possible action regarding Older Workers
Benefit Protection Act.
Mrs. Varney opened the discussion stating that the Board,
besides deciding the benefit effective date, needs to address
the retro contribution date for the four potential em-
ployees. According to Sec 18-48 of the Pension Ordinance,
"if any employee remains In service of the Village for the
ten years or more, his creditable service shall be computed
from his date of employment". Employee pension contributions
do not start until the second year of service. Mr. Fann
recommended that the Board address the Issue of effective
date separate from the benefit to be retro for the four em-
ployees. After much discussion, Mr. Latimer moved to
recommend the effective date for eliminating the upper age
limit be October 1, 1992. Mr. Charles seconded the motion
and it passed unanimously. The Board also appointed Kruse,
O'Connor & Ling to prepare the Impact statement and decided
that the four employees should not contribute to the Plan
until October 1993.
4. Presentation of 1992 Actuarial Report.
Mr. Palmquist Introduced his assistant, Ms. Barbara Ochipintl,
to the Board. Mr. Palmquist presented the Actuarial Evalu-
ation Report for fiscal year ending September 1992. Contri-
butions for FY 1994 are protected to be $179,902. The Plan is
In sound fiscal position.
Mr. Johnson was called away at 10:12 A.M.
Ms. Macdonald, substituting as Chairperson, called a recess
at 10:15 A.M. and reconvened at 10:25 A.M.
5. Request approval of payment to Barnett Bank Trust Company
in the amount of $6,636.61 for the quarterly management fee
ending December 31, 1992.
Mr. Latimer moved to approve payment In the amount of
$6,636.61 to Barnett Bank Trust Company for the quarterly
management fee ending December 31, 1992. Mr. Charles second-
ed the motion and It passed unanimously.
•
6. Request approval of payment to Kruse, O'Connor & Ling in
the amount of $7,320 for annual fee and services rendered.
Mr. Latimer moved to approve payment In the amount of
$7,320 to Kruse, O'Connor & Ling for annual fee and services
rendered. Mr. Trumble seconded the motion and it passed
unanimously.
7. Request approval of payment to Sun Bank In the amount of
$7,963.63 for quarterly management fee.
Mr. Latimer moved to approve payment In the amount of
$7,963.63 to Sun Bank for quarterly management fee. Mr.
Trumble seconded the motion and it passed unanimously.
8. Request approval of reimbursement to Miami Shores Village
In the amount of $250.03 for services rendered by Carson,
Linn and Adkins.
Mr. Latimer moved to approve payment In the amount of $250.03
to Carson, Linn and Adkins for services rendered. Mr.Trumble
seconded the motion and it passed unanimously.
9. Approval of the Minutes of the January 12, 1993 meeting.
Mr. Latimer moved to approve the Minutes of the January 12,
1993 meeting. Mr. Trumble seconded the motion for dis-
cussion.
Ms. Macdonald stated that the wording on Item 10 - Approval
of Lt. Jack Ulmer's retirement benefit, needed to be further
clarified. After further discussion, Mr. Latimer withdrew
his previous motion and moved to defer approval of the
Minutes until further clarification of this item on the
January 12, 1993 Minutes. Mr. Trumble seconded the motion
and it passed unanimously.
10. A motion for adjournment was made at 11:03 A.M.
• Gal Mac•onald, Secretary
Steven J n n, Mayor