08-12-1993 Regular Meeting•
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MIAMI SHORES VILLAGE
PENSION BOARD MEETING
AUGUST 12, 1993
The regular meeting of the Village of Miami Shores Pension Board
was called to order by Mr. William Heffernan at 8:00 a.m. The
following were in attendance:
Board Members:
Richard Trumble
Steve Johnson
William Heffernan
Joseph Charles
Walter Latimer
Tom Benton
Also Present: Patricia Varney, Plan Administrator
William Fann, Village Attorney
Mike Callaway, Merrill Lynch
Raymond Dunleavy, Sun Bank
Don Bryant, Barnett Bank Trust
Ann Thompson, Barnett Bank Trust
Steve Palmquist, Kruse, O'Connor and Ling
Absent: Officer Timothy Dearden
1. QUARTERLY INVESTMENT REVIEW
A. BARNETT BANK TRUST CO.
Mr. Don Bryant reported on the third quarter performance for
Barnett Bank Trust Company. The fund performance was down from
last quarter's. The total fund return for the quarter ending June
30, 1993 was 1.12%. The equity portion of the portfolio has a
negative return of -0.50%, while the fixed income portion has a
2.86% return.
B. SUN BANK
Mr. Raymond Dunleavy reported on the third quarter performance for
Sun Bank. The total fund return for the third quarter, ending June
30, 1993, was 1.97%. Equity return was 1.55% compared to .48% of
the S&P 500. Fixed income return was 2.88% compared to 2.9% of ML
Govt./Corp.
C. MERRILL LYNCH
Mr. Mike Callaway reported on the overall status of the Pension
fund. He reported that the two managers have added to the fund,
and are continuing to do a good job while performing within the
guidelines set by the Pension Board.
• The real estate position continues to offset any investment return
to the fund. Nations Bank showed a 9.6% actual loss on the real
estate fund for the quarter ending June 30, 1993. Actual loss
year-to-date is 9.9%.
Before moving to Item #2, the next Pension Board meeting was
rescheduled for Friday, November 12, at 8:0O a.m. due to November
11 being a holiday.
2. DISCUSSION AND POSSIBLE ACTION REGARDING AGE DISCRIMINATION IN
EMPLOYMENT ACT.
STom Benton addressed the letter received from Carson, Linn and
Adkins advising the Pension Board to reconsider changing the
effective date for eliminating the upper age bracket for employees
to join the City's Pension Plan from October, 1992, to January 1,
1988. Mr. Benton stated that there are threats of litigation in
this issue.
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Mr. Charles stated that he believes that it is just a threat. Mr.
Heffernan responded that the Board should listen to the legal
advice of the attorney.
Mr. Trumble moved that the effective date for eliminating the upper
age bracket for an employee to join the City's Pension Plan be
January 1, 1988. Mr. Johnson seconded the motion. Mr. Latimer,
Mr. Heffernan, Mr. Johnson and Mr. Trumble voted in favor of the
motion. Mr. Charles opposed.
3. REQUEST APPROVAL TO ENGAGE KRUSE, O'CONNOR AND LING FOR
REVISION OF PLAN SUMMARY.
Mr. Johnson moved to engage Kruse, O'Connor and Ling to revise the
plan summary. Mr. Latimer seconded the motion and it passed
unanimously.
4. REQUEST APPROVAL OF PAYMENT TO BARNETT BANK TRUST CO. IN THE
AMOUNT OF $6,874.47 FOR QUARTERLY MANAGEMENT FEE ENDING
6/30/93.
Mr. Charles moved to approve payment to Barnett Bank Trust Co. in
the amount of $6,874.47 for quarterly management fee ending June
30, 1993. Mr. Latimer seconded the motion and it passed
unanimously.
5. REQUEST APPROVAL OF PAYMENT TO SUN BANK IN THE AMOUNT OF
$8,363.41 FOR QUARTERLY MANAGEMENT FEE ENDING 6/30/93.
Mr. Charles moved to approve payment to Sun Bank in the amount of
$8,363.41 for quarterly management fee ending June 30, 1993. Mr.
Latimer seconded the motion and it passed unanimously.
6. REQUEST APPROVAL OF REIMBURSEMENT TO MIAMI SHORES VILLAGE IN
THE AMOUNT OF $35.97 FOR SERVICES RENDERED BY CARSON, LINN AND
ADKINS .
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Mr.'Latimer moved to approve reimbursement to Miami Shores Village
in the amount of $35.97 for service rendered by Carson, Linn and
Adkins. Mr. Trumble seconded the motion and it passed unanimously.
7. REQUEST APPROVAL OF REIMBURSEMENT TO MIAMI SHORES VILLAGE IN
THE AMOUNT OF $238 FOR THE RENEWAL OF FIDELITY BONDS.
Mr. Latimer moved to approve reimbursement to Miami Shores Village
in the amount of $238.00 for the renewal of Fidelity bonds. Mr.
Charles seconded the motion and it passed unanimously.
8. REQUEST APPROVAL OF PAYMENT TO STEMBLER, ADAMS AND SWEET IN
THE AMOUNT OF $7,700 FOR RENEWAL OF PREMIUM ON FIDUCIARY
RESPONSIBILITY BOND.
Mr. Johnson moved to approve payment to Stembler, Adams
in the amount of $7,700 for renewal of premium on
Responsibility Bond. Mr. Trumble seconded the motion and
unanimously.
Mrs. Varney asked for a motion to be made to insert
APPROVAL OF MR. HOMER HARRIS' RETIREMENT BENEFIT" as an
item in the agenda. Mr. Johnson moved to allow the item
on the agenda and Mr. Trumble seconded the motion.
unanimously.
and Sweet
Fiduciary
it passed
"REQUEST
emergency
to be put
It passed
9. REQUEST APPROVAL OF MR. HOMER HARRIS' RETIREMENT BENEFIT.
Mrs. Varney stated that Mr. Homer Harris had notified her of his
desire to retire as of September 1, 1993, after being employed by
the Village for 20 years. Mr. Harris has chosen the 50% Joint
Survivorship benefit, with a pension of $629.64 per month.
Mr. Johnson moved to approve Mr. Harris' pension benefits beginning
September 1, 1993. Mr. Latimer seconded the motion and it passed
unanimously.
10. APPROVAL OF MINUTES - MAY 13, 1993.
Mr. Latimer moved to approve the minutes of the May 13, 1993
Pension Board meeting and Mr. Trumble seconded the motion. It
passed unanimously.
11. THE MEETING WAS ADJOURNED AT 9:14 A.M.
Tom Benton, Secretary
it
William lief