05-12-1994 Regular Meeting•
MIAMI SHORES VILLAGE
PENSION BOARD MEETING
MAY 12, 1994
The meeting of the Village of Miami Shores Pension Board was called
to order by Mr. Steve Johnson at 8:05 A.M. The following were in
attendance:
Board Members:
Absent:
Also present:
Richard Trumble
Tim Dearden
Joseph Charles
Walter Latimer
Steve Johnson (Acting Chairman)
Michael R. Couzzo, Jr.
William J. Heffernan (Chairman)
Patricia Varney, Plan Administrator
William Fann, Village Attorney
Raymond Dunleavy, Sun Bank
Mike Callaway, Merrill Lynch
Don Bryant, Barnett Bank Trust
Ann Thompson, Barnett Bank Trust
1. APPOINTMENT OF ACTING CHAIRMAN
Mr. Charles made a motion to appoint Mr. Johnson as Acting
Chairman. The motion was seconded by Mr. Latimer and it was
passed unanimously.
2. APPOINTMENT OF ACTING SECRETARY
Mr. Charles made a motion to appoint Mr. Latimer as the Acting
Secretary. Mr. Trumble seconded the motion and it was passed
unanimously.
3. MERRILL LYNCH REPORT BY MR. MIKE CALLAWAY
Mr. Callaway from Merrill Lynch consulting services reported
that Sun Bank's total portfolio return earned a -3.1% return,
while Barnett Bank had a total return of -3.6%. From the last
1.75 years since adoption of the balanced fund strategy, Sun
Bank has earned 9.2% per year and an average ranking in the
top 33%, while Barnett Bank has rendered a return of 6.8% and
ranked in the bottom 26%. This is mainly due to below average
performance in the equity portfolio. Mr. Callaway also
reported that for the first time in many quarters, the fund
value has declined because of the performance of the market.
4. REPORT FROM DON BRYANT, BARNETT BANK
Mr. Bryant from Barnett Trust reported that the account return
for the second quarter, ending March 31, 1994, was -3.78%.
The fixed income return was -3.39%, compared to -3.14% of
Lehman Government Group. The equity investment return was
-3.81%, compared to -3.79% of S&P 500.
5. REPORT FROM RAYMOND DUNLEAVY, SUN BANK
Mr. Dunleavy from Sun Bank reported that the account return
for the second quarter, ending March 31, 1994 was -2.60%. The
equity return for the second quarter was -2.43%, compared to
-3.79% of the S&P 500 Index. The fixed income return
indicated a loss of 2.89% compared to a loss of 3.15% of
Lehman G/C.
6. REQUEST FOR APPROVAL OF JUAN LAUZARDO'S PENSION BENEFIT
Mr. Trumble moved to approve Mr. Lauzardo's pension benefit in
the amount of $876.07 per month effective May 1, 1994. Mr.
Latimer seconded the motion and it was passed unanimously.
7. REQUEST FOR APPROVAL OF PAYMENT TO BARNETT BANK
Mr. Latimer moved to approve payment to Barnett Bank Trust Co.
in the amount of $7,314.81. The motion was seconded by Mr.
Trumble and it was passed unanimously.
8. REQUEST FOR APPROVAL OF BARNETT ADMINISTRATION SERVICES
Mr. Latimer moved to approve payment to Barnett Bank in the
amount of $864.00 for administration services from 7/1/93 to
12/31/93. Mr. Trumble seconded the motion and it was passed
unanimously.
9. REQUEST FOR APPROVAL OF PAYMENT TO SUN BANK
Mr. Latimer moved to approve payment to Sun Bank in the amount
of $8,929.61 for quarterly management fees ending March 31,
1994. Officer Dearden seconded the motion and it was passed
unanimously.
10. REQUEST FOR APPROVAL OF REIMBURSEMENT
Mr. Latimer moved to approve reimbursement to Miami Shores
Village in the amount of $127.00 for printing of Pension Plan
Books by Abbot Printing. Mr. Trumble seconded the motion and
it was passed unanimously.
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11. REQUEST FOR APPROVAL OF PAYMENT TO STEMBLER, ADAMS AND SWEET
Officer Dearden moved to approve payment to Stembler, Adams
and Sweet in the amount of $171.00 for the renewal of Fidelity
Bonds. Mr. Trumble seconded the motion and it was passed
unanimously.
12. REQUEST FOR APPROVAL OF MINUTES FROM MEETING OF FEBRUARY 10,
1994
Officer Dearden moved to approve the minutes of the February
10, 1994 Pension Board Meeting. Mr. Trumble seconded the
motion and it was passed unanimously
13. REPORT FROM PLAN ADMINISTRATOR
Ms. Varney informed the Board that Mr. Lee Dehner is the
attorney representing the Clearwater Fire Pension Fund and
Leesburg Police Funds. He is in the process of pursuing the
reimbursement of management fees charged by NCNB Real Estate
Fund. As of March 31, 1994, NCNB has debited the Village
investment $25,136.21 for management fees since the fund was
frozen. Mr. Dehner stated the city could join the other two
funds, and the cost of $180.00 per hour will be split by three
cities. After thorough discussions, the Board decided to have
a representative from NCNB to attend the next board meeting
before any decisions will be made.
14. THE MEETING WAS ADJOURNED AT 9:40 AM.
Steve Jnson, Acting Mayor