11-10-1994 Regular Meeting•
MIAMI SHORES VILLAGE
PENSION BOARD MEETING
NOVEMBER 10, 1994
The meeting of the Miami Shores Village Pension Board was held on
November 10, 1994, at Miami Shores Village Hall. The meeting was
called to order by Mr. William Heffernan at 8:04 A.M. The
following were in attendance:
Board Members:
William J. Heffernan
Michael R. Couzzo, Jr.
Richard Trumble
Tim Dearden
Joseph Charles
Steve Johnson
Absent: Walter Latimer
William Fann, Village Attorney
Also present:
Don Bryant, Barnett Bank Trust
Phillip Robert, Sun Bank
Raymond Dunleavy, Sun Bank
Jeff Swanson, Merril Lynch
Karen Cole, Merrill Lynch
Patricia Varney, Plan Administrator
1. REPORT FROM DON BRYANT, BARNETT HANK
Mr. Bryant from Barnett Trust reported that the account return
for the fourth quarter ending September 30, 1994 was 2.96%.
The fixed income return was .58% compared to .50% from Lehman
Government Group. The equity investment return was 5.00%
compared to 4.88% from the S&P 500 Indx.
2. REPORT FROM PHILLIP ROBERT, SUN BANK
Mr. Robert from Sun Bank reported that the account return for
the fourth quarter ending September 30, 1994 was 2.72%. The
equity return for the fourth quarter was 4.34% compared to
4.87% from the S&P 500 Indx. The fixed income return
indicated a gain of 0.27% compared to a gain of 0.50% from
Lehman Government Group.
3. REPORT FROM JEFF SWANSON, MERRILL LYNCH
Mr. Swanson from Merrill Lynch Consulting Services reported
that the Pension Fund portfolio earned a 2.7% return for the
fourth quarter. It ranked in the bottom 46% of other funds.
For the last 2 years, Sun Bank has earned 7.7% per year on
average ranking in the top 39%, while Barnett Bank has
rendered a total return of 4.1% which ranked in the bottom
19%.
4. REQUEST FOR APPROVAL OF CHIEF ZOOVAS' RETIREMENT BENEFIT
Mr. Dearden moved to approve Chief Zoovas' pension benefit in
the amount of $4,298.26 per month effective January 1, 1995.
The motion was seconded by Mr. Trumble and it was passed
unanimously.
5. REQUEST FOR APPROVAL OF A THREE YEAR ACTUARIAL CONTRACT TO
KRUSE, O'CONNOR AND LING
After initial discussion from Mr. Charles regarding a three
year contract, Mr. Couzzo made a motion to award a three year
pricing contract with an annual renewal clause, to Kruse,
O'Connor and Ling. The motion was seconded by Mr. Charles and
it was passed unanimously.
6. REQUEST FOR APPROVAL OF DATES FOR 1995 QUARTERLY PENSION BOARD
MEETINGS
Mr. Couzzo moved to approve dates for the 1995 Pension Board
Meetings. The motion was seconded by Mr. Trumble and it was
passed unanimously.
7. REQUEST FOR APPROVAL OF PAYMENT TO BARNETT BANK
Mr. Johnson moved to approve payment to Barnett Bank in the
amount of $7,150.44 for quarterly management fees ending
September 30, 1994. Mr. Charles seconded the motion and it
was passed unanimously.
8. REQUEST FOR APPROVAL OF PAYMENT TO SUN BANK
Mr. Johnson moved to approve payment to Sun Bank in the amount
of $9,091.03 for quarterly management fees ending September
30, 1994. The motion was seconded by Mr. Charles and it was
passed unanimously.
9. REQUEST FOR APPROVAL OF PAYMENT TO KRUSE, O'CONNOR AND LING IN
THE FORM OF THREE INSTALLMENTS
Mr. Johnson moved to approve the first two installments to
Kruse, O'Connor and Ling. The motion was seconded by Mr.
Dearden and it was passed unanimously. The third installment
•
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will be an agenda item for the February 9, 1995 Pension Board
Meeting.
10. REPORT FROM PLAN ADMINISTRATOR
Ms. Varney advised the Board that NCNB has deducted fees for March
management fees from the portfolio. Mayor Heffernan advised Ms.
Varney to write a letter to NCNB informing them that we are
objecting the payment of these fees.
11. REQUEST FOR APPROVAL OF MINUTES FROM MEETING OF AUGUST 11, 1994
Mr. Dearden moved to approve the Minutes of the August 11, 1994
Pension Board Meeting. Mr. Charles seconded the motion and it was
passed unanimously.
12. THE MEETING WAS ADJOURNED AT 9:30 A.M.
Michael R. Cou
ecretary
William J. Heffernan, Mayor