11-13-1997 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD
NOVEMBER 13, 1997
The regular meeting of the Miami Shores Village Pension Board was held on Thursday, November
13, 1997 in the Chamber of the Village Hall. The meeting was called to order at 8:05 A.M. with the
following members present:
Present: Mary Ross Agosta, Mayor
Joseph Charles
Officer Timothy Dearden
Ellen Friberg
Richard Trumble
Michael R. Couzzo, Jr.
Absent: Louis S. Imburgia, Jr.
Also Present: Patricia Varney, Plan Administrator
1. INTRODUCTION OF NEW BOARD MEMBER.
Mrs. Ellen Friberg was introduced as the new Board member.
2. APPOINTMENT OF BOARD SECRETARY
Officer Dearden moved that Ellen Friberg be appointed as Secretary. Mr. Trumble seconded the
motion and the vote was unanimous in favor.
3a. INVESTMENT REPORT FROM MR. MICHAEL ALOIAN, STI CAPITAL
MANAGEMENT
Mr. Aloian reported that the total return for the quarter was 5.22%. The quarterly return on the fixed
income fund was just under the Lehman Gov't Corp of 3.51% with a return of 3.37%. The equity
fund return was just under the S&P 500 return of 7.49% with 7.31%.
3b. INVESTMENT REPORT FROM MR. JEFF SWANSON, MERRILL LYNCH
Due to a flight delay, Mr. Swanson was unavailable to deliver the Merrill Lynch investment report.
4. REQUEST APPROVAL OF RETIREMENT BENEFITS FOR PHILIP CAMPORA
Mrs. Varney explained that the employee requested retirement effective November 1, 1997. Because
the Pension Board meeting was scheduled after the requested date of retirement, retroactive benefits
for the month of November will be paid in December. Mr. Campora is choosing 50% survivor
annuity with benefits in the amount of $2,811.13. Officer Dearden moved to approve retirement
benefits for Philip Campora with a second by Mr. Trumble. The vote was unanimous in favor.
•
Pension Board November 13, 1997 Page 2
5. REQUEST APPROVAL OF RETIREMENT BENEFITS FOR JEAN BRYANT
Mrs. Varney explained that Mrs. Bryant has applied for early retirement benefits effective January 1,
1998. She has chosen 100% joint and contingent in the amount of $417.01. Mr. Trumble moved for
approval of retirement benefits to Jean Bryant. Officer Dearden seconded the motion. The vote was
unanimous in favor.
6. DISCUSSION AND POSSIBLE ACTION REGARDING ATTENDANCE A THE
INSTITUTE FOR INTERNATIONAL RESEARCH CONFERENCES
Mr. Couzzo informed the Board of two upcoming conferences regarding defined benefit and defined
contribution pension plans. He noted that for the Board to remain current on the various options
available, representative(s) from the Board should attend the conferences.
Officer Dearden moved that Mrs. Varney attend the 3th Annual Trustee Educational Forum February
17th & 18" in New Orleans. Mr. Trumble seconded the motion and the vote was unanimous in favor.
Mr. Couzzo moved that Mayor Ross Agosta also attend the conference and should Mrs. Agosta not
be able to attend, Mrs. Friberg will. Mr. Trumble seconded the motion and the vote was unanimous
in favor.
Discussion regarding attendance at the defined contribution vs defined benefit conference ensued.
Mr. Charles suggested that only one member attend this conference to allow a representative to
attend various other conferences on a more frequent basis. Officer Dearden moved that a Board
representative attend the DB vs. DC for Public Retirement Systems conference January 15`" & 16th
in Orlando. Mr. Charles seconded the motion. The vote was unanimous in favor. Mr. Charles
moved that Mr. Trumble attend the conference. Mr. Couzzo seconded the motion and the vote was
unanimous in favor.
7a. REQUEST APPROVAL OF PAYMENT TO SUNTRUST
Mrs. Vamey noted that the fee schedule quoted to the Village in August was incorrect. Thus, there
was a minimal increase in the fees. Mrs. Susan Conerly, SunTrust, replied that the difference was a
nominal $24.00. Officer Dearden moved for approval of payment to SunTrust in the amount of
$24,332.44 for quarterly management fees ending September 30, 1997. Mr. Trumble seconded the
motion. The vote was unanimous in favor.
7b. REQUEST APPROVAL OF REIMBURSEMENT TO MIAMI SHORES VILLAGE
Mrs. Friberg moved to approve reimbursement to Miami Shores Village in the amount of $482.00
for Barnett Bank administrative fees for the period ending July 31, 1997. Mr. Trumble seconded the
motion and the vote was unanimous in favor.
•
•
Pension Board November 13, 1997 Page 3
7c. REQUEST APPROVAL OF PAYMENT TO GABRIEL, ROEDER, SMITH & CO
Officer Dearden moved to approve payment to Gabriel, Roeder, Smith & Company in the amount
of $1,875.00 for Regular Annual Services. Mr. Trumble seconded the motion and the vote was
unanimous in favor.
8. REQUEST APPROVAL OF DATES FOR 1998 PENSION BOARD MEETINGS
Officer Dearden moved to approve the 1998 Pension Board dates as submitted. Mr. Trumble
seconded the motion and the vote was unanimous in favor.
9. APPROVAL OF THE AUGUST 14, 1997 MINUTES
Officer Dearden moved to approve the August 14, 1997 minutes as submitted. Mr. Trumble
seconded the motion and the vote was unanimous in favor.
10. OTHER BUSINESS
Mrs. Varney suggested that as Mr. Swanson, Merrill Lynch was not in attendance, the Board accept
the report as submitted. Mr. Trumble so moved with a second from Officer Dearden. The vote was
unanimous in favor.
12. ADJOURNMENT
The November 13, 1997 meeting of the Pension Board was adjourned at 8:50 A.M.
Ellen Friberg, Secretary
Ross Agosth Chairwoman