01-29-1965 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING -- JANUARY 29, 1965
A meeting of the Miami Shores Village Pension Board was held
on January 29, 1965, 10:00 A.M. at the Village Hall. The following
members were present:
Mayor Ray L. Clement, Chairman
C. Lawton McCall, Village Manager
Stuart A. Senneff, Chief of Police
Mrs. David Cunningham, citizen
Mr. J. Harrell Powell, citizen
J. hn W. McIntyre, employee representative
Also present: Mr. James E. Shively, representing The Wyatt Co.
Mr. Dean R. Claussen, Councilman
Absent: Mr. John F. Saxon, Councilman
Minutes of the last meeting were approved upon motion duly
made and passed.
Mr. James E. Shively of the Wyatt Co. was introduced by Mr.
McCall who had asked him to make a proposal on taking over the actuarial
duties for the Village. The proposal for the annual actuarial audit was an
estimate of between five hundred and eight hundred dollars depending on
the time spent. Mr. Shively made a few suggestions on changing the Pension
Plan. e The first was to discontinue the use of the 1937 mortality table and
to leave it up to the actuary as to what actuarial table to be used. It was
his suggestion to use 3-1/2% instead of 3% in figuring interest on invest-
ments. These two changes would offset each other as far as costs are
concerned. He also suggested that other options at retirement be written
in the plan instead of just the one option of reversionary annuity.
Mrs. Cunningham moved that the Village hire the Wyatt Co. ,
represented by Mr. Shively, as actuaries for the Pension Plan. Motion
was seconded by John McIntyre and passed unanimously.
It was suggested that we have quarterly or semi-annual meetings
and it was agreed that the next meeting would be shortly after receiving
the actuarial report from the Wyatt Co.
The meeting adjourned at 11:12 A.M.
Respectfully submitted,
APPROVED:
Chairman
:Secre,tary