01-17-1967 Regular Meeting•
MIAMI SHORES VILLAGE
,PENSION BOARD MEETING -- JANUARY 17, 1967
A meeting of the Miami Shores Village Pension Board was
held on January 17, 1967, 3:00 P.M., at the Village Hall.
The following members were present:
Mayor Dean R. Claussen, Chairman
Raymond L. Clement, Councilman
Mrs. David Cunningham, Citizen
C. Lawton McCa11, Village Manager
Stuart A. Senneff, Chief of Police
John W. McIntyre, Employee representative
Absent:
Mr. J. Harrell Powell, Citizen
Minutes of the last meeting were approved as corrected.
Motion for the approval of the Little River Bank & Tr. Co.
invest program as outlined in their letter of Jan. 6, 1967was
made by Mr. Raymond L. Clement, seconded by Chief S. A. Senneff
and passed.
The Wyatt Co. certification of the late retirement benefit
of Robert J. Patrick in the amount of $143.20 per month for
life, was read by the Secretary. Motion for acceptance was
made by Mrs. David Cunningham, seconded by Mr. Clement and
passed.
Motion to ask The Wyatt Co. for their interpretation of
our pension ordinance on vested interest after 10 years
service and age 60 as it refers to the retirement of William
Svigals seconded and passed.
It was agreed that The Wyatt Co. for a fee of $50.00 to
$100.00 be asked to figure the pension cost if the Village
gave the first year service to employees after completing
10 years of service.
The meeting adjourned at 3:36 P. M.
APPROVED:
A
Chairman
Res•ectfuUv submitted
itoi
4c -tom
Pension Board
Miami Shores Pension Plan
Miami Shores9 Florida
Gentlemens
Date: l L -J • ��(�
I hereby apply for a service retirement annuity in
accordance with the provisions .ons of Miami Shores Pension ,Flan to
Ake effect as of ,AmH 3#.4/f7 , as of which
date I discontinued service`with Miami Shores Village.
I desire to avail myself of the Reversionary Annuity
Option under the Pian and hereby designate my IA/`14F
who is dependent upon met as my beneficiary. I wish to provide
for my beneficiary an annuity equal, to % of the amount of
my annuity.
I was born on -Ta4' /fut./*
My beneficiary was born on aO�' /9t)./*
* To be verified by the Bq rd.
1
ORPHANS' COURT OF LEHIGH COUNTY. PA. — MARTIN J. COYNE. PRESIDENT JUDGE
COMMONWEALTH OF PENNSYLVANIA' l
COUNTY OF LEHIGH d
L RUSSELL. F. C. RENTER. Clerk of the Orphans' Court in and for the County aforesaid,
DO HEREBY CERTIFY. That the following is a true and correct copy of the records relating to the birth of
Robert J. Patrick
in said office.
full and entire as the same appeareth of record
Name_.».._....... Patrick ( not named .�....». •••••••••••••••••••••••••® Color_»..........
Date of It' July 29,1901 place of Birth
»:. _- --»...Catas„a..Rc,L ,R,,, U,.»,,,...,
Name of Father Robert Patrick
Residence».»_._». Cat asausLua,. Pa .
Name of Mother
Hannah Patrick
Occupation of Father........ Laborer . --Date 'of Record».»?5»:22..:12.Q? »». Vol».....,..».2.... Page.........71.....
IN Wrrantas WHEREOF, I have hereunto set my hand and official seal,
at Allentown, Pennsylvania, this.. 29th
day of...»..».::.»»....»»April ».»»»»:.....»....»:.«»..
fr 149
41.0
apw
»...itY.4:Y h�M A.a ..MA EIGN GILL».»._....»..»..»•.».
Wrr OfphaYa' Cour
`"`"A.�i e.ac ate,- or on..Z. o
MIAMI SHORES VILLAGE
Calculation of Late Retirement Benefit
1. Name Robert J. Patrick
2. Date of birth July 29, 1901
3. Date of employment June 1, 1948
4. Normal retirement date August 1, 1966
5. Late retirement. date March 31, 1967
6. Credited service 17.833 years
7. Final average monthly compensation ($24,102.50 60) $401.71
Year
Number of
Months Paid
Amount
1962 12 $ 4,750.00
1963 12 4,750.00
1964 12 4,800.00
1965 12 4,810.50
1966 12 4,992.00
60 $24,102.50
8. Monthly retirement benefit, payable for life, commencing
4-01-67 (.02)($401.71)(17.833) $143.20
Based on information supplied by the Village and the provisions of the plan,
the first monthly payment will be payable on April 1, 1967, the first day of the
month following the late retirement date for Robert J. Patrick, in an amount, in
the normal form, of $143.20, with further monthly payments payable on the first day
of each succeeding month, with the last payment being the payment due the first day
of the month in which death occurs.
Certified. by: THE WYATT COMPANY
Actuaries for. Plan
Prepared by: 44 444"4/ Reviewed by: • - �.
Rose Dawley es E. Shively
Miami Office 'onsultant - Miami Office
WILLIAM BARAKET
Ice President end Truet Officer
LITTLE RIVER BANK A ND TRUST COMPANY
CORNER N. E. 2,40 AVENUE AND 8O1.H TERRACE
MIAMI 38, FLORIDA
January 6, 1967
Mr. C. Lawton McCall, Village Manager
Miami Shores Village
10050 N.E. Second Avenue
Miami Shores, Florida 33138
Member
FEDERAL RESERVE SYSTEM
Re: P-222 Trust U/A with Miami Shores Village - Pension
Dear Mr. McCall:
Your pension contribution check in the amount of $35,000.00 was received this
morning, which bringsthe available funds for investment up to approximately
$40,400.00 (including present principal and income cash balances). The account
was given particular attention in yesterday's meeting of our Trust Committee,
who recommends the following investments:
Amount
No. of Shs Description Mkt. Market Est. Yield
Value Income
$10,000 Northern Nat'l Gas Deb.5-1/8%, 11/1/79 95-1/2 9,550.00 512.50 5.37
100 shs Standard Oil Co. of New Jersey *) 62-7/8 6,287.50 330.00 5.2
300 shs Pacific Lighting 27-7/8 8,362.50 450.00 5.4
100 shs Bethlehem Steel Co. **) 31 3,100.00 180.00 5.8
100 shs Norfolk and Western Railway 98 9,800.00 650.00 6.6
37,100.00 2,122.50 5.72
( *) 200 shs now held)
(**) 200 shs now held)
If the above program is carried out, the assets in the account will be apportioned
approximately 50% to Bonds and Stocks. If the recommendations meet with your and the
',.Pension Board's approval, we would appreciate your signing and returning to us the
ttacbed carbon copy of this letter.
GS
Encls.
Sincerely,
Vice President
and Trust Officer
Copies to: Council, Village Attorney, Pension Board, 1/4/67
CHICAGO
CLEVELAND
DALLAS
DETROIT
FORT WORTH
HONOLULU
HOUSTON
LOS ANGELES
1
THE 07/rail COMPANY
ACTUARIES AND EMPLOYEE BENEFIT CONSULTANTS
305 EXECUTIVE BLDG. OF CORAL GABLES
316 ARAGON AVENUE
CORAL GABLES, FLORIDA 33134
306) 444-8293
Mr. C. Lawton McCall
Village Manager
Village of Miami Shores
10050 N. E. 2nd Avenue
Miami Shores, Florida
Dear Mc. McCall:
January' 3, 1967
MIAMI
NEW YORK
OKLAHOMA CITY
PHILADELPHIA
SAN FRANCISCO
WASHINGTON
OTTAWA
TORONTO
In a recent letter you requested separate estimates of our
charges for performing various services in addition to our normal
actuarial valuation. This estimate to be made assuming these addi-
tional services are performed at the same time as our annual valuation
is done.
On the basis of past experience with similar assignments, it
is estimated that the cost of our services would be as follows:
1. Estimating the cost to the Village of in-
cluding life insurance benefits in the
retirement plan, in lieu of providing
them through group life insurance $350 - $450
2. Estimating the cost to the Village of in-
cluding a disability provision providing
60% of salary, beginning 90 days after
disability $350 - $450
3. Estimating cost to Village of giving
service credit for first year to those
who serve ten years or longer with the
Vil l a.;e $50 - $100
4. Cost of lowering eligibility for pension
to age 60 without actuarial reduction. . . . $400 - $600
If the cost of our services should be either less or more
than the above estimate, the Village would be billed accordingly for
the particular service.
1
i
Mr. C. Lawton McCall.
Page 2
January 32 1967
As you are undoubtedly aware, our fees are based on the actual
number of personnel hours required for an assignment and on the actual
hourly rate of pay for the personnel performing the work, with a modest
standard loading to cover equipment, telephone service, travel, cost
of employee benefits, etc., plus lO% for profit.
1 hope the above answered your questions, however, if you
desire additional information, please don't hesitate to call or write.
RJM/en
Sincerely,
R. James Methven
Consultant