04-04-1967 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING -- APRIL 4,1967
A meeting of the Miami Shores Village Pension Board
was held on April 4, 1967, 9 A.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 McCall, 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.
Mr. R. James Methven, Representative of The Wyatt Co.
explained the cost of the first year service credit. Mr.
Ray Clement made the motion seconded by John W. McIntyre
to approve proposed Plan 1 in the Actuarial Valuation and
present our recommendation to the Council today. Passed
unanimously.
The Actuarial Valuation was explained in detail by
Mr. Methven and accepted by the Board.
Mr. McIntyre asked the Actuary if it could be de-
termined without extra work the cost to the Village of a
3% interest payment on employees money held by the pension
fund on termination of an employee. Mr. Methven said that
this was not a part of the actuarial valuation and so it
was suggested that the Secretary make a five year stud of
terminated employees to see what the cost would have been
if this type of refund was made.
The meeting adjoured at 9:45 A.M.
Respectfully submitted