03-14-1968 Regular MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING -- March ].4, 1968
A meeting of the Miami Shores Village Pension Board was held on
March 14th„ 1968, 7:30 A.M., at Uncle Johns Pancake House.
Mayor Edwin B. Cole, Chairman
Michael J. Francol_Giti en
Walter P. Davidson, Citizen
C. Lawton McCall, Village Manager
Stuart A. Senneff, Chief of Police
John W. McIntyre, Employee Representative
Absent:
Richard Lund, Councilman
Minutes of the last meeting were approved.
The Secretary to the Board gave a report on what the cost would
have been for the last two years if the pension plan had paid 3%
interest on all contributions refunded to employees. In 1966
$ 1,474.97 in interest would have been paid and in 1967 the amount
would have been $ 1,112.80. It was agreed by the Board that we should
inquire into fee of The Wyatt Co. to establish what the approximate
annual cost would be on paying 3% interest on return of contributions
after an employee has 10 years service and also on all involuntary
terminations.
The annual reports to the State Treasurer from the actuarial
firm of The Wyatt Co. was signed by the proper Board members on both
the Fireman's Pension Fund and the Police Fund.
A letter was read from The Wyatt Co. in reply to the Secretary's
request on making retirement available at age 55 after 15 years service.
The Actuary stated that no additional cost was involved if it was done
on the actuarial equivalent basis. The Board moved to defer action
until more information can be obtained by comparing other municipal
pension plans.
The meeting adjourned at 9 A.M.
APPROVrJ:
es
ectfully submitted
tary
Chairman
STREET
AREA CODE
STREET
NAME
:AREA CODE
STREET
CITY
STREET
PENSION BOARD
NAME Village Manager
STREET
STREET
1967 r. a• •ointments)
AREA CODE
Mayor aDW1hi Ts. t-oLlti 370 A ;1 07 Sr Pw r�1: Slis
Councilman und, 1269 N. E. 99th St. 11,0A+11 A .
J. W. McIntyre AREA CODE/
Michael J. Franco, 1480 N. E. 10I St.
NAME Chief of Police
AREA CODE /
STREET
CHICAGO
CLEVELAND
DALLAS
DETROIT
FORT WORTH
HONOLULU
HOUSTON
LOS ANGELES
THE'��//A/alG COMPANY
EW
ACTUARIES AND EMPLOYEE BENEFIT CONSULTANTS
305 EXECUTIVE BLDG. OF CORAL. GABLES
3t6 ARAGON AVENUE
CORAL GABLES, FLORIDA 33134
(308) 444-8293 February 29, 1968
Mr. John W. McIntyre
Director of Finance
Miami Shores Village
10050 N. E. Second Avenue
Miami Shores, Florida
Dear W. McIntyre:
In regard to your letter of February 28, 1968, and our
previous discussions:
If you amend Section 6(b) of your retirement
plan, making eligibility for early retirement age
55 and 15 years of creditable service in lieu of
the current age 60 and 25 years of creditable
service, there will be no additional contribution
required by the Village or the participants as
long as the benefit is the actuarial equivalent
value of his annuity at age 65.
If you have any questions, please don't hesitate to call
or write.
RJM/en
Sincerely,
.797
R. James Methven
Consultant and Manager
MIAMI
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