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11-06-1968 Regular MeetingPension Bostd Magor Edwin B. Cole, 370 N. E. 107 St., Miami Shores, Fla. 757-7510 15-1414h Mr. Richard M. hound, 12695. E. 93 t., Miami Chores, Fla. 751-731,.1 444...6 -1 -1 -1 - Mr. . L 'Mr. Michael J. Franco, 1480 N. E. 101 St. Miami Shores, Fla. 374-5311 Mr. Falter P. Davidson, 1075 N. E. 99 St. Miami Shores, Fla. 751-9895 373-0716 Council !r. Dean R. Claussen, 540 Grand Concourse, Miami Shores, Fla. 758-1144 Mr. Janes A. Dion Jr., 700 N. E. 101 St. Miami Shored, Fla. 758 1470 377 1561 Mr. Raymond L. Clement, 52 N. W. 111 St. Miami Shoresip Fla. 758-7279 January 29, 1960 • Memorandum to; Miami Shares Village Pension Board Attention: Mr. John. W. McIntyre, Secretary I note that the resolutions on retirement passed at the last Board meeting of January 19, 1960, are not complete. It is important that the resolutionshave the following information: The date the applicant became 65 years of age. The date the applicant entered service. 3. The date the service was terminated. - 4. The total service rendered by applicant. 5. The service credit earned.,, 6. Average monthly salary for last 5 years. 7. Monthly pension granted. Effective date of the retirements 7:. 9. Date first payment is due. Yours very truly; LH:v MIAMI SHORES VILLAGE PENSION BOARD MEETING - NOVEMBER 6, 1968 A meeting of the Miami Shores Village Pension Board was held on November 6, 1968, 7:45..A.M., at Uncle Johns Pancake House on Biscayne Blvd. The following members were present: Mayor Edwin B. Cole, Chairman Michael J. Franco, Citizen Richard Lund, Councilman C. Lawton McCall, Village Manager Stuart A. Senneff, Chief of Police John W. McIntyre, Employee representative Absent: Walter P. Davidson, Citizen Minutes of the last meeting were read and approved. The matter of interest on returned contributions to employees was brought up by the Secretary as required by minutes of the last board meeting. A letter to Wyatt Co. by the Secretary was read and also the reply. The letters are made a part of these minutes. On a motion by Mr. Franco and seconded by Chief Senneff it was unanimously passed that the Board make recommendation to the Miami Shores Council that the Pension Ordinance be amended to give a 3% compounded annual interest rate on refunds of employee contributions if the refund of contribution is a result of death or permanent disability as defined in the Social Security law. After studying a survey of other municipal pension plans on normal and early retirement and after a discussion of various methods and costs of supplementing our pension plan a motion was made by Mr. Lund and seconded by Mr. Franco to recommend to the Miami Shores Council amending our pension ordinance under Section 6 (b) 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. Mr. James Methven of the Wyatt Co. wrote on February 29, 1968 that for this change there will be no additional contribution by the Village or participants as long as the benefit is the actuarial equivalent value of his annuity at age 65. The application for early retirement and certification by the actuary on C. Lawton McCall was approved.Copies are made a part of the minutes. The application for late retirement and certification by the actuary on Stuart A. Senneff was approved. Copies are made a part of the minutes. The meeting adjourned at 9:15 A.M. APPROVED: ctfully submitted Secr-tary Chairman MIAMI SHORES VILLAGE Calculation of Early Retirement Benefit 1. Name C. Lawton McCall 2. Date of birth July 25, 1904 q. Date of employment December 5, 1935 Normal retirement date August 1, 1969 I! Early retirement date January 1, 1969 Credited service at early retirement date 30.0 ears Final average monthly compensation ($64,524.80 = 60) $1,075.41 • Number of Year Months Paid Amount 1964 12 $12,124.98 1965 12 12,499.92 1966 12 12,656.24 1967 12 13,289.16 1968 12 13,954.50 12 $64,524.80 8. Monthly accrued retirement income (.02)($1,075.41)(30.0) $ 645.25 9. Age of participant at early retirement date 64.417 years .9490 10. Reduction factor for early retirement 11. Monthly early retirement income, payable for life, commencing 1-01-69 ($645.25 x .9490) $ 612.34 Based on information supplied by the Village and the provisions of the plan, the first monthly payment will be payable on January 1, 1969, the first day of the month following the early retirement date for C. Lawton McCall, in an amount, in the normal form, of $612.34, 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 . Bard Brutzma Actuary THE Wali COMPANY Date: Pension Board Miami Shores Pension Plan Miami Shores, Florida Gentlement November 5, 1968 I hereby apply for a service retirement annuity in scoordance with the provisions of Miami Shores Pension. Plan to take effect as of January 1, 1969 , as of which date 1 discontinued service with Miami Shores Village. I desire to avail myself of the Reversionary Annuity Option under the Plan and hereby designate my who is dependent upon me, as my beneficiary. I wish to provide for my beneficiary an annuity equal to % of the amoiuit of my annuity. I was born on July 2 5, 1904 e% My beneficiary was born on ./ C. Lawton McCall * To be verified by the Beard. DEPARTMENT OF COMMERCE BUREAU OF THE CENSUS 1. Place of Birth (a) County 7 h t f n ti l 1 0 •City or (b) Town SNI. Name of Hosp. (c) or St. Address CERTIFICATE OF BIRTH GEORGIA DEPARTMENT OF PUBLIC HEALTH State File No «l"f.1TT-17a (If Outside Crty or Town Limits, Write Rural) _0 Registrar's No 2. Usual Residence of Mother Militia F � � Dist. No (a) State (b) County W o [' Ler;gth of M'ther s (d) Stay Before Delivery : In Hosp. b o •nq u az Full Name " E.4 3. of Child u Rai > 1 ti - Twin or 'p, F„ 5. Sox :, ht r 6. Triplet 0 tie0 "I.N Full a:0 9, Name Freleri ck .,nt T �Cal1 a6 , 2.� o -� oo l 10. Color 71 .111 t e ~r ti oa Birth Place 12. of Father rr.,,V( f 1;0 Ira In This Community City or (c) Town (If Outside Citrof WF-li i(1r4, WriteRural) House No. & St. (d) or R.F.D. & Box Hour of Birth .M. r'hgr i e- T Atwtnn "r.Call4. IDate of Birth July 25th 19 o4 Born let 2nd or 3rd Full Term Pregnancy 7. If Not Give Months Gestation FATHER OF CHILD ,y a0 o .2 To o tl m Usual o 13. Occupation y o e m `'g m,a boll C Was This Child tl„ 23. Born Alive? tl _, a F.:1512 Age at Time 11. of This Birth 34 Industry or 14. Business Physician 15. Social Security No. Maiden 16. Name 17. Color Is Mother Married 8. To Father of This Child? MOTHER OF CHILD 3arah E Kennedy Birth Place 19. of Mother Usual 20. Occupation Industry or 21. Business Fyoe1s or Age at Time 18. of This Birth sol;re wife house 22. Social Security No. • L. R's. Own 25. Signature Total No. of Children 24. Born to This Mother Davis Date of Supplemental Report Date Filed 26. _Gi 1 nal SUPPLEMENTARY D A NOT A PART OF LEGAL CERTIFICATE Givo Ccmplications of Preg. or Labor Born Alive Born Alive Born (a) Now Living F (b) Now Dead (c) Dead 27. I hereby certify that I attended the birth of this child who was born on the date stated above. The personal information as given on this certificate was furnished by Mr. Mrs. Was This an Operative Delivery? Was There a Birth Injury? Describe Con enital Deformity? Related to the child as Was 1% Silver Nitrate Solution Used in This Child's Eyes? Attendant's Own Signature Attendant's P. O. Address a.._ Date Signed 2;16, l M. D. We hereby certify that this Photostat Print is a true and unretouched copy made by us on at Miami, Florid BISCAYNE ENGINEERING (0. 1Y ter 4 ar A RESOLUTION APPOINTING C. LAWTON MCCALL AS VILLAGE MANAGER, TAX ASSESSOR AND COLLECTOR, AND EX OFFICIO VILLAGE CLERK OF MIAMI SHORES VILLAGE, AND PROVIDING FOR HIS COMPENSATION AND AUTHORIZING HIM TO PERFORM ALL DUTIES IN CONNECTION WITH SAID OFFICES, AND AUTHORIZING THE PROCUREMENT OFA BOND POSTED UPON HIS FAITHFUL PERFORMANCE TO ACCOUNT FOR ALL MONEYS IN HIS POSSESSION. WHEREAS a special meeting of the Council of Miami Shores' Village has been called for the purpose of appointing C. LAWTON McCALL, Village Manager, Tax Assessor and Collector, and ex -officio Village Clerk, and WHEREAS Honorable John J. Lindsey has been appointed by the Council to act as Village Clerk for this meeting only pro hac vice. NOW THEREFORE, BE IT RESOLVED that C. Lawton McCall be, and he is hereby appointed Village Manager, Tax Assessor and Collector, and ex -officio Village Clerk during the pleasure of the Council at a com- pensation of One hundred and fifty dollars 0150.00) per month, payable in weekly installments until further order of the Council, and he is hereby vested with all powers and duties of said -offices as aforesaid, and that he forthwith procure and present to the Council a bond in the sum of lei 0 0 ,0 © Dollars, conditioned upon the faith- ful performance of his duties to regularly account for all moneys in his possession, and such other conditions as the Council may desire. BE IT FURTHER RESOLVED that said C. Lawton McCall immediately assume his duties in the offices as aforesaid from and after the passage of this resolution. Unanimously passed and adopted by vote of the Council, December c5.7. 1935. lerk, pro hac MIAMI SHORES VILLAGE Calculation of Late Retirement Benefit 1. Name Stuart A. Senneff 2. Date of birth September 5, 1903 3. Date of employment August 16, 1945 4. Normal retirement date October 1, 1968 5. Late retirement date February 20, 1969 6. Credited service 23.500 years 7. Final average monthly compensation ($46,542.10 • 60) $775.70 Number of •Year Months Paid • Amount 1964 12 $ 8,550.00 1965 12 9,000.00 1966 12 9,112.50 1967 12 9,565.50 1968 12 10,314.10 b0 $46,542.10 8. Monthly retirement benefit, payable for life, commencing March 1, 1969 (.02)($775.70)(23.500) $364.58 Based on information supplied by the Village and the provisions of the plan, the first monthly payment will be payable on March 1, 1969, the first day of the month Following the late retirement date for Stuart A. Senneff, in an amount, in the normal form, of $364.58, 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. The Special Fund balances standing to the credit of Stuart A. Senneff as of December 31, 1967, are $1,451.19 (Police) and $9,046.57 (Fire) for a total of $10,497.76. Under the terms of the plan, the above employee will be entitled to the amounts in his accounts as of December 31, 1968, including his share of the monies received by the village for 1968 under the provisions of Chapters 175 and 185, Florida Statutes. The final determination of his interests may therefore not be made until the 1968 state contributions are received and the Special Funds are valued as of December 31, 1968. Certified by: THE WYATT COMPANY Actuaries for Plan Prepared by: F. Bard Brutzman, Actuary THE OA& coMPANY Bates OCTOBER 2, 1968 Pension Board Miami Shores Pension Plaa Miami Shores, Florida Gentlemen: I hereby apply for a service retirement annuity in coordance with the provisions of Miami Shores Pension Plan to take effect as of FEBRUARY 20� 1969 ,.as of which date I discontinued service with Miami Shores Village. I desire to avail myself of the Reversionary Annuity Option under the Plan and hereby designate my who is dependent upon me, as my beneficiary. I wish to provide for my beneficiary an annuity equal to % of the amount of my annuity. I was born on SEPTEMBER 5 1905 e% My beneficiary was born on ./' * To be verified by the Bard. Yours very • • WRITE PLAINLY 51711'.1t; Ukr .111,141NOIS • COUNTY REPORT OF A BIRTH The physician or midwife (when In attendance) or the parent or householder, should immediately send this certificate, accurately filled out, to the County Clerk of the County in which the birth takes place, or the Comnalasioner of Health when the birth takes place in the cities of Chicago or Peoria.. Penalty for II ot making report within So days, fine of $1O to $100, or Imprisonment la fame for SO days, or both. A. fee of 25 cents will be paid for each report of birth made to the County Clerk or City Commissioner of Hevalth on the blank form prescribed by the State Board of Health. 1. t Full Name of Child I / 2. Sex )71 A Race or Color (if not of the white race) : 3. Number of Child of this Mother vir 4. Date of this Birth 5. Place of Birth. Nee 7. a. Father, Place of Birth b. Mother, Place of Birth 8. Full Name of Mother 9. Maiden Name of Mother 10. Full name of Father 11. d.A.44,74„,, tlej 44 6. Residence of Mother. bIxa. E City L Village f Town . Town, State or Country atiA,04,1-A. 81.24,44‘..: Age of Sfr.L.:4: >144..te . Vtk;otA,re-,-1,. j.a?,,,rlese- Occupation of Father 12. Name and Address of Nurse or Attendant, (if any) ,)4 Reported by ... a . >74404. Years 41: Dated .Lo 19.0. 3_ Y.^ Resilence 49.4.V.rvo egfq, Midwife *Stit$ Births to%Atuld be reported on a separate blank form. 1 -The tuitptiame& or christian name of child should be certified, if possible, when this certificate is made, and should, ta any case, be reported to the County Clerk within a year. STATE OF ILLINOIS, ss. County of . • in and for 'the County and State aforesaid, and keeper of the files and records of the reports of Births and Deathi, do hereby certify the above and foregoing to be a full and complete copy of a CZ-n).-to.v report of the birth of • .. . as the same appears from the files and records in my office remaining. IN WITNESS WHEREOF, I have -hereunto PI • . set rny hand and affixed the seal of my offiee at , j • 044147") 4,A4 this o.o-'- day • _,edot-t-e-•,,N"-kt-c-1 '11., D. 18 9 ,4C -1-4-a .. • linty Clerk. ;•• ALLItaL 41 egidta; 61 A‘d 717044- ' 1Ack.4,,4 10.14,61 a4,J 9i12 AttZ "e23441 d otery Public. State of Fi de et Cargo. My commission expires AI v apt. LL 1949 CHICAGO CLEVELAND DALLAS DETROIT FORT WORTH HONOLULU HOUSTON LOS ANGELES THE 6rati COMPANY ACTUARIES AND EMPLOYEE BENEFIT CONSULTANTS 306 EXECUTIVE BLDG. OF CORAL GABLES 316 ARAGON AVENUE CORAL GABLES, FLORIDA 33134 306) 444- B293 Mr. John W. McIntyre Director of Finance Miami. Shores Village 10050 N.E. Second Avenue Miami Shores, Florida 33138 Dear Mr. McIntyre: March 21, 1968 MIAMI NEW YORK OKLAHOMA CITY PHILADELPHIA SAN FRANCISCO WASHINGTON OTTAWA TORONTO In reference to the items listed in your letter of March 18, 1968, in regard to the crediting of interest on employee contributions to your pension plan, we estimate that our first year fee for the additional calcula- tions involved would be in the range of $150-$250. If the plan were then amended to allow such interest credits, our future fee for the additional calculations would be approximately $100 per valuation. The higher first year fee is due to the necessity of calculating certain actuarial factors for this specific purpose. It might be noted that the majority of private pension plans pro- vide for the crediting of interest on employee contributions. If no interest is credited, the employee is essentially making an interest-free loan to the pension fund during his period of employment. Based on a very°rough estimate, the 1967 cost of the plan would have been about $500 higher if interest were credited to all terminating participants. This amount would increase gradually as the total payroll and average length of service increase, but we estimate that the total cost of the plan would not increase more than 1-1/2%. Since we are now in the process of preparing the 1968 valuation, please advise at your earliest convenience as to whether these additional calculations should be made. FBB/nc Very truly pars, F. Bard Brutzman, F.S.A. Actuary March 3.8. 1968 tor. R. James Zlethven The Wyatt Co. 316 Aragon Ave, Coral Gables, Fla. Dear M='. 1'4ethven9 What would your fee be for determining the following: 1. The payment of 3% interest per year. on funds returned to resit members of the service? 2. The payment of 3% interest per year on funds returned to only those employees who withdraw from the service for some reason of health or involuntary situation but not from being fired? 3. The cost of 1 and 2 after ten years service? I am inolosing vir tabulations of interest for the past two years. The Pension Bird forted the above questions when they diet .think atsr :ies would hold up over the years. JWNspiej Very truly yours, John W, McIntyre Seel to Pension Board