05-14-1970 Regular Meeting•
•
MIAMI SHORES VILLAGE PENSION BOARD MEETING
May 14, 1970
A Meeting of the Miami Shores Pension board washeld on May 14,
1970, 7:45 a. m. at Uncle Johnts Pancake house, Biscayne Blvd.
The following were present:
Absent:
John W. McIntyre
Michael J. Franco
Walter P. Davidson
Glen Byrd
James Fowler
Gerald McFarlin
Mayor Don G. Nicholson
Edwin B. Cole
In the absence of Mayor Nicholson, Mr. Franco chaired the
meeting.
Minutes of the last meeting were read and approved.
The application for normal retirement and certification by
the actuary on:James MacLaughlin was approved, a copy being made a part
of the minutes.
At this point, Mr. Franco relinquished the chair to Mr.
McIntyre.
Mr. Franco made a motion that the valuation rate of interest
used by the actuaries be increased from its present 3 to 4i%. The
motion was seconded by Mr. Davidson, and passed unanimously.
Mr. Davidson moved that a revised pension plan that would
allow general employees to retire at age 62, and police and fire
employees to retire at age 58, be recommended to the Village Council
for its approval. The motion was seconded by Mr. Franco and passed
unanimously.
At this point Mr. Franco resumed the chair.
Mr. Fowler made a motion that the Village Manager, Finance
Director, and on citizen member of the board meet semi-annually with
the trustee of the Pension plan to discuss the administration and
management of the plan. The motion was seconded by Mr. Byrd, and
passed unanimously.
The meeting adjourned at 8:30 a. m.
APPROVED:
Chairman
Respectfully submitted
e,aki �
secretary
MIAMI SHORES PENSION PLAN
Calculation of Normal Retirement Benefit
1. Name
2. Date of birth
3. Date of employment
4. Normal retirement date
5. Credited service at normal retirement date
6. Monthly average final compensation ($27,575.00 ; 60)
Year
1965
1966
1967
1968
1969
Number of
Months Paid Amount
12
• 12
12
12
12
60
$ 4,800.00
$ 4,800.00
$ 5,600.00
$ 6,075.00
6 300.00
27,575.00
James D. MacLaughlin
July 25, 1905
.January 27, 1947
August 1, 1970
23.500 years
$459.58
7. Monthly normal retirement income, payable for life,
commencing 8-1-70 (.02 x $459,58 x 23.500) $215.97
Based on information supplied by the Village and the provisions of the plan,
the first monthly payment will be payable on August 1, 1970, the first day of
the month following the normal retirement date for James D. MacLaughlin, in an
amount, in the normal form, of $215.97, with further monthly payments payable
on the first day of each succeeding month, with the last payment due the first
day of the month in which death occurs.
Certified by: THE WYATT COMPANY
Actuaries for Plan
Prepared by: c)i))41.4t)
Owen C. Schlaug, Jr., A.S
Associate Actuary
THE Waal COMPANY
•
P rasion Board
Miami Shores Pension Plan
Miami Shores: Florida
Gentlemens
Dates
I hereby apply for a service retirement annuity in
coordance with the p
take effect as of
date I discontinued
I desire
Bions of Miami Shores Pension plan to
as of which
oe with Miami Shores Village.
avail myself of the Reversionary Annuity
Option under the Plan and hareby 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 o
My benefici s •'•rn on
* To be verified by the Board.
�.�lqb .1*
Yours very truly: