08-08-1972 Regular MeetingMIAMI SHORES VILLAGE PENSION BOARD
MEETING
A meeting of the Miami Shores Village Pension Board was held on
Tuesday, August 8, 1972 at 8:00 a.m. in Uncle John's Pancake House,
Biscayne Boulevard, Miami Shores, Florida.
The following were present:
Mayor Elwood Jones
John W. McIntyre
Michael Franco
Mrs. Marjorie Dunn
Gerald McFarlin
Absent:
Mr. Dean Miller
Minutes of the last meeting were read and approved.
The application for late retirement and certification by the actuary
on Edward Cronan was read. A motion was made by Mr. Franco, and seconded by
Mr. McIntyre, that the certification giving Edward Cronan a monthly retirement
income in the amount of $172.98 for life be approved. The motion passed unani—
mously. Copies of the application and certification are made a part of
these minutes.
A discussion was held on the merits of lowering requirements for
vested rights in the plan from 25 years to 20 years. A letter was read from
The Wyatt Company, actuaries for the plan, indicating that the additional cost
of such an amendment to the plan would not exceed 2% of the present cost. A
motion was made by Mr. Franco that the Pension Board recommend to the Village
Council that vested rights be given to members of the plan after 20 years
service with the Village. The motion was seconded by Mrs. Dunn, and passed
unanimously.
The Board was made aware of the fact that Mr. Fowler had requested
that he be allowed to withdraw the amount frozen to his name in the special
police and fire fund. He indicated that he wished to do this even if the plan
were amended to allow him to leave in his contributions to the regular pension
fund, and receive pension benefits in later years. A motion was made by
Mr. McIntyre, and seconded by Mr. Franco, that Mr. Fowler be allowed to with—
draw his special fund benefits subject to approval by -the Village Attorney.
The motion passed unanimously.
The Board discussed the present status of Mr. Stephen Tong. Having
over nineteen years service with the Village, it was the general feeling that
some arrangement should be made to give him a pension. Mrs. Dunn made a motion
that the Pension Board recommend to the Village Council that Mr. Tong be given
a leave of absence for 1 year, said years leave of absence to be used for
vesting rights only.
The meeting adjourned at 8:50 a.m.
APPROVED: Respectfully submitted
tee
Miami Shores Pension Plan
Calculation of Late Retirement Income
1. Name
2. Date of birth
3. Date of employment
4+. Normal retirement date
5. Late retirement date
6. Credited service at L RD
7. Age of participant as of late retirement
8. Final monthly compensation
Basic Compensa- No. of
Year tion paid Months
1967
1968
1969
1970
1971
5,317.00
5,590.00
$6,006.00
6,252.00
6,762.00
29,927.00
12
12
12
12
12
60
Edward T. Cronan
December 3, 1908
March 25, 1955
January 1, 1971
August 1, 1972
17.333 years
date 63.667 years
$x+98.78
9. Monthly late retirement income payable for
life, first payment payable on August 1, 1972
$172.98
Based on information supplied by the Village and the provisions of the
plan, the monthly late retirement income payable to Edward Cronan is $172.98.
The first payment is due on August 1, 1972 with subsequent payments due on the
first day of each succeeding month and the last payment being the payment due
in the month in which death occurs.
Certified by: THE WYATT COMPANY
Actuaries for Plan
Prepared by: c)s'',i NA , -.Reviewed by: / '
wfirt)
Larry H. W4itzner, A.Q.A. Owen C. Schlaug, Jr., A.S.A
Associate Actuary Associate Actuary
THE (WOW COMPANY
• •
Pension Board
Miami Shores Pension Plan
Miami Shores, Florida
Gentlemens
Date: /246
I hereby apply for a service retirement annuity in
accordance with the provisions of Miami ShoresSh�Pension Plan to
take effect as of 1", a as of which
date I discontinued service with Miami Shores Village.
I desire to avail myself of the Reversionary .Annuity
Option under the Plan and hereby designate my
who is dependent upon mei as my beneficiary. I wish to provide
for my beneficiary an annuity equal- to % of the amount of
my annuity.
I was born on {44, 2- /940 e ./*
My beneficiary was born on .%
* To be verified by the Board.
Yours very truly,
• •
Form VB 24=511-7.2$-32
620 South Third* Street
Kentucky State Department of Health
- DIVISION OF VITAL STATISTICS
J. F. BLACKERBY, Director.
TO WHOM IT MAY CONCERN:
LOUISVILLE. KENTUCKY
As custodian of birth records compiled, under a local ordinance, by the,
pity of Louisville, between May 1898 and January 1911, I hereby certify that -
said records show:
Name of Child
Place of Birth
Date of Birth
Father
E244/12.-sai /42-friALAci
Mother .
.7..M
av:os,„:20!
Sex 7-1N
Nativity
Color
Nativity
Attending Physician R7►.ik,
L4 • 19 -
Book No. .
Page No. / ,_i/
Filed paggit.&y
SI
Given under my hand and seal of the Board
this...._" day o
19 r-
Blaokerby, State Re
w
istrar
e
Mr. John W. McIntyre
Village Manager
Miami Shores, Florida
FLORI. SLC: ViLire
DA
3 3 1 3 8
JOHN W. McINTYRE
VILLAGE MANAGER
January 17th
1972
Due to present circumstances and my state of
health I would like to retire as of March 1, 1972.