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08-20-1974 Regular Meeting (2)40s aiami Jhores9illage F L OR ID A August 20, 1974 PENSION BOARD MEETING A meeting of the Miami Shores Village Pension Board was held on Tuesday morning August 20th, 1974 at Uncle Johns Pancake House on Biscayne Boulevard. The following were present: Mayor James Condit John Fletcher John McIntyre Ann Vigneron Michael Franco Jim Glaid Absent was: Harry Smenner and Dean Miller The meeting began at approximately 8:00 A.M. A motion was made by John McIntyre, and seconded by Mike Franco, that the Pension Board accept the Wyatt's Co's Actuarial report dated June 7, 1974 and the Trustee's Investment Review report of June 28, 1974. A motion was made by Ann Vigneron, and seconded by Mike Franco, that Bill Chester (Policeman) be allowed to continue to work one year past his normal retirement date, as per his written request. The Motion was passed. Mike Franco made a motion, seconded by John Fletcher, that the board recommend to council to change the pension ordinance to read that the highest 36 months out of the latest 60 months be used in figuring average final compensation. The motion was passed but not unanimously as Mayor Condit opposed it and John McIntyre abstained as he is presently up for retirement himself. John Fletcher made a motion, seconded by Mike Franco, that another one time 5% cost of living, exactly like the one given this year (Ordinance #376 effective February 1, 1974) be given again next year effective February 1, 1975. The motion was passed, but not unanimously, Ann Vigneron opposing and John McIntyre abstaining. A Discussion was held on making provisions to include Hal Petrey, Geraldine Grundy, and Arthur Gwynn in the plan, as they do not presently qualify. After much time and discussion, no motions were present, however it was agreed to accept the Wyatt's Company's interpretation and letter of July llth regarding the case of Arthur Gwynn. The meeting adjourned at approximately 9:10 AM. Approved: Chairman Respectfully submitted MIAMI SHORES POLICE DEPT. MEMORANDUM' • Arte. mei..7N' TO: CHIEF FILETCHER FROM: Officer Q. Chesterfika 4111 RE: Extension of retirement date DATE: 6 August 1974 Please be informed that I request to continue my employment as a Miami Shores Police Officer for another year. I have just completed a physical examination as required by Administrative Order #8. APPROVED DATISM$70 71 OF POLICE/FIRE HS RE+_UE i I PPR'VE VILLAGE MANAGER/ i�AA�E FLORIDA POLICE STANDARDS Physical Examination 4-7 y DATE NAME til �. C` C�� s Vie✓ ADDRESS J3 ,( t2 - To Examining Physician: The examination of this applicant should indicate any deficiencies below minimum standards. A thorough final type examination will be given later by the Medical Department, fl is In the best interest of the applicant to carefully note all abnorxnalities, since later detection may result in the applicant's rejection and the economic loss involved by time and travel to the examination 'center. Your attention is directed to the specific standards for height, weight, visual and auditory acuity, blood ptessure and such defects as bone and joint abnormalities and pilonidal disease. Medical Officer,' Height: C' ft. ._.._. in. Weigh/3 lbs. Frame Light Med—Heavy.:-.4-Normal ; Abnormal (Without Shoes) (Stripped) Eyes: Vision : * Right 20/_1112 Left /20 Color perception Al (Wi tars: Hearing. Rights f/15 Left r� . • 5. External ear drum..,..,... Nose & Sinuses: Deformity; obstruction; chronic infection I 'I Throat: Neck: Thorax: Heart: Lungs: Abdomen: Genitalia: Rectum & Anus: Extremities: Skin: Nervous & Mental: Urinalysis: Sugar I?.e( Albumi Comment on Abnormalities: ' Enlarged tonsils; Chronic infection Thyroid enlargement; adenopathy Inadequate expansion; deformity 1 Enlargement; arrythmia;murs Blood Pressure: Systolic/Y 4a Diastolic �! Rales; dullness; chronic infection ' Organ enlargement; Hernia: Ventral'" Inguinal Phimosis; Hydrocele; Varicocele Hemorrhoids; Fissure; Fistula; Pilonidal disease Deformity; loss of parts; limitation of motion; chronic infection; varicose veins Disfiguring defects or scars; infection Vasomotor instability; mental or neurologic defect EKG Results— (Signed) Address t' M.D. f"2 * (Vision requirements: 20/50 without glasses, corrected to 20/30 with glasses) Miami cShores'9illage FL, OR ID A ADMINISTRATIVE ORDER No. 8 �L�tir Date: October 1, 1970 Subject: EMPLOYEES RETIREMENT Effective January 1, 1971, all regular employees who desire to continue their employment after the age of 62 and all regular full time Police .and Fire• personnel who wish to continue their employment after the age of 58, will three months before their 62nd and 58th birthdays respectively, and each year thereafter, submit a request in writ- ing to their department head, to be forwarded to the Village Manager, requesting either their pension if under the pension, their resignation if they are not under the pension plan, or a request to work one year more until their next .birthday, but in no event beyond the age of 68 for regular employees orage 62 for regular Police and Fire employees. Pension Board approval will be required on members of the Pension Plan requesting another. year of employment, A doctor's certificate will be required of any employee who wishes to work beyond his or her normal retirement, showing that the employee is in sufficient good health to continue to work for another year. 4 7 jc t j • CH ICAI3O CLEVELAND DALLAS DETROIT FORT WORTH HONOLULU HOUSTON Los ANGELES i • THEWaif/ COMPANY ACTUARIES AND EMPLOYEE BENEFIT CONSULTANTS 9595 NORTH KENDALL DRIVE MIAMI, FLORIDA 33156 (305) 274-8080 July 30, 1974 Mr. John W. McIntyre Village Manager Miami Shores Village Miami Shores, Florida Re: Miami Shores Pension Plan Dear Mr. McIntyre: MIAMI NEW YORK PHILADELPHIA SAN FRANCISCO WASHINGTON OTTAWA TORONTO The purpose of this letter is to answer your question of last week concerning the -increase -1h cost to fund the Miami Shores Pension Plan if the definition of final monthly compensation were changed from the average monthly rate of basic compensation during the best sixty (60) consecutive calendar months out of the last one hundred and twenty (120) calendar months preceding the date of retirement to the average monthly rate of basic compensation during the best thirty-six (36) consecutive calendar months out of the last one hundred and twenty (120) calendar months preceding the date of retirement. The normal retirement benefits payable under the plan are equal to 2% of final monthly compensation times an employee's years of credited serv- ice; therefore, any increase in final monthly compensation directly in- creases the employee's normal retirement benefit and consequently increases the cost of funding the plan. If we assume that compensation increased at an annualized rate of 3% during an employee's final five years with the Village, then a new annual contribution for the Village would be $82,426.00. This figure is based upon our valuation of your current plan as set forth in our January 1, 1974 actuarial valuation, which was contained in our report dated June 7, 1974. This new funding figure of $82,426.00 represents a 5.4% increase over the annual contribution of $78,193.00 required for your current plan. If you have any questions concerning the above, or if additional in- formation would be helpful, please do not hesitate to let me know. LHW:lak Sincerely, • Larry H. Weitzner, A.S.A. Associate Actuary 1 CHJCAOO 0' CLEVELAND DALLAS DETROIT FORT WORTH HONOLULU HOUSTON LOS ANGELES THEC.z ll COMPANY ACTUARIES AND EMPLOYEE BENEFIT CONSULTANTS 9395 NORTH KENDALL DRIVE MIAMI, FLORIDA 33188 (305) 274-8080 July 11, 1974 Mr. James Glaid Finance Director Miami Shores Village 10050 N.E. Second Avenue Miami Shores, Florida 33128 Reference: Arthur L. Gwynn Dear Mr. Glaid: MIAMI NEW YORK PHILADELPHIA SAN FRANCISCO WASHINGTON OTTAWA TORONTO As you are aware, a Police Officer may early retire if he is at least 55 years old and has at least 15 years of credited service at his date temnation. Additiona1I, a PIice Officer who terminates his employment after he has completed at least 20 years of credited service (regardless of his age) may begin to receive vested deferred benefits at age 55. Mr. Gwynn was employed from August 18, 1948 to March 1, 1960. He was re-employed on October 1, 1964 and worked (or received pay) until October 26, 1970. He has been on sick leave since that time, and he has not since returned to work. Effectively, Mr. Gwynn's employment terminated on October 26, 1970. At such time he had 17.500 years of credited service and he was 47.083 years old. It can be construed that his employment will be terminated on the date you cease to consider him to be on sick leave. If such date were, say August 1, 1974, he would be 50.833 years old. Even on August 1, 1974, Mr. Gwynn does not meet the criteria for early retirement nor the criterion to be eligible for a vested deferred benefit at age 55. As of such date he would be due only his prior employee contributions of $3,608.89. Naturally, the argument might be made to continue to consider him to be on sick leave until he reaches age 55. At such time his employment would be terminated and he could early retire. Our non -legal opinion is that this is not a valid precedent, and we would not advise that this be done. Also, a question has been raised as to whether or not Mr. Gwynn could contribute additional monies in order to obtain benefits from the plan. In light of the preceding paragraphs of this letter, such contributions would be irrelevant. If we may be of further assistance in this matter, please do not hesitate to contact us. JLS/fb Sincerely, a James L. Shaw, A.S.A. Associate Actuary May 16, 1974 Thomas H. Anderson, Esquire First National Bank Building Miami, Florida Dear Mr. Ancter-sdrt 12595 NORTHEAST 72, AVENUE • NORTH MIAMI. GLORIDA 33161 TELEPHONE 891-0308 • AREA CODE 305 Re: Arthur L. Gwynn In response to your letter of April 29, 1974, Mr. Gwynn is 52 years of age and, I understand, could qualify for retire- ment at age 55. Please advise whether there is some way that Mr. Gwynn could pay into the Retirement Fund a sum sufficient to allow him to retire now since it does not appear that he will be re- employed by the City. Ve'y trul , your J. 4udick \ JELI lw L�uiu, Sitete.TiLye FLORI OA August 6, 1974 3 3 13 8 ALL PENSION BOARD MEMBERS JOHN W McINTYRE VILLAGE MANAGER, There will be a meeting of the Pension Board at Uncle Johns Pancake House on Biscayne Boulevard at 7:45 AM on Tuesday Morning, August 20, 1974. The Agenda will be as follows: 1) Acceptance of the Wyatt Co's Actuarial report dated June 7, 1974, and the Trustee's Investment Review report as of June 28, 1974. 2) Approval of Bill Chester's request to work one year beyond normal retirement. 3) Proposal to change last 5 years (or highest 60 months) to last 3 years in computing monthly compensation. 4) Proposal to increase fixed retirement benefits because of cost of living and inflation. 5) Discussion on requests from certain employees to join the pension plan, where not presently qualified to join.