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.