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10-29-1974 Regular MeetingOctober 29, 1974 rJd Lia ni rJ bore d mage F L o R I D A PENSION BOARD MEETING A meeting of the Miami Shores Pension Board was held on Tuesday afternoon, October 29th, 1974, at City Hall. The following were present: Mayor James Condit Harry Smenner Michael Franco Absent was: Dean Miller, who was out of town. John Fletcher Ann Vigneron Jim Glaid The meeting began at 4:35 PM. A motion was made by Harry Smenner and seconded by Ann Vigneron, that a pension of $594.75 for life, beginning November 1, 1974, be paid to John McIntyre, as per item No. 11 of the Wyatt Company Calculation Report. The motion passed unanimously. The Board asked that a new written request or letter from John McIntyre be added to the records. A motion was made by Harry Smenner and seconded by Ann Vigneron, to pay a pension of $217.25, beginning February 1, 1975, to Stephen W. Tong, as per item No. 12 of the Wyatt Company Calculation Report. The approval of same was made, subject to a written request from Mr. Tong. The motion passed unanimously. Mayor Condit started a discussion of the possibility of Miami Shores checking into and joining the State Pension System. The Board Members all agreed that the City Manager be instructed to get more information on the State of Florida Plan. Mayor Condit also brought up a discussion on the general financial condition of the plan after recent market declines, the safety of our assets under control of our Trustees, and the reliability of.the plan under our Actuary. Mike Franco assured the Mayor that our plan was in comparably good shape. The meeting adjourned at approximately 4:55 PM. Respectfully submitted Secretary • October 23, 1974 AhorescilIlage F LO R 1 A All Pension Board Members There will be a meeting of the Pension Board at the Village Hall on Tuesday afternoon October 29, 1974 at 4:30 PM. 1- Approval of Mr. John McIntyre's Pension beginning November 1, 1974, as per the Actuary report(Copy Enclosed.) 2- Approval of Mr. Stephen W. Tong's Pension beginning February 1, 1975, as per the Actuary report.(Copy Enclosed.) Please be prompt, as the meeting should last only for a few minutes. MIAMI SHORES PENSION PLAN Calculation of Early Retirement Income 1. Name 2. Date of birth 3. Date of employment 4. Normal retirement date 5, Early retirement date - 6. Credited service as of early retirement date 7. Age of participant as of early retirement date 8. Final monthly•compensation as of. early retirement date Basic Compensa No. of Year tion Paid Months 1974 $15,166.85 10 1973 $16,895.16 12 1972 $16,289.00 12 1971 $15,119.64 12 1970 $13,987.50 12 1969 $ 2,275.00 2 $79,733.15 60 9. Accrued monthly retirement income as of early retirement date (a) 2% (.0200) x $1,328.89 = $26.58 (b) Item 6. x Item 9.(a) = 10. Actuarial reduction factor for early retirement for male age 61.583 years Monthly early retirement income payable for life, first payment payable on November 1, 1974 ($617.99. x .9624) 12. Actuarial reduction factor for 50% Reversionary Annuity Option: (Joint and 1/2 Contingent) for male participant age 61.583 years and female beneficiary age.53.000 (born 10-19-21) • THE yat COMPANY John W. McIntyre March 18, 1913 August 1, 1951 April 1, 1975 November 1, 1974 23.250 years 61.583 years $ 1,328.89 $ 617.99 .9624 594.75 .8205 Page Two 13. Monthly retirement income payable during lifetime of participant, first payment on November 1, 1974 ($594.75 x .8205) 14. Monthly retirement income payable to.the surviving female beneficiary for her remaining lifetime upon the death of the participant ($487.99 x .5000) $ 487.99 $ 244.00 Based on information supplied by the Village and the provisions of the plan, the monthly early retirement income payable to John W. McIntyre is $594.75. The first payment is due on November 1, 1974 with subsequent payments due on the first day of each succeeding month and the last payment being the payment due in thel month in which death occurs. The above calculations have been certified based on the assumption that Mr. McIntyre will be paid $1,667.00 for the month of October 1974. If such is not the case, then this certification is invalid. Prepared by;c , `:J.lr(,/ L. F. Wilson Actuarial Assistant Certified by: THE WYATT COMPANY Actuaries for the Plan THE -f/G a COMPANY C 1 Reviewed by: J2?” 4 ,s 4 ''`Sf?�'rLL.i James L. Shaw, A.S.A. Associate Actuary MIAMI SHORES PENSION PLAN Calculation of Termination Benefit 1. Name 2. Date of birth 3. Date of employment 4. Termination date Stephen W. Tong January 7, 1920 :July 27, 1953 August 1, 1973 5. Date payments commence February 1, 1975 6. Credited service at August 1, 1973 20.000 years 7. Age of participant as of termination date 53.583 years 8. Age of participant as of date payments commence 55.053 years 9. Final monthly compensation $ 963.02 Basic Compensa- No. of Year tion paid Months 1972 $ 9,065.00 7 1971 v 12,696.16 12 1970 S 11,227.74 12 1969 $ 10,759.95 12 1968 $ 10,045.95 12 1967 3,986.61 57, 781.41 60 10. Accrued monthly retirement income at termination date (a) 2% (.020) x $963.02 = '$ 19.26 (b) Item 6 x Item 10(a) $ 385.20 11. Actuarial reduction factor for male age 55.083 years .5640 Monthly termination retirement income payable for life, first payment payable on February 1, 1975 .564o x $385.2o $ 217.25 THC • 16Ja? COMPANY Based on information supplied by the Village and the provisions of the plan, the monthly termination retirement income payable to Stephen W. Tong is $217.2. The first payment is due on February 1, 1975 with subsequent payments duo on the first doy of each succeeding month and the last payment being the payment due in the month in which death occurs. The provisions of the plan also provide the option of a monthly retire- ment income of $385.20, the payment of which is deferred to February 1, 1982 with subsequent payments due on the first day of each succeeding month and the last payment being due in the month in which death occurs. Prepared by:;<<e;;'C^otlf` Robert B.E. Glasgow Actuarial Assistant Certified by: THE WYATT.CONPANY Actuaries for Plan Reviewed by: THC "�//Q`1/ COMPANY .4,43 Larry H. Wc.itzner, A.S. . Associate Actuary • i aiami cihores96lage F L OR t D A October 29, 1974 Pension Board Miami Shores Pension Plan Miami Shores, Florida Gentlemen: I hereby apply for a service retirement annuity in accordance with the provisions of Miami Shores Pension Plan to take effect as of February 1, 1975, as of which date I discontinued service with Miami Shores Village. I desire to avail myself of Item # 12 of the Actuary Calculation Report which is an early retirement payable for life. I was born on January 7, 1920.* Yours very truly. * To be verified by the Board. COMMONWEALTH OF KENTUCKY DEPARTMENT FOR HUMAN RESOURCES, frankfort, Ky. REGISTRAR OF YIiAl STATISTICS ,, 7`i0 No. CERTIFIED PHOTOSTATIC COPY Of RECORD of BIRTH Y=�►� i' J((��l _Ys.Jqd �, 3 _Ij 'J 4"*Jlridieado t ' j »,dnamb f. -)i'O14--1444)5 rf ''C ,Fl.�i�^e, f it .. 1�; i7 .'d 1 ! T LIZTSDLT..T. . (i ' ver, AO �� L ,.. it r,Ss iY ;y•�Aal>,Lr ,I �U�x, Ea' (61, J b = ttPra,J inothd%hoom *hold# tf $boaldtheka`th!?rctura alb Mfg.edizr ry, EEBIDE 4 • BI IRTIEDAY eT'xeeT` ' mbero ifdzf. a �1 TE Di - !mitre :on oe4eikk .,,J_Y�i�,�����`�r�.'/,tom .•.. T _ . and and "7: i i,Hi f , llf r I, Lewis C. Bush, State Registrar, hereby certify that the above is a true correct photostatic copy of the certificate of birth of the person therein named, that the original certificate Is registered under the above Pile number. In testimony whereof 1 have hereunto subscribed official seal of the State Dep ; for Human Re$osreee Kentucky, this day of my name and to be affixed , 1874. caused the at Frankfort, Lew s C. Bush, State Registrar • J • MIAMI SHORES PENSION PLAN Calculation of Termination Benefit 1. Name 2. Date of birth 3. Date of employment 4. Termination date 5. Date payments commence 6. Credited service at August 1, 1973 7. Age of participant as of termination date 8. Age of participant as of date payments commence Final monthly compensation Year Basic Compensa- No. of tion paid Months 1972 $ 9,065.00 7 1971 8 12,696.16 .12 1970 S 11,227.74 12 1969 $ 10,759.95 12 1968 $ 10,045.95 12 1967 $ 3,986.61 5 57, 781.41 60 Stephen W. Tong January 7, 1920 July 27, 1953 August 1, 1973 February 1, 1975 20.000 years 53.583 years 55.083 years $ 963.02 10. Accrued monthly retirement income at termination date (a) 2% (.020) x $963.02 = '$ 19.26 •(b) Item 6 x Item 10(a) = $ 385.20 111. Actuarial reduction factor for male. age•55.083 years .561+0 12. Monthly termination retirement income payable for life, first payment payable on February 1, 1975 .564o x $385.20 217.25 THC adiedi COMPANY • -• 2 - Based on information supplied by the Village and the provisions of the plan, the monthly termination retirement income payable to Stephen W. Tong is $217.25. The first payment is due on February 1, 1975 with 'sub3cquent payments duo on tho first doy of each succeeding month and the last payment being the payment due in the month in which death occurs. The provisions of the plan also provide the option of a monthly retire- ment income of $385.20, the payment of which is deferred to February 1, 1982 with subsequent payments due on the first day of each succeeding month and the last payment being due in the month in which death occurs. Prepared by:u 0.1frOf 71;vi, :'itmf` Robert B.E. Glasgow Actuarial Assistant Certified by: THE WYATT: COMPANY Actuaries for Plan Reviewed by: Larry II. itzner, A S. . Associate Actuary TMC "" //�`L COMPANY 4. zama cfhores9 alage F L o R 1 D A October 29, 1974 Pension Board Miami Shores Pension Plan Miami Shores, Florida Gentlemen: I hereby apply for a service retirement annuity in accordance with the provisions of Miami Shores Pension Plan to take effect as of November 1, 1974, as of which date I discontinued service with Miami Shores Village. I desire to avail myself of Item # 11 of the Actuary Calculation Report, which is an early retirement payable for life. I was born on March 18, 1913.* * To be verified by the Board. ;'Yours very truly,