08-26-1975 Regular Meetingaiami cihoren tape
F L O R 1 D A
August 26, 1975
PENSION BOARD MEETING
A breakfast meeting of the Miami Shores Pension Board
was held on Tuesday morning, August 26, 1975 at the
Howard Johnson's Restaurant on 95th Street.
The following board members were present:
Mayor Donald W. McIntosh
William "Al" Davis
Dean Miller
Also present were:
Michael Franco
Richard Lund
Jim Glaid
Absent were:
John Fletcher ( on vacation)
Robert Day
David Peace
Ann Vigneron
The meeting began at 8:00 am with the reading of minutes
of the previous April 22nd meeting.
A discussion was held on Robert Wylie, who has been working
on the Dade County payroll for several months now, and feels
that he is still earning creditable service in the Miami
Shores Pension Plan ( possibly even as a policeman). A
motion was made by Dean Miller and seconded by Ann Vigneron
to refer this matter to the Council. The motion was passed
unanimously.
It was moved by Ann Vigneron and seconded by Dean Miller to
recommend to Council to give the present 24 pensioners a
5% cost of living increase ( similar to the one given on
2-1-74, as per Ordinance #376) with a minimum increase of
$10.00 per month. The motion passed without any "against"
votes, or objections.
The secretary advised the board regarding the "Larry Dest"
situation. It was brought to the board's attention that
under present Pension Ordinances temporary or total dis-
ability does not permit past employees to remain in the
Pension Plan.
The board was also advised of Quincy Chester's ( foot patrol-
man) to work another year past his normal retirement age
of 58. It was suggested by Mike Franco to check the
ordinances to see if either the employee or Village contri-
bution should stop at age 58 for policemen.
Page 2
aiami jhores illage
F L OR ID A
Pension Board Meeting August 26, 1975
With regards to the transfer of the Fire Department to
Metro as of October 1st, the cost of buying all past
service ($28,796.57) in the Florida Retirement System
was discussed. It was pointed out by the secretary that
presently the firemens employee contributions amount to
only $12,494.32. A motion was made by Robert Day and
seconded by Dean Miller, that if the Village pays any
portion of this difference that it not be taken from the
Pension Trust Fund.
The meeting adjourned at approximately 9:05 am.
Respectfully submitted
•
August 5, 1975
Miami J'hores9iIlage
FLORIDA
ALL PENSION BOARD MEMBERS
There will be a breakfast meeting of the Pension Board at the
Howard Johnson's Restaurant on 95th Street and N.E. 2nd Avenue
on Tuesday, August 26th at 7:45 am.
The Agenda will include:
1. Permission for Robert F. Wylie to continue to earn
creditable service while working for Ahe County, per-
mitting the County to re-imburse the Miami Shores
Pension Trust for both the 6% employee contribution
and 9% employer contribution ( 9% is last year's
average employer contribution). Our present pension
ordinance states that: "service means employment as
an employee for which compensation is paid by the
Village".
2. Cost of Living for Pensioners ( a 5% one time permanent
increase would cost the Village approximately $2,000.00
per year).
3. Request by Attorney Mark Zientz to permit former employee,
Lawrence Dest, to return his pension contribution and
stay in the Pension Plan. Mr. Zientz, who has received
copies of our Pension Ordinances, believes, because of
Mr. Dest's temporary or total disability, and because
his pension refund was wrongfully assigned, he should
be permitted to rejoin the plan.
4. Discussion of affects of F iremens transferring to State
Pension Plan as of October 1, 1975 and firemen's loss of
State Chapter 175 Trust Funds.
Please be prompt, as the meeting should be rather short.
JAMES A. GLAID
Pension Secretary
Robert L Kennedy, Jr.
STATE RETIREMENT DIRECTOR
STATE OF FLORIDA
frpttrtntrnt of Mmintstration
Division of Retirement
CARLTON BUILDING
TALLAHASSEE
32304
August 14, 1975
Mr. James A. Glaid
Finance Director
Miami Shores Village, Florida
Dear Mr. Glaid:
Reubin O'D. Askew.
GOVERNOR
Lt. Gov. J. H. "Jim" Williams
SECRETARY OF ADMINISTRATION
Attached is a print-out which shows the amount
required to purchase all past service for the firemen
of Miami Shores Village. It also shows the number of
years creditable service for each employee which they
would have if they bought this past service in its
entirety.
If I can be of further assistance, please let me
know.
CAE:bl
Enclosure
Sincerely,
1.:41 tiV'
C. A. Earnest
Retirement Services Supervisor
NAME S S NUMBER RETIREMENT MATCHING INTEREST TOTAL YEAR
Perez, E. C. 261 64 2504 $2,692.90 $2,808.21 $594.28 $6,095.39 5.58
Love, R. J. 262 33 5911 447.35 532.44 29.61 1,009.40 1.00
Daniels, C. J. 264 52 2256 1,658.37 1,825.81 257.53 3,741.71 3.50
Mallett, A. R. 265 68 9498 2,464.93 2,557.95 651.61 5,674.49 7.00
DeYoung, J. 265 68 9725 1,101.82 1,428.78 159.97 2,690.57 2.83
Oster, K. V. 266 88 6368 926.07 1,021.48 91.74 2,039.29 2.00
Simpson, L. A. 266 98 5087 1,245.25 1,345.00 155.18 2,745.43 2.75
Fordham, J. J. 267 78 2660 716.62 808.18 60.87 1,585.67 1.58
Meyers, M J. 267 96 8605 1,456.14 1,558.90 199.58 3,214.62 3.08
TOTAL
12,709.45 13,886.75 2,200.37 28,796.57
CHICAGO
CLEVELAND
DALLAS
DETROIT
FORT WORTH
HONOLULU
HOUSTON
LOS ANGELES
1
THE COMPANY
ACTUARIES AND EMPLOYEE BENEFIT CONSULTANTS
9805 NORTH KENDALL DRIVE
MIAMI, FLORIDA 33186
(305) 274-8080
July 7, 1975
Mr. James Glaid
Finance Director
Miami Shores Village
10050 N. E. Second Avenue
Miami Shores, Florida 33128
Re: Police Officers Transferring to State Plan
Dear Mr. Glaid:
MIAMI
NEW YORK
PHILADELPHIA
SAN FRANCISCO
WASHINGTON
OTTAWA
TORONTO
It is our opinion that the transfer of the Police Officers
from the Village Plan to the State Plan in itself, will have no
significant financial impact on the funding solvency of the Village
Plan. As we have previously outlined, a dollar amount will be cal-
culated as our recommendation of funds to be transferred to the
State Plan for the benefit of the Police Officers. This transfer
amount will be based on the excess of the market value of the assets
as of the date of transfer over the fixed liabilities of the plan
(retired life reserves, vested reserves, and member contributions).
The actual amount will be such excess ratioed in proportion to the
liability of the Police Officers.
This procedure was followed for your inspection station
employees as of December 31, 1974. At that point in time, the
market value was at a point where no monies were available. This
situation may now be different. The market value may be at a point,
currently, which would allow some monies to be transferred. Any
amount that will be available will be small, however, and may cause
some misunderstanding among the Police Officers. This potential for
misunderstanding is typically a disadvantage of such a transfer.
If you have any questions regarding the above, please do not
hesitate to contact us.
WWW:rgb
Sincerely,
dads07-4--/
Wallace W. Wilson, A.S.A.
Associate Actuary
Table A
MIAMI SHORES 'VILLAGE
PROPOSED INCREASES IN FIXED RETIREMENT BENEFITS
Proposed
Alternative
to Increase
Benefit to
Retirees
1. 1% Increase per .Year to Both
Active and Retired *
2. 1-1/2% Increase per Year to Both
Active and Retired * •
3. 2% Increase per Year to Both
Active and Retired * .
4. A One Time 5% Increaer. to Current].y
Retired Only
5. A One Time 5% Increase to Currently
Retired Only with Minimum Increase
of $10.00 per month
6. A One Time 5% Increase to Currently
Retired and 1% Increase per Year •
to Both Active and Retired *
7. A One Time 5% Increase to Currently
Retired and 1-1/2% Increase per
Year to Both Active and Retired *
8. A One Time 5% Increase to Currently
Retired and 2% Increase per Year
to Both Active and Retired *
9. A One Time 5% Increase with $10.00 per
Month Minimum to Currently Retired
and 1% Increase per Year to Both
Active and Retired *
10. A One Time 5% Increase with $10.00 per
Month Minimum to Currently Retired
and 1-1/2% Increase per Marto Both
Active and Retired
Contribution
Level Required
to Fund the
Increase and
Present Benefit
Level
$ 87,247
• $ 95,045
$ 103,432
$ 74,498
$ 74,832
$ 88,773
$. 96,634
• $ 105,087
$ 89,130
$ 9'x,002
New Contribution
Level Expressed
as a Percentage
of the Present
Contribution
Level
19.4%
30.096
41.596
. 1.9%
2.4%
21.5%
32.2%
43.8%
22.0%
' 32.7%
.
'Niumwirosi tat cOONY com mar
•
KAPLAN, DORSEY, SICKING & HESSEN, P. A.
ATTORNEYS AT LAW
JOSEPH H. KAPLAN
THOMAS J. DORSEY
RICHARD A. SICKING
ARNOLD D. HESSEN
ROBERT A.SUGARMAN
WILLIAM JOHNSON
GERALD A. ROSENTHAL
JOSEPH C.SEGOR
MARK L. ZIENTZ
HOWARD S. SUSSKIND
1951 NORTHWEST 17?N AVENUE
MIAMI, FLORIDA 33125
June 10, 1975
Mr, Jim Glade
Miami Shores Village
Pension Plan
Miami Shores City Hall
10050 N.E. 2nd Avenue
Miami Shores, Fla
RE: Lawrence Dest
Dear Sir:
TELEPHONES
MIAMI: 325-1661
BROWARD: 920-8159
I am writing in regard to the telephone conversation that we
had on April 30, 1975 in which you informed me that Mr. Dest
was paid directly, by check, for his withdrawal from the
pension plan. You also informed me that you would send me a
copy of that check so that there would be no question that
there was no assignment of Mr. Dest's pension benefits and
that he was paid directly. To date, I have not received a
copy of that check. Furthermore, Mr. Dest informs me that
the only check he got was for the balance of his pension fund
less the credit union outstanding loan.
If a check exists, such as you have mentioned to me, it will
save me and my client quite a bit of time and expense in suing
the pension plan for return of his money which was wrongfully
assigned. I would very much appreciate it if you would take
the time and effort to locate the check that you mentioned to
me and send me a copy of it so that I might present it to my
client and explain to him that there was no assignment, if that
be the case.
Please be good enough to let me hear from you at your earliest
convenience with regard to this matter.
Very truly yours,
KAPLAN, DORSEY, SICKING
A2N . �S
MARK L. ZIENTZ
ilert L Kennedy, Jr.
TE RETIREMENT DIRECTOR
•
STATE OF FLORIDA
Pparttlttnt of Atintintotrattan
Division of Retirement
CARLTON BUILDING
TALLAHASSEE
32304
May 22, 1975
Mr. James A. Glaid
Finance Director
Miami Shores Village, Florida
Dear Mr. Glaid:
Reubin O'D. Askew.
GOVERNOR
Lt. Gov. J. 14. 'Jim' William
SECRETARY Or ADMINISTRATION
To confirm our telephone conversation of May 21, 1975,
I an returning your certifications of service and earnings
on your firemen in order for you to update and estimate their
earnings through September 30, 1975. It is my understanding
that all of the firemen have elected to participate in the
Florida Retirement System effective October 1, 1975, the date
of their take-over by Metro Dade. Enclosed is a sample
ordinance and agreement which should be completed and returned
to us prior to September 15, 1975. I understand the policemen
are also interested in participating in the Florida Retirement
System, therefore, I am enclosing some Certification of Service
Earnings forms for you to complete in order to determine the
estimated cost of past service for them.
Some date in the future should be established as their
effective date of participation in the Florida Retirement
System in order that an estimate of their salary can be made
to that date. I am also enclosing some Florida Retirement
System brochures for your information.
If you should have any other questions or we can be
of further help, please do not hesitate to contact us.
HTW:bl
Enclosures
Sincerely,
T.-WaIri g
Enrollment Ad1Da�nistrator