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08-31-1977 Regular Meeting• aiami Jhorentage F L OR ID A August 17, 1977 ALL PENSION BOARD MEMBERS There will be a meeting of Miami Shores Village Pension Board at City Hall on August 31, 1977 at 4:00 P.M. The agenda will include: 1. Reading the minutes of the last meeting of April 5, 1977. 2. Discussion with the Police Department and their P.B.A. representatives as requested. 3. Presentation by our Actuary "The Wyatt Company" re- garding Wallace W. Wilson's letter of 8/9/77 and the States request to provide additional information. 4. Acceptance of the Trustees Investment Review. (Report as of June 30, 1977) JAG/vn JAMES A. GLAID Pension Board Secretary d CHICAGO CLEVELAND. 'DALLAS DETROIT FORT WORTH HONOLULU HOUSTON LOS ANGELES • THE Wail COMPANY ACTUARIES AND EMPLOYEE BENEFIT CONSULTANTS 9595 NORTH KENDALL DRIVE MIAMI, FLORIDA 33186 308) 274-8080 MIAMI NEW YORK PHILADELPHIA t SAN FRANCISCO WASHINGTON OTTAWA TORONTO To: Wyatt Company Municipal Clients Whose Retirement Plans Include All Categories of Employees From: Wallace W. Wilson Date:.. August 9, 1977 We have been requested by the State of Florida to provide certain information regarding your retirement plans. The in- formation requested involves a calculation of the cost of additional benefits provided to your Police and Firefighters as a result of their receipt of insurance premium excise tax money through Florida Statutes Chapters 175 and 185 (a copy of this request is attached). The request is for current information and for the infor- mation to be calculated annually hereafter. Although I under- stand the reasoning behind the request, I am concerned overthe cost implications that this can have to you. The request necessitates our processing two valuations each year, one based on current plan benefits and another assuming Police and Fire- ' fighters benefits are the same as General employee benefits. This additional work will require additional annual fees. It is my feelings that this request runs contrary to the attempt to provide maximum benefits from each dollar spent. I have personally written Mr. Vereen a letter expressing my concerns over this matter. I have suggested that this infor- mation be provided every five years rather than annually. I would suggest that if you share my feelings on this matter that you write Mr. Vereen to express your municipality's view. I would also be interested in any comments that you may have. Y STATE TREAi3URER INSURANCE COMMISSIONER FICiE MARSHAL June 14, 1977 The Wyatt Compan 9595 North Kendall Drive Miami, Florida 33157 Gentlemen: Xettottieit itJ iranf•e STATE OF FLORIDA TALLAHASSEE 32304 Subsection 175.351(13) and 185.35(2), Florida Statutes, requires the premium excise tax money to be used solely and exclusively for firemen and police officers when placed in a pension plan for firemen, policemen and other city employees. In view of the above statutory language, firemen and policemen from several cities have posed the question "Is all of the premium tax money being used for the additional benefits in their pension funds?" With this question in mind, please forward to this office, at your earliest convenience, the cost of the additional benefit being provided for firemen and policemen in the cities which our records indicate your firm performs the Actuarial Valuations (see attached sheet). We would greatly appreciate the cost of the additional benefits being computed as a percentage of payroll cost which will be most helpful in our auditing computations. The payroll to be the total payroll of the Fire Department or Police Department of the city for the current year. In all future valuations prepared for cities by your firm,using the premium excise tax for additional benefits for firemen and police within the framework of their City Employee Retirement Plan, please compute a breakdown of the percentage of payroll cost of the additional benefit as part of your valuation and forward same to this office. • If you have any questions concerning this request, please do not hesitate to call this office. JRV:sa Attachment SificTrely, James R. Vereen Municipal Police and Firemen's Retirement Trust Funds • TO: OFFICE OF THE VILLAGE MANAGER INTER -DEPARTMENTAL MEMORANDUM Finance Director, J. A. Glaid NO 117 SUBJECT• P. B. A. MEETING REQUEST 26, 1977 DATE July • EKA :v Enc. Attached herewith is copy of letter from Miami. Shores Police Department requesting that they and P. B. A. representatives meet with the Pension Board for the purpose of discussing retirement plan benefits. As secretary to the Pension Board it shall be your responsibility to schedule said meeting and advise all persons involved as requested. Earl K. Andersen Village Manager • Honorable Earl K. Andersen Village Manager Village of Miami Shores, Florida 10050 N.E. Second Avenue Miami Shores, Florida 33138 Dear Mr. Anderson: Miami Shores Police Department 10050 N.E. Second Avenue Miami Shores, Florida 33138 July 19, 1977 RE: Retirement Board During our recent and past contract negotiations with the Village, concern has been expressed relative to the current retirement benefits provided Miami Shores Police personnel. In an effort to bring these concerns before the proper authorities we would like to ask that you schedule a meeting of the Retirement Board. Members of the Department, along with our P.B.A. representatives, would like to discuss this matter with the Board to determine if any positive corrections can be made. 41) ES/s Thank you for your assistance with this. Sincerely, Sgt. Ed Souder Miami Shores Police Department Mr. Walter Wrase 1st State Bank of Miami 7900 N. E. 2nd Avenue Miami, Florida 33138 Dear Mr, Wrase: a,ZL tC9tC'.TillaC C FL OR I DA 3 3 1 3 8 EARL K. ANDERSEN VILLAGE MANAGER May 12, 1977 At our last Miami Shores Pension Board meeting, the Board expressed its desire to send you this letter to compliment you on the fine Job that you and the First State Bank are doing as Trustee for the. Pension Plan. Keep up your excellent work and keep your ever vigil eye on the invest— ment market. DWMsjb 11) Very truly yours, tit ald W. McIntosh Pension Board Chairman 'noon the desle o • JIM GLAID 4/11/77 Earl Andersen As per your instruction I have N01' started the 6% pension deductions from your payroll checks, as required by Village Ordinance. 1 hope that Council will grant your request to join another plan other than the Miami Shores Phiet,X ension Plan.