11-22-1977 Regular Meeting•
•
fliami Jhores`9 llage
F L OR ID A
November 22, 1977
Pension Board Meeting
A breakfast meeting of the Miami Shores Pension Board was
held on Tuesday, November 22nd at the Mr. Adam's Restaurant
at 9099 Biscayne Boulevard. The following Board Members were
present:
Joseph Farina, Ralph Bowen, Sam Ackley,
John Fletcher and Ann Vigneron.
Also present were: William Fann, Wallace Wilson (Wyatt Co.)
Dennis Clum, Walter Wrase (1st State Bank) and Jim Glaid.
Arriving near the end of the meeting (8:55 A.M.) were Gerald
Gill (P.B.A.),Ed Souder and Richard Harrison. Absent were:
Joseph Gronfriddo and William Byrd.
The meeting began at 8:15 A.M. with the acceptance of the
minutes of the previous August 31st, 1977 meeting.
Walter Wrase, Trustee for the Plan, reviewed our Pension
Investments (report as of 9/30/77.) He gave his theory on
present day type & length of investment, and his near term
outlook. The Board generally agreed with the Trustee's present
approach for investing of our pension funds.
Wallace Wilson, our actuary, highlighted the general condition
of the Plan. During & after his talk he answered several
questions asked by Board Members.
Gerald Gill of the P.B.A., representing the policemen, reviewed
their requested modifications to the current plan. Wallace Wilson
of the Wyatt Co. presented a letter stating that the approximate
cost for computing these benefit costs for police employees
only would be $500.00. Sam Ackley made a motion, which was
passed, that this cost be paid for by the P.B.A. if they wished
it done.
The meeting adjourned at 9:12 A.M.
CHICAGO
CLEVELAND
DALLAS
DETROIT
FORT WORTH
HONOLULU
HOUSTON
LOS ANGELES
MIAMI
T H E(�L L L C OM PA N Y
ACTUARIES AND EMPLOYEE BENEFIT CONSULTANTS
9595 NORTH KENDALL DRIVE
MIAMI, FLORIDA 33156
305) 274-8080
November 21, 1977
Miami Shores Village Pension Board
10050 N.E. 2nd Avenue
Miami Shores, Florida 33138
Re: Proposed Revisions to Pension Plan
Dear Members:
MINNEAPOLIS
NEW YORK
ORLANDO
PHILADELPHIA
SAN FRANCISCO
WASHINGTON
OTTAWA
TORONTO
We have reviewed the proposal for changes to the Miami Shores
Pension Plan as submitted by the Dade County Police Benevolent
Association, Inc. We estimate that the actuarial fees necessary
to compute the cost of the proposed benefit improvements would
be approximately $500 for the Police employees or $1,000 for all
of the participants of the Village Pension Plan.
These cost estimates could be provided in conjunction with
the January 1, 1977 actuarial valuation which should be available
sometime in March 1978.
us.
/cb
•
If you have any questions, please do not hesitate to contact
Sincerely,
/a° /e/'a
Wallace W. Wilson, F.S.A.
Actuary
•
OFFICIO: ,j ' )': Y MAILING ADDRESS:
2540 N.W. 29th Avenue P.O. Box 520775, Biscayne Annex
Miami. Florida. 33142 • Telephone 305/638-4051 o Miami, Florida 33152
/14Uoite 4,Caw err o cencurt 4 ,u
November 17, 1977
Honorable James Glaid
Finance Director
Village of Miami Shores
10050 N.E. Second Avenue
Miami Shores, Florida 33138
Dear Mr. Glaid:
Per your request, the following are proposed modifications of
the current Miami Shores Police Pension Plan:
A. Death in the line of duty benefit: Any bargaining unit
employee whose death is attributable to his employment shall be
assured of the following for his beneficiaries:
1. Spouse will receive one-half of the employee's
salary for life.
2. Dependent: Should there be no spouse or should the
spouse pass away before the dependent reaches the age of
eighteen (18) years of age, orrshould the employee so choose,
one-half of the employee's salary will be payable to the
dependent until that individual reaches the age of eighteen
(18) years. Employee shall have the right to designate more
than one dependent each to receive an equal share.
B. Retirement age of bargaining unit employees shall be fifty-
five (55) years old without penalty with a minimum of ten (10) years
of service.
C. Employees interest in the pension plan shall vest after ten
(10) years of service.
D. Employees shall earn three (3%) percent credit towards
retirement for each year of service beginning October 1, 1977.
E. Bargaining unit employees will be eligible to retire after
twenty-five (25) years of service without penalty.
PRESIDENT
Nelson Perry
FIRST
VICE PRESIDENT
Thomas Rogers
?` SECOND
CE PRESIDENT
Ni11'iam Cezelis,
RoMA
SEC ETAII'Y/
TREASURER
am S. Miller
SERGEANT' �•'x z •..�:.
AT LRMS a"CHAPLAIN
Gary Adams Marty Green
•
Honorable James Glaid
November 17, 1977
Page No. 2
F. One member of the bargaining unit, to be selected by the
members of that unit, shall be appointed to the Village pension board.
G. All additional cost to insure that the pension plan is
financially sound shall beabsorbed by the Village.
On behalf of the men of the Village of Miami Shores Police
Department and the Dade County Police Benevolent Association, I would
like to thank the Board members for this opportunity to discuss these
proposals. I am confident we can arrive at an agreement that is both
beneficial to the men as well as financially prudent.
GG/cs
cc's:
Thanks again for your time and consideration.
Nelson Perry
Les Real
Richard Harrison
Ed Souder
Sincerely,
"lam
Gerald B. Gill, Jg°45:42---
Economic Consultant