05-16-1979 Regular MeetingPENSION BOARD MEETING
May 16, 1979
A breakfast meeting of the Miami Shores Pension Board was held
on Wednesday, May 16, 1979, 7:45 a.m., at Mr. Adam's Restaurant on Biscayne
Boulevard. The following were in attendance:
Pension Board members - Mayor Henry A. Everett
Councilman Herbert Spahn
Mr. Joseph Gionfriddo
Mr. John McCoy, arrived late
Chief John Fletcher
Miss Ann Vigneron
Also:
Mr. William Fann, Village Attorney
Mr. Dennis Clum, First State Bank
Mr. Wallace Wilson, Wyatt Co.
Mr. Sri Balgobin, Pension Administrator
Absent: Village Manager Ackley
Chief Fletcher moved that Mayor Everett be appointed Chairman of
the Pension Board. The motion was seconded by Mr. Gionfriddo and carried.
(1) Minutes of the meeting of January 23, 1979, were approved as
written by motion made by Chief Fletcher ,seconded by Mr. Spahn and passed.
(2) Coopers & Lybrand billing - A bill in the amount of $500.00
was received from Coopers & Lybrand for services rendered in "Preparation of
Schedule of Cash Transactions and Schedule of Fund Assets for inclusion in
Miami Shores Village financial statement report for the year ended September
30, 1979". Upon motion made by Ann Vigneron, seconded by Chief Fletcher and
carried, approval was given for payment of the bill.
(3) Appointment of Pension Plan Administrator - The Village
Manager had named Mr. Sri Balgobin as Pension Administrator. The Mayor asked
for a written acceptance from Sri.
(4) Trustee's Statement of Account - Discussion involved question
of putting more cash in short term market and bringing investment plan up to
25% in stocks. Mr. Clum reported that $100,000 will mature this year, $50,000
in August and $50,000 in November. John Fletcher moved that the Board recommend
that the Trustee raise the investment in common stock to 25% with the under-
standing that we can change it at any time. The motion was seconded by Mr. Spahn
and passed unanimously.
(5) Trustee's procedures - Sri Balgobin, Pension Administrator,
requested this agenda item to report that he is bringing up to date the files
on retirees for beneficiaries in event of death and will ask the bank for a list
of retirees and addresses. Sri requested that duplicate files be considered.
Mr. Wilson stated that the actuary would assist in keeping duplicate records
on the retirees.
(6) Investment review - Discussed in item (4).
(7) Review of Actuarial Valuation of Plan as of January 1, 1979.
Mr. Wally Wilson reviewed the Wyatt Company report and recommended changing
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certain actuarial assumptions. After discussion Mr. McCoy moved that the
Board approve a change in the two actuarial assumptions discussed by the
actuary, to carry interest at 6% and salary at 3-3/4%, effective January
1, 1979. The motion was seconded by Chief Fletcher and passed unanimously.
A copy of these minutes will be sent to the Wyatt Co. and a note made to
increase the budget appropriation.
Chief Fletcher referred to the minutes of January 23, 1979
regarding the reports furnished by the Wyatt Co. for which we were charged
$6643.00. Mr. Wilson stated he had written a letter to the Board (not
mailed) indicating which items were required and which were extra in the
last year, that if the Village does some of these reports it will reduce the
fee. He stated that Village personnel could handle the Police reports for
the state and the Federal reports (form 5500). Sri Balgobin will undertake
preparation of these reports.
Following the last meeting the Village Attorney redrafted the
designation of beneficiary form. Mr. McCoy discussed the need for keeping
this information up to date and moved that up to date designation of
beneficiary be made on the new form. The motion was seconded by Chief
Fletcher and passed unanimously.
Ann Vigneron reported that Councilman McIntosh asked that the
Board consider increasing benefits for retirees. A 5% increase was given
on Feb. 1, 1974 and another 5% on October 1, 1975. This will be on the agenda
for the next meeting, with copy of retirees' incomes.
The meeting adjourned at 9:35 a.m.
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