07-25-1979 Regular MeetingMiami Shores Village
PENSION BOARD MEETING
July 25, 1979
A breakfast meeting of the Miami Shores Pension Board was held
on Wednesday, July 25, 1979, 8:00 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. John McCoy
Mr. 0. Sam Ackley, Village Manager
Chief John Fletcher
Ann Vigneron, employee
Absent: Mr. Joseph Gionfriddo
Also present:
Mr. William Fann, Village Attorney
Mr. Sri Balgobin, Pension Administrator
Mr. Dennis Clum, First State Bank
Mayor Henry Everett opened the meeting and the first item of
business to be discussed was:
(1) Letter from J. P. Ulmer, President, F.O.P., requesting
cost of living increase for retirees.
Sgt. Jack Ulmer petitioned the Board for a cost of living
increase to retirees and suggested that a study of the Pension Plan be
made by a committee of PBA. John Fletcher stated that the PBA had agreed
to do a study of lowering vesting age and retirement age and were supposed
to come back to the Board with their report but they have not returned.
Mr. McCoy asked the Board to consider making a study of the present vesting
benefits of the Plan to see if improvement could be made, and to find out
what it would cost to make cost of living increases in the existing plan.
Discussion followed as to cost of granting increases. Mr. Spahn moved that
cost figures be secured on the basis of 5%, 6%, 7%, 8% , 9% and 10% increases
to retirees. The motion was seconded by Mr. McCoy and passed unanimously.
(2) Minutes - Mr. McCoy suggested amending the minutes to read,
'{from 19.17% to 25% in common stock''. The minutes were then approved by
motion made by John Fletcher, seconded by Mr. Spahn and passed unanimously.
(3) A letter was received from the Wyatt Company,dated May 4,
1979, concerning work assignments requited by the Wyatt Company through
11/30/78. Items 3., State Police reports, and 4., Federal 5500 report,
were recommended to be completed by Village personnel, which is now being done.
(4) A list of pensioners was presented to the Board.
(5) A letter was received from the Wyatt Company, dated May 22,
1979, offering to assist the Board by keeping duplicate copies of file
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information on each retiree under the plan, at no additional cost.
(6) Early retirement was requested by Robert F. Wylie, which
was computed by the Wyatt Company as a monthly income from July 1, 1979
of $499.81. Approval was granted for this retirement by motion made by
Ann Vigneron, seconded by John Fletcher and passed unanimously.
(7) A discussion took place on reinvesting maturing cash
but no definite instructions were given.
(8) A letter was received from the State Treasurer's office
asking for input on a proposed school for Boardsof'Trustees of Pension
plans under the State law. No action was taken.
The meeting adjourned at 9:15 a.m.
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