03-20-1980 Regular Meeting1
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Miami Shores Village
PENSION BOARD MEETING
March 20, 1980
A breakfast meeting of the Miami Shores Pension Board was held on
Thursday, March 20, 1980, 8:00 a.m. at Mr. Adam's Restaurant on Biscayne Blvd.
The following were in attendance:
Pension Board members:
Mayor Henry A. Everett
Councilman Spahn
Mr. John McCoy
Mr. Joseph Gionfriddo
Mr. 0. Sam Ackley, Village Manager
Chief John Fletcher
Ann Vigneron, employee
Also present: Mr. William F. Fann, Village Attorney
Mr. Sri Balgobin, Pension Administrator
Mr. Wally Wilson, Wyatt Co. actuary
Mr. Dennis Clum, First State Bank
Mr. Walter Wrase, First State Bank
Sgt. Jack Ulmer, M. S. Police Dept.
The meeting was called to order by Mayor Henry A. Everett and minutes
of the meeting of July 25, 1979, were approved as written after noting a
correction of the date on the heading, by motion made by John Fletcher, seconded
by Mr. Spahn and carried.
(1) COST OF LIVING INCREASE TO RETIREES.
A request had been made at the last meeting through St. Ulmer,
representing the Fraternal Order of Police, for a cost of living increase for
retirees. Cost figures had been requested of the Actuary and were at hand.
After some discussion Mr. Gionfriddo moved that retirees be given an increase of
3% a year for each year he has been on pension to a maximum of 10%, with a $10.00 mo.
minimum, to become effective October 1, 1980 and to apply only to retirees
receiving pensions on October 1, 1980. The motion was seconded by Mr. Ackley and
carried unanimously.
Mr. Ackley moved that the actuary prepare an ordinance, and cost
statement, as a result of the motion to provide increases to retiree benefits,
that this ordinance will be presented to the Village Attorney for review and then
presented to Council for funding and adoption. The motion was seconded by Mr.
Gionfriddo and passed unanimously.
(2) REVIEW OF 1980 ACTUARY'S EVALUATION.
Mr. Wally Wilson, Wyatt Co. actuary, reviewed the evaluation of
the plan as of February 25, 1980, a copy of which is to be sent to the State
of Florida, Division of Retirement.
(3) PAYMENT FOR ACTUARIAL SERVICES.
A bill was submitted by the Wyatt Company for actuarial services
rendered through November 30, 1979, in the amount of $5,966.00. The bill for
services in 1979, was $6043.00. Mr. Gionfriddo moved that the Board accept the
evaluation and approve the bill of the Wyatt Co. The motion was seconded by
Mr. McCoy and passed unanimously.
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3/20/80
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(4) REVIEW OF INVESTMENTS.
Mr. Wrase of First State Bank, reviewed the investment program with
the Board and reported as of the year end 70% was in fixed investment. Mr. Ackley
stated he would like the First State Bank to return with a list of their
recommedations to attempt to take advantage of the current high interest. Mr.
Gionfriddo thought losses should be analyzed and accepted if the loss can be
recouped within one year, or a short time. Mr. Ackley stated First State Bank
has agreed on selling some of the securities without taking a big loss and
reinvest this money. The bank will go ahead on this basis. The Board asked for
the quarterly investment sheet.
In the discussion of the investments, Mr. McCoy stated he was not
satisfied with our return and suggested that the Board hire an investment counselor.
Mayor Everett thought this should be discussed with First State Bank.
(5) RETIREMENT OF JAMES FOWLER.
A request was made by James Fowler, a former employee fully vested,
to take his retirement at age 55. The Wyatt Company had computed his benefits at
$363.25 mo. commencing January 1, 1980. Mr. McCoy moved that James Fowler be
paid $363.25 on a single life basis, commencing January 1, 1980. The motion was
seconded by Mr. Ackley and passed unanimously.
(6) AUDIT BILL OF COOPERS & LYBRAND.
A bill in the amount of $500.00 was received from the Village
auditors, Coopers & Lybrand, for Pension Fund schedules that were included in
the Village Financial Statement for the year ended September 30, 1979. John
Fletcher questioned this bill and Mr. Ackley reported that we could prepare
the schedule of cash transactions and schedule of fund assets in the future and
have Coopers & Lybrand look at it. Mr. Spahn moved that we accept the bill rendered
2/20/80, and pay it. The motion was seconded by Ann Vigneron and carried
unanimously.
(7) MEETING PLACE.
Mr. Gionfriddo moved that the next meeting be scheduled at Howard
Johnson's restaurant. The motion was seconded by John Fletcher and passed
unanimously.
(8) VILLAGE MANAGER'S REQUEST TO WITHDRAW FROM THE PLAN.
Mr. Ackley stated that he would like the Board to consider his
request to withdraw from the Pension Plan and asked to have this put on the next
agenda, which the Board agreed to do.
Approved•
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The meeting adjourned at 10:00 a.m.
Henry
Mayor
Ann Vignej6n, Secretary