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12-10-1980 Regular MeetingMiami Shores Village PENSION BOARD MEETING December 10, 1980 A breakfast meeting of the Miami Shores Pension Board was held on Wednesday, December 10, 1980, 8:00 a.m., at Howard Johnson's Restaurant on N. E. 2nd Avenue, with the following in attendance: Pension Board members: Mayor Henry A. Everett Councilman Spahn Mr. Joseph Gionfriddo Mr. 0. Sam Ackley, Village Manager Chief John Fletcher Ms. Ann Vigneron Absent: John McCoy Also Present: Mr. William F. Fann, Village Attorney Mr. Sri Balgobin, Pension Administrator Mr. Wally Wilson, Wyatt Co. actuary Mr. Walter Wrase, First State Bank Mr. Dennis Clum, First State Bank In regard to the minutes of the meeting of July 18, 1980, Chief Fletcher pointed'ou,t on Page 2., that the request for a change in vesting requirements was made by the P.B.A., instead of the Police Dept. Mr. Ackley moved that the minutes be approved as amended. The motion was seconded by Mr. Gionfriddo and passed unanimously. ORDINANCE PROVIDING OPTION TO VILLAGE MANAGER TO BE EXCLUDED FROM MIAMI SHORES PENSION PLAN. The Board received an opinion from Mr.. Fann, Village Attorney, on the legality of providing an option to certain employees appointed by the Village Council to join some other pension plan. An ordinance enacting this proposal was also presented. This was recommended to Council upon motion made by Ann Vigneron, seconded by Joseph Gionfriddo and passed unanimously. ORDINANCE REGARDING BREAK IN SERVICE. An ordinance proposed by the Pension Administrator clarifying the procedure for handling pension requirements when there is a break in service, as written by the Village Attorney, was also presented. Chief Fletcher moved that this ordinance be recommended for approval by the Council. The motion was seconded by Mr. Ackley and passed unanimously. DISCUSSION OF VESTING. At the request of the P.B.A. the Wyatt Company had prepared a survey of vesting in other municipal plans in Dade County. Mr. Wilson reported an estimated cost of a 10 year vesting on Police Officers only, on an annual basis at 0.15% of payroll, and for all employees, including Police, of less than $2,000.00 annual cost. Chief Fletcher moved to table action on this until the entire benefits of the plan are reviewed. The motion was seconded by Mr. Ackley. Mr. Wilson stated he would like to do this in conjunction with the annual evaluation. A call for the question was made and passed, following 1 12/10/80 -2- which the motion to table was passed unanimously. QUARTERLY REPORT OF ASSETS. Mr. Walter Wrase reviewed the earnings for the last quarter, and Mr. Wilson agreed that it was consistent with the actuarial assumptions. The total plan reported earnings of 8.84%. • PENSION INFORMATION TO EMPLOYEES. Chief Fletcher moved that this be tabled until Mr. McCoy is present. The motion was seconded by Mr. Gionfriddo and passed unanimously. RETIREMENT OF HIARM WILCHER. Sri Balgobin reported that Hiarm Wilcher is permanently disabled but will not be terminated until February 1, 1981, at which time heshould go on pension. This will necessitate a recomputation of benefits and approval of this pension was tabled pending new figures, by motion made by Mr. Spahn, seconded by Mr. Gionfriddo and carried unanimously. 1 • 1 0 O Appro Henry 0 The meeting adjourned at 9:40 p.m. 0 Ann Vigneron,ecretary MIAMI SHORES PENSION PLAN Calculation of Early Retirement Income 1. Name Hiarm Wilcher 2. Social Security number 257-34-9654 3. Sex Male 4. Date of birth February 28, 1922 5. Date of employment April 30, 1956 6. Normal retirement date March 1, 1984 7. Age on normal retirement date 62.000 years 8. Early retirement date December 1, 1980 9. Age as of early retirement date 58.750 years 10. Date leave of absence commenced October 1, 1980 11. Credited service as of early retirement date 24.417 years 12. Credited final compensation as of early retirement date $851.66 Basic No. of Year Compensation Paid Months 1980 $ 8,299.20 09 1979 $ 10,486.33 12. 1978 $ 10,083.33 °12 1977 $ 10,081.00 12 1976 $ 9,813.00 12 1975 $ 2,337.00 03 $ 51,099.86 60 13. Accrued monthly retirement income as of early retirement date (a) 2% (.0200) x $851.66 = $17.03 (b) Item 11. x Item 13.(a) _ 14. Monthly retirement income payable to the participant for life, first payment payable on March 1, 1984 THE Watt COMPANY $415.82 $415.82 Page Two 15. Actuarial reduction factor for early retirement at age 58.750 years ..16. Monthly early retirement benefit payable during the lifetime of the participant, first payment commencing December 1, 1980 ($415.82 x .7280) Hiarm Wilcher .7280 $302.72 Based on the information supplied by the Village and the provisions of the Plan, the monthly early retirement income payable to Hiarm Wilcher is $302.43. The first payment is due on December 1, 1980, with subsequent payments due on the first day of each succeeding month until the month in which death occurs. Mr. Wilcher is guaranteed to receive payments which equal his accumulated employee contributions. Prepared Certified by: THE WYATT COMPANY Actuaries for the Plan 1)' `F� // % / by: eel aze C s� Reviewed by: Je n Mauldin Wallace W. Wilson, F.S.A. Administrative Assistant Actuary THE Wag COMPANY