04-10-1981 Regular Meeting1
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Miami Shores Village
PENSION BOARD MEETING
April 10, 1981
A meeting of the Miami Shores Pension Board was held on Friday,
April 10, 1981, 8:00 a.m. at the Village Hall, with the following in
attendance:
Pension Board members: Mayor Henry A. Everett
Councilman Spahn
Mr. Joseph Gionfriddo
Mr. John McCoy
Mr. 0. Sam Ackley, Village Manager
Chief Fletcher
Miss Ann Vigneron
Absent: None
Also Present: Mr. Sri Balgobin, Pension Administrator
Mr. Wally Wilson, Wyatt Co. actuary
Mr. Don Slesnick, Attorney for P.B.A.
Sgt. Jack Ulmer, Dick Masten
This meeting was called for the purpose of reviewing cost figures
on increased benefits as requested by the P.B.A. A special actuarial study
on benefit inprovements dated April 9, 1981, prepared by the Wyatt Company,
was presented to the Board.
After reviewing cost figures on benefits for police only and all
employees, the cost of the new benefits were estimated by Mr. Wilson to be
under $50,000.00.
Plan:
Mr. Spahn moved to recommend the following changes in the Pension
(1) Police Officers can retire at 25 years service.
(2) Salary of all employees will be based on the final 3 yrs. average.
(3) Vesting will commence after 10 years for all employees.
(4) Police Officers who stay beyond 25 years be given a 2.5% up
to 622%.
This to be subject to a maximum cost of $55,000.00 on the first
year annual cost.
The motion was seconded by John Fletcher and passed unanimously.
The actuary was requested to draft the ordinance for review by the
Village Attorney, for the first meeting in May.
The meeting adjourned at 9:15 a.m.