05-10-1983 Regular MeetingMiami Shores Village
PENSION BOARD MEETING
May 10, 1983
A meeting of the Miami Shores Pension Board was held on Tuesday,
May 10, 1983, 8:00 a.m., at the Village Hall, with the following Board
members in attendance:
Mayor Kevin P. O'Connor
Councilwoman Elspeth Jensen
Mr. Joseph Gionfriddo
Mr. William H. Walker, III
Village Manager Les Forney
Ms. Ann Vigneron
Chief John Fletcher
Absent: None
Also present: Mr. Wally Wilson, Actuary, Wyatt Company
Mr. Donald G. Berdine, Mr. John Reneger, representa-
tives of North Carolina National Bank, Trustee
Ms. Gail Macdonald, Pension Administrator
Mr. William F. Fann, Jr., Village Attorney
As a first item of business Mr. Forney advised that the Board should
elect a Chairman and a Secretary. Upon motions duly made and seconded,
Mayor O'Connor was elected Chairman and Ms. Ann Vigneron, Secretary.
APPROVAL OF MINUTES OF JAN. 26, 1983.
Mr. Forney moved that the minutes be approved as written.
The motion was seconded by Mr. Walker and passed unanimously.
APPROVAL OF TRUST AGREEMENT BETWEEN NCNB AND VILLAGE.
A final draft of the Trust Agreement prepared and approved by
NCNB and the Village Attorney was presented to the Board.
The following points were discussed:
(a) No mention of fee schedule. Mr. Forney stated that
this was in their original proposal.
(b) Should there be a statement on the bonding of the
Trustee? NCNB answered there is a Federal law govern-
ing their bonding.
(c) The Board previously agreed not to go into real estate
investments but is listed in the Agreement. NCNB is
aware of the Board's instructions but left it in to
provide the option. The Board also specified no
foreign investments.
(d) Agreement is covered by Florida law. Mayor O'Connor
suggested that it stipulate jurisdiction will be in
Dade County Court. Mr. Fann will prepare this amendment.
(e) Mr. Walker pointed out that something is missing in the
first sentence of Paragraph 13. Mr. Fann will reword.
5/10/83
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Following discussion Mr. Walker moved that
the Agreement with the changes noted be approved.
The motion was seconded by Mr. Gionfriddo and
passed unanimously.
QUARTERLY ASSET AND TRANSACTION REVIEW.
Mr. Donald Berdine, investment manager of the pension
funds, presented the Board with an Investment Portfolio
dated May 10, 1983, and reviewed the following items:
(1) Investment Objections, (2) Asset Mix and Portfolio
Holdings, (3) Macroeconomic Parameters and Outlook, and
(4) Investment Strategy.
It was noted that the Pension Plan should achieve an average
annual investment return of at least 12% over a 3 to 5 yr.
time period.
Mr. Berdine also reviewed the present assets of the Plan
with changes that may be accomplished in the future.
REVIEW OF ACTUARIAL VALUATION AS OF JANUARY 1, 1983.
Mr. Wilson reviewed the Wyatt Company's annual valuation of
the Plan, with the conclusion that it is in a good cash
flow position.
APPROVAL OF RETIREMENT BENEFITS FOR HENRY BOLIEK, Recreation Dept.
A request had been made by Henry Boliek for early retirement
benefits to begin July 1, 1983. Late information was received
that the planned closing on his house was being delayed and
Mr. Boliek's termination might be extended. This led to a
discussion of the number of times an employee can request
computation of pension benefits and cost of same. Mr. Wilson
suggested two in a year as reasonable, initial cost $50-$70.
It was decided to go ahead on this approval pending adjustment
if necessary. Mr. Gionfriddo moved that Henry Boliek's
retirement benefits in the amount of $369.10 be approved as
of July 1, 1983, with the further stipulation that the Board
will meet again if reconsideration is requested. The motion
was seconded by Mrs. Jensen and passed unanimously.
OLD AND NEW BUSINESS.
Mr. Forney brought up a proposal, to assist moveability of
department heads, to exempt department heads from the Pension
Plan with their contributions being made to other plans. Mr.
Forney stated he would like to have the ordinance changed to
allow the department heads that option.
Mr. Walker pointed out that this could be discriminating against
other employees& also might not be acceptable to the IRS.
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Chief Fletcher suggested as a salary supplement
money could be put in a deferred compensation plan,
without removing these employees from the Village
Pension Plan. No action was taken.
ADJOURNMENT: 9:15 a.m.
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APPOVE
Ke in P. O'Connor
Mayor
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Secretary
5/10/83
-r/i,zeAz,141
1. Name
MIAMI SHORES PENSION FLAN
Estimation of Early Retirement Income
2. Social Security number
4110
4.
5.
6.
7.
8.
f 9.
10.
Sex
Date of birth
Date of employment
Assumed early retirement date
Normal retirement date
Age as of early retirement date
Age as of normal retirement date
Credited service as of early
retirement date
11. Monthly average final compensation
as of early retirement date
Year
1983
1982
1981
1980
Basic
Compensation Paid
$ 8,132.80
$ 15,922.66
$ 14,461.00
$ 6,185.50
$ 44,701.96
No. of
Months
06
12
12
06
36
12. Accrued monthly retirement income
as of date of termination of service
(a) 2% (.0200) x $1,241.72 = $24.83
(b) Item 10. x Item 12.(a) =
13. Monthly retirement income payable
to the participant for life, first
payment payable on May 1, 1990
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14. Actuarial reduction factor for early
retirement at age 55.167 years
T E 6)/7J.Qt COMPANY
Henry L. Boliek
267-36-6875
Male
April 26, 1928
March 28, 1955
July 1, 1983
May 1, 1990
55.167 years
62.000 years
28.250 years
$1,241.72
$ 701.45
$ 701.45
0.5262
Page Two
15. Monthly earlyretirement benefit
payable during the lifetime of the
participant, first payment commencing
as of July 1, 1983
($701.45 x .5262)
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Henry L. Boliek
$ 369.10
Calculated by: THE WYATT COMPANY
Actuaries for the Plan
Prepared by: ( z.6241._ Relezceeefi,L. ^ Reviewed by: Ua �c4gWn
Jean/ Mauldin Wallace W. Wilson, F.S.A.
Adm nistrative Assistant Actuary
THE Wait COMPANY