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04-19-1988 Regular MeetingMIAMI SHORES VILLAGE PENSION BOARD MEETING The April 19, 1988 meeting of the Miami Shores Pension Board was called to order by Mayor Spero Canton at 8:10 a.m. The following were in attendance: Board Members: Also Present: Absent: Mayor Spero Canton Elly F. Johnson Sargeant Jack Ulmer Dr. Robert S. Butler Mr. Willalm Walker Ms. Patricia Varney Mr. Jim Linn, of Carson and Linn Mr. William Fann, Village Attorney Ms. Gail Macdonald, Plan Administrator Ms. Kathy Esteves, PBA Representative Mr. William Heffernan 1. Approval of the retirement request of Mr. Joseph Etheridge. Sargeant Ulmer made a motion to approve the retirement request of Mr. Joseph Etheridge, and Mr. Walker amended the motion to Include the approval subject to the Pension Board attorneys' approval. Dr. Butler seconded the motion and the motion passed unanimously. 2. Approval of the invoice from the Miami Review for advertising of the bidding of the actuaries. Dr. Butler made a motion to approve the payment of the Miami Review invoice. Sargeant Ulmer seconded the motion and the motion passed unanimously. 3. Approval of the Carson & Linn Invoice of January 1988. Mr. Johnson made a motion to approve the payment of the Carson & Linn invoice and Mr. Walker seconded the motion. The motion pass- ed unanimously. 4. Mr. Walker made a motion to approve the Minutes of the February 18, 1988 Pension Board meeting. Sargeant Ulmer seconded the motion and the motion passed unanimously. 5. Final Review of the Pension Ordinance. Mr. Linn presented to the Board the proposed amendments to the Pension Plan (April 12, 1988 draft - Copy attached) Mr. Linn emphasized that the amendment should be effective from the effective date of the ordinance forward, not retroactive. Mr. Johnson made a motion that the age requirement of 21 be placed on the agenda for discussion for the next Pension Board meeting. Mr. Walker seconded the motion. Mr. Johnson amended the motion that and/or information be secured for anybody who has been employed during the last 10 years who has left during the 10 yrs. Dr. Butler seconded the amended motion. The motion passed unanimously. Mr. Walker made a motion to determine the current number of em- ployees that would be affected by having the age requirement retroactive. Dr. Butler asked to amend the motion to Include the actuarial cost of the study and Its implications and cost to the Board. Mr. Johnson asked to amend the motion to Include raising the upper age limitation by 5 years. Dr. Butler seconded the motion. Dr. Butler reminded the Board the purpose of the Pension Plan Is to secure financial security for the employees of the Village. Mr. Walker made a motion to have the analysis prepared only for employees currently employed who have been affected by the age 21 restriction. The motion was seconded by Dr. Butler. The motion passed unanimously. Mr. Walker made a motion to get an actuarial Impact statement on the proposed statement on page 11 section 3 of the report by Mr. Linn. The motion was seconded by Mrs. Varney. The motion passed unanimously. Mr. Johnson made a motion to amend the draft to the effect that the total funding of the plan be whatever the State law requires to fund the plan. The motion was seconded by Sargeant Ulmer. (see page 16 Item b) The motion passed unanimously. Mr. Johnson made a motion to adopt the Policy Statement on "Comp- ensation" and Dr. Butler seconded the motion (Copy attached) The motion passed unanimously. Other Business Ms. Esteves asked the Board to clarify the vesting status of Officer Steven Sadowski. Ms. Esteves stated that Officer Sadowski's Employee Benefit Statement indicates that he Is vested. Mayor Canton suggested to Ms. Esteves to discuss the matter with Ms. Macdonald to further clarify the statement. Mr. Johnson made a motion to adjourn and the motion was seconded by Dr. Butler. The motion passed unanimously and the meeting ad- journed at 9:18 a.m. • E I I y /F . j nson, Secretary • PROPOSED AMENDMENT TO MIAMI SHORES PENSION PLAN (APRIL 12, 1988 DRAFT) LEONARD A. CARSON JAMES W. LINN JOHN D.C. NEWTON, II MICHAEL WM. MORELL LUCILLE E. TURNER CARSON & LINN, P. A. LAWYERS MAHAN STATION 1711 - D MAI -IAN DRIVE TALLAHASSEE, FLORIDA 82508 (904) 878-2057 TELECOPIER (904) 877-1000 April 12, 1988 Elly F. Johnson, Village Manager Miami Shores Village 10050 N.E. Second Avenue Miami Shores, FL 33138 Re: Amendments to Miami Shores Pension Plan JAMES C. ADKINS OF COUNSEL Dear Elly: Enclosed are the proposed amendments to the Miami Shores Pension Plan which have been approved in concept by the Pension Board. I believe that the enclosed amendments incorporate all of the changes approved for adoption by the Pension Board following our review of the Plan last year. In addition, the increase in benefits for police officers which was negotiated by the Village and the PBA, to become effective July 1, 1989, is set forth in Section 7 of the proposed ordinance amendments. The corresponding increase in member contributions is contained in Section 9 of the amendments. At Gail Macdonald's request, I am planning to attend the Pension Board meeting at 8:00 a.m. on April 19, 1988. Please let me know if you have any questions or comments concerning the enclosed ordinance amendments. With best personal regards, I am Sincerely, CARSON & LINN, P.A. . Linn JWL/ksm cc: Gail Macdonald, Finance Director (with enclosure) 9/137/ksm LEONARD A. CARSON JAMES W. LINN JOHN D.C. NEWTON, 11 MICHAEL WM. MORELL LUCILLE E. TURNER Donald D. Slesnick, II, Esquire P.O. Drawer 450338 Shenandoah Station Miami, FL 33145 CARSON & LINN, P. A. LAWYERS MAHAN STATION 1711 - D MAHAN DRIVE TALLAHASSEE, FLORIDA 32308 (904) 878-2057 TELECOPIER (904) 877-1000 April 12, 1988 Re: Proposed Amendments to Miami Shores Pension Plan Dear Don: JAMES C. ADKINS OF COUNSEL As a follow-up to our recent phone conversation, I am enclosing the proposed amendments to the Miami Shores Pension Plan which have been previously approved (in concept) by the Pension Board and/or contained in the collective bargaining agreement between the Village and the PBA. The benefit and contribution increase for police officers, as set forth in Section 31.3 of the collective bargaining agreement, is contained in Sections 7 and 9 of the enclosed amendments. Please review the enclosed amendments, and let me know if you have any questions or comments. If we do not hear from you by April 26, 1988, we will assume that the PBA has no objection to the pension plan amendments. JWL/ksm cc: Elly F. Johnson, Village Manager Gail Macdonald, Finance Director Sincerely, CARSON & LINN, P.A. 9/137/ksm Section 1. Section 18-38, Miami Shores Village Code, "Definitions", is hereby amended to read as follows: Sec. 18-38. Definitions. The following words and phrases as used in this article and the plan, unless a different meaning is plainly required by the context, have the following meanings: Accumulated contributions means the sum of the amounts contributed by a member of the plan and credited to his individual account, plus interest on such amounts credited to his individual account as of the previous January 1 in the amount of three (3) percent per annum, compounded annually each January 1, for each year starting as of January 1, 1976. Actuarial table means the mortality table adopted by the board from time to time in accordance with recommendations of the actuary. Annuity or pension means annual payments for life as provided in the plan. All annuities shall be paid in twelve (12) equal monthly installments. Average final compensation means the average highest annual compensation of a member for any thirty-six (36) consecutive calendar months while a member is contributing within the last one hundred twenty (120) calendar months while a member is contributing, as determined immediately preceding actual termination of service. Beneficiary means any person receiving a service retirement allowance or any other benefit as provided in the plan. • Compensation means salary or wages payable by the village on a regular payroll to any member for personal services currently performed. Creditable service means membership service plus prior service for which credit is allowable. Employee means any regular officer or employee, including police iii,e-Fnan and any general employee who is employed by the village on a permanent basis. Employees serving on a part-time basis and persons employed under contract for a definite period or for the performance of a particular special service shall not be eligible for participation in the plan. Fiscal year means the calendar year, January first to December thirty-first. Member means any employee in service included in the membership of the plan, or any former employee who shall have made contributions to the plan and shall not have received a refund, except that no employee shall be included as a member unless such employee shall have completed at least one (1) year of continuous service. - ai 1 passed his twenty fir3t 134rtliday/ Membership service means service rendered while a member of the plan for which credit is allowable. Military service means service in the United States armed services. Pension board or board means the board provided for under the plan to administer the plan. Plan means the Miami Shores pension plan. Prior service means service rendered prior to the effective date for which credit is allowable. Regular interest means the actuarial valuation rate of interest adopted by the • board from time to time in accordance with recommendations of the actuary. plan. Retirement means the acceptance of a service retirement allowance under this Service means employment as an employee for which compensation is paid by the village. Withdrawal from service means complete severance of employment of any member as an employee of the village by resignation, discharge or dismissal. Section 2. Section 18-41, Miami Shores Village Code, "Same --Legal Advisor", is hereby amended to read as follows: Sec. 18-41. Same—Legal advisor. • The attorney for the village shall be the legal advisor to the pension board, and the pension board may, at its discretion, elect to employ other legal counsel. Section 3. Section 18-43, Miami Shores Village Code, "Special Fund for Police Officers and Firefighters", is hereby amended to read as follows: Sec. 18-43. Special fund for police officers and firefighters. (a) There is hereby created in the village a special fund, separate and distinct from the Miami Shores Pension Fund, into which shall be paid all monies hereafter received on or before December 31, 1969, by the village under the provisions of F.S. Chapters 175 and 185, to the credit of the police officers iiind f remer who are members of the Miami Shores Pension Plan, hereinafter referred to as participants, prorated in proportion to the number of years of credited service. (b) The special fund shall be administered by the board and the same trustee who are administering the pension plan. (c) Each participant shall be entitled to one (1) share in the special fund for each full year of service as a policeman ander firema 1, of the village rendered before • and/or after August 18, 1970. Promptly after August 18, 1970, the number of full years of service rendered by each participant as a policeman`andfer €lreiian\of the village prior to August 18, 1970, shall be determined and a record thereof shall be made on the participant's service record and the participant shall thereupon have as many shares as full years of service rendered, and thereafter each full fiscal year of service shall add one (1) more share to the credit of each participant. (d) The total monies received, the interest earned on the assets of the special fund, any gifts, bequests and devises when donated for the fund and the credits forfeited by the participants shall constitute income to the special fund during each fiscal year and shall be allocated and the value of the respective participant's share shall be determined as follows: (1) The pension board shall pay all costs and expenses of management and operation for the fiscal year last ended. (2) The pension board shall set aside as much of the income as it considers advisable as a reserve for expenses for the current fiscal year. (3) After deducting the monies called for under (1) and (2) above, the remaining monies shall be allocated and credited to the share accounts of the respective participants. (4) The number of shares to which each participant is entitled at the close of each fiscal year, shall be added together and the total number of shares thus determined shall be divided into the net amount of money available to the allocated and credited to the respective share accounts. The amount to be credited to the account of each participant will then be obtained by multiplying the value determined for one (1) share by the total number of shares to which each participant is entitled. (5) As promptly as practicable after the close of each fiscal year, the value of each participant's share shall be calculated and credited to his share account at the end of the fiscal year for which the calculation is made. Such calculation shall be made and credits allocated to share accounts once -5- only in each fiscal year, and prorations shall not be made for a part of a fiscal year. (e) The individual accounts in the special fund for police officers lead fiterneni as of December 31, 1969, shall no longer be augmented, reassigned or charged for expenses. All disbursements from such special fund shall be made in accordance with subsection (d) of this section. all further monies received from the state from the receipts of premiums on casualty axe fire insurance written in the village will hereafter go into the regular pension trust fund for the exclusive benefit of police officers And frremen-Who are members of the Miami Shores Pension Plan for the purpose of providing benefits from the plan in addition to those available to general employees. (f) The cash received by the trustee in connection with this special fund shall be kept in a separate account as far as accounting is concerned, but may be merged and intermingled with the cash of the pension fund for investment purposes. (g) Upon death, retirement or termination of employment from the village, a participant shall be paid the entire amount standing to his credit in the special fund as of December 31, 1969, in such manner as he shall elect to receive it, either in lump sum, in quarterly installments or as an additional retirement annuity. Settlement as provided herein shall be in full acquittal of all claims of a participant against the special fund, and he shall thereupon cease to be a participant. (h) The village shall have no responsibility for the operation of the special fund except as specified herein, and shall bear no expense in the operation of the special fund. -6- • Section 4. Section 18-45, Miami Shores Village Code, "False Statements; Falsifying Records", is hereby amended to read: Sec. 18-45. False statements; falsifying records. The willful falsification of pension -related documents and the making of willful false statements in an effort to obtain benefits hereunder is strictly prohibited. Any person whe knowingly makes am €else sta eernent er €� saper�i�a#e be €a1si€led aahreeerd of the pian shat be punishableasprovided in seetien 18-466 Section 5. Section 18-46, Miami Shores Village Code, "Penalties For Violation", is hereby amended to read: Sec. 18-46. Penalties for violation. Any Plan member who is determined by the pension board to have wilfully falsified pension -related documents, or willfully made a false statement in an effort to obtain benefits hereundei1 shall forfeit any right to receive benefits under this Plan, but shall receive only a refund of his/her accumulated contributions to the pension fund. Vie-lattan of any prevision of- this are ski be �t rsheed- as provide-d--in-1 see roil 1-13; and in addition therete, sueh eeavte ten s�-f dlsen e the person , convicted to further rights to partteipate to the— plan; i €he eetiiiei 13—y resolution sha3 sed direet7 Upen the 4ilifig e a--eepy-e xeh reselu- wtth the beard,- the-tights---sf -sarek- , pia pa _shee-eease and--the_beard shell - h return to hti i sueh monies as he shalt have ', paid -into the p - su e_t_te_the rights e€ to v age te a ilea a seerfand - -et-,the pap:aeat of the €tne; if se erdered by the eetmeil:-� Section 6. Section 18-47, Miami Shores Village Code, "Membership", is hereby amended to read as follows: Sec. 18-47. Membership. (a) All employees in service on the effective date of the plan who are twenty-one (21) years of age or over and have one (1) year of service are deemed to be members as of that date. All others in service on such date shall become members after meeting the age and service requirements, and their contributions shall begin with the first payroll period after the effective date, after they become eligible. (b) Any person who becomes an employee after the ;J ee e. date this ordinance takes effect shall, upon completion of one (1) year of continuous service, become a member of the plan as a condition of employment, provided such person is!a€! feast tweneee -(214 years of age and under fifty-five (55) years of age at the time of completion of one (1) year of service. Contributions of such employee under this plan shall begin with the first payroll period after the age and service requirements shall have been fulfilled, and creditable service shall then begin to accrue. (c) Upon withdrawal from service, the member's accumulated contributions shall be refunded to him and he shall thereupon cease to be a member of the plan. Section 7. Section 18-49, Miami Shores Village Code, "Service Retirement Allowance", is hereby amended to read as follows: Sec. 18-49. Service retirement allowance. (a) Any police officer and fireman upon withdrawal from service upon or after the completion of twenty-five (25) years of creditable service, and any general -8- employee upon withdrawal from service upon or after the attainment of age sixty-two (62), shall become entitled to recieve a service retirement annuity in an amount provided under subsection (c) of this section. If an employee of the village has been classified as a police officer or feeifiati for part of his employment with the village and a general employee for another part of his employment with the village, his age for entitlement to receive a service retirement annuity will be adjusted upon his date of change in classification in the following manner: (1) If the employee was classified immediately prior to the current date of change as a police officer ref firernari and changes classification to a general employee, his adjusted age of entitlement to receive a service retirement annuity will be ((1) + (2) + (3)) I. (4), where: (1) is the age of the member as of the date on which such member would have completed twenty-five (25) years of creditable service assuming continued full-time service with the village multiplied by years and fractions of creditable service accrued to date of current change of classification while classified as a police officer er €lreman; 1 (2) is sixty-two (62) multiplied by years and fractions of creditable service accrued to date of current change of classification while classified as a general employee; (3) is sixty-two (62) multiplied by the number of years and fractions from the date of change until the date the employee would attain the age of sixty-two (62); and (4) is the number of years and fractions of creditable service the employee has accrued at his current date plus the number of years and fractions from the date of current change until the date the employee will attain the age of sixty-two (62). -9- (2) If the employee was classified immediately prior to the current date of change as a general employee and changes classification to a police officer er Feeznani his adjusted age of entitlement to receive a service retirement annuity will be ((1) + (2) + (3)) t (4), where: (1) is sixty-two (62) multiplied by years and fractions of creditable service accrued to date of current change of classification while classified as a general employee; (2) is the age of the member as of the date such member would have completed twenty-five (25) years of creditable service assuming continued full-time service with the village multiplied by years and fractions of creditable service accrued to date of current change of classification while classified as a police officer er fireman;1 (3) is the age of the member as of the date such member would have completed twenty-five (25) years of creditable service assuming continued fill -time service with the village multiplied by the number of years and fractions from the date of current change until the date the employee would have completed twenty-five (25) years of creditable service assuming continued full-time service with the village; and (4) is the number of years and fractions of creditable service the employee has accrued at his current date of change plus the number of years and fractions from the date of current change until the date the employee would have completed twenty-five (25) years of creditable service assuming continued full-time service with the village. (b) Any member who shall have completed at least fifteen (15) years of creditable service may withdraw from service at the age of fifty-five (55) or over and shall thereupon become entitled to receive a service retirement annuity equal to the -10- actuarial value of his annuity at age sixty-five (65), or at his option, such member shall become entitled to the service retirement annuity, the payment of which, however, is to be deferred until his attainment of age sixty-five (65). (c) (1) The amount of monthly retirement annuity to which a general employee member shall be entitled shall be equal to two (2) percent of the monthly average final compensation multiplied by the number of years of creditable service, not to exceed thirty (30) years of service. (2) The amount of monthly retirement annuity to which a police officer 'er €iiemafl shall be entitled shall be equal to two (2) percent of the monthly average final compensation multiplied by the number of years of creditable service up to twenty-five (25) years, plus two and one-half (2 1/2) percent of the monthly average final compensation multiplied by the number of years of creditable service over twenty-five (25) years, but not to exceed a total of thirty (3) years of creditable service. (3) The amount of monthly retirement annuity to which a police officer shall be entitled for creditable service on and after July 1, 1989 shall be equal to two and four -tenths percent (2.4%) of the monthly average final compensation multiplied by the number of years of creditable service up to twenty-five (25) years, plus two and one-half percent (2.5%) of the monthly average final compensation multiplied by the number of years of creditable service over twenty-five (25) years, but not to exceed a total of thirty (30) years of creditable service. (d) The first monthly installment shall be payable on the first day of the month following the retirement of the member, and payments thereafter shall be due and payable on the first day of each month during the lifetime of the annuitant. (e) (1) Any general employee who has thirty (30) years of membership service and who is permitted to remain in the service of the village after his normal retirement date at age sixty-two (62) or an adjusted retirement age (as defined in subsection (a) of this section) for an employee who has been a police officer, er Rieman and changed to a general employee, may remain in service for periods of one (1) year each. No contributions are to be made by such general employee and no further annuity credits shall accrue to him and his annuity shall be fixed as of age sixty-two (62) or his adjusted retirement age as defined in subsection (a) of this section. A general employee who has to his credit less than thirty (30) years of membership service at age sixty-two (62) years or at his adjusted retirement age, as defined in subsection (a) of this section, shall be allowed to contribute to the plan until the completion of thirty (30) years of membership service and have his service retirement annuity based upon his total creditable service (but not more than thirty (30) years) and average final compensation as determined on the earlier of his date of retirement or upon the completion of thirty (30) years of membership service. (2) Any police officer ,er eman7 may remain in the service of the village until such employee has completed thirty (30) years of membership service, provided the employee makes contributions to the plan during each period. The employee may remain in the service of the village after the completion of thirty (30) years of membership service provided such employee continues to make contributions to the plan; however, such employee will not accrue creditable service after he has completed thirty (30) years. Upon retirement, the benefit payable to the police officer er 4± emal#` will be based on his creditable service as of his date of retirement, but not more than thirty • (30) years and his monthly final average compensation of his actual retirement date. (f) If the retired member shall be a police officer andf er fireman //and a participant in the special fund, he shall also be entitled to the payment of the amount standing to his credit in the special fund in the manner provided under section 18-43. (g) Any employee who is retired under the provisions of this section as of February 1, 1974, shall receive a one-time five (5) percent cost of living increase in the amount of his monthly retirement income being received under the provisions of this article. The minimum increase shall be ten dollars ($10.00) per month. (h) Any employee who is retired under the provisions of this section as of October 1, 1975, shall receive a one-time five (5) percent cost of living increase in the amount of his monthly retirement income being received under the provisions of this article. The minimum increase shall be ten dollars ($10.00) per month. (i) Any employee or beneficiary thereof who is receiving benefits under the provisions of this section as of October 1, 1980, shall receive a one-time permanent increase in his monthly retirement income being received under the provisions of this article in the amount of one-fourth percent for each calendar month from the later of October 1, 1975, or the date his benefits commenced through September 30, 1980, up to a maximum increase of ten (10) percent. The minimum increase shall be ten dollars ($10.00) per month. Section 8. Section 18-50, Miami Shores Village Code, "Reversionary Annuity", is hereby amended to read as follows: See. 18-50. Reversionary annuity. (a) Any member entitled to a service retirement annuity may elect at the time of retirement to receive a lesser amount of service retirement annuity and with the remainder of his equity as actuarially determined, provide an annuity for /anyersp a wne lea sue•= ts dependent upon - __- _ _....L _ ..: -. _ -of- __ eia,x. �--� a designated beneficiary (or beneficiaries), as named in a written direction filed with the boardi;'as a part of his J'app±ieatten for a service re reMen enrutty; premed; that the eenditien of dependei►ey ems and has been proved the-satisfn en-e€-flre- df d provided,r€t� erk that the -- -- ---- reversionary annuity resulting from such election is found to be not less than ten dollars ($10.00) per month, nor more than the amount of reduced service retirement annuity to which the member is entitled. If more than one beneficiary is designated by a member, the amount of the annuity as actuarially determined shall be equally apportioned among the beneficiaries. (b) Any such reversionary annuity shall begin as of the first day of the month following the date of the death of the member receiving service retirement annuity; provided, that the person or persons designated to receive the reversionary annuity shall have been alive on the date of the death of such member, but if any such designated beneficiary person does not survive the member who shall be receiving service retirement annuity, no reversionary annuity shall be payable to such deceased beneficiary, nor shall any ehange be permitted by the beard to the written dtreetten fled, with the beard after the service retirement annuityhas,' been granted and has eearne e€feetive member be permitted to change his/her designated beneficiary (or -14- beneficiaries) more than two times after the service retirement annuity has been granted and become effective. Section 9. Section 18-53, Miami Shores Village Code, "Contributions by Members", is hereby amended to read as follows: Sec. 18-53. Contributions by members. (a) Each village employee who is a member of the plan shall contribute six (6) percent of earnable compensation. Such contribution by any general employee shall cease upon the normal retirement date of the member, or upon the completion of thirty (30) years of membership service, if later. Such contribution for a police officer- ei - fireman! shall continue until his actual retirement date. This contribution shall be made in the form of a deduction from compensation and shall be made notwithstanding that the compensation paid in cash to such employee shall be reduced thereby below the minimum prescribed by law. Every employee who is a member of the plan shall be deemed to consent and agree to deductions made from his compensation and provided for in this plan, and shall receipt in full for salary or compensation, and payment to the employee of compensation less such deduction shall constitute a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by such employee during the period covered by such payment except as to the benefits provided for under the plan. (b) Effective July 1, 1989, the contribution rnade by members who are police officers shall be increased by thepercentage of compensation determined by the plan actuary to be equal to one-half (1/2) the cost of the benefit increase provided in Section 18-49(c)(3); provided that such contribution increase shall not exceed four percent (4%) -15- of earnable compensation in addition to the six percent (6%) contribution set forth in this section. Section 10. Section 10-54, Miami Shores Village Code, "Contributions By State and Village", is hereby amended to read as follows: See. 18-54. Contributions by state and village. (a) On and after January 1, 1970, any and all monies hereafter received by the village under the provisions of F.S. Chapters 175'and 185, shall be deposited into the Miami Shores Pension Fund for the exclusive benefit of police officers and-rreme7 who are members of the Miami Shores Pension Plan. (b) Contributions by the village to meet the requirements of the plan shall consist of contribution to the plan by means of annual appropriations of the amounts which together with contributions made by members, interest income from investments and other income received by the plan, will be sufficient to meet the cost of maintaining and administering the plan and meeting its various requirements; provided, that the total annual contribution by the village does not exceed the amount of one (1) mill on all taxable property in the village according to the next preceding assessment, unless a greater contribution is required by operation of state law. • MIAMI SHORES PENSION PLAN POLICY STATEMENT ON "COMPENSATION" For a number of years Miami Shores Village and the Pension Board of the Miami Shores Pension Plan have interpreted the term "compensation", as defined in Section 18-38, Miami Shores Village Code, to include a member's base pay, longevity pay and state supplement, but to exclude all other forms of payment received by the member. This interpretation of the term "compensation" as used in the Miami Shores Pension Plan is hereby adopted as the official policy of the Pension Board. Elly F. Johnson Village Manager/Secretary Date: •