12-15-1989 Regular MeetingMiami, Shores Village
Pension Board Meeting of December 15, 1988
The meeting of the Village of Miami Shores Pension Board was called to order by
Mayor Spero Canton at 8:02 a.m. The following were in attendance:
Board Members:
Mayor Spero Canton
Elly F. Johnson
William Walker
Dr. Robert Butler
Ms. Patricia Varney
Sgt. Jack Ulmer
William Heffernan
Also Present: Ms. Gail Macdonald, Plan Administrator
1. Approval of. Retirement Requests
Mr. Walker made a motion to approve the retirement requests for the following:
Mr. John A. Fletcher - at a monthly life annuity of $2,478.03
Hershel Robinson - 100% Joint and contingent annuity in the monthly amount
of $419.55.
A. B. West - 50% Joint and contingent annuity in the monthly amount of $355.19
Dr. Butler seconded the motion and th motion passed unanimously. (Documentation attached)
2. Discussion of Amendment to Pension Ordinance Sec. 18-49 (b)
Mr. Walker made a motion to recommend to the Village Council to accept the proposed
Ordinance change that was drawn up by Mr. Fann to change the retirement age to 62
rather than 65 in all instances.
Dr. Butler seconded the motion and the motion passed unanimously.(Documentation attached)
3. Approval of the Minutes of the November 15, 1988 meeting.
Mr. Johnson made a motion to approve the Minutes of the November 15, 1988 meeting.
Dr. Butler seconded the motion and the motion passed unanimously.
4. The meeting was adjourned at 8:07 a.m.
1jilk
41110.1
El y . Jo J- on, Secretary
MIAMI SHORES PENSION PLAN
Calculation of Delayed Retirement Income
1. Name John A. Fletcher
2. Social Security number 265-42-4040
® 3. Date of birth November 24, 1934
4. Date of employment May 1, 1960
5. Normal retirement date May 1, 1985
6. Delayed retirement date February 1, 1989
7. Age of participant as of delayed
retirement date
8. Credited service as of delayed
retirement date
9. Final monthly compensation as of delayed
retirement date
Basic
Compensation No. of
Year Paid Months
1989-- $ "4,735*.38
1988 52,533.00 12
1987 50,224.00 12
1986 42,757.92 11
$.150,250.30
10. Accrued monthly retirement income
as of delayed retirement date
(a) 2% (.0200) x $4,173.62 = $ 83.47
(b) $83.47 x 25.000 years = $2,086.75
(c) 2.5%(.0250) x $4,173.62 = $ 104.34
(d) $104.34 x excess of
25.000 years (3.750) _ $ 391.28
(e) Item 10.(b) plus 10.(d)
11. Monthly delayed retirement income
payable for life, first payment
payable on February 1, 1989
THE 6i'IGIQLL COMPANY
54.167 years
28.750 years
$4,173.62
$2,478.03
$2,478.03
Page Two
John A. Fletcher
Based on the information supplied by the Village and the provisions
of the Plan, Mr. John A. Fletcher is eligible to receive a monthly delayed
income of $2,478.03, commencing as of February 1, 1989, payable on each
subsequent first day of the month until the payment due immediately
preceding his date of death.
Prepared by: ,,..
J an Mauldin
Administrative Assistant
•
Certified by: THE WYATT COMPANY
Actuaries for the Plan
Reviewed by: _
Lawrence F. Wilson, A.S.A.
Associate Actuary
THE Wahl COMPANY
MIAMI SHORES PENSION PLAN
Calculation of Delayed Retirement Income
1. Name
2. Social Security number
411 3. Date of birth
4. Date of employment
5. Normal retirement date
6. Delayed retirement date
7. Age of participant as of delayed
retirement date
8. Credited service as of delayed
retirement date
9. Final monthly compensation as of delayed
retirement date
Basic
Compensation No. of
Year Paid Months
1988 $18,494.00 12
1987 18,184.00 12
1986 171440.00 12
$54,118.00 3�
10. Accrued monthly retirement income
as of delayed retirement date
(a) 2% (.0200) x $1,503.28 = $30.07
(b) $30.07 x 17.833 years =
11. Monthly delayed retirement income
payable for life, first payment
payable on February 1, 1989
Hershel Robinson
113-18-1574
January 6, 1924
February 2, 1971
February 1, 1986
February 1, 1989
65.083 years
17.833 years
$1,503.28
$ 536.24
$ 536.24
12. Date of birth of beneficiary November 26, 1929
41/13. Age of beneficiary as of the participant's
delayed retirement date 59.167 years
THE WallCOMPANY
Page Two
14. Monthly retirement income payable to
participant during his_lifetime under a
50% joint and contingent form of payment
with 50% of such amount to be paid to
his beneficiary for the remaining
lifetime of the beneficiary, following
his death, commencing as of February 1,
1989
($536.24 x 0.8779)
15. Monthly retirement income payable to the
participant during his lifetime under a
100% joint and contingent form of
payment with 100% of such amount to be
paid to his beneficiary for the
remaining lifetime of the beneficiary,
following his death, commencing as of
February 1, 1989
($536.24 x 0.7824)
Hershel Robinson
$ 470.77
$ 419.55
Based on the information supplied by the Village and the provisions
of the Plan, Mr. Hershel Robinson is eligible to receive a monthly
retirement income of $536.24, commencing as of February 1, 1989, payable
on each subsequent first day of the month until the payment due
immediately preceding his date of death. If Mr. Robinson should elect, he
may receive a monthly benefit under one of the optional forms of payment
as shown under Items 14., or 15. in lieu of receiving any other benefits
from the Plan.
Prepared by:
Mauldin
Certified by: THE WYATT COMPANY
Actuaries for the Plan
Reviewed by:
Lawrence F. Wilson, `1'.S.A.
A•ministrative Assistant Associate Actuary
THE WallCOMPANY
MIAMI SHORES PENSION PLAN
Calculation of Delayed Retirement Income
1. Name A. B. West
2. Social Security number 423-42-3458
411 3. Date of birth May 20, 1926
4. Date of employment October 24, 1975
5. Normal retirement date June 1, 1988
6. Delayed retirement date February 1, 1989
7. Age of participant as of delayed
retirement date 62.667 years
8. Credited service as of delayed
retirement date 13.167 years
9. Final monthly compensation as of delayed
retirement date $1,476.61
Basic
Compensation No. of
Year Paid Months
1988 $18,503.00 12
1987 18,028.00 12
1986 16,627.00 12
$53,158.00
10. Accrued monthly retirement income
as of delayed retirement date
(a) 2% (.0200) x $1,476.61 = $29.53
(b) $29.53 x 13.167 years =
11. Monthly delayed retirement income
payable for life, first payment
payable on February 1, 1989
$ 388.82
$ 388.82
12. Date of birth of beneficiary July 27, 1926
41113. Age of beneficiary as of the participant's
delayed retirement date 62.500 years
THE Waif COMPANY
Page Two
14. Monthly retirement income payable to
participant during his lifetime under a
50% joint and contingent form of payment
with 50% of such amount to be paid to
his beneficiary for the remaining
lifetime of the beneficiary, following
his death, commencing as of February 1,
1989
($388.82 x 0.9135)
15. Monthly retirement income payable to the
participant during his lifetime under a
100% joint and contingent form of
payment with 100% of such amount to be
paid to his beneficiary for the
remaining lifetime of the beneficiary,
following his death, commencing as of
February 1, 1989
($388.82 x 0.8408)
A. B. West
$ 355.19
$ 326.92
Based on the information supplied by the Village and the provisions
of the Plan, Mr. A. B. West is eligible to receive a monthly retirement
income of $388.82, commencing as of February 1, 1989, payable on each
subsequent first day of the month until the payment due immediately
preceding his date of death. If Mr. West should elect, he may receive a
monthly benefit under one of the optional forms of payment as shown under
Items 14., or 15. in lieu of receiving any other benefits from the Plan.
Prepared b
Certified by: THE WYATT COMPANY
Actuaries for the Plan
Je�Mauldin
Ad'inistrative Assistant
Reviewed b
THE `SII NQIL COMPANY
Lawrence F. Wilson 'A.S.A.
Associate Actuary
ORDINANCE NO.
AN ORDINANCE AMENDING SECTION 18-49(b), ARTICLE III,
CHAPTER 18, OF THE CODE OF ORDINANCES OF MIAMI SHORES
VILLAGE, FLORIDA, REDUCING THE AGE TO BE USED IN COM-
PUTING EARLY RETIREMENT BENEFITS FROM SIXTY-FIVE TO
SIXTY-TWO, PROVIDING FOR EFFECTIVE DATE.
BE IT ORDAINED BY MIAMI SHORES VILLAGE:
Section 1. Section 18-49(b), Article III, Chapter 18,
of the Code of Ordinances of Miami Shores Village, Florida,
reads as follows:
(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 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).
Section 2. Section 18-49(b), Article III, Chapter
18, of the Code of Ordinances of Miami Shores Village, Florida
shall stand amended to read as follows:
(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 actuarial value of his
annuity at age sixty-two (62), 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-two (62).
Section 3. This ordinance shall become effective upon
adoption.
PASSED on First Reading this day of 1988.
PASSED AND ADOPTED on Second Reading this day of
, 198
SPERO CANTON, Mayor
ATTEST:
VILLAGE CLERK
By
Deputy Clerk
APPROVED AS TO FORM:
VILLAGE ATTORNEY