03-15-1990 Regular Meeting•
MIAMI SHORES VILLAGE
PENSION BOARD MEETING MARCH 15, 1990
The meeting of the Village of Miami Shores Pension Board was
called to order by Mayor Courtney at 8:01 a.m. The following
were In attendance:
Board Members:
Also Present:
Absent:
Ms. Jeanne Bryant
Sgt. Jack Ulmer
Mr. Steven Johnson
Mayor Courtney
Mr. Herb Spahn
Mr. William Fann, Village
Attorney
Ms.Patricla Varney, Plan
Administrator
Mr. William Walker and
Ms. Gall Macdonald
1. Mr. Spahn made a motion to approve the 100% Joint Contin-
gent form of retirement plan for Conellous Stepney. The
motion was seconded by Jean Bryant and passed unanimously.
2. Mr. Spahn made a motion to approve the payment of
$2,437.21 to Eagle Asset Management for the billing period of
1/1/90 through 3/31/90. The motion was seconded by Jean
Bryant and passed unanimously.
3. Mr. Spahn made a motion to approve the minutes of the
February 20, 1990 Pension Board meeting. The motion was
seconded by Jean Bryant and passed unanimously.
4. No old business
5. No new business
6. Mr. Johnson made a motion for adjournment at 8:05 a.m. The
motion was seconded by Mayor Courtney and passed unanimously.
Gall M-'donald, Secretary
Mayo He yCourtney
MIAMI SHORES PENSION PLAN
Calculation of Early Retirement Income
1. Name
2. Social Security number
3. Date of birth
4. Date of employment
5. Early retirement date
6. Normal retirement date
7. Age of participant as of early retirement date
8. Age of participant as of normal retirement date
9. Credited service as of early retirement date
10. Final monthly compensation as of early retirement date
Basic No. of
Year Compensation Paid Months
1990
1989
1988
1987
$ 4,979.00
18,556.00
18,572.00
13 506.75
$ 55,613.75
3
12
12
9
36
11. Accrued monthly retirement income as date of termination
(a) 2% (.0200) x $1,544.83 = $ 30.90
(b) $30.90 x 20.750 years =
12. Monthly normal retirement income payable for life,
commencing as of normal retirement date, May 1, 1992
• 13. Early retirement reduction factor for retirement
at age 60.000 years
THE Wyatt COMPANY
Conelious Stepney
426-50-1867
April 3, 1930
June 8, 1969
April 1, 1990
May 1, 1992
60.000 years
62.083 years
20.750 years
$1,544.83
$ 641.18
$ 641.18
0.8241
Page Two
Conelious Stepney
14. Monthly early retirement income payable for life
commencing as of April 1, 1990
($641.18 x 0.8241) $ 528.40
15. Date of birth of beneficiary, Virginia Stepney October 25, 1925
16. Age of beneficiary as of April 1, 1990 64.417 years
17. Monthly early 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
April 1, 1990
($ 528.40 x 0.9355)
18. 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 following his death, for the remaining
lifetime of the beneficiary, commencing as of April 1, 1990
($ 528.40 x 0.8788)
$ 494.32
$ 464.36
Based on information supplied by the Village and the provisions of the Plan, Mr. Conelious
Stepney is eligible to receive a monthly early retirement income of $528.40, commencing as of
April 1, 1990, payable on each subsequent first day of the month until the payment due
immediately preceding his date of death. If Mr. Stepney should elect, he may receive a monthly
early retirement benefit under the normal or one of the optional forms of payment as shown
under Items 17. or 18. above in lieu of receiving any other benefits from the Plan.
Prepared by:
Calculated by: THE WYATT COMPANY
Actuaries for the Plan
! Reviewed by: pe '5
J-1 Mauldin Lawrence F. Wilson, A.S.A.
A% inistrative Assistant Actuary
THE Wall COMPANY