06-19-1990 Regular Meeting•
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MIAMI SHORES VILLAGE
PENSION BOARD MEETING JUNE 19, 1990
The meeting of the Village of Miami Shores Pension Board was
called to order by Vice Mayor Spahn at 8:08 a.m. The
following were In attendance:
Board Members:
Also Present:
Absent:
Mr. William Walker
Sgt. Jack Ulmer
Mr. Steven Johnson
Vice Mayor Herb Spahn
Gall Macdonald
Ms. Jeanne Bryant
Mr. William Fann, Village
Attorney
Ms.Patricia Varney, Plan
Administrator
Mr. James Jackson, NCNB
Mayor Henry Courtney
1. NCNB fee discussion - Mr. James Jackson presented the
Board with a proposal of an overall 10.5% Increase In the fee
for the services of NCNB to the Miami Shores Village Pension
Board, effective January 1, 1991 until December 31, 1994..
Mr. Walker made a motion to defer the acceptance of the pro-
posal until the August 1990 meeting so he could have a better
chance to analyze NCNB's proposal. Mr. Johnson seconded the
motion for discussion. The motion failed to pass with the
vote as follows; Ms. Macdonald, Ms. Bryant, Sgt. Ulmer,
Mr. Spahn AGAINST; Mr. Walker and Mr. Johnson FOR.
After further discussion by the Board, Sgt. Ulmer made a
motion to accept the proposal from NCNB. Ms. Bryant seconded
the motion and the vote was as follows: Ms. Macdonald, Ms.
Bryant, Sgt. Ulmer, Mr. Spahn, Mr. Johnson FOR. Mr. Walker
opposed. The motion passed.
2. Fiduciary Insurance Renewal - Sgt. Ulmer made a motion to
accept the recommendation of Ms. Varney to renew the Fiduc-
iary Insurance at a premium of $6,676 with the same coverage
as last year. The motion was seconded by Ms. Macdonald and
the motion passed unanimously.
3. A motion was made by Mr. Johnson to approve the retirement
benefit for Ms. Betty Kaplan. The motion was seconded by
Sgt. Ulmer and passed unanimously.
4. A motion was made by Ms. Macdonald to approve the minutes
of the May 24, 1990 Pension Board meeting.The motion was
seconded by Sgt. Ulmer and passed unanimously.
5. No Old Business
6. New Business - The resignation letter of Sgt. Ulmer was
refected by the Board and Sgt. Ulmer agreed to continue In
his position as Police representative to the Pension Board.
7. A motion was made by Mr. Walker to adjourn at 8:50 a.m.
and Mr. Johnson seconded the motion and the meeting adjourn-
ed.
Mr. Herb Spa VIc-JMayor
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Gall acdonald,Secretary
06. 13. 90 01:08 PM *W PO4
MIAMI SHORES PENSION PLAN
Calculation of Deferred Vested Retirement income
1. Name Betty Kaplan
2. Social Security number 530.12-6595
3. Date of birth May 19, 1928
Ilk
4. Date of employment May 8, 1979
5. Date of participation May 8, 1980
6. Date of termination April 30, 1990
7. Normal retirement date June 1, 1990
8. Age of participant as of date of termination 61.917 years
9. Age of participant as of normal retirement date 62.000 years
10. Credited service as of date of termination 10.917 years
13. Final monthly compensation as of date of termination $879.44
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Basic No. of
year_ Compensation Paid Monti_
1989 $ 10,899.00 12
1988 10,515.00 12
1987 10246.00 12
$ 31,860.00 38
12. Accrued monthly retirement income as date of termination
(a) 2% (.0200) x $879.44 = $ 17.59
(b) $17.59 x 10.917 years = $192.03
13. Monthly normal retirement income payable for life,
commencing as of normal retirement date, June 1, 1990 $192.03
MiliawimumMis
Based on Information supplied by the Village and the provisions of the Plan, Ms. Betty
Kaplan is eligible to receive a monthly retirement income of $192.03, commencing as of June
1, 1990, payable on each subsequent first day of the month until the payment due immediately
preceding her date of death.
Prepared by:
Calculated by: THE WYATT COMPANY
Actuaries for the Plan
Y1,644a4..,42, Reviewed by: 1
J; -4,n Mauldin Lawrence F. Wilson, A.S.A.
Administrative Assistant Actuary
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NCNB TRUST CROUP
MANAGER
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MIAMI SHORES VILLAGE
PENSION TRUST
FEE WORKSHEET
CURRENT FEE PROPOSED FEE % INCREASE
NCNB* $29,130 $32,611 11.9%
EICKHOFF/EAGLE** 13,580 14,568 7.3%
TOTAL $42,710 $47,179 10.5%
* Includes 10% discount for Common Trust Funds, excluding Real Estate.
** Assets for Eichkoff and Eagle are combined for fee proposal.
Fee Calculations are based on December 31, 1989 Market Values.
yC�O
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NCNB TRUST GROUP
NCNB Trustee Services
for
Miami Shores Village
Pension Trust
Notice of Acceptance
The undersigned hereby acknowledges receipt of the new fee schedules and
agreement as detailed in the body of this proposal. This agreement will be
in effect beginning with quarter beginning January 1, 1991.
Date of Acceptance Miami Shores Village
NCNB National Bank of Florida
Corporate Trust Officer