1998.04.21_FAB_Minutes_Regular1
• TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
QUARTERLY MEETING MINUTES
Tuesdav, April 21 1998 1 30 P.M.
Chairman Felix R. Goldenson called the Regular Meeting to order in
Town Hall at 1:30 P.M.
Deputy Town Clerk Jane Dillon called the roll. Present were
Chairman Felix R. Goldenson, Vice Chair John R. DeMarco, Members
Byron McKinley and Marianne Salibello. Charles D. Cohn was absent.
Town Manager Mary Ann Mariano, Finance Director Stan Novak and Vice
Mayor Thomas Reid were also present.
APPROVAL OF MINUTES
Upon MOTION by MR. DEMARCO/MR. MCKINLEY, the minutes of the March
12, 1998 Regular Meeting were approved.
NEW BUSINESS
Mr. Jankowski of the IMCA Retirement Corporation, was present to
• answer questions from the Board Members regarding the Town's
Retirement Plan, and discuss possible increase in employee/employer
contribution/match to plan. Chairman Goldenson asked Ms. Mariano
to draw up and submit a percentage recommendations to review at the
next meeting.
It was stated that there currently is no loan provision within the
plan, and it would not be an expense to the town to carry one.
Mr. Jankowski discussed vesting, stating that there are two basic
plans on vesting: 7 year graduated scale 30, 60, 90% and a 5 year
clip, 0 0 0 0 100%.
The Purchasing Policy was discussed, with no recommendations being
made at today's meeting.
The Workman's Comp. plan was reviewed. Continued discussion of
this will be held at the next FAB meeting.
The next meeting is scheduled for May 26 at 9:30 a.m. With no
further business to come before the board at this time, MOTION to
adjourn was made by MR. MCKINLEY/MR. DEMARCO at 9:30 a:
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Financial Advisory Board
April 21, 1998 Page 2 of 2
APPROVE:
Felix R. Goldenson, Chairman
ohn R.'DeMarc , Vice Chairman
yro R. McKinl y
absent
Charles D. Cohn
Marianne Salibello
Attest:
Date:
c