1989.03.07_BTRB_Minutes_RegularTown of Highland Beach
3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH, FLORIDA 33487
Palm Beach County, Florida
March 2, 1989
TRUSTEES OF THE RETIREMENT BOARD
OF THE TOWN OF HIGHLAND BEACH
407 - 278-4548
Mayor:
Betty Jean Stewart
Vice Mayor:
John J. Basso
Commissioners:
Robert F. Scholz
Doris R. Rome
Marvin A. Waldman
Town Manager:
Mary Ann Mariano
A Regular Meeting of the Board of Trustees of the Retirement
Board of the Town of Highland Beach has been called for
Tuesday, March 7, 1989, at 1:15 P.M., in the Town Commission
Chambers at Town Hall.
A G E N D A
1. MINUTES - December 6, 1988
2. REVIEW ICMA QUARTERLY STATEMENT
j
ANNE M. KOWALS
DEPUTY TOWN CLERK
cc: Mayor Stewart, Chair.
Vice Mayor John J. Basso
Commissioner Robert F. Scholz
Elizabeth Ulitsch, Sec.
Abraham Widelitz
Town Manager
Finance Department
Posted: 3/2/89
TOWN OF HIGHLAND BEACH, FLORIDA
• RETIREMENT BOARD
REGULAR MEETING
Tuesday, March 7, 1989 1:15 P.M.
A Regular Meeting of the Board of Trustees of the Retirement Board of
the Town of Highland Beach, Florida, was called to order by Chairman/
Mayor Betty Jean Stewart at 1:15 P.M. in the Commission Chambers at Town
Hall. Other Members present were Commissioner Robert F. Scholz and
Police Sgt. Abraham Widelitz. Vice Mayor John J. Basso was absent.
Also in attendance were Town Manager Mary Ann Mariano, Chief Accounting
Officer Stanley Novak and Deputy Town Clerk Anne M. Kowals.
COMMISSIONER SCHOLZ/SGT. WIDELITZ MOVED to dispose of reading of the
Minutes of December 6, 1988. Without objection, the Minutes were
accepted as submitted.
Chief Accounting Officer Novak advised that ICMA has not issued a state-
ment for the period ending December 31, 1988, however, he gathered as
much information as possible to prepare the statement which he explained
to the Board of Trustees and which is attached to and made a part of
these Minutes.
• Chairman/Mayor Stewart read into the Minutes a letter of resignation
dated March 3, 1989, from Staff Representative Elizabeth Ulitsch. Copy
of same is attached to these Minutes. As there will be several
vacancies on this Board, the Chairman/Mayor noted that the Agenda for
the next Retirement Board Meeting should include the appointment of new
Members to this Committee. Sgt. Widelitz requested that a letter of
thanks be addressed to Ms. Ulitsch.
Upon MOTION by COMMISSIONER SCHOLZ/SGT. WIDELITZ, Chairman/Mayor Stewart
adjourned the Regular Meeting of the Retirement Board at 1:25 P.M.
APPROVED:
Bet Jean Stewart, Chairman/Mayor
(absent)
John J. Basso, Vice Mayor
(term expired 3/14/89)
Robert F. Scho , Co is Toner
Sgt Abraham Widelitz
ATTES
Date:
0
TOWN OF HIGHLAND BEACH
! 401 PENSION PLAN
QUARTERLY REPORT
FOR THE QUARTER ENDING
DECEMBER 31, 1988
AMOUNT
BEGINNING BALANCE 09/30/88 (ADJUSTED) 166,765.08
2% EMPLOYEE'S CONTRIBUTION 10/01/88-12/31/88 3,324.33
5% EMPLOYER CONTRIBUTION 10/01/88-12/31/88 8,310.87
EARNINGS 10/01/88-11/30/88 2,254•.79
DISBURSEMENTS - ARSENIO J. IPPOLITO (1,331.38)
ENDING BALANCE 12/31/88 (EXCLUDING INTEREST
• EARNINGS FOR THE MONTH OF DECEMBER 1988) 179,323.69
•
TOWN OF HIGHLAND BEACH
401 PENSION PLAN
QUARTERLY REPORT
FOR THE QUARTER ENDING
DECEMBER 31, 1988
AMOUNT
BEGINNING BALANCE 09/30/88 (ADJUSTED) 166,765.08
2% EMPLOYEE'S CONTRIBUTION 10/01/88-12/31/88 3,324.33
5% EMPLOYER CONTRIBUTION 10/01/88-12/31/88 8,310.87
EARNINGS 10/01/88-11/30/88 2,254.79
DISBURSEMENTS - ARSENIO J. IPPOLITO (1,331.38)
ENDING BALANCE 12/31/88 (EXCLUDING INTEREST
EARNINGS FOR THE MONTH OF DECEMBER 1988) 179,323.69
I•
U
Performance Summaries February Ing
P,d0h,RrW I NCYTES
1
ICMA
RETIREMENT
CORPORATION
Performance Summaries
Variable Funds
December 31,1988
Balanced Bond
Growth Stock Index
Fund
Fund
Fund
Fund
Last 12 Months
16.78%
5.94%
13.91%
- 0.46%
1st Quarter
Q
8.42%
2.82%
6.24%
3rd Quarter
S37%
OS2%
0.79%
1.64%
5.84%
0.00%
4th Quarter
1.70%
0.S9Co
- 0.61%
0.00%
1.93%
- 0.46%*
October 1999
November 1999
1.62%
1S3%
1.71%
0.00%
December 1988
-1.79%
1.91%
-1.07%
-1.64%
-1.66%
0.14%
1.87%
1.22%
*Fourth quarter earnings
reported for the Index Fund
Guaranteed Fund
do not include October.
Interest Rate History
Deposit Period
Guaranteed Rate
Earliest Maturity
From:
To:
311185
7/31/
/ /
11.75% _
12/31/89
OAS
12/31/85
11S0%
10.SO%
8/31/90
1/1/86
3/31/86
10.00%
8/31/91
4/1/86
6/30/86
725%
8/31/91
7/1/86
9/30/86
7.35%
3/31/89
10/1/86
11/30/86
7.
6/30/89
12/1/86
3 31 87
30%
10/ 1/89
4/1/87
6/ /87
6.80%
3/31/90
7/1/87
8/31/S7
7.80%
4/ 1/89
9/1/87
11/30/87
8.10%
8/31/92
12/1/87
2/29/88
8.10%
11/30/91
3/1/88
S/31/88
720%
8/31/93
6/1/88
8/31/88
8.11%
S/31/92
9/1/88
11/30/98
820%
5/31/93
12/1/88
12/31/88
US%
9/ 3/91
1/1/89
4/1/89
8.70%
10/30/92
1/31/90
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