1989.06.27_BTRB_Minutes_Regular�X G "`A �'''
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Town of Highland
Beach
Mayor:
Joseph A. Boulay
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Vice Mayor:
?;John
J. Basso
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Commissioners:
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3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33487
Doris R.Rome
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Marvin A. Waldman
Ise\ FL 0 R1�p� _
Betty Jean Stewart
Palm Beach County, Florida
407 - 278-4548
Town Manager:
Mary Ann Mariano
June 14, 1989
TRUSTEES OF THE RETIREMENT BOARD
OF THE TOWN OF HIGHLAND BEACH
A Regular Meeting of the Board of Trustees of the Retirement
Board of the Town of Highland Beach has been called for
Tuesday, June 27, 1989 at 1:15 P.M., in the Town Commission
Chambers at Town Hall.
A G E N D A
0 1. MINUTES - MARCH 7, 1989
2. REVIEW ICMA QUARTERLY STATEMENT (3/31/89) (Attached)
F+
ANNE M. KOWALS
,DEPUTY TOWN CLERK
cc: Mayor Boulay, Chairman
Vice Mayor John J. Basso
Commissioner Doris R. Rome
Abraham Widelitz
Ethel Lenhardt
Town Manager
Finance Department
Posted: 6/14/89
TOWN OF HIGHLAND BEACH, FLORIDA
• RETIREMENT BOARD
REGULAR MEETING
Tuesday, June 27, 1989 1:20 P.M.
The Regular Meeting of the Board of Trustees of the Retirement Board
of the Town of Highland Beach, Florida, was called to order by Chair-
man/Mayor Joseph A. Boulay at 1:20 P.M. in the Commission Chambers at
Town Hall. Others present were Vice Mayor John J. Basso, Commissioner
Doris Rome and Employee Representative Ethel Lenhardt. Police Sgt.
Abraham Widelitz was absent.
Also present were Town Manager Mary Ann Mariano, Chief Accounting
Officer Stanley Novak and Deputy Town Clerk Anne M. Kowals.
At the recommendation of Vice Mayor Basso, approval of the March 7,
1989 Regular Meeting Minutes was deferred to the next Regular Meeting
of the Retirement Board when Police Sgt. Widelitz will be present.
The Trustees of the Retirement Board reviewed the 3/31/89 Quarterly
Statement (a copy of which is attached to and made a part of these
Minutes). Chief Accounting Officer Novak explained that the balance
of the 401 Qualified Pension Plan as of 01/01/89 was $178,903 with
employer contributions amouting to $6,327 - employee contributions
• were $2,468 - adjustments $30 - earnings of $3,659 resulted in a
03/31/89 balance of $191,389.
In a discussion of the various options available to participants, Mr.
Novak noted that six options are available today; however, in 1988,
there were just four funds available (the Guaranteed, Balanced, Bond
and Growth Stock).
A five year average performance, ending 12/31/88, prepared by the
Chief Accounting Officer indicates that the Growth Stock Fund had an
average compound return of 13.04% which included the 1987 stock crash;
the Balanced return was 12.20% and the Bond Fund had a return of
10.34%.
The Chief Accounting Officer noted that the Town's contributions can
only be invested in the Guaranteed Fund which is the most conservative
fund, its objective is safety. The newest option offered is the Cash
Management Fund which is like a long term money market fund.
With the Agenda items having been addressed and upon MOTION by COMMIS-
SIONER ROME/VICE MAYOR BASSO, Mayor Boulay adjourned the Regular Meet-
ing of the Retirement Board at 1:35 P.M.
0
s
Retirement Board
Regular Meeting Minutes
June 27, 1989
Page 2 of 2
APPROVED:
ATTES
Date:
0 amk
u
Jo ph A. Bo ay., Chairman/Mayor
J n J. s , Vice Mayor
Doris R. Rome, Commissioner
(Absent)
Sgt.�Abbraham Widelitz
An
tthel'Lenhardt, Emp. Representative
TOTALS FOR
ACCOUNT NUMBER:
EMPLOYER:
RECEIVED MAY 1 9 1989
ICHA RETIREMENT CORPORATION
401 QUALIFIED PENSION PLAN
STATEMENT FOR THE QUARTER
ENDING MARCH 31, 2989
THE ASSETS REFLECTED IN THIS ACCOUNT
ARE HELD IN THE ICMA RETIREMENT TRUST
8777
TOWN OF HIGHLAND BEACH RETIREM
SUMMARY OF ACTIVITY FOR 1ST QUARTER:
GROWTH
BOND STOCK GUARANTEED
TOTAL FUND FUND FUND
($) (8) ($) (S)
ICMA
RETIREMENT
CORPORATION
Suite 700 (2021 637-3311
1120 G Street, NW Toll Free (8001424-9249
Washington, DC 20006
TOWN OF HIGHLAND BEACH RETIREM
3614 SOUTH OCEAN BLVD
HIGHLAND BEACH, FL 33487
BALANCE ON
O1/O1/89
178,903.08
58.03
373.02
178,472.03
EMPLOYER
116,072.78
0.00
0.00
116,072.79
EMPLOYEE
62,930.30
58.03
373.02
62,399.25
CONTRIBUTIONS
8,796.41
102.93
435.86
8,257.62
EMPLOYER
6,327.99
0.00
0.00
6,327.99
EMPLOYEE
2,468.42
102.93
435.86
1,929.63
ADJUSTMENTS
30.52
0.00
424.38
393.86—
EARNINGS
3,659.47
0.77
53.19
3,605.52
BALANCE ON
03/31/89
191,389.48
161.73
1,296.44
189,941.32
EMPLOYER
124,754.57
0.00
0.00
124,754.57
EMPLOYEE
66,634.91
161.73
1,286.44
65,186.74
cuss PLEASE NOTIFY RC WITHIN 90 DAYS OF ANY QUESTIONS REGARDING YOUR ACCOUNT �+
*— SEE RC HIGHLIGHTS FOR IMPORTANT NEWS ON MATURING FUNDS s+.