1989.10.31_BTRB_Minutes_Regulari
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JOB•' ..��1
Town of Highland Beach
3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH, FLORIDA 33487
Palm Beach County, Florida
October 17, 1989
TRUSTEES OF THE RETIREMENT BOARD
OF THE TOWN OF HIGHLAND BEACH
407 - 278-4548
Mayor:
Joseph A.Boulay
vice Mayor:
John J. Basso
Commissioners:
Doris R. Rome
Marvin A. Waldman
Betty Jean Stewart
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, October 31, 1989 at 1:15 P.M., in the Town Commis-
sion Chambers at Town Hall.
it A G E N D A
1. MINUTES - MARCH 7, 1989
JUNE 27, 1989
2. REVIEW ICMA QUARTERLY STATEMENT (attached)
3. SCHEDULE NEXT MEETING
WNE M. KOWALS
DEPUTY TOWN CLERK
cc: Mayor Boulay, Chairman
Vice Mayor John J. Basso
Commissioner Doris R. Rome
Sgt. Abraham Widelitz
Ethel Lenhardt
Town Manager
Finance Department
Posted: 10/18/89
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TOTALS FOR
ACCOUNT NUMBER:
EMPLOYER:
RETIREMENT
ICMA RETIREMENT CORPORATION AUG 2 OMPORATION
401 QUALIFIED PENSION PLAN.6i
STATEMENT FOR THE QUARTER — — Suite 700 / + 1202) 637.3311
ENDING JUNE 30, 1989. 1120 G StreeT' Toll Fmo 1800) 424.9249
THE ASSETS REFLECTED IN THIS _ACCOUNT— Weshinpton, DC_2000s
ARE HELD IN THE ICMA RETIREMENT TRUST
8777
TOWN OF HIGHLAND BEACH RETIREM
SUMMARY OF ACTIVITY FOR 2ND QUARTER
GROWTH
BOND
STOCK
GUARANTEED
TOTAL
FUND
FUND
FUND
BALANCE ON
04/01/89
191,389.48
161.73
1,286.44
189,941.31
EMPLOYER
124,754.57
0.00
0.00
124,754.57
EMPLOYEE
66,634.91
161.73
1,286.44
65,186.74
CONTRIBUTIONS
9,859.11
144.52
489.99
9,224.60
EMPLOYER
7,049.71
0.00
0.00
7,049.71
EMPLOYEE
2,809.40
144.52
489.99
2,174.89
ADJUSTMENTS
13,401.54
0.00
0.00
13,401.54
DISBURSEMENTS
2,271.84—
0.00
0.00
2,271.84—
EMPLOYER
1,705.27—
0.00
0.00
1,705.27—
EMPLOYEE
566.57—
0.00
0.00
566.57—
EARNINGS
4,118.53
16.53
121.19
3,980.81
BALANCE ON
06/30/89
216,496.82
322.78
1,897.62
214,276.42
EMPLOYER
145,584.09
0.00
0.00
145,584.09
EMPLOYEE
70,912.73
322.78
1,897.62
68,692.33
TOWN OF HIGHLAND BEACH RETIREM
3614 SOUTH OCEAN BLVD
HIGHLAND BEACH, FL 33487
*** PLEASE NOTIFY RC WITHIN 90 DAYS OF ANY QUESTIONS REGARDING YOUR ACCOUNT
*** SEE RC HIGHLIGHTS FOR IMPORTANT NEWS ON MATURING FUNDS ***
*** BEGINNING OCTOBER 1, 1989 THE RC TOLL FREE ***
*** NUMBER WILL BE 800-669-7400 ***
TOWN OF HIGHLAND BEACH RETIREN
8777
GUARANTEED FUND AS OF JUNE 30,
1989
BALANCE
ANNUAL
BALANCE
ANNUAL
($)
RETURN
(t)
RETURN
1,604.77
AT 12.00%
526.88
AT
11.75%
375.03
AT 7.90%
639.02
AT
7.60%
303.65
AT 7.05%
346.13
AT
8.M
3,477.47
AT 7.49%
5,981.32
AT
7.20%
3,400.54
AT 8.M
9,239.35
AT
8.70%
BALANCE ANNUAL
($) RETURN
898.05 AT 10.75%
523.80 AT 7.53%
566.38 AT 8.35%
10,336.37 AT 8.11%
9,315.43 AT 8.60%
BALANCE ANNUAL
($) RETURN
501.97 AT 10.29%
801.33 AT 7.55%
155,066.45 AT 8.35%
10,371.98 AT 8.20%
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CJ
TOWN OF HIGHLAND BEACH, FLORIDA
RETIREMENT BOARD
REGULAR MEETING
TUESDAY, OCTOBER 31, 1989
The Regular Meeting of the Board of
Town of Highland Beach, Florida, was
Joseph A. Boulay at 1:15 P.M. in the
Others present were Vice Mayor John
Widelitz and Employee Representative
R. Rome was absent.
1:15 P.M.
Trustees of the Retirement Board,
called to order by Chairman/Mayor
Commission Chambers at Town Hall.
J. Basso, Police Sgt. Abraham
Ethel Lenhardt. Commissioner Doris
Also present were Town Manager Mary Ann Mariano, Chief Accounting Officer
Stanley Novak and Deputy Town Clerk Anne M. Kowals.
SGT. WIDELITZ/VICE MAYOR BASSO MOVED to approve the Minutes of March 7,
1989 and June 27, 1989 as submitted. Same carried unanimously.
The Board of Trustees reviewed the 'Statement for the Quarter ending
June 30, 1989' (a copy of which is attached to and made a part of these
Minutes). The Chief Accounting Officer noted that most participants in
the I.C.M.A. Retirement Corporation have opted to keep their contribu-
tions in the Guaranteed Fund.
• Chief Accounting Officer Novak advised that the Guaranteed Fund (deposit
period of 10/1/89 thru 12/31/89) will have a 7.65% fixed rate of return
with a 9/30/92 maturing date. The rate of return for the first three
quarters of 1989 (1/1/89 thru 9/30/89) for the various funds is as
follows:
Cash Management - 5.27%; Index Fund - 24.22%; Balanced
Fund - 21.14%; Growth Stock Fund - 36.82%; Bond Fund - 8.96%.
Following discussion regarding scheduling of meetings, MOTION was made
by VICE MAYOR BASSO/SGT. WIDELITZ to schedule Retirement Board Meetings
every four months. The MOTION carried with favorable votes. The next
scheduled Meeting will be held on February 27, 1990.
At this meeting, Sgt. Widelitz advised that inasmuch as he will be,zre-
tiring from the Highland Beach Police Department, he is requesting,,that
the Board of Trustees accept his resignation from same. (Sgt. Widelitz
will submit a written letter of resignation). Mayor Boulay thanked Sgt.
Widelitz for his service to this Board.
Upon MOTION by VICE MAYOR BASSO/SGT. WIDELITZ, Mayor Boulay adjourned
the Retirement Board Regular Meeting at 1:35 P.M.
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• RETIREMENT BOARD
Regular Meeting
October 31, 1989
Page 2 of 2
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Da
AMK
APPROVED:
A. Bou ;#-X, Chairman/Mayor
Jahn J/Bass"o; Vice Mayor
(Absent))
Doris R. Rome, Commissioner
Retired 1/90
Abraham Widelitz (Sgt.)
ex&j '0 'f
E hel Lenhardt, Emp. Rep.