1990.02.27_BTRB_Minutes_RegularTown of Highland Beach
3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33487
Palm Beach County, Florida
February 20, 1990
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, February 27, 1990 at 1:15 P.M., in the Town
Commission Chambers at Town Hall.
A G E N D A
1. MINUTES - OCTOBER 31, 1989
2. REVIEW ICMA QUARTERLY STATEMENT
3. SCHEDULE NEXT MEETING
//,"/ �' i----1 - )
cc: Mayor Boulay, Chairman
Vice Mayor John J. Basso
Commissioner Doris R. Rome
Ethel Lenhardt
Town Manager
Finance Department
Officer Gure
Posted: 2/20/90
0
ANNE M. KOWALS "
DEPUTY TOWN CLERK
TOWN OF HIGHLAND BEACH, FLORIDA
RETIREMENT BOARD
REGULAR MEETING
TUESDAY, FEBRUARY 27, 1990 1:15 P.M
The Regular Meeting of the Board of Trustees of the Retirement Board,
Town of Highland Beach, Florida, was called to order by Chairman/Mayor
Joseph A. Boulay at 1:15 P.M. in the Commission Chambers at Town Hall.
Others in attendance were Vice Mayor John J. Basso, Commissioner Doris
R. Rome, Police Officer Steven V. Gure and Employee Representative Ethel
Lenhardt.
Also present were Town Manager Mary Ann Mariano, Chief Accounting Of-
ficer Jo Ann Rutherford and Deputy Town Clerk Anne M. Kowals.
The Agenda was adopted as submitted.
Minutes of the October 31, 1989 Regular Meeting of the Retirement Board
were approved upon MOTION by EMPLOYEE REPRESENTATIVE LENHARDT/VICE MAYOR
BASSO. Same carried without objection.
Mayor Boulay welcomed Police Officer Steven V. Gure as a Member of the
Board of Trustees of the Retirement Board who replaced Sgt. Widelitz who
®retired in January, 1990. The Mayor introduced the Chief Accounting Of-
ficer, JoAnn Rutherford, to the Board of Trustees.
A copy of the I.C.M.A. Retirement Corp. Statement for the quarter ending
12/31/89 (which is attached to and made a part of these Minutes) was
reviewed. Ms. Rutherford explained that monies deposited between l/1/90
thru 3/31/90 in the Guaranteed Fund will have an effective annual yield
of 7.61%. Regarding the other Funds, Ms. Rutherford noted their per-
formance during January 1990 was as follows: the Growth Fund decreased
9.8%; the Bond Fund suffered a 1.8% decrease; the Balanced Fund de-
creased 5.8% while the Cash Management Fund showed a decrease of 0.3%.
During discussion of the Guaranteed Fund, it was noted that these monies
were invested with Insurance Companies. At the request of Commissioner
Rome, who expressed a concern regarding the recent problems/collapse of
a number of Insurance Companies, Ms. Rutherford will contact I.C.M.A. to
determine how they safeguard these monies.
Mayor Boulay commended Ms. Rutherford on her fine report.
The next meeting of the Board of Trustees of the Retirement Board will
be held on Tuesday, June 26, 1990 at 1:15 P.M.
Upon proper MOTION, Mayor Boulay adjourned the Regular Meeting of the
Board of Trustees of the Retirement Board at 1:30 P.M.
U
q-
0
RETIREMENT BOARD
Regular Meeting
February 27, 1990
Page 2 of 2
ATTE�
Date
AMK
APPROVE
tm-423h
A. Bo ay, Chairman/M yor
exp. 3/13/90)
John J. Basso, Vice Mayor
(Term expired 3/13/90)
Doris R. Rommissioner
/a/L gme,v-L,
Steven V. Gure, Police Officer
Ethel Lenhardt, Emp. Rep.
�'F= ETtH-2Ea-90 MON 1 6 03 I CMa-RC
P 0 2
ms
ICMA RETIREMENT CORPORATION
401 QUALIFIED PENSION PLAN
STATEMENT FOR THE QUARTER'
WING-DEI:E%89N 31, 1989'
THE ASSETS REFLECTED IN THIS ACCOUNT
ARE MELD IN THE ICMA RETIREMENT TRUST
TOTALS FOR
ACCOUNT NUMBER: $777
EMPLOYER: TOWN OF HIGHLAND BEACH RETIREM
SUMMARY Of ACTIVITY FOR 4TH QUARTER
Ammm BOND L GUARANTEED
TOTAL. FUND FUND FUND
BALANCE ON
ICMA
RETIREMENT
CORPORATION
Suit WO (an) 962 MOO
777 nwn 8" S"a NE ?0 Frm ilM H9.?QO
Wamno e. DC 200 -Q W
TOM OF HIGHLAND BEACH RETIRE%
3614 SOUTH OCEAN BLVD
MIGHLAND BEACH, FL 33467
10/01/E9
229,829..26
17.40
33.36
2,637.22
227,091.06
EMPLOYER
154,865..12
0,00
0.00
0.00
154,B65.12
EMPLOYEE
74,964.,14
17.40
93.56
2,637.22
72,225. %
CONTRIBUTIONS
12.578.26
41.23
11.29
579.27
10,906.32
EMPLOYER
3,270.27
0.00
0.00
0.00
1,270.27
EMPLOYEE
3,307.99
41.23
51.39
579.27
2.636.05
EARNINGS
4,699.75
0.60
2.19
31.26-
4,728.22
BALANCE ON
12/31/89
244,107.27
59.28
137.14
3,185.22
242,725.62
EMPLOYER
166.335.29
0.00
0.00
0.00
166,335.29
EMPLOYEE
79,771.98
59.29
137,14
3,1A5.23
76,390.33
PLEASE NOTIFY RC
WITHIN, 90
DAYS OF ANY QUESTIONS REGARDING YOUR ACCOUNT •�*
4*6 SEE RC HIGHLIGHTS
FOR IMPORTANT
NEWS ON MATURING FUNDS •-
E
FEB-2�-90 M ON 1 6: 04 I CMA-RC P .,03
TOWN OF MIGHLANO $EACH RETIREN
$777
GUARANTEED FUND AS Of DECEMBER 31. 1999
BALANCE ANNUAL BALANCE ANNUAL BALANCE ANNUAL BALANCT ANNUAL
(S) RETURN (S) RETURN (S) RETURN (S) RETURN
1,i99.12 AT 12.OM 557.22 AT 11.75% 945.4E AT 10.75% 527.2E AT 10.25%
333.94 AT 7.50% 444.29 AT 7.60% 364.02 AT 7.53% 831.79 AT 7.55%
314.24 AT 7.05% 359.11 AT 8.05% 589.71 AT 8.35% 161,443.93 AT 9.39%
3,i05.73 AT 7.A5% 6,194.67 AT 7.20% 10,750.79 AT 9.11% 10.753.40 AT 8.20%
3,495.90 AT $- M 9,497.73 AT 9.70% 9,194.57 AT 4.60% 6,96o.36 AT 8.007E
11,186.59 AT 7.65%
YEAR END SUMMARY
GROWTH
BALANCED BOND STOCK GUARANTEED
TOTAL FUND FUND FUND FUND
(S) (S> (S) (S) (S)
BALANCE ON
01/01/99 17E,903.08 0.00 53.03 373.02 178,472.03
CONTRIBUTIONS
EMPLOYER 24,265.26 0.00 0.00 0•DO 28.265.2i
EMPLOYEE 11,232.45 58.71 364.69 1,972.09 8,84T.16
ADJUSTMENTS 12,432.06 0.00 0.00 424.3E 13,007.6E
DISBURSEMENTS 2,937.13- 0.00 302.53- 0.00 2,634.60-
NINGS 17,211.35 0.57 26.43 415.74 16,74E-09
ANCE ON
12/31/99 2". 107.27 59.28 127.14 3,185.23 242,725.62