1990.06.26_BTRB_Minutes_Regularq
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Town of Highland
Beach
Mayor:
.'
Joseph A. Boulay
3' • a 10
Vice Mayor:
G . : C.,Bill
=i
Paul
3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH.
FLORIDA 33487
Commissioners:
Harold C. Chambers
.. ..
111, f 1
R
Betty Jean Stewart
Palm Beach County, Florida
407-278-4548
FAX 407-265-3582
Marvin A. Waldman
Town Manager:
Mary Ann Mariano
June 19, 1990
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 26, 1990 at 1:00 P.M., in the Town Commission
Chambers at Town Hall.
A g e n d a
• 1. MINUTES - FEBRUARY 27, 1990
2. REVIEW ICMA QUARTERLY STATEMENT
ICMA Representative Loretta Riegler
will be present
3. SCHEDULE NEXT MEETING
cc: Mayor Boulay, Chairman
Vice Mayor Bill Paul
Ethel Lenhardt
Town Manager
Finance Department
Officer Gure
Comm. Waldman
Posted: 6/20/90
ANNE M. KOWALS
'TOWN CLERK
"Tree City U.S.A."
•
TOWN OF HIGHLAND BEACH, FLORIDA
RETIREMENT BOARD
REGULAR MEETING
TUESDAY, JUNE 26, 1990
1:00 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 1:00 P.M. in the Commission Chambers at Town Hall.
Others present were Vice Mayor Bill Paul, Police Officer Steven V. Gure
and Employee Representative Ethel Lenhardt. Absent was Commissioner
Marvin A. Waldman.
Also in attendance were Town Manager Mary Ann Mariano, Chief Accounting
Officer JoAnn Rutherford, Accounting Officer Michael Seaman, I.C.M.A.
Representative Loretta Riegler and Town Clerk Anne M. Kowals.
The Agenda was adopted as submitted.
Minutes of the February 27, 1990 Regular Meeting of the Board of
Trustees of the Retirement Board were approved as submitted upon MOTION
by OFFICER GURE/EMPLOYEE REPRESENTATIVE LENHARDT. Same carried without
objection.
During review of the I.C.M.A. Quarterly Statement, Chief Financial Of-
ficer Rutherford noted the Guaranteed Fund Update of June 25, 1990
indicates a return of 8.15% for deposits made 04/01/90 thru 06/30 90
with a return of 8.25% for deposits made 07/01/90 thru 09/30/90. Ms.
Rutherford informed the Members that the attached Guarantee Fund data
was provided at the request of Commissioner Doris R. Rome at the
February 27, 1990 Regular Meeting of the Retirement Board.
Chief Financial Officer Rutherford introduced I.C.M.A. Representative
Loretta Riegler to the Board of Trustees. Ms. Riegler, noting that a
Retirement Plan is usually set up to be an additional benefit to an
employee in order to attract more professional persons, commented that
the Town's Plan is lenient to vesting whereby an employee is 100% vested
after three years of employment; however, the plan restricts the
employee's ability to invest the Town's portion of the retirement funds
(including the vested portions) as the employee sees fit as well as
restricting an employee from taking out their funds (both employee and
employer contributions) upon separation. It was noted that some of the
Town's Plan restrictions are greater than the Internal Revenue Code
Restrictions. Ms. Riegler advised that the Town has the ability to
amend the Retirement Plan with regard to both of the above mentioned
restrictions and noted that any amendments should be transmitted in the
form of a letter to the I.C.M.A. Ms. Riegler stated that such
restrictions were not permitted in new plans written after 1988.
Ms. Riegler informed the Members that I.C.M.A. will be mailing out the
1989 Investment Report is the next two weeks to all participants of the
Retirement Plan.
Retirement Board Regular Meeting Minutes
June 26, 1990
Page 2
Following discussion of the Retirement Plan, it was noted that the Board
Members would apprise the employees of the concerns discussed at today's
meeting and return to the Retirement Board with recommendations from the
employees regarding proposed changes to the plan.
The next Regular Meeting of the Board of Trustees of the Retirement
Board of the Town of Highland Beach was set for October 30, 1990 at 1:00
P.M. It was noted that the Retirement Board may meet sooner if recom-
mendations regarding the Retirement Plan are received from the
employees.
The Regular Meeting of the Board of Trustees of the Retirement Board of
the Town of Highland Beach, Florida was adjourned at 1:40 P.M.
APPROVED:
•
. Boulay, Ch
Bill Paul, Vice
Absent
or
Marvin A. Waldman, Commissioner
Steven V. Gure, Po ice Officer
thel Lenhardt, Employee Rep.
r
TOTALS FOR
ACCOUNT NUMBER:
EMPLOYER:
RECEIVED MA;' 1 1 1990
ICMA RETIREMENT CORPORATION
401 QUALIFIED PENSION PLAN
STATEMENT FOR THE QUARTER
ENDING MARCH 31, 1990
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
BALANCE ON
01/01/90
EMPLOYER
EMPLOYEE
CONTRIBUTIONS
EMPLOYER
EMPLOYEE
DISBURSEMENTS
EMPLOYER
EMPLOYEE
EARNINGS
BALANCE ON
03/31/90
EMPLOYER
EMPLOYEE
0
GROWTH
BALANCED
BOND
STOCK
GUARANTEED
TOTAL
FUND
FUND
FUND
FUND
($)
($)
(S)
(S)
($)
246,107.27
59.28
137.14
3,185.23
242,725.62
166,335.29
0.00
0.00
0.00
166,335.29
79,771.98
59.28
137.14
3,185.23
76,390.33
9,633.52
37.60
48.45
461.39
9,086.08
6,881.10
0.00
0.00
0.00
61881.10
2,752.42
37.60
48.45
461.39
2,204.98
76,990.73-
0.00
0.00
0.00
76,990.73-
52,480.01-
0.00
0.00
0.00
52,480.01-
24,510.72-
0.00
0.00
0.00
24,510.72-
4,907.66
3.30
0.17-
268.40
4,636.13
183,657.72 100.18 185.42 3,915.02 179,457.10
123,923.45 0.00 0.00 0.00 123,923.45
59,734.27 100.18 185.42 3,915.02 55,533.65
ICMA
RETIREMENT
CORPORATION
Suits 60D (202) 962.4600
777 North Capitol Street NE Toll Free (WW 669.7400
Washington, DC 20002.4240
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 m
*** SEE RC HIGHLIGHTS FOR IMPORTANT NEWS ON MATURING FUNDS ***
ftTOWN OF HIGHLAND BEACH RETIREN
$777
GUARANTEED FUND AS OF MARCH 31, 1990
,
BALANCE
ANNUAL
BALANCE
ANNUAL
BALANCE
ANNUAL
BALANCE
ANNUAL
($)
RETURN
($)
RETURN
($)
RETURN
($)
RETURN
1,555.08
AT
12.00%
572.69
AT
11.75%
969.58
AT
10.75%
540.12
AT
10.25%
395.94
AT
7.50%
452.35
AT
7.60%
370.60
AT
7.53%
846.86
AT
7.55%
319.56
AT
7.05%
366.84
AT
8.05%
601.52
AT
8.35%
96,007.17
AT
8.35%
3,319.93
AT
7.45%
5,697.01
AT
7.20%
9,749.32
AT
8.11%
9,777.04
AT
8.20%
3,210.78
AT
8.05%
7,158.90
AT
8.70%
8,773.71
AT
8.60%
8,109.24
AT
8.00%
10,388.41
AT
7.65%
10,274.45
AT
7.61%
Guaranteed Fund Update
June 25, 1990
8.15% for deposits 4/1/90 thru 6/30/90,
guaranteed thru December 30, 1995.
First payout December 30, 1991.
8.25% for deposits 7/1/90 thru 9/30/90,
guaranteed thru November 1, 1995.
First payout November 1, 1992.
0