1990.10.30_BTRB_Minutes_RegularTown of Highland Beach JosephlA. Boulay
Vice Mayor:
3 ' 9 Bill Paul
3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH, FLORIDA 33487 Commissioners:
*'. • � Harold C. Chambers
141 o'••*
� � Betty lean Stewart
lot 407-278-4548 Marvin A. Waldman
\ --Z111n11z-- Palm Beach County, Florida FAX 407-265-3582 Town Manager:
Mary Ann Mariano
October 22, 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,
October 30, 1990 at 1:00 P.M. in the Town Commission Chambers at
Town Hall.
A G E N D A
1. MINUTES — JUNE 26, 1990
• 2. REVIEW ICMA QUARTERLY STATEMENT
3. DISCUSSION RE AMENDMENT TO RETIREMENT
PLAN CONTRACT
4. SCHEDULE NEXT MEETING
NE M. KOWALS
TOWN CLERK
cc: Mayor Boulay, Chairman
Vice Mayor Paul
Ethel Lenhardt
Town Manager Mariano
Finance Department
Officer Gure
Commissioner Waldman
Posted: 10/23/90
AMK
"Tree City U.S.A."
0
TOWN OF HIGHLAND BEACH, FLORIDA
RETIREMENT BOARD
REGULAR MEETING
TUESDAY, OCTOBER 30, 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, Commissioner Marvin A. Waldman
and Employee Representative Ethel Lenhardt. Absent was Police Officer
Steven V. Gure.
Also in attendance were Town Manager Mary Ann Mariano, Town Clerk Anne
M. Kowals, Elizabeth Ulitsch of the Finance Department, and members of
the general public.
The Agenda was adopted as submitted.
Minutes of the June 26, 1990 Regular Meeting of the Board of Trustees of
the Retirement Board were approved as submitted upon MOTION by VICE
MAYOR PAUL/ETHEL LENHARDT. The MOTION carried without objection.
Members reviewed the ICMA Quarterly Statement ending June 30, 1990. Ms.
Ulitsch, noting the Quarterly Statement is self explanatory, advised
that the Quarterly Statement ending September 30, 1990 has not been
received.
When Commissioner Waldman questioned the matter of the administrative
fee, he was advised that said fee is paid by the employee; it is not
paid by the Town. During discussion of the Funds available through the
ICMA Retirement Plan, Commissioner Waldman suggested that ICMA Retire-
ment Corporation be requested to provide a portfolio regarding said
Funds. Ms. Ulitsch, noting each individual enrolled in the ICMA Retire-
ment Corporation receives such portfolio information during the course
of each year, will request said portfolios from ICMA.
At this point, Members reviewed the matter of the necessary amendments
to the Retirement Contract as discussed at the June 26, 1990 Regular
Meeting of -the Board of Trustees of the Retirement Board. The Depart-
ment Heads indicate the Employees are in -favor of amending the Retire-
ment Contract as foil-ows:,
1. An individual participant should be permitted to withdraw his/her
monies from the Retirement Plan (regardless of age) upon
termination of employment with the Town.
2. An individual participant who is 100% vested should have the
right to select the fund in which he/she desires to invest
his/her contribution of 2% as well as the Town's contribution
of 5%.
• Board of Trustees of the Retirement Board
October 30, 1990 Regular Meeting Minutes
Page 2 of 2
It was noted that Town Commission approval of the above amendments would
bring the Town's ICMA Retirement Plan Contract into compliance with the
Federal Laws. Following substantial discussion of this matter, a MOTION
by VICE MAYOR PAUL/ETHEL LENHARDT to MOVE the Resolution to amend the
ICMA Retirement Plan Contract be prepared and submitted to the Town
Commission for approval carried without objection.
Chairman/Mayor Boulay announced the next scheduled meeting will be on
Tuesday, February 26, 1991 at 1:00 P.M.
There being no further business to come before the Board of Trustees of
the Retirement Board at this time, Chairman/Mayor Boulay adjourned same
at 1:30 P.M.
APPROVED:
ATTEST
Date:
amk
Jos A. Bou
lay ,1hairman ayor
./
Bill Paul, Vice Mayor
(,46SE^/T
Marvin A. Waldman, Comm.
(Absent)
Steven V. Gure, Police Officer
hel Lenhardt, Employee Rep.
ICMA
RETIREMENT
ICMA RETIREMENT CORPORATION CORPORATION
401 QUALIFIED PENSION PLAN Suits800 (202)962.4600
STATEMENT FOR THE QUARTER 777 North Capital Street NE ToN Frog (MM 669.74W
ENDING JUNE 30, 1990 Waehmom,OC20002.4240
THE ASSETS REFLECTED IN THIS ACCOUNT
ARE HELD IN THE ICMA RETIREMENT TRUST
TOTALS FOR
ACCOUNT NUMBER: 8777
TOMOF HIGHLAND BEACH RETIREM
EMPLOYER:
TOWN OF
HIGHLAND BEACH RETIREM
3614 SOUTH OCEAN BLVD
HIGHLAND BEACM FL 33487
SUMMARY OF ACTIVITY FOR 2ND
QUARTER
GROWTH
BALANCED
BOND
STOCK
GUARANTEED
TOTAL
FUND
FUND
FUND
FUND
cs►
cs�
cs►
cs�
cs�
BALANCE ON
AUG 1 1990
�+
04/01/90
183,657.72
100.18
185.42
3,915.02
179,457.30
EMPLOYER
123,923.45
0.00
0.00
0.00
123,923.45
EMPLOYEE
59,734.27
100.18
185.42
3,915.02
55,533.65
CONTRIBUTIONS
11,790.49
44.94
56.52
549.66
11,139.37
EMPLOYER
8,421.78
0.00
0.00
0.00
8,421.78
EMPLOYEE
3,368.71
44.94
56.52
549.66
2,717.59
ADJUSTMENTS
291.54—
4.21—
1.84—
73.01
358.50—
EARNINGS
4,182.33
6.24
6.84
485.82
3,683.43
BALANCE ON
06/30/90
199,339.00
147.15
246.94
5,023.51
193,921.40
EMPLOYER
134,902.64
0.00
0.00
0.00
134,902.64
EMPLOYEE
•
64,436.36
147.15
246.94
5,023.51
59,018.76
+* PLEASE NOTIFY RC
WITHIN 90 DAYS OF ANY QUESTIONS REGARDING YOUR ACCOUNT Mss
*** SEE RC HIGHLIGHTS FOR
IMPORTANT
NEWS ON MATURING FUNDS era
L
•
The members of the Highland Beach Police Department
unanimously feel that a person leaving the town employ
should be able to remove his/her portion of the
contributions to the retirement fund regardless of
his/her age.
With regard to shifting our money into a more agressive
fund, the personnel are almost totally divided. '_'i'he
reason for this is that none of us are familiar with
the funds and we therefore feel that the shifting of
• funds should be attempted by professionals.
,should a knowledgeable individual - prefer ibly f..,om
the finance department - have any definite ideas about
this, we would take a firmer position.
0
' I CMA - OUR PRESENT RETIREMENT SYSTEM
During the meeting of June 1990,.two (2) issues came up for
consideration.
. #1 - An employee contributes a certain portion of his
earnings to the retirement fund and the town of
Highland Beach contributes a specific amount.
Once an employee is vested (3 years) he or she can
take the total amount out of the fund when he or
she retires or leaves the city's employ. But, the
catch is that you have to be at least 55 years old.
W2 - The ICMA deals with numerous funds. Presently they4
require that we put all our money into the Guaranteed
Fund. For the last five years this fund has been
their poorest performer.
The town employees might be able to change these policies,
i.e. have younger employees receive their funds when they
leave the town employ, even though they have not reached their
55th birthday. Shift money into better performing funds.
,Je have to have a uniform policy and therefore need input from
• all employees. This survey concerns the Police Department only.
Please indicate by signing your name in the appropriate column
with the change desired.
Change Item
#1 only
Chief Cecere���``�
: gt . Corsino
,Sgt. Cervasio - -
Paul
. n . Gure
Capone
0. 71encik
T'olicio
a a c i n e
Furphy
Change Item
#2 only
IN Fo4m(A T(04Q
003 ^ rW8V.47z✓E-5
Change Item
#1 & #2
Leave as Is
jubmittted by P.O. Gure