1991.02.26_BTRB_Minutes_RegularTown of Highland
BeachMayor:
A. Ba O1oula Joseph
• ��
y
?;
3 •
Vice Mayor:
0
Bill Paul
• =i
3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH, FLORIDA 33487
Commissioners:
Harold C. Chambers
of {` •' . •' _�
11��
Betty Jean Stewart
f(OR�1JpP
407-278-4548
Marvin A. Waldman
Palm Beach County, Florida
FAX 407-265-3582
Town Manager:
Mary Ann Mariano
February 19, 1991
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,
February 26, 1991 at 1:15 P.M. in the Commission Chambers at Town
Hall.
A G E N D A
1. MINUTES -- OCTOBER 30, 1990
2. REVIEW ICMA QUARTERLY STATEMENT
3. SCHEDULE NEXT MEETING?
ANNE M. KOWALS
'TOWN CLERK
cc: Mayor, Boulay, Chairman
Vice Mayor, Paul
Ethel Lenhardt
Town Manager, Mariano
Finance Department
Officer Gure
Commissioner, Waldman
Posted. 02/19/91
AM K
"Tree City U.S.A."
• TOWN OF HIGHLAND BEACH, FLORIDA
RETIREMENT BOARD
REGULAR MEETING
Tuesday, Febr,uary 26 1991 1:15 P.M.
The Regular, Meeting of the Board of Trustees of the Reti r,ement
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 Hal 1 . Others present were Vice Mayor, Bill Paul
and Employee Representative Ethel Lenhar•dt. Absent were Commis-
sioner Mar•vi n A. Waldman and Police officer, Steven V. Gur,e.
Also in attendance were Town Manager, Mary Ann Mariano, Chief
Accounting Officer Michael Seaman, Town Clerk Anne M. Kowals and
members of the general public.
The Agenda was adopted as .submitted.
Minutes of the October, 30, 1990 Regular, Meeting of the Board of
Trustees of the Reti r•ement Board were ,approved as submitted upon
MOTION by VICE MAYOR PAUL/ETHEL LENHARDT. Same car•r,ied
unanimously.
Chief Accounting officer, Seaman reviewed the ICMA Quar,ter,ly
Statement and noted the Guaranteed Plus Fund (for,mer,l y known as
the Guaranteed Fund) invests money in long term contracts which
provide a minimum rate of interest with the possibility of a
higher, rate of interest (i.e. from •Januar,y 01, 1991 thr•u June 30,
1991 the minimum rate of i nter•est is 8%; however,, for, the month of
J,anu,ar,y 1 991 , the actual rate of i nter•est was 8. 24%) .
Regar,di ng the Annual Account Maintenance Fee which is paid by the
individual employee, the Chief_Accounting Officer, advised that
said fee for, the 401 K Reti r,eme t Plan has been i ncr•eased to
$25.00; the Annual Account Maintenance Fee for, the 457 Defer•r•ed
Plan remains at $18.00.
The Chief Accounting Officer, reported that the rates for, var•i abl e
funds for 1990, year, to date, were as follows:
Asset.Allocation Fund (formally
the Balanced Fund) .-0.48%
Bond Fund
6.85%
Growth Stock Fund 3.24%
0 Index Fund -5.24%
Cash Management Fund 8.20%
Board of Trustees of the Reti r•ement Board
Febr,uar•y 26, 1991 Regular, Meeting Minutes
• Page 2 of 2
Chairman/Mayor, Boulay announced the next scheduled meeting will be
on Tuesday, June 25, 1991 at 1:15 F.M.
Employee Representative Lenhardt noted the recommended .amendments
to the Retirement Flan Contract (to bring same into compliance
with Federal Regulations), submitted by the Retirement Board on
November, 06, 1990, were approved by the Town Commission at their.
November, 07, 1990 Regular, Meeting.
MOTION to adjourn the Regular, Meeting of the Board of Trustees of
the Retir-,ement Board was made by VICE MAYOR PAUL/ETHEL LENHARDT.
Same carr,i ed without objection.
Mayor Boulay adjourned this Regular, Meeting at 1:25 P.M.
APPROVED: 1-
J eph A. Eoulay, harlman/M•yor'i
Bill Paul, Vice Mayor,
tie
Mar,vi 7 A. Wal an, Commissioner,
•
r.
ATTES
Date. S
amk
u
Stephen V. Gur•e, Police Officer,
-,e
Ethel Lenhardt, Employe_ Rep.
AnENDA ITEM
0 MEMORANDUM
TO: TOWN COMMISSION
FROM: BOARD OF TRUSTEES of the RETIREMENT BOARD
JOSEPH A. BOULAY, CHAIRMAN/MAYOR
DATE: NOVEMBER 06, 1990
RE: RETIREMENT PLAN CONTRACT
At the October 30, 1990 Regular Meeting of the Board of Trustees
of the Retirement Board, the Department Heads advised the Town that
Employees are in favor of changing the Retirement Plan Contract
as follows:
1. An individual participant should be permitted to
withdraw his/her monies from the Retirement Plan
(regardless of age) upon termination of employ-
ment 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/.
The Board of Trustees of the Retirement Board of the Town of
Highland Beach request the Town Commission act on the above
recommended changes in order to bring the Town's ICMA Retire-
ment Plan Contract into compliance with the Federal Laws.
Joseph A. Boulay
Chairman/Mayor
/amk
•
D
ICMA RETIREMENT CORPORATION
401 QUALIFIED PENSION PLAN
STATEMENT FOR THE QUARTER
ENDING DECEMBER 31, 1990
THE ASSETS REFLECTED IN THIS ACCOUNT
ARE HELD IN THE ICHA RETIREMENT TRUST
TOTALS FOR
ACCOUNT NUMBER: 8777
EMPLOYER:
TOWN OF
HIGHLAND BEACH RETIREN
SUMMARY OF ACTIVITY FOR 4TH QUARTER
ASSET
ALLOCATION
BOND
TOTAL
FUND
FUND
BALANCE ON
10/01/90
200,069.34
165.24
287.80
EMPLOYER
138,451.03
0.00
0.00
EMPLOYEE
61,619.31
165.14
287.80
CONTRIBUTIONS
14,414.32
51.94
67.73
EMPLOYER
10,295.89
0.00
0.00
EMPLOYEE
4,118.43
51.94
67.73
ADJUSTMENTS
2.48
0.03
0.08
DISBURSEMENTS
72.89-
0.00
0.00
EMPLOYER
52.06-,,.`/
0.00
0.00
EMPLOYEE
20.83- V
0.00
0.00
EARNINGS
4,621.63 V
13.50
17.06
BALANCE ON
12/31/90
219,034.88
230.61
372.67
EMPLOYER
151,604.39
0.00
0.00
EMPLOYEE
67,430.49
230.61
372.67
0
ICMA
RETIREMENT
CORPORATION
Suits 600 (20219624600
777 North Capitol Street NE Toll Free 1600) 669-740D
Washington, DC 20002.4240
TOWN OF HIGHLAND BEACH RETIREN
3614 SOUTH OCEAN BLVD
HIGHLAND BEACH FL 33467
CASH
GROWTH
MANAGEMENT
STOCK
GUARANTEED
FUND
FUND
FUND
9.47
4,779.18
194,828.75
0.00
0.00
138,451.03
9.47
4,778.18
56,377.72
76.25
879.43
13,338.97
0.00
0.00
10,295.89
76.25
879.43
3,043.08
0.04
2.22-
4.55
0.00
0.00
72.89-
0.00
0.00
52.06-
0.00
0.00
20.83-
1.39
516.33
4,073.35
87.15
6,171.72
212,172.73
0.00
0.00
151,604.39
87.15
6,171.72
60,568.34
*** PLEASE NOTIFY RC WITHIN 90 DAYS OF ANY QUESTIONS REGARDING YOUR ACCOUNT ***
*** SEE RC HIGHLIGHTS FOR IMPORTANT NENS ON MATURING FUNDS ***
*** ASSET ALLOCATION FUND HAS FORMERLY NAMED BALANCED FUND. FOR
MORE INFORMATION SEE RV S "INVESTMENT GUIDE". ***
m
•TOWN OF HIGHLAND
BEACH RETIREM
8777
GUARANTEED FUND AS OF DECEMBER 31, 1990
BALANCE
ANNUAL
BALANCE
ANNUAL
($)
RETURN
($)
RETURN
1,456.57
AT
12.00%
467.00
AT
11.75%
250.87
AT
7.50%
276.77
AT
7.60%
336.39
AT
7.05%
388.88
AT
B.05%
3,423.63
AT
7.45%
5,863.88
AT
7.20%
3,403.69
AT
8.05%
7,613.77
AT
8.70%
10,886.33
AT
7.65%
11,159.47
AT
7.61%
12,084.39
AT
8.15%
YEAR END SUMMARY
TOTAL
(S)
BALANCE ON
01/01/90 246,107.27
CONTRIBUTIONS
EMPLOYER 31,923.80
EMPLOYEE 12,743.23
ADJUSTMENTS 289.06-
DISBURSEMENTS 88,351.67-
EARNINGS 16,901.31
BALANCE ON
12/31/90 219,034.88
•
BALANCE
ANNUAL
BALANCE
ANNUAL
($)
RETURN
($)
RETURN
1,047.12
AT
10.75%
581.33
AT
10.25%
214.51
AT
7.53%
599.38
AT
7.55%
638.98
AT
9.35%
90,957.19
AT
8.35%
10,058.23
AT
8.11%
10,295.79
AT
8.20%
9,265.51
AT
8.60%
8,523.84
AT
8.00%
12,088.42
AT
8.15%
10,288.79
AT
8.25%
ASSET
CASH
GROWTH
ALLOCATION
BOND
MANAGEMENT
STOCK
GUARANTEED
FUND
FUND
FUND
FUND
FUND
($)
($)
(s)
(s)
($)
59.28
137.14
0.00
3,185.23
242,725.62
0.00
0.00
0.00
0.00
31,923.80
166.58
213.07
85.67
2,353.11
9,924.80
4.18-
1.76-
0.04
70.79
353.95-
0.00
0.00
0.00
0.00
88,351.67-
8.93
24.22
1.44
562.59
16,304.13
230.61
372.67
87.15
6,171.72
212,172.73
RC ANNUAL ACCOUNT MAINTENANCE FEES
• Beginning January 1,1991, RC will charge an annual account maintenance fee for Section 401 plans of up to $25. The amount
is deducted from employee accounts as a contribution toward expenses incurred for maintenance of Trust records by RC.
RC charges a standard annual account maintenance fee of $18 for Section 457 plans.
All account maintenance fees are payable on each existing Participant account in full on January 1 of each year; for accounts
established after January 1, the fee is paid on the first day of the calendar quarter immediately following the date of
establishment and prorated for the number of calendar quarters thereafter remaining in the year.
In special situations, determined by RC, different account maintenance fee arrangements may be negotiated with a Public
Employertaking into consideration average account size, limitations on services provided, enrollment requirements, and other
characteristics of the retirement plans that RC administers for an Employer.
RC PLAN ADMINISTRATION FEE
The standard plan administration fee for both Section 457 and 401 plans remains 0.9%of assets. The plan administration fee
is designed to cover the cost of per annum tax reporting and other services required for efficient administration of such
retirement plans.
TRUST OPERATING RESERVE
Beginning January 1, 1991, a reserve within the Trust will be established in which to accrue an amount sufficient to cover the
annual Fund operating expenses of the Trust. Expenses include printing and mailing costs of the Trust's Making Sound In-
vestment Decisions: A Retirement Investment Guide and the Investment Report, annual auditing fees, Trust legal costs, and
other such operational expenses. These expenses currently are incurred as direct obligations of RC and billed back to the
Trust for payment. Systematic funding of any operating reserve account will reduce administrative costs.
The Board of Trustees is responsible for budgeting and monitoring the Trust operating reserve.
NOTIFICATION PERIOD
RC may be removed as plan administrator by a Public Employer and may withdraw from the Trust, subject to the terms and
conditions of the employer withdrawal policy, upon 30 days notice at any time so long as the 30-day notice period is satisfied
no later than December 31,1990. Beginning January 1, 1991, the 60-day notice requirement is reinstated.
For additional information, contact: The ICMA Retirement Trust
c/o The ICMA Retirement Corporation
• Corporate Headquarters
777 North Capitol Street, NE
Washington, DC 20002-4240
4570109
October 1990
0
GUARANTEED FUND
The following information relates to the Guaranteed Fund, which is one of the funds included
in the Retirement Trust. The investment program and policies of the Guaranteed Fund are reviewed
periodically bythe Trustees of the Retirement Trust in consultation with the Retirement Corporation and
may change at any time at the discretion of the Trustees. The performance of the Retirement
Corporation as investment managerof the Retirement Trust retains the discretion to remove or replace
the adviser. Accordingly, the following description is subject to change.
FEES AND EXPENSES OF GUARANTEED FUND
The following table is intended to assist in understanding the various costs and expenses
that are charged for investment management and retirement plan administration of the Guaranteed
Fund in the Retirement Trust.
Annual Guaranteed Fund Operating and Administration Expenses
(As a percent of net assets)
Shareholder Transaction Expenses None
Investment Advisory and Management
Fee Payable to the Retirement Corporation 0.1 %
Other Expenses None
Annual Fund Operating Expenses Subtotal 0.1%
Plan Administration Expenses 0.9%
Total Annual Expenses 1.0%
1 Year 3 Years 5 Years 10 Years
Fund Operating Expenses $1 $3 $6 $13
Plan Administration Expenses $9 $30 $51 $114
This example should not be considered a representation of past orfuture expenses or performance. Actual
expenses may be greater or lesser than those shown.
19
i 95,27"1334871959 R
ICMA RETIREMENT CORPORATION
457 DEFERRED COMPENSATION PLAN
STATEMENT FOR THE QUARTER
ENDING 12/31/90
THE ASSETS REFLECTED IN THIS ACCOUNT
ARE HELD IN THE ICMA RETIREMENT TRUST
PLAN SUMMARY FOR TONN OF HIGHLAND BEACH
EMPLOYER 41959
SUMMARY OF ACTIVITY FOR 4TH QUARTER (IN $)
FUND TOTAL
ASSET ALLOC *
GROWTH STOCK
BEG. BALANCE
ON 10/01/90 166,460.99
24,376.00
10,118.32
CONTRIBUTIONS 7,881.38
1,054.62
378.98
ACCT MAINT FEE
FUND TRANSFERS
18,426.01-
ADJUSTMENTS JJy
DISBURSEMENTS i 600.00-
EARNINGS 10/31 ti 998.30
BALANCE ° � > L}
235.38
157.39-
1.'34• la%
12/31/90 179,027.32
W
7,663.13
11,485.28
GUARANTEED FUND AS OF 12/31/90
BALANCE
ANNUAL
BALANCE
ANNUAL
(S)
RETURN
($)
RETURN
6,085.25
11.75/.
3,667.24
11.507
1,818.05
7.35/.
1,092.97
7.287
7,452.17
8.10%
9116 %.16
8.107
13.607.97
8.057
6,655.44
8.707
10,626.12
7.61%
99-076.70
8.157
0
GUARANTEED
131, 966. 67
6,447.78
18,426.01
600.00-
920.31
159,878.92
BALANCE ANNUAL
($) RETURN
8,047.49 10.W.
3,732.95 7.307
8,479.63 7.207..
8,259.77 8.607
6,618.88 8.25/.
TOWN OF HIGHLAND BEACH
3614 SOUTH OCEAN BLVD.,
HIGHLAND BEACH, FL
33487
BALANCE ANNUAL
($) RETURN
6,690.06 10.00%
2,611.56 6.80%
5,216.56 8.127
5,346.87 8.00%
26,6%.51 8.157
BALANCE ANNUAL
(S) RETURN
2,748.07 7.257
32705.04 7.80%
5,626.49 8.20%
8, 320. % 7.65/.