1991.10.29_BTRB_Minutes_RegularG H q�oh /
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Town of Highland
Beach
Mayor:
Joseph A. Boulay
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. �
1. "
Vice Mayor:
Bill Paul
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3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33487
Commissioners:
Arthur G. Eypel
i
�1�*•••' ••'• ��
Arlin G. Voress
JohnF.Rand
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407-278-4548
Palm Beach Count Florida
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FAX 407-265-3582
Town Manager:
Mary Ann Mariano
October 21, 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,
October 29, 1991 at 1:15 P.M. in the Commission Chambers at Town
Hall.
A G E N D A
1. MINUTES - JUNE 25, 1991
• 2. REVIEW ICMA QUARTERLY STATEMENT
3. DISCUSSION RE VESTING SCHEDULE
4. SCHEDULE NEXT MEETING
J
NE M. KOWALS
TOWN CLERK
cc: Mayor Boulay, Chairman
Vice Mayor Paul
Ethel Lenhardt
Town Manager Mariano
Finance Department
Officer Gure
Commissioner Eypel
Posted: 10/21/91
AMK
Is
"Tree City U.S.A."
TOWN OF HIGHLAND BEACH, FLORIDA
• RETIREMENT BOARD
REGULAR MEETING
uesday. October 29 1991 1 15 P.M.
Chairman/Mayor Joseph A. Boulay called the Regular Meeting of the
Board of Trustees of the Retirement Board, Town of Highland Beach,
Florida, to order at 1:15 P.M. in the Commission Chambers at Town
Hall. Others present were Vice Mayor Bill Paul, Police officer
Stephen V. Gure, and Employee Representative Ethel Lenhardt. Com-
missioner Arthur Eypel was absent.
Also in attendance were Finance Director Michael Seaman, Town
Manager Mary Ann Mariano, Town Clerk Anne M. Kowals and members of
the general public.
The Agenda was accepted as written.
The Minutes of the June 25, 1991 Regular Meeting of the Board of
Trustees of the Retirement Board were approved as written.
Finance Director Michael Seaman explained the ICMA Quarterly
Statement ending 6/30/91 and the Performance Summaries dated
9/30/91 (copies of which are attached to and made a part of these
S minutes) which were distributed to the Retirement Board Members in
advance of this meeting.
The Finance Director advised that the annual fee for the 401 Plan
can not be changed and remains at $25.00 while the annual fee for
the 457 Plan is $18.00.
Members discussed the Town Manager's Memorandum of 10/21/91 to the
Retirement Board regarding the vesting schedule of the Retirement
Plan. It was noted that, after discussion at a Financial Advisory
Board Meeting, members submitted a recommendation that the plan be
amended to include the following vesting schedule:
After 3 years of service . . . . 33-1/30
After 4 years of service . . . . 66-2/30
After 5 years of service . . . . 1000
It was noted that the recommended amendment would not effect
present employees; it would apply to new employees only. The
intent is to make it more attractive for people to stay in the
employ of the Town for an extended period.
Employee Representative Ethel Lenhardt stated she spoke with the
Town Hall employees and it was their feeling that the vesting
schedule should be as follows:
•
,t
Board of Trustees of the Retirement Board
October 29, 1991
Page 2 of 2
After
1
year
of
service . .
. . 20%
After
2
years
of
service . .
. . 400
After
3
years
of
service . .
. . 600
After
4
years
of
service . .
. . 80%
After
5
years
of
service . .
. .100%
Following deliberation of the matter, it was the consensus to
follow the recommendation of the Financial Advisory Board. POLICE
OFFICER GURE/VICE MAYOR PAUL MOVED to accept the vesting schedule
of the Retirement Plan as proposed by the Financial Advisory
Board. A roll call vote, resulting in 3 "AYES" and 1 "NAY", was
as follows:
Officer Gure "AYE" Employee Rep. Lenhardt "NAY"
Vice Mayor Paul "AYE" Mayor Boulay "AYE"
The next meeting of the Trustees of the Retirement Board of the
Town of Highland Beach has been set for Tuesday, February 25, 1992
at 1:15 P.M.
There being no further business to come before the Retirement
Board at this time, Chairman/Mayor Boulay adjourned the Meeting at
1:30 P.M. �..
APPROVED:
eph A Boulay, Chair an/May r
Bill Paul, Vice Ma or
w
(Absent)r
Arthy,r�pel,lCommVssioner
Sifephen V. Gure, Pplice officer
Ethel Lenhardt, Employee 'Rep.
TOWN OF HIGHLAND BEACH
RETIREMENT PLAN
PERFORMANCE SUMMARIES
SEPTEMBER 30, 1991
ANNUALIZED RATE FOR THE GUARANTEED
PLUS FUND FOR SEPTEMBER
FOR THE 457 PLAN
IS 8.08% AND 8.12% FOR THE 401 PLAN.
VARIABLE FUNDS
FUND
SEPTEMBER
SEPT. RATE 12
MONTHS
Y-T-D
1/91 - 9/91
RATE
ANNUALIZED 9/90
- 9/91
----------------
GROWTH STOCK
------------------------
.40
4.80
45.06
32.48
INDEX FUND
-1.56
-18.72
30.25
19.77
ASSET ALLOCATION
-.28
-3.36
25.18
17.00
BOND FUND
2.11
25.32
15.26
9.44
CASH MANAGEMENT
.85
10.20
8.35
5.54
P
0
•
ICMA
RECEP]ED 06 t 2 1991
RETIREMENT
CORPORATION
ICMA RETIREMENT CORPORATION
401 QUALIFIED PENSION PLAN
Suits ow ►2021962-46W
STATEMENT FOR THE QUARTER
777NorthCW WSPOOLNE TolFno ISM 889.7400
ENDING JUNE 30, 1991
W-+'"Yto"• 0C 20002.4240
THE ASSETS REFLECTED IN THIS ACCOUNT
ARE HELD IN THE ICMA RETIREMENT TRUST
TOTALS FOR
TOWN
OF HIGHLAND BEACH RETIREM
ACCOUNT NUMBER: 8777
3614
SOUTH OCEAN BLVD
EMPLOYER:
TOWN OF
HIGHLAND BEACH
RETIREM
HIGHLAND BEACH FL 33487
SUMMARY OF ACTIVITY FOR 2ND
QUARTER
ASSET
CASH
GROWTH
GUARANTEED
ALLOCATION
BOND
MANAGEMENT
STOCK
GUARANTEED
PLUS
TOTAL
FUND
FUND
FUND
FUND
FUND
FUND
(S)
(S)
(S)
(S)
(S)
lS!
fS)
BALANCE ON
04/01/91
235,938.881/
296.26
430.91
145.50
8,304.98
214,449.61
12,311.62
EMPLOYER
149,397.33
0.00
0.00
0.00
128.24
139,915.87
9,353.22
EMPLOYEE
73,324.50
296.26
430.91
145.50
8.176.74
61,316.69
2,958.40
ROLLOVER/
13.217.05
0.00
0.00
0.00
0.00
13,217.05
0.00
PORTABLE
CONTRIBUTIONS
14,615.42`/
54.46
62.02
71.68
1,169.43
0.00
13.257.83
EMPLOYER
10,439.68
0.00
0.00
0.00
446.95
0.00
9,992.73
EMPLOYEE
4,175.74
54.46
62.02
71.68
722.48
0.00
3,265.10
ADJUSTMENTS
25.00 i
0.00
0.00
0.00
0.00
25.00
0.00
DISBURSEMENTS
5,732.96--'
0.00
0.00
0.00
0.00
5,451.76-
281.20-
EMPLOYER
3,341.66-
0.00
0.00
0.00
0.00
3,185.40-
156.26-
EMPLOYEE
2,391.30-
0.00
0.00
0.00
0.00
2,266.36-
124.94-
EARNINGS
4,116.49
2.60-
5.96
2.54
459.41-
4,187.83
382.17
MAINT FEE
56.25-
0.00
0.00
0.00
0.00
0.00
56.25-
BALANCE ON
06/30/91
248.906.58
348.12
498.89
219.72
9,015.00
213,210.68
25,614.17
EMPLOYER
159,477.32
0.00
0.00
0.00
558.00
139,480.08
19,439.24
EMPLOYEE
75,937.53
348.12
498.89
219.72
8,457.00
60,238.87
6,174.93
ROLLOVER/
13,491.73
0.00
0.00
0.00
0.00
13,491.73
0.00
PORTABLE
*** PLEASE NOTIFY RC WITHIN 90 DAYS OF ANY QUESTIONS REGARDING YOUR ACCOUNT ***
*** SEE RC HIGHLIGHTS FOR IMPORTANT NEWS ON MATURING FUNDS ***
TOWN OF HIGHLAND BEACH RETIREH
8777
GUARANTEED FUND AS OF JUNE 30, 1991
BALANCE ANNUAL BALANCE ANNUAL
($) RETURN ($) RETURN
88,953.24 AT 8.35.4 3,050.81 AT 7.45%
9,425.44 AT 8.20% 2,995.25 AT 8.05%
8.704.12 AT 8.00% 10,854.48 AT 7.65%
10,459.47 AT 8.25% 12,326.03 AT 8.15%
BALANCE ANNUAL
($) RETURN
5,076.70 AT 7.20%
6,179.95 AT 8.70%
11,006.92 AT 7.61%
BALANCE ANNUAL
($) RETURN
9,209.65 AT 8.11%
22,905.29 AT 8.60%
12,063.43 AT 9.15%
0
:LIN457 DEFERRED COMPENSATION PLAN
STATEMENT FOR THE QUARTER
ENDING 6/30/91
ICAMA `)
JOWUMIENT
ORATION
ACCOUNT NUMBER: 1959
TAX ID # : 590951822
KEa�JGq- � 199;
e ead uarters
777 North Capitol Street, NE, Suite 600
Washington, DC 20002-4240
(202) 962-4600 Toll -Free (800) 669-7400
TOWN OF HIGHLAND BEACH
3614 SOUTH OCEAN BLVD
HIGHLAND BEACH, FL 33487
Summary of Activity for 2nd Quarter (in $) for 457 Deferred Compensation Plan
Balance on 06/30/91 2 0 8 , 412 . 7 5 %
mary Detail for 2nd Quarter (in $)
TOWN OF HIGHLAND BEACH
ACCT.#1959 TAX ID#: 590951822
FUNQ
FUND
FUND
::FUND
3alance or} 04i0 t91
14,696.94
9,048.90
10,750.53
...
..
161,447.58
CQntrtbutions
916.01
637.83
8,800.90
Acct MaintFee
13 . 50-
Fund Transfers
........:....................................:
Adjustments
3,848.77
3,847.04
Disbursernents '
2 3. 6 4—
576.36
04/30 is
461. 62—
15.00
109.73
1,049.07
0531
606.80
263.09
129.05
1,090.03
06/30
933 . 89—
346 . 77—
144.66
1,060.68
3alance on t36i3a19t
14,824.24
9,618.05
23, 746. 50
160, 223. 96
Note. on Fund
..............................................
..................................................
...............................................
Performance
...... _._ _....
......................................................
.......................................................
......................................................
.....................................................
.......................................................
......................................................
......................................................
.......................................................
......................................................
.......................................................
......................................................
......................................................
......................................................
.......................................................
......................................................
.......................................................
......................................................
=ar. the quarter)y der
'ormance of all funds
Tease see then Per:.
..................................................
`ormance Surnmaries
.................................................
................................................
.....................................................
......................................................
..............................................
inclosed : with this
statement:
If you find discrepancies in your account,
please call our toll -free number,
(800) 669-7400, within 90 days.
0026791
To change your personal information, fill out the form on the
back of this statement.
Rev. 7/9'
Please verify the personal account information printed on the front of this statement. If any information is incorrect or has changed, please,
type or print the correct information below. Be sure to sign and date the form. Tear at the perforation and mail to: The /CMA Retirement
Corporation, Dept. J., 777 North Capitol Street, NE, Suite 600, Washington, D. C., 20002-4240 ` -
Last Name First Name Middle
Address
City
State
❑❑ ❑❑ ❑❑
Date of Birth: Month Day Year
Signature:
Zip
Social Security Number
Date:
Apartment or Unit Number
1959
RC Account Number
40
uaranteed Fund
as of 06/30/91 *
BALANCE
ANNUAL
BALANCE
ANNUAL
BALANCE
ANNUAL
BALANCE
ANNUAL
($)
RETURN
($)
RETURN
($)
RETURN
($)
RETURN
5,454.79
11.75%
3,766.05
11.50%
8,249.57
10.50%
6,895.07
10.00=
830.81
7.25%
1,877.55
7.35%
1,131.73
7.28%
1,932.84
7.30==
2,698.16
6.80%
3,845.62
7.80%
7,745.65
8.10%
9,928.39
8.10=_
8,721.68
7.20%
5,390.95
8.11%
5,814.82
8.20%
1,660.26
8.05-=
5,956.19
8.70%
8,474.66
8.60%
5,451.52
8.00%
8,510.64
7.65�:
10,926.84
7.61%
9,411.94
8.15%
6,868.10
8.25%
28,680.13
8.15-_
• The Guaranteed Fund is closed to new contributions.
* For Guaranteed Fund deposit period history, please see the Performance Summaries enclosed with this statement.
State statutes or Employer regulations may limit investments into several of RC's
variable funds. For more information, please check with your employer.
The assets reflected in this account are held in the ICMA Retirement Trust
•
Corporate Headquarters
777 North Capitol Street, NE, Suite 600
Washington, DC 20002-4240 ICMA
REMEM P,
(202) 962-4600 Toll -Free (800) 669-7400 CORPORAF'
MEMORANDUM
0 TO: RETIREMENT BOARD
FROM: MARY ANN MARIANO, TOWN MANAGER
DATE: OCTOBER 21, 1991
SUBJECT: VESTING SCHEDULE OF RETIREMENT PLAN
The Financial Advisory Board has met and discussed the vesting
schedule of the Town's retirement plan as adopted in 1988.
The Town Commission, on l/l/88 (amended 11/8/90), entered into a
Retirement Plan through the I.C.M.A. Retirement Corporation (copy
attached). This plan, as adopted, incorporates the following
vesting schedule for all eligible employees:
After 1 year of service . . . . 50%
After 2 years of service . . . . 75%
After 3 years of service . . . . 100%
Under federal laws, a retirement plan must fully vest its partici-
pants in a time frame of no more than five years.
Discussion took place regarding the intent of a retirement plan.
It was the unanimous consensus that a retirement plan should
provide both an incentive to prospective employees when soliciting
for vacant positions, as well as encourage longevity. When these
aspects are considered, the present plan is very enticing to new
employees, however, may not meet the longevity intent. In order
to better meet the intent of the plan, the Financial Advisory
Board has recommended that the plan be amended to include the
following vesting schedule:
After 3 years of service . . . . 33-1/3%
After 4 years of service . . . . 66-2/3%
After 5 years of service . . . . 100%
This recommendation would only affect any employees hired after
10/1/91, and would not affect any present employee. (See attached
memo.)
I concur in this recommendation and request that the Retirement
Board consider same with a view toward making its recommendation
for transmittal to the Town Commission. This matter will be an
agenda item for your meeting of October 29, 1991.
. Mar nn Mariano,
Town Manager
MAM/amk
is
0
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
TOWN COMMISSION
S. MYRON BROWNER, CHAIRMAN
FINANCIAL ADVISORY BOARD
OCTOBER 3, 1991
FAB RECOMMENDATIONS
At its Regular Meeting on October 1, the Financial Advisory Board made
the following recommendations:
THE FAB RECOMMENDS TO THE TOWN COMMISSION THAT THE TOWN
CHARTER BE AMENDED (SECTION 3.02, PARAGRAPH 2) TO READ
THAT ALL PUBLIC MONIES SHALL BE DEPOSITED IN THE NAME OF
THE TOWN OF HIGHLAND BEACH IN FULL ACCORDANCE WITH FLORIDA
STATE STATUTE 166.261. (UNANIMOUS VOTE).
THE FAB RECOMMENDS THAT THE TOWN OF HIGHLAND BEACH CONTINUE
TO PARTICIPATE IN THE STATE POOLED INVESTMENT FUND AND THAT
THE BOARD MONITOR THE INVESTMENTS AND RATE OF RETURN ON A
QUARTERLY BASIS. (3 TO 2 VOTE).
THE FAB RECOMMENDS THAT ALL EMPLOYEES EMPLOYED FROM 10/1/91
BE VESTED IN A 5-YEAR SCHEDULE ACCORDING TO THE FOLLOWING:
END OF FIRST YEAR OF SERVICE ......... N/A
END OF SECOND YEAR OF SERVICE ........ N/A
END OF THIRD YEAR OF SERVICE ......... 33-1/3%
END OF FOURTH YEAR OF SERVICE ........ 66-2/3%
END.OF FIFTH YEAR OF SERVICE ......... 100%
(UNANIMOUS VOTE)
a' i.�`
C'• t — 01,11C 1
-
S. Myron Browner
/dmt