1988.09.07_BTRB_Minutes_Regular TOWN OF HIGHLAND BEACH, FLORIDA
RETIREMENT BOARD
REGULAR MEETING
Wednesday, September 7, 1988 1 : 15 P.M.
A Regular Meeting of the Board of Trustees of the Retirement Board of
the Town of Highland Beach, Florida, was called to order by Chairman/
Mayor Betty Jean Stewart at 1: 15 P.M. in the Commission Chambers at Town
Hall .
Other Members present were Vice Mayor John J. Basso and Commissioner
Robert F. Scholz. Absent were Police Sgt. Abraham Widelitz and Employee
Representative Elizabeth Ulitsch.
Also in attendance were Town Manager/Town Clerk Mary Anne Mariano , Chief
Accounting Officer Stanley Novak and Deputy Town Clerk Anne M. Kowals.
The Minutes of June 7, 1988 , copies of which were previously distributed
to Members, were accepted , as submitted , upon MOTION by COMMISSIONER
SCHOLZ/VICE MAYOR BASSO. Said MOTION carried without objection .
Chief Accounting Officer Stanley Novak commented on the performance of
the various Funds available to the participants. Mr . Novak advised that
the ICMA Retirement Corp. Guaranteed Fund will earn 8. 20% for deposits
from 9/1/88 through 11/30/88. It was noted that RC is offering a second
equity option - the Index Fund - and the original Stock Fund is being
renamed the Growth Stock Fund.
Mr . Novak advised that the RC Index Fund is designed to track and
reflect the performance of Standard and Poor ' s 500 index of common
stocks and will not invest in stocks of any companies doing business in
South Africa.
Chief Accounting Officer Stanley Novak explained that as of 12/31/87,
the Growth Stock Fund had a five year annual average compound return of
12 . 51%; the Balanced Fund an overall return of 10. 75%; the Bond Fund a
10. 25% yield and the Guaranteed Fund an approximate average of 8% return
on new contracts for 1987.
It was noted that the majority of the employees are enrolled in the
Guaranteed Fund (two employees are enrolled in the Growth Stock Fund) .
Chief Accounting Officer Stanley Novak reviewed the 401 Pension Plan
Quarterly Report with the Board of Trustees. A copy of said report is
attached to and made a part of these Minutes.
As there was no further business to be addressed at this meeting ,
Chairman/Mayor Stewart, upon proper MOTION, adjourned same at 1 : 30 P.M.
n
Town of Highland Beach, Florida
Retirement Board Regular Meeting Minutes
September 7 , 1988
Page 2 of 2
APPROVED: 76tit--
Bett Jean Ste rt, Chairman/Mayor
:4.� a s L°' • Mayor
Robert . Scholz , Commissioner
(Absent)
Elizabeth Ulitsch
(Absent)
Sgt. Abraham Widelitz
ATTEST h. if rz.va.C,.c/
Date: c, / ' 7 .
f l
TOWN OF HIGHLAND BEACH
401 PENSION PLAN
QUARTERLY REPORT
FOR THE QUARTER ENDING
NNE 30, 1988
AMOUNT
BEGINNING BALANCE 3/31/88 143430.70
2% EMPLOYEE'S CONTRIBUTION 4/01/88-06/30/88 2814.45
5% EMPLOYER CONTRIBUTION 4/01/88-06/30/88 7035.91
EARNINGS 04/01/88-06/30/88 2952.90
ENDING BALANCE 06/30/88 156233.96
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_ "�� Town of Highland Beach BertsJean Stewart
�. �.____' ,��, Vin Mayor.
A i • _ __ ----_••T�� John!.Basso
Comieeion•n:
�1' -' '_� 3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33487 David 7.Robinson
/ Doris R.Rome
tl a ...... •ems
lit L 0 MO Robert F.Schots
407•278.4548 Town Manager:
������"��� Palm Beach County,Florida Mary Ann Mariano
August 31 , 1988
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
Wednesday, September 7 , 1988 , at 1 : 15 P.M. , in the Town
Commission Chambers at Town Hall.
AGENDA
fl 1. Minutes - June 7 , 1988
2 . New Interest Option - Index Fund
3. Review ICMA Quarterly Statement
RED WNA G. BAVENDER
DEPUTY TOWN CLERK
cc: Mayor Stewart, Chair
Vice Mayor John J. Basso
Commissioner Robert F. Scholz
Elizabeth Ulitsch , Sec.
Abraham Widelitz
Town Manager Mariano
Finance Department
Posted: 9/1/88
40