1988.03.01_BTRB_Minutes_Regular /� TOWN OF HIGHLAND BEACH, FLORIDA
V ' RETIREMENT BOARD
REGULAR MEETING
Tuesday, March 1 , 1988 1 : 00 P .M.
A Regular Meeting of the Retirement Board of the Town of Highland Beach ,
Florida, was called to order by Chairman/Mayor Betty Jean Stewart at
1 : 00 P.M. in the Commission Chambers at Town Hall .
Other Board Members present were Commissioners John J. Basso and Robert
F. Scholz , employee representative Elizabeth Ulitsch and Police Sgt.
Abraham Widelitz .
Also in attendance were Town Manager/Town Clerk Mary Ann Mariano, Chief
Accounting Officer Stanley Novak and Recording Secretary Anne M. Kowals.
Chairman Stewart noted copies of the May 5, 1987 Minutes were previously
distributed to the Members. COMMISSIONER BASSO/COMMISSIONER SCHOLZ made
a MOTION to approve the Minutes of the May 5 , 1987 , Regular Meeting of
the Retirement Board.
Chairman Stewart requested comments or corrections to the January 5 ,
1988 , Regular Meeting Minutes from Members. None were forthcoming.
COMMISSIONER SCHOLZ/COMMISSIONER BASSO MOVED to approve the Minutes
(NS of the January 5 , 1988 , Retirement Board Meeting .
Chairman/Mayor Stewart stated the Members will look at the Review of
the Final Distribution of Funds to the ICMA Retirement Corp.
The Cash and Investments through Final Rollover Distribution to ICMA
401 Plan, explained Mr. Novak, was $181 ,321 .71 , less Chief Cecere ' s
withdrawal of $49 ,900 .37 which resulted in a grand total of $131 ,421 . 34
being distributed to the ICMA 401 Retirement Plan.
Copies of the Cash and Investments, Interest Distribution, Computer
Trial Balance, ICMA Rollover Information Sheet and Employees Computa-
tion Sheet are attached to and made a part of these Minutes.
The next agenda item, noted Chairman/Mayor Stewart, is the update of
ICMA Retirement Corporation Fund Options.
Mr. Novak explained that currently all monies being paid into the 401
Plan are placed into the Guaranteed Fund for all participants . As of
April 1 , 1988 , the ICMA 401 Plan will allow the participants to invest
in the Stock Fund, Balance Fund and Bond Fund as well as the Guaranteed
Fund. The way the adoption Agreement reads , continued Mr. Novak , is
that effective April 1 , 1988 , any participant can elect to invest
their portion and the Town's portion wherever they wish.
n
Town of Highland Beach Retirement Board Minutes
March 1 , 1988
Page 2
Chairman/Mayor Stewart questioned if the options would apply to the
Town' s portion also. Mr. Novak replied in the affirmative and stated
the Board is opening for discussion whether we want to leave it as it
is or do we place some restrictions on it, i .e. , they can ivest their
deductions in any of the funds but the Town' s monies would have to be
invested in the Guaranteed Fund.
Following much discussion, the consensus of the Board was that the
Town' s portion should be protected by being ivested in the Guaranteed
Fund and allowing flexibility regarding employee' s deductions.
Chairman/Mayor Stewart stated she would think the employees would re-
quire more information on the various funds that will be available;
ICMA owes the employees a lot more in the way of information in suf-
ficient time before these choices are available to give the employees
time to research the matter and make a decision.
Town Manager Mariano advised that the information has been requested.
The options are going to be open and it does not relate to old money
and new money, it relates to the date the Guaranteed Fund contract
matures; it is tied into the maturity of these different contracts
in which they are placing their money. We want to know if it is the
sense of the Retirement Board to protect the Town' s portion in the
fl Guaranteed Funds. Then, we must amend this Plan by proper resolution
to make sure the Town' s funds are protected and can not be moved.
Mr. Novak stated that regardless of what option was elected, the parti-
cipant may invest how he sees fit. As far as educating the individual
in regard to the Stock Fund, Bond Fund, etc. , that is between ICMA and
the individual who would have access to a toll free phone number he
can call to find out what option is available to him to invest these
funds; it is strictly a one to one basis as to educating the indivi-
dual to the funds and what they consist of, continued Mr. Novak.
Town Manager Mariano noted that in adopting the original plan, it was
the intent of the Commission to provide a Retirement Plan. Inasmuch
as the Town Commission agreed to a three year vesting period, to allow
an employee to move his funds (including Town funds) anywhere after
three years, is kind of overlooking the main reason why the Retirement
Fund was started. The Town Manager stated she would like to see the
Town' s funds Guaranteed with the employees having the right to invest
their deductions however they want.
Commissioner Scholz agreed with the Town Manager and added the original
purpose was the protection to the employees; to go off into various
directions on options should be flexible from the standpoint of the
employees option, but, stay with the purpose of the plan and have the
Town' s funds set.
n
A
I
Town of Highland Beach Retirement Board Minutes
March 1 , 1988
Page 3
Following much discussion, CHAIRMAN SCHOLZ made the MOTION, seconded
by CHAIRMAN/MAYOR STEWART, that the employees have the flexibility
but the Town' s Funds would be set. The MOTION carried unanimously
with favorable votes.
SGT. WIDELITZ/COMMISSIONER SCHOLZ made the MOTION that the employees
money be optional so they can plan it any way they want.
Town Manager Mariano noted that this phase is in place as that is the
way the Plan is written. Chairman/Mayor Stewart requested this matter
be reflected in the record to show the matter was addressed at this
meeting in all of its aspects.
The MOTION to allow the employees to continue to place their new funds
in whatever ICMA Retirement Accounts that are available to them carried
unanimously.
Chairman/Mayor Stewart noted that the purposes for which this meeting
was called have been addressed. The next meeting of the Retirement
Board is scheduled for June 7 , 1988.
Chairman/Mayor Stewart adjourned the Retirement Board Meeting at
1 : 25 P .M.
APPROVED: arc.c��Lr
Mayor' Betty J- Stewart, Chairman
t/ ' — a
�,• oner aotly. Basso
__—_
Commissioner Robert F. Scolz
Elizabet Ulitsch
)72- �-�C.a_/ Sg Abraham Widelitz
ATTEST:
- .etc/Town Clerk bePyr'j)
DATE: Wa , / Sr I
OF
el
A
•
.
�z.•,,, Town of Highland Beach Betty Men Stewart
,_.•_
Vice Mayor:
"1..
��"-•+'a. Mary Louisa G.Blowier
O. y. SRF`i f: j
~•. � 3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33487 Commissioners:Jon
It • • ••e John 1.Basso
1, David T.Robinson
1q (OR%nRobert F.Scholz
%%%%%%%%%% Palm Beach County, Florida 305 • 78- Town Manager:
2 4548 MmhzEkWilLeem
DATE: February 2, 1988
TO: RETIREMENT PLAN MEMBERS
TOWN OF HIGHLAND BEACH
RE: FINAL REPORT AS OF 01/05/88
CASH & INVESTMENTS AND ROLLOVER
DISTRIBUTION TO THE ICMA 401 RETIREMENT PLAN
Attached hereto are the following:
1. Summary Sheet - Cash and Investments through
Final Rollover Distribution to ICMA 01/05/88
2. Balance and Interest Distribution for the
Quarter Ending 12/31/87 and January 4, 1988
(2 pages)
3 . Computer Trial Balance at 01/05/88
4. ICMA Rollover Information Sheet
5. Each Employee's Computation Sheet with Payroll
Deductions, Interest Earned, etc. for the period
10/1/87 through the final Rollover Distribution
01/05/88. (Personal Computation Sheet)
Stanley M. `Ntovakv�
Chief Accounting Officer
cc: Retirement Board Members (5)
Town Manager
,/Finance Department
fl
TOWN OF HIGHLAND BEACH
RETIREMENT PLAN
CASH AND INVESTMENTS
FOR THE
PERIOD 10/1/87 THROUGH
FINAL ROLLOVER DISTRIBUTION TO
ICMA 401 PLAN 01/05/88
1. EQUITY IN POOLED CASH
First Union
Beginning Balance 9/30/87 $ 30,122. 92
Plus :
Retirement Contributions 7,869 22
Interest Earned 622. 72
Proceeds Certificate and Interest
Earned Glendale Federal (See Below) 142 ,706.85
Subtotal:
Less: $ 181 ,321.71
Payments made to:
William Cecere - Retirement Withdrawal 12/31/87 $ (49,900.37)
Distribution to ICMA 401 Plan Rollover 01/5/88 (131,421.34)
Ending Balance 01/05/88 $ -0-
2 . CERTIFICATE OF DEPOSIT
Glendale Federal
Beginning Balance 9/30/87 $ 140,089.07
Plus:
Interest Earned through 01/04/88 2 ,617. 78
Subtotal:
$ 142 ,706.85
Closeout Certificate and transfer to
Operating Account 01/04/88 $(142 ,706.85)
Ending Balance 01/05/88 $ _0-
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. Police Department
eta .c.
of eas� i Town of Highland Beach
Ee 3612 South Ocean Boulevard
at•outr A/ Highland Beach, Florida, 33431
—��r— Emergency — 305-276.2458
Non Emergency — 305.278.4548 December 29,1987
To: Stan Novack (Finance Director)
From: Chief Wm Cecere
Subject::tequest to 'Athclraw no' money from Town pension i'lan.
Bequest all monies due MC from the Town Pension Plan.
lh «:.u'
® �t c a-..-- 67-ed
—
APPROVED BY:
ua _
/ Mayor & Chairman
� • 7 1 aide
���— Commissioner Basso
, omni sioner Scholz
e
GL a11 : • -t Ulitsch
Abraham Widelitz
Town Of Iighland Beach 1
INVOICE DATE INVOICE AMOUNT DISCOUNT AMOUNT PAID REMARKS
NUMBER
12/31/87
±Mt512 Total 1457 $36,553 . 94 $36,553 . 94 Town's Contributions - Retire. , Interea
Earned - Town's, Interest Earned -
Employee's portions
Breakdov-1: $13 ,346.44 Towns' Contrib. -Retire.
11,235.48 Interest Earned - Towns
11,972.02 Interest Earned - Enployee's
TOTAL 4UUNT ON VENDOR NO. CHECK NO PAGE
CHECK IS LAST FIGURE
IN COLUMN ABOVE 20300 1681
'ON\V\\\\\\\t\ \ \ \ \ 1,\\1%•i\\NS\\\fil`l'\WS\\\\\\\lU\\\\ \ \ W. \ \ \ \ \\ \\ ♦ \\\,
Hrw' Pniun Sallonal Hank of I IoriJa /
\ stnrl:'ro F fackM,IvlIIeoffice 63-718 CHECK
i o _- ',Town of Highland Beach N Jackronrtile,Florida 32231 631 NUMBER
61 _i 3614 South Ocean Boulevard /
m'", r., • n Highland Beach. Florida 33431 _ i
CHECK DATE /
12 :31 : 87 5
PAY THIS AMOUNT
•
PAV THE SUM OF *****35,553 DOLLARS AND******94 CENTS $36 ,553 . 94***k
TO THE /
G ORDER OF WILLIAM CECERE
65 Hendricks Isle ��,
Ft. Lauderdale, FL 33301 0
�!L/�iat Sr
l�y/� E
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000 L68 LII' .I:063 /07 /86i: L LO6O0OO6860'
r--,
Town of Highland Beach
INVOICE DATE INVOICE AMOUNT DISCOUNT AMOUNT PAID REMARKS
NUMBER
1.1-(31/87 1456 13 ,346 . 43 13,346.43 Employee Contribution - Disbursement
of Town Retirement Plan
AS
TOTAL AMOUNT ON VENDOR NO. CHECK NO PAGE
CHECK IS LAST FIGURE 20300 1680
IN COLUMN ABOVE
jv.,, Firm Union National Bank of Florida 63.718
•f,}III/4. F. Jackxmvillc Office CHECK
0 `'-''-"rt-'?- Town of Highland Beach N Jackvunvllle.BlorIda 32231 631 NUMBER
_ r ,p 3613 South Ocean Boulevard
,0 `r.t.-'.. :4
Highland Beach,Florida 33 31
1.'`•'.• CHECK DATE
h 3110
1 /14
�� • 12 01 ! 87 0
PAY THIS AMOUNT
Ipay THE SUM OF *****13 ,346 DOLLARS AND *****43 CENTS $13 ,346.43***a J
TO THE P7
IORDER OF WILLIAM CECERE
65 Hendricks Isle ✓ 46.9- fa-Le—
'Ft. Lauderdale, FL 33301 �
7
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11100 L680.0 ;1:063 LO ? L861: L L060000613611'
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,N..\ 111
"'G"`'9,1 Town of Highland Beach Betty Jean Stewart
iht mayor
�� - OB11 VI<e Meyoc
is . ••�`% Mory Lourunts G.Bloner
tt
iIr Si 3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33487 John 1.Basso
/ . David T.Robinson
11 • •J
111..................... Tow.,
�•L O p;Op_— Robert F.Scholz
�\\""`.• Tow.,Monsoon:
Palm Beach County, Florida 305 - 278-4548 Mary Ann Mariano
February 24 , 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 Tuesday,
March 1, 1988 , at 1: 00 p.m. , in the Town Commission Chambers
at Town Hall.
AGENDAlii
1. Minutes - May 5, 1987 (distributed 5/8/87 and 1/5/88)
2. Minutes - January 5, 1988 (distributed 1/15/88)
3. Review of final distribution of funds to ICMA Retire-
ment Corporation dated 1/5/88 (distributed 2/2/88)
4 . Update on ICMA Retirement Corporation Fund Options
MARY AN MARIANO
TOWN MANAGER/TOWN CLERK
cc: Mayor Stewart, Chair
Commissioner John J. Basso
Commissioner Robert F. Scholz
Elizabeth Ulitsch, Sec.
Abraham Widelitz
Town Manager
Finance Department
010 Posted: 2/24/88