1988.01.05_BTRB_Minutes_Regular THE TOWN OF HIGHLAND BEACH , FLORIDA
RETIREMENT BOARD
r
MINUTES of QUARTERLY MEETING
Tuesday, January 5, 1988 12 : 30 P.M.
A quarterly meeting of the Retirement Board of the Town of
Highland Beach, Florida was called to order by Chairman/Mayor
Betty Jean Stewart at 12 : 30 p.m. in the Town Commission Chambers
at Town Hall .
Other Retirement Board Members present were : Commissioners John
J. Basso and Robert F. Scholz, employee representative Elizabeth
Ulitsch. Sgt. Abraham Widelitz was absent .
Also present were Acting Town Manager Mary Ann Mariano , Chief
Finance Officer Stanley Novak, and Deputy Town Clerk/Recording
Secretary Elizabeth L. Kolek.
Chairman Stewart noted that the minutes of the May 5, 1987 meeting
( last meeting held by the Retirement Board) were available,
although distributed in May, members did not have their copies
available and requested an additional copy to review. Approval of
these minutes was deferred to the next Retirement Board meeting .
I .C.M.A. Representative Loretta Riegler was present .
Stanley Novak , Chief Finance Officer , stated that a Retirement
Plan Report for July, August, and September was given to the Board
Members previously and the October , November , and December Retire-
ment Plan was updated to today, with the balance in the Retirement
Plan being transferred to the new ICMA 401 (a) Retirement Plan
today (1/5/88) . The present balance in the old Retirement Plan ,
including 78 . 95 interest (for January 1988) , is $131 , 421 . 34 , which
will be sent by Certified Mail today, along with a listing of the
members in the new plan .
Chairman Stewart asked that Loretta Riegler explain how the ICMA
401 (a) plan works and how the monies will be rolled over .
Loretta Riegler explained that the monies will begin earning
interest the next day after receipt by ICMA. ICMA invests the
monies in secured investments , not stocks or bonds . Presently the
plan is earning 8. 35% interest through 1993, but on 3/1/88 a new
rate will go into effect , which will be announced 15 days prior .
Participants will get a statement at the end of each year
( including a general information bulletin) , which lists amounts
and where monies are invested , but the Town can request monthly
statements . ICMA provides employer bulletins to update the Town
regarding any changes or any new investment options. Most
Retirement Boards of municipalities in the plan continue to make
riN pertinent decisions regarding the employer and the employee and
coordinates the plan through the Finance Department and the ICMA.
Ms. Riegler also discussed investment options that will be
available to participants. The employer chose to contribute 5% to
the plan and chose 2% as the employees contribution . The
Retirement Board of the Town can determine any changes to this.
Town of Highland Beach Retirement Board Minutes
AIS January 5, 1988
l Page 2
The present employees in the plan will become 100% vested in the
plan at the time of rollover of the funds to ICMA, but new
employees joining the plan will begin at 0 vesting. Employees
also have the option of participating in the 457 Plan (deferred
compensation-volunteer contribution plan) , in addition to the
401. (a) plan (retirement plan) .
Ms. Riegler stated that costs for changes to this plan are bourne
by ICMA and not the Town.
MOTION was made by Commissioner Basso/Commissioner Scholz to roll
over funds from the old Retirement Plan to the new Retirement Plan
401. (a) in the amount of $131, 421. 34 to ICMA and that Stanley
Novak, Chief Finance Officer, should remit the funds to ICMA. All
Board members were in favor and the MOTION carried unanimously.
ICMA's home office is in Washington , D.C. Ms. Riegler is the
South Florida representative who works out of the Regional Office
in Atlanta, Georgia. Employees can call a toll-free number
(available through the Finance Dept. ) at anytime with questions.
Ms. Riegler stated that it is up to the Town' s Retirement Board to
determine the frequency of sending the contributions to ICMA, and
how soon after collected.
The Retirement Board Members determined that another meeting
should be held on March 1 , 1988 in order to make sure the plan is
in successful operation, and thereafter meet after each quarterly
statement.
There being no further business to discuss, MOTION to adjourn the
Retirement Board Meeting at 1: 20 p.m. was made by Commissioner
Basso/Commissioner Scholz. All// .�
membersmb� � voted AYE.
APPROVED: 'X�<,4(�'plck,e-t -
May'/ Be y J/eaan Stewart, Chairman
//// .w/ �� 0
4002Pbohn J. Basso
Commiss ' •ner Robert
F. Sc . '
/
Sgt - • .a am Wi.e tz
✓'
fi‘ ATTEST:
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TOWN CL R�///Z
DATE:
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AUGUST 24 , 1987
MEMORANDUM
TO: RETIREMENT BOARD
FROM: Hugh D. Williams , Town Manager
SUBJECT: CD INVESTMENT
Please be advised that the Certificate of Deposit in
Glendale Federal, in the amount of $136 ,800 .00 will
mature on Tuesday, August 25 , 1987 .
Stan has phoned the following banks for 30-day price
® quotes:
FIRST UNION 6 .40
NCNB 6 .35
GLENDALE FEDERAL 6 .85
Based on the premise that the existing Retirement
Fund will probably cease to exist in the very near
future, we have reinvested these funds in a 30-day
C.D. with Glendale Federal at 6 .85 .
Suw�
gh D. Williams , Town Manager
HDW:elk
cc : Stan Novak
Files
October 26, 1987
MEMROANDUM
TO: RETIREMENT BOARD
FROM: Hugh D. Williams, Town Manager
SUBJECT: C.D. INVESTMENT
Please be advised that the Certificate of Deposit in
Glendale Federal, in the amount of $140,788.00 will
mature on 10/26/87.
Stan Novak has phoned the following banks for 30-day
price quotes:
FIRST UNION 6.40
NCNB 6.35
Glendale Federal 7.35
Based on the premise that the existing Retirement Fund
will probably cease to exist in the very near future,
we have reinvested these funds in a 30-day C.D. with
Glendale Federal, at 7.35.
•
, _ ' 1 % , .
gh D. Williams, Town Manager
HDW:elk
cc: Stan Novak
Files
i
A.... .. ""?\ Town of Highland Beach Mayor:
i;� T% B•tty lean Stewart
3• s j Vice Mayor:
•�' - '�I Mary Laui,e G.Moser
Ir.
4ilir
I1 • .• 3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33487CJohnI loners:
'It1• • • vid l.Basw
t1e F(0 RIO.:
David 7.Robinson
\��q.�.... Robert F.Schots
Palm Beach County, Florida
305 - 278-4548
DECEMBER 23 , 1987
TRUSTEES OF THE RETIREMENT BOARD
OF THE TOWN OF HIGHLAND BEACH
A Regular Quarterly Meeting of the Board of Trustees
of the Retirement Board of the Town of Highland Beach
has been called by Mayor Betty Jean Stewart (Chairman)
for Tuesday, January 5 , 1988 , at 12 :30 p.m. , in the
Town Commission Chambers at Town Hall .
nr
AGENDA
(1) DISCUSSION re transition into the
ICMA Retirement 401 Plan .
(Loretta Riegler, ICMA Representative,
to be present)
Elizabeth L. Kolek, Deputy Town Clerk
cc : Mayor Stewart, Chairman
Commissioner John J. Basso
Commissioner Robert F. Scholz
Elizabeth Ulitsch, Sec .
Abraham Widelitz
Town Manager (Acting)
Finance Department
nTown Clerk--for posting
6t
/etre:-C-: --
Mayor.
r=��'. . ..**NO� Town of Highland BeachBetty lean Stewart
• •#11/ Vice Mayor:
i= ' ••,er// Mary Louise G.Stoner
:�
o ,nj Commissioners.
I/r • •Sf 3614 SOUTH OCEAN BOULEVARD •• HIGHLAND BEACH. FLORIDA 33487 lohnl Basso
Y I�1� David T.Robinson
//1, •a •' Robert F.Scholz
111• 1.0 B`0� Town Manager.
Palm Beach County, Florida 305 • 27e•454e Hugh D Williams
December 31 , 1987
Glendale Federal
1601 East Oakland Park Boulevard
Fort Lauderdale, Florida 33334
ATTENTION: Kim Busby, Account Executive
Dear Ms. Busby:
Pursuant to recent communication between you
and Mr. Novak, please consider this letter
n authorization to close out the Town of Highland
Beach' s Retirement Pension Plan, Account
No. 088-600-405-2 , with Glendale Federal on
Monday, January 4 , 1988 .
Mr. Stanley Novak, Chief Accounting Officer of
the Town of Highland Beach, will pick up the
check on Monday at your Fort Lauderdale office.
Thank you for your assistance in this matter.
Sincerely,
Betty Jean Stewart
MAYOR
BJS :elk
1 !
er
December 24 , 1987
MEMORANDUM
TO: RETIREMENT BOARD
FROM: Mary Ann Mariano, Acting Town Manager/Town Clerk
SUBJECT: C .D . INVESTMENT
Please be advised that the Certificate of Deposit
in Glendale Federal, in the amount of $142 ,523 .00
will mature on 12/28/87 .
Based on the premise that the existing Retirement
Funds be transferred are scheduled to be transferred
to the new ICMA Retirement Fund the first week of
January 1988 , we have invested these funds in a
daily commercial investment account with Glendale
Federal at a current rate of 6 .45%
en\ tA2 LAiethateZ
Mary Ann Mariano
Acting Town Manager/Town Clerk
MAM:elk
cc : Stan Novak
Files
MAM
e1