1987.05.05_BTRB_Minutes_Regular TOWN OF HIGHLAND BEACH, FLORIDA
MINUTES OF RETIREMENT BOARD
Tuesday, May 5, 1987 1: 15 p.m.
A Meeting of the Town of Highland Beach Retirement Board was called to order
by Mayor Betty Jean Stewart. Other Members of the Retirement Board in atten-
dance were Commissioners John J. Basso and Robert F. Scholz. Members Abraham
Widelitz and Elizabeth Ulitsch were also present.
Also present were Town Manager Hugh D. Williams and Town Clerk Mary Ann Mariano.
Finance Director Rebecca Morse arrived during the meeting.
A report submitted by the Finance Director was reviewed. This report included
all deposits, adjustments and disbursements to the Retirement Fund for the
period ending March 31, 1987. Mr. Williams indicated that due to several
employees dropping out of the plan, the next statement would show fewer parti-
cipants.
The total amount of the fund presently is $155,046.11, $135,000 of which is
invested in a C/D at Glendale Federal Savings and Loan. It was noted that the
Financial Advisory Board has expressed a concern about any amount over $100,000
collecting the highest interest available. Mayor Stewart cited a Wall Street
Journal article which recently stressed the need to protect all deposits over
$100,000 adequately.
0 Mr. Williams noted that the Financial Advisory Board is looking into the alter-
native plans available. There is a possibility that rather than continue with
one fund, that the funds might be better broken down int) a "185" fund for the
police department and other plans for other employees. t was noted that the
"185" plan received contributions from the state in an amount between $5,000 to
$15,000. Member Widelitz stated that it would not be feasible for the Town to
consider the "185" plan inasmuch as there were minimum years of participation
which could not be met by most of the officers, due to their ages. Mr. Williams
noted that if this was not feasible then other options would be considered and
recommended. The ICMA Retirement Plan was also mentioned as a possible alterna-
tive. This plan calls for immediate vesting of its participants.
Mayor Stewart directed that Mr. Williams get all materials necessary promptly
to the Financial Advisory Board so that their agenda can be met with regard to
this item. Mr. Williams felt that whatever course is taken, it could be in
place prior to the October 1, 1987 start of the new fiscal year.
The February 24, 1987 Retirement Board Minutes were approved. It was directed
that a copy of the Retirement Board Minutes be provided to the Financial Advisory
Board.
The next meeting of the Retirement Board will be held prior to he July 7, 1987
Regular Town Commission Meeting unless a meeting is warranted earlier.
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Retirement Board Meeting
May 5, 1987
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There being no further business to come before the Retirement Board at this
time, their meeting adjourned at 1:30 p.m.
APPROVED: Ateitori , _
Bet`. Jean Stewart, Mayor
Ar
. -. •hn J :assn, Commissioner
Rober Scholz, Commissioner
El#zabe i U itsc tuber
Abraham Widelitz, Membe/
ATTT/EST:
own Cle
Date;
014
L. I
o�• . •. "���. Town of Highland Beach Mayor:
tom_:'- ••m�I� Betty lean Stewart
F �3• 7•0 ViaMayor
!!! p; •_ •n% Mary Louise G.Blom:
I A Commissioners:
eI • .' •
S 3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33431
/l a '• ••'� 1.Basso
� 't Q fl � Davidvid T.Robinson
Robert F-Scholz
�""`%w�•• Palm Beach County, Florida
305 - 278-4548 Town Manager
Hugh D.Williams
May 1, 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, May 5, 1987,
at 1:15 p.m.
AGENDA
—� Qrc.7l a�.. /�� 7 ��
1 . Finance Director's Report
on Employees' Subsidiary Balances
• 2. Town Manager's Report on
Retirement Plans
1'
-414
Elizabeth L. Kolek, Deputy Town Clerk
cc: Mayor Stewart
Commissioner Basso
Commissioner Scholz
Town Manager Williams
Elizabeth Ulitsch
Abraham Widelitz
Finance Department
Town Clerk - for posting
•