1986.07.29_BTRB_Minutes_Regular THE TOWN OF HIGHLAND BEACH, FLORIDA
July 29, 1986 RETIREMENT BOARD OF TRUSTEES 12:45 P.M.
THE regular quarterly meeting of the Trustees of the Retirement Board
was called to order by Mayor Sullivan, Chairman, at 12:45 P.M.
Those in attendance were: Mayor Edward J. Sullivan, Commissioners
Betty Jean Stewart and John J. Basso, Officer Abraham Widelitz and
Staff representative Elizabeth Ulitsch. The Finance Director, Maree
Fowler was also in attendance.
Item 1. The Financial Statement for the Quarter ended June 30, 1986
was presented to the Board and read by the Finance Director,
and , also presented was the Employee Statement of Contributions.
(See attachments)
A motion was made by Commissioner Basso/seconded by Commissioner
Stewart, to approve the Financial Statement as submitted. All
were in favor.
The Mayor discussed briefly with the Finance Director the Interest
rates now being paid. Several specific numbers were questioned
and explanations discussed in addition to the possibility of
withdrawal from the current banks to a financial institution out-
side of the immediate area paying higher interest rates. The
® question arose again if inquiries at other financial institutions
were being made each month for higher interest rates and the Board
of Trustees was assured that this was done. The perpetual account
now being used at Glendale Federal with a variable rate projected
to be 7.36%, can be withdrawn on a 2-day notice.
The F.A.B. was now involved in the matters of investment of the
Retirement Funds. At this time it was stated that the F.A.B.
should be given a list of approved banks from Tallahassee. Maree
Fowler said she would see that this list was provided to the F.A.B.
Item 2. Request was made by Maree Fowler for approval of disbursements
as follows: (Statements attached)
Chief William Cecere to withdraw balance of
his Voluntary Contributions $ 3,001.03
Michael B. Coppola to withdraw all the monies
due him at this time (80% Vested Interest) 18 ,907.11
M. Maree Fowler to withdraw all her monies
due to her resignation (100% Vested Interest) 30,881.22
Charlotte D. Reece to withdraw all her monies
due to her resignation (100% Vested Interest)* 25 ,530.94
• Bernice M. Smith to withdraw all her monies
due to her resignation (100% Vested Interest) 38,872.05
Total Withdrawals $117,192.35
continued. . .
THE TOWN OF HIGHLAND BEACH, FLORIDA
July 29, 1986
A Retirement Board of Trustees - Minutes
F ' (continued) Page 2
* Officer Widelitz questioned why the Quarterly Report reflected
90% Vested Interest for Charlotte Reece's funds yet the Statement
for approval reflects 100% Vested Interest. Maree Fowler stated
that matter had been cleared by the Commission and 100% Vested
Interest was correct .
To cover the above withdrawal approval was given by Chairman Sullivan
and Commissioner Stewart on July 17, 1986 to withhold the amount of
$120,000 from reinvestment on the Certificate Anniversary date, July 21,
1986. That amount was deposited in the Retirement account at First
Union (a/k/a Atlantic National Bank) .
Mayor Sullivan called for a motion to approve the $117,192.35 withdrawal
(leaving a balance of $139,414.76) . Motion was made by Commissioner
Basso and seconded by Officer Widelitz to approve. All were in favor.
Commissioner Stewart questioned as to whether or not there was a
30-day notice prior to withdrawals. (F.A.B. recommendations per minutes
6/23/86) Maree Fowler stated that the F.A.B. is in the process of
reviewing the total Retirement Plan of which this is an item under
consideration.
There being no other matters to come before the Board, a motion was made
to adjourn at 1:00 P.M. by Commissioner Stewart/seconded by Officer
Widelitz. All were in favor.
Respe f lly Subiitt-d
Eliza Ulit c
APPROVED:
i
Ed :rd . j.1 'iv , Chairman
ohhn 'Basso
7✓
Bet Jean Stewart
lE tS f "
�jJ j/� E abhUlitsc
ATTEST: / U( �iit a-“4- / r� a -`
j1,(14
/ Abraham Widelitz
DATE: /4,2704r(0
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