1985.10.29_BTRB_Minutes_Regular I,
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THE TOWN OF HIGHLAND BEACH, FLORIDA
October 29 , 1985 RETIREMENT BOARD OF TRUSTEES 1: 15 P.M.
The Regular Quarterly meeting of the Trustees of the Retirement
Board was called to order by Mayor Sullivan, Chairman at 1 : 15 P.M.
Those in attendance were: Mayor Edward J. Sullivan, Commissioners
Betty Jean Stewart and John J. Basso. Staff representative Eliza-
beth Ulitsch and Officer Abraham Widelitz were absent. The Finance
Director, Maree Fowler was present, as was Bernice Smith, Adminis-
trative Assistant.
Item 1 . The Financial Statement for the Quarter Ended September 30,
1985 and the Financial Statement for Fiscal Year Ended September 30 ,
1985 (unaudited) were presented to the Board along with the Employees
statement of contributions. See attachments.
Item 2 . Approval for payment to Lucille S. Miller of her earned re-
tirement funds (100% vested) in the total amount of $9 ,113. 39 was
made by Commissioner Stewart and seconded by Commissioner Basso.
Item 3. Investments were discussed at the same time as Item 1 ,
however, the Board indicated their satisfaction with the terms of
8% interest now in effect, suggesting that thirty days at this
rate was fine. If and when a higher rate becomes available, then
a change can be made.
Six financial institutions were called this morning to find out
the rates now being paid, listed below:
90 Days 180 Days 1 Year
Atlantic National Bank 7 . 25% 7 . 75% 8 .00%
Barnett Bank 7 .25% 7 . 75% 8. 00%
City Federal 7. 05% 7. 72% 8 . 19%
NCNB 7 . 14% 7 . 14% 7 .79%
First Federal , Palm Beaches 7 . 24% 7 . 62% 8. 50%
Glendale Federal 8. 00% 8 . 10% 8 . 25%
They all agreed it was best to stay with the short term investment.
Maree Fowler read the names of those staff members who elected not
to join the Retirement Plan when they were eligible to do so. They
are: R.W. Dobrodziej , Anneliese Hermann, Jack W. Lee, Brian M.
Williams, Officer J. C. Walsh.
Under other Matters, the question was raised by Maree Fowler re-
garding those members of the staff who have not yet received their
COLA, consequently their retirement contributions have not been in-
creased. The question was put to the Board that if the COLA were
made retroactive as of October 1. 1985 , then would increased con-
tributions to the retirement fund be retroactive also. Mayor Sul-
7 liven stated that this could not be determined at this time. ' �_�
1' .
RETIREMENT BOARD Page 2
October 29 , 1985
There being no other matters to come before the Board, a motion
was made to adjourn by Commissioner Basso and seconded by Com-
missioner Stewart. Meeting adjourned at 1 :30 P.M.
Respectfully submitted,tted
."-- - -t-
/71
ii..- «� al
j�� • ' ��
/Bernice Smith
APPROVED: . ° /
- -1 I
Edward -. /1 ivan, Chairman
,' A
lin J%sso
® I ,
Bet Jean Stewart
(absent)
Elizabeth Ulitsch
(absent)
Abraham Widelitz
ATTESTrT`—"t„""" ').Q.en/
DATE: -Pato"f.)..,-, La„, 4, /9&f
/
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c. t,
"'G".-to ti Town of Highland Beach �w Ma"Sullivan
d'I,9,47 IP•s Vice Mayor
••...,
Mary Louise G.Stoner
:a
_ Commiuionere.
,• • i 3814 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH. FLORIDA 33431
John I.Bosom
1I1 •'•• .••=
sr William A.Gner
1'h F( 0 R104'? Betty leen Stewart
�`""%"'' Palm Beach County, Florida 305 - 278-4548 Town Manager
Hugh D.Williams
RETIREMENT PLAN
Financial Statement - Quarter Ended 9/30/85
OPENING BALANCE, July 1, 1985 $257,823.01
- Receipts:
- 5% Deductions $5,072.40
- Voluntary Contributions 1,587.80
- Town' s Contributions . 3, 313.80
Sub-Total 9,974.00 r
- Interest 7,415.94
- Total Receipts 17,389.94
Balance $275, 212.95
Disbursements:
fl #115 - 9-9-85 -
Mary Ann Mariano $1,758.60
Total Disbursements 1, 758.60
BALANCE, September 30, 1985 $273,454.35
RE-CAP
Maturity
Date
Open (1) Atlantic National BankMM# 55618000.40 $ 38, 164.83
Monthly (2) Glendale Federal CD# 5 6 3 - 4 235, 289.52
TOTAL $273,454.35
Interest:
(1) Variable - adjusted weekly - current rate - 6.75%
(2) 8.0% - Yield 8.45%
Respectfully submitted,
�i---�--• :._. . n rte _`. •,.,-A/+ca% ;.
cc: Board of Trustees t..` �
Town Manager M. Maree Fowler
Internal Auditor Finance Director
WIAuditors
Staff