1985.04.18_BTRB_Minutes_Regular F '
THE TOWN OF HIGHLAND BEACH, FLORIDA
0114 April 18, 1985 RETIREMENT BOARD OF TRUSTEES 2:00 P.M.
THE Regular Quarterly meeting of the Trustees of the Retirement Board was
called to order by Mayor Sullivan, Chairman, at 2:05 p.m.
Those in attendance were: Mayor Edward J. Sullivan, Commissioners Betty
Jean Stewart and John J. Basso, Staff Member Elizabeth Ulitsch. Officer
Abraham Widelitz was absent. Also present was Maree Fowler, Finance
Director.
Item 1. The Financial Statement for Quarter Ended March 31, 1985, showing
Receipts of $13,518.82 , Disbursements of $44,581.16 and a Balance
of $241,013.07, was distributed by the Finance Director. At the Mayor's
request, Maree Fowler, Finance Director, read the Statement in detail
(copy attached) . A discussion ensued and it was pointed out by Mrs. Fowler
that the Atlantic National Bank C.D. was for a 6-month term and the Glendale
Federal C.D. was on a month-to-month basis (automatically renewable) , com-
pounded daily with a fixed rate for the quarter.
The Statement was accepted as read.
Item 2. Continuing the discussion, Mrs. Fowler stated that several weeks
ago a specialist in Retirement Funds from Glendale Federal pre-
sented the Finance Director and Internal Auditor with details and an
Agreement concerning the $125,000 investment.
111 After questions from the Board to the Finance Director on State approved
financial institutions for deposit of public funds, insurance on deposits,
and contacts made prior to maturity dates of certificates for highest
interest rates available, the Finance Director assured the Board that all
steps were taken to conform to the above.
After a lengthy discussion on interest rates at various financial institu-
tions, and whether or not all the Retirement Funds should be placed in one
institution, the Mayor suggested that if the interest rates were the same,
then more than one financial institution could be used for the Retirement
Funds. Otherwise, if the interest rates were different in the various
institutions, then the Funds should be placed in the highest paying institu-
tion, taking care that the total funds would be fully insured .
It was the consensus of the majority of those present that the above be
carried out.
Item 3. A motion was made by Commissioner Stewart and seconded by
Commissioner Basso, to accept the three new enrollees in the
Retirement Plan as of 4/1/85. They are: Police Officers Robert J. Corsino
and William J. Martin, and Anne Marie Kowals, Boards' Secretary. All were
in favor.
Item 4 . A motion was made by Commissioner Stewart and seconded by
Commissioner Basso to approve the requests for postponement of
enrollment in the Plan until Oct. 1, 1985 for Officers Anthony Cervasio and
James Walsh. All were in favor.
continued
THE TOWN OF HIGHLAND BEACH, FLORIDA
April 18, 1985
Retirement Board of Trustees - Minutes
(continued) Page 2
Item 5. The Finance Director read a letter of reply from Henry J. Corriggio,
Chief, Bureau of Local Retirement Systems, Tallahassee, Florida,
(copy attached) , regarding their review of our defined contribution plan
for our employees.
There being no other matters to come before the Board at this time a
motion was made to adjourn by Commissioner Basso, seconded by Elizabeth
Ulitsch. All being in favor, the meeting adjourned at 2:30 p.m.
Respectfully submitted ,
iza . -th Ulitsc
Approved :
Edwa d J ivan, Chairman
J. ss14-
o'n01,
. �/�( ; r1Gt- ce
BBet�Ey�n Stewart
(Absent)
Abr Widelitz
riA6F1
Eabgg4h Uli
ATTEST: » �.%Lt.%) /
DATE: Jja._rt. 027 'icr
•
i =r NI G H(q�111 Town of Highland BeachMeyer
�-O`�,• 11�
Edward i.Sullivan
•
• , �g, Vice Mayor
:s•j Mary Louise G.Blesser
O: Y •0'
• Commissioners
,r s '=i 3614 SOUTH OCEAN BOULEVARD • HIGHLAND BEACH, FLORIDA 33431 John J.Basso
ell • ' • William A.Grier
I. FLORI�p�—•
Betty lean Slewan
,,""" Palm Beach County, Florida 305 - 276.4548 Town Manager
Hugh D Wlll:ams
RETIREMENT PLAN
FINANCIAL STATEMENT - Q/E March 31, 1985
Opening Balance, January 1, 1985 $272, 075.41
- Receipts
- 5% Contributions $4, 104.04
- Voluntary Contributions 1,407.69
- Town ' s Contributions 2,831.95
j Sub Total $8, 343 .68
- Interest 5, 175 . 14
Total Receipts 13 , 518.82
Balance $285, 594.23
Check
- Disbursements: No. & Amount
1-11-85 E. W. Roberts 109 $43 , 309.08
C. Kerby 110 70. 11
R. W. Dobrod-
ziej 111 269.99
1-22-85 C. M. Ferrigan 112 931.98
Total Disbursements 44,581. 16
Balance, March 31, 1985 $241, 013 .07
Maturity Re-Cap Interest
Dates Rates
None Atlantic National Bank - MM 55618000.40
15, 735.03 Variable
4-21-85 Glendale Federal - CD 885-000563-4 125,000.00 10.00% *
5-28-85 Atlantic National Bank - CD 4242510 100,000. 00 9.5 %
Interest Receivable 278 .04 *
$241, 013. 07
Respectfully Submitted,
cc: Board of Trustees
Town Manager
Internal Auditor M. Maree Fowler,
Finance Dept. Finance Director
Staff
r
Department of sldministratio� ,F -
• BOB GRAHAM Division of Retirement NA.•ftJ'MCMULLIAN III
Governor State Retirement Director
Cedars Executive Center, Building C
2639 North Monroe Street HENRY J.CORRIGGIO
GILDA LAMBERT Tallahassee.Florida 32303 Chief.
Secretary of Administration Telephone (904) 488-2784 Bureau of Local Retirement Systems
February 21, 1985
Ms. Maree Fowler, Finance Director
Town of Highland Beach
3614 S. Ocean Blvd.
Highland Beach, Florida 33431
Dear Ms. Fowler:
We have thoroughly reviewed the information you sent concerning
your defined contribution plan for your employees. We appreciate your
• taking the time to send this information from your retirement plan.
We have enclosed a copy of our Rules 22D-1 for your information. You
may use either the plan's anniversary date or your fiscal year date
as the date of next year's report.
If in the interim we may be of any assistance to you, do not
hesitate to contact our office.
Sincerely,
i
6
e J. Corrigig io, Chief
Bureau of Lodi Retirement Systems
HC/vb.p
••
EQUAL OPPORTUNITY EMPLOYER AFFIRMATIVE ACTION EMPLOYER