1980.07.29_BTRB_Minutes_Regular TOWN OF HIGHLAND BEACH, FLORIDA
BOARD OF TRUSTEES
RETIREMENT PLAN
REGULAR QUARTERLY MEETING
July 29, 1980 9: 15 A.M.
Mayor Horton, Chairman of the Board of Trustees, called the meeting to
order at 9: 15 A.M. , announcing that a quorum was present. This included
Mayor Horton, Vice Mayor Storm and Maree Birkbeck, Treasurer. The
Recording Secretary, Jane E. Barker, was also in attendance.
The combination Financial Statement and Treasurer ' s Report was distrib-
uted, showing the balance on hand as $102, 700.03. MOTION by Vice Mayor
Storm and seconded by Mayor Horton that the Financial Statement and
Treasurer' s Report be approved as submitted. All members voted Aye in
favor of approval.
Miss Birkbeck then requested the Board' s formal approval for investment
of funds - deposit in the savings account of $6, 749. 10 from the four-
year C.D. : proceeds from another C.D. in the amount of $10,012 . 96 plus
interest earned and the withdrawal from the savings account of $25, 000.00
to invest in a C.D. Miss Birkbeck stated that she had verbal approval
for the above and a MOTION was made by Vice Mayor Storm and seconded by
Mayor Horton that formal approval be given for this.
Miss Birkbeck also sought formal approval of the Board to invest a sum
of $25, 000.00 on August 1, 1980, leaving a balance in the savings account
of $621.86. Vice Mayor Storm made the MOTION that this be approved with
Mayor Horton seconding this MOTION. All members of the Board voted Aye
on these two MOTIONS.
Maree Birkbeck reported on correspondence with the Bureau of Local
Retirement Systems that had been brought up at the last meeting of the
Board. It was determined that the Town would be exempt from submitting
an actuarial report every three years.
Vice Mayor Storm then discussed the Town Manager ' s memo to the Trustees
of the Retirement Plan dated July 28, 1980 regarding two gentlemen from
Town who have reviewed the Town ' s Retirement Plan. They are both
Actuaries and would be very happy to talk to the Board of Trustees at
the September meeting when Commissioner Genovese returns.
Minutes Highland Beach
Board of Trustees - Retirement Plan
Regular Quarterly Meeting
July 29, 1980 Page 2 of 2
The application of an IRS Determination letter which was recently
completed by Mr. Donald McDonald, in conjunction with the Town Manager
and Maree, were returned by the IRS as the forms used were obsolete
and had to be resubmitted.
It is anticipated that processing of the application will take approx-
imately 6 months. The amended forms were submitted on July 14, 1980
and, consequently, no response is anticipated until January 1981.
The Meeting ADJOURNED at 9: 25 A.M. upon MOTION by Mayor Horton and
seconded by Maree Birkbeck.
i V
APPROVED:
( -179/2.77-37j
a
Louis Y. Horton, Chairman
Vice Mayor Harold C. Storm
M. Maree Birkbeck, Treasurer
(Absent)
Peter J. Genovese, Commissioner
(Absent)
Sgt. William Cecere
ATTEST:
Jane E. Barker, Recording Secretary