1979.11.06_BTRB_Minutes_Regular TOWN OF HIGHLAND BEACH, FLORIDA
BOARD OF TRUSTEES
RETIREMENT PLAN
REGULAR QUARTERLY MEETING
November 6, 1979 1: 15 P.M.
The Regular Quarterly Meeting of the Board of Trustees (Retirement Plan)
was called to order by the Chairman, Mayor Louis Y. Horton, at 1 :15 P.M.
on November 6, 1979.
Those present were: Mayor Louis Y. Horton, Vice Mayor Mumford and
Maree Birkbeck. Commissioner Storm and Sgt. Cecere were absent. Bette
Barker, Recording Secretary, was also in attendance.
Mayor Horton announced that the purpose of this meeting was to approve
the financial statement for the fiscal year ended September 30, 1979.
Mayor Horton stated that the Retirement Plan was building up auite an
equity, with the balance on hand as of September 30, 1979 being $76,483 . 01.
After Mayor Horton read the financial statement, a MOTION was made by
n Vice Mayor Mumford and seconded by Mayor Horton to approve the statement
as submitted. All members of the Board voted unanimously to approve
the financial statement as read.
Maree Birkbeck, Treasurer, then explained the attached statement, which
showed the individual contributions matched by the Town, with the
interest calculated until the end of September, 1979. She explained
in detail just how the Vested Interest worked for the four employees
involved.
Miss Birkbeck then stated that she would like to have the Board' s
formal approval of an investment of $10, 000. which she made on
October 25, 1979. She had previously received verbal approval from the
Board members to transfer $10,000. from the savings account to a Money
Market C.D. at Citizens ' Federal Savings and Loan in Boca Raton with
an interest rate of 12 .651%. This will mature on April 24, 1980.
Mayor Horton moved that the Board approve the investment as made. Vice
Mayor Mumford seconded this MOTION. All Board members gave formal
approval to this investment.
Miss Birkbeck then stated that she had received from the IRS the annual
return to be filed by the Board of Trustees (Form No. 5500) .
Minutes Board of Trustees
/l Retirement Plan
Regular Quarterly Meeting
November 6, 1979 Page 2 of 2
This was turned over to the Town Manager who then mailed it to William
Kisker, of the Auditing Firm, to be used in the audit of the Retirement
Plan.
Due to the fact that Mrs. Mumford is moving out of state, it will be
necessary that her position on the Retirement Board be filled by
another Commissioner, according to the By-laws. These read that three
Commissioners must serve on the Retirement Board
MOTION by Vice Mayor Mumford/Mayor Horton that the meeting be ADJOURNED.
Time - 1:25 P.M.
APPROVED:
Mayo ADL uis Y. Horton, Chairman
ay
Ruth E. Mumford, Vice or
(Absent)
Harold C. Storm, Commissioner
M. Maree Birkbeck, 'Treasurer
(Absent)
Sgt. William Cecere
ATTEST:
t FJ A «.�1C
ording Secretary
Dated: November 13, 1979
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AO