1978.09.15_BTRB_Minutes_Special /-N TOWN OF HIGHLAND BEACH, FLORIDA
BOARD OF TRUSTEES
RETIREMENT PLAN
SPECIAL MEETING
September 15, 1978
3:45 P.M.
Mayor Horton called the Special Meeting of the Board of Trustees,
Retirement Plan to order at 3: 50 P.M. Those in attendance were:
Mayor Horton, Vice Mayor Mumford, Maree Birkbeck, Sgt. Cecere, and
Jane E. Barker, Recording Secretary.
Maree Birkbeck stated that the Town Manager had reminded her that
it was time to vote again for the employee representatives to the
Board of Trustees. Chief Jones has appointed Sgt. Cecere to
represent the Police Department and Maree Birkbeck has been re-
appointed to represent the Town Hall employees.
Maree Birkbeck announced that there is an Ordinance before the
,^ Town Commission, changing the length of time an employee must wait
before being accepted into the Retirement Plan. This ordinance
would change their waiting period to six months, provided that
date preceeded October 1, which is the anniversary date of the
Plan. The present eligibility is one year. The employees in-
volved in this would be Kay Christensen, and Officers Blonder
and Kasten. Those employees who are automatically eligible to
join the Plan this October 1, 1978 are: Officers Guthlein and
Widelitz, Mary Kleintop and Michael Coppola.
Maree Birkbeck needs the approval of the Board of Trustees to
permit these employees who are automatically eligible to join the
Plan. Mayor Horton called for a Motion to accept into the Plan
those who are automatically eligible to join October 1, 1978.
MOTION by Vice Mayor Mumford/Sgt. Cecere that Officers Guthlein
and Widelitz, Mary Kleintop and Michael Coppola be accepted into
the Retirement Plan as of October 1, 1978. The vote was unami-
mously approved.
Mayor Horton then called for a Motion to accept Kay Christensen,
Officers Blonder and Kasten into the Plan predicated upon the
fact that the Town Commission at their Special Meeting on Sep-
,I tember 26, 1978 changes Article II, Paragraph 1 to read six
months rather than twelve months.
Board of Trustees
Retirement Plan
Special Meeting
September 15, 1978 Page 2 of 3
MOTION by Maree Birkbeck/Vice Mayor Mumford "I ' ll so move" .
The vote was unanimous.
Maree Birkbeck then stated that there are two employees who are
interested in buying into the Plan, with the proviso that the
six months ' Plan is passed by the Town Commission. These two
employees are Charlotte Reece and Officer Maher. Officer Maher
could buy into the Plan for $557.60 and Charlotte Reece for
$548. 14. Mr. MacDonald, who has been working with the Town in
connection with the Retirement Plan, has stated that this is
perfectly acceptable.
Mayor Horton then called for a Motion that Officer Maher and
Charlotte Reece buy in as of October 1, 1977 at $557 . 60 and
$548. 14 respectively.
MOTION made by Sgt. Cecere and seconded by Vice Mayor Mumford -
"I so move" . All members were in favor of the Motion.
Sgt. Cecere then asked a question for Chief Jones . The Chief
was interested in knowing if a person could retire on a "half-
year" basis providing the six months change was made by the
Commission. After some discussion, it was the consensus that
this question should be put before Mr. MacDonald.
Miss Birkbeck then presented the financial statement as of the
31st of August, 1978. (Copy attached) Miss Birkbeck also
announced that the balance in the forfeitures account now stands
at $6, 088. 53. She further announced that in September she had
purchased a six-months ' money certificate for $10,000.00, upon
approval of the Mayor and Commissioner Clark. This has an interest
rate of 7.67% and will mature January 29, 1979.
MOTION by Vice Mayor Mumford and seconded by Sgt. Cecere that the
Treasurer ' s report be accepted. All members were in favor of the
Motion.
There was discussion regarding the next meeting of the Board of
Trustees which should be held shortly after the end of the quarter.
There should also be another meeting held after the Audit Report.
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Board of Trustees
Retirement Plan
Special Meeting
September 15, 1978 Page 3 of 3
It was decided that the next quarterly meeting of the Board of
Trustees would be held on October 4, 1978 at 3:45 P.M.
MOTION by Mayor Horton and seconded by Sgt. Cecere that the
meeting be ADJOURNED at 4: 15 P.M.
APPROVED: -)1)
Mayor Louis Y. Horton, Chairman
,g. .
Vice Mayor Ruth E. Bumford, Secy.
Maree Birkbeck, Treasurer
Sergeant William Cecere
i
ATTEST:
ecording Secretary
Dated: September 27, 1978
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July 24, 1974
Chairman &
Members, Board of Trustees,
Retirement Plan
Re: Financial Statement
Quarter Ended June 30, 1978
I take pleasure in attaching, herewith, the above-
mentioned financial statement showing a balance of
$53, 536. 16.
It should be •noted that the Forfeitures Account has
been debited with the sum of $1, 250.60 representing
the Town' s matching portion of contributions for the
quarter ended June 30, 1978 and a balance of $5, 786. 52
remains in that account.
INVESTMENTS
I respectfully recommend that an amount of $10, 000
be withdrawn from the Savings Account and converted
into a 6-Month Certificate of Deposit with interest
at the rate of 7.74% p.a. Our current CDs are for
4-year terms @ 7.50'/o and one for a 6 year period
7.75%.
Rospectfull
IOC
M. Maree Birkbeck ck
Treasurer, Bd. of Trustees
cc: Town Manager
Enclosure ( 1)
TOWN OF HIGHLAND BEACH
RETIREMENT PLAN
FINANCIAL STATEMENT - Q/E JUNE 30, 1978
OPENING BALANCE, April 1, 1978 $ 50,660.32
Receipts:
Employees ' Contributions $ 1, 250.60
Town' s Contributions - 0 -
Voluntary Contributions 720.85
Interest - Savings A/C & CDs904.39
Total Receipts 2,875 . 84
BALANCE $ 53, 536. 16
Disbursements: - 0 -
BALANCE, June 30, 1978 $ 53, 536. 16
SUMMARY
Savings A/C # 1255-4 $ 12, 951. 57*
C. D.# 1255-5 6, 029.45
1523-6 5,844. 30
1635 5, 716. 38
3192 6, 031. 03
3603 5, 560.45
7286 6, 023 .01
866-6 5, 379.97 $53 , 536. 16
Respectfully Submitted,
M. Maree Birkbeck
Treasurer, Bd. of Trustees
July 21, 1978
*Intransit Deposit $896.60