1978.01.11_BTRB_Minutes_Regular TOWN OF HIGHLAND BEACH, FLORIDA
n BOARD OF TRUSTEES
RETIREMENT PLAN
REGULAR QUARTERLY MEETING
January 11, 1978 3:00 P.M.
The Regular Quarterly Meeting of the Board of Trustees of the Retirement
Plan, Town of Highland Beach, Highland Beach, Florida , was called to
order by the Chairman, Mayor Louis Y. Horton at 3 : 15 P.M. on Wednesday,
January 11, 1978.
Those in attendance were Mayor Horton, Vice Mayor Mumford, M. Maree
Birkbeck and Jane E. Barker. Commissioner Clark and Sergeant Cecere
were absent.
The Minutes of the last meeting (October 27 , 1977) were read by the
Recording Secretary and a Motion was made by Vice Mayor Mumford and
seconded by Maree Birkbeck to approve the minutes as read. Vote was
unanimous .
r\ Maree Birkbeck then took this opportunity to welcome Mayor Horton to
the Board of Trustees .
The Treasurer then read the financial statement for the last quarter.
Mayor Horton questioned whether the voluntary contributions were those
in addition to those that were mandated and he was informed that that
was correct and that the voluntary contributions were not matched by
the Town. Vice Mayor Mumford made the MOTION that the Treasurer ' s
report be accepted as read and Mayor Horton seconded the MOTION. Vote
was unanimous.
Discussion then took place regarding the auditing of the Pension Plan ' s
books, which has never been done before by an established auditing firm.
The new procedure, however, will be that the Pension Plan will be set up
as part of the Town ' s accounts and will be audited yearly when the
auditors make their yearly audit of the Town' s funds . Mayor Horton
requested that the auditors furnish us with a statement to the effect
that they have made a separate audit of the Pension Plan Funds as of the
inception of the Plan in 1974 .
Miss Birkbeck then brought up the matter of having met with Mr. Donald
A. MacDonald, President of MacDonald, Minor, McAnany & Associates Corp. ,
r along with Mrs . Roberts, for the purpose of discussing the Town ' s Pension
Plan. As a result of this meeting, Mr. MacDonald submitted a letter to
Mrs . Roberts regarding questions that should be brought up and discussed.
Board of Trustees
Retirement Plan
Regular Quarterly Meeting Page 2 of 2
January 11, 1978
,r1,
Before any action is taken on this letter, Miss Birkbeck said that it
was agreed with Mr. MacDonald that he should first submit his recommendations
to the Board of Trustees .
One item that Miss Birkbeck did mention was regarding previous forfeitures
by past employees. These forfeitures have been, in the past,
proportionately divided among the remaining employees, whereas Mr.
MacDonald feels this money should revert to the Town. It would therefore
be credited as the Town' s matching contributions . However, until such
time when we get some definite answer to this question, the Town will
have to proceed under the current thinking.
Miss Birkbeck then stated that Mr. MacDonald reminded her that "no
contributions on the part of the Town can be withdrawn" -- Mr. MacDonald
just wanted to confirm that.
In the past, Miss Birkbeck has made recommendations regarding the
investing of the Plan' s money in CD' s. Inasmuch as the Plan may be
changed - in addition to a new Municipal Accounting System being initiated
throughout the State, Miss Birkbeck is not in favor of making any
recommendations for investing the funds at this time . This can be
discussed at the next Quarterly Meeting of the Board.
00 Being no further business to come before the Board of Trustees , the
meeting ADJOURNED at 3 : 30 P.M. , /
APPROVED: ,L % G .7:-
Mayoic 'as Y. Horton, Chairman �j
CraT� -- �j-t - �-�^
Commissioner Ruth E. Mum rd, Secy.
- A
M. Maree Birkbeck, Treasurer
(Absent)
/ �� Commissioner Robert D. Clark
ATTEST: / B
cording Secretary (Absent)
Sergeant William Cecere
Dated: January 26 , 1978