1977.02.22_BTRB_Minutes_Regular TOWN OF HIGHLAND BEACH, FLORIDA
BOARD OF TRUSTEES
RETIREMENT PLAN
SPECIAL MEETING
February 22, 1977 9 : 00 A.M.
The Special Meeting of the Board of Trustees (Retirement Plan) was
called to order by the Secretary, Commissioner Ruth E. Mumford, at
9:00 A.M. on Tuesday, February 22 , 1977 .
Present were:
Commissioner Ruth E. Mumford, Secretary
M. Maree Birkbeck, Treasurer
Commissioner Robert D. Clark
Patrolman William Cecere
Absent: Mayor Morton E. Gilday
Chairman
Also present:
Anton Drasal, Finance Advisor
Bette Barker, Recording Secretary
It was unanimously agreed to dispense with the reading of the minutes
of the Regular Meeting of January 14, 1977 , inasmuch as all members
of the Board had read and approved them previously.
The purpose of this meeting was to hear an explanation of the
distribution of Funds as of December 31, 1976 and to compare and
vote on either Schedules A or B, which concern a question of
allocation of the monies available from the current forfeitures .
In answer to Commissioner Clark' s question: "What is a forfeiture?"
Mr. Drasal explained for the benefit of all that when an employee
leaves, the total sums of money that have been put away for that
employee by the Town (5%) reverts back to the Fund and is
distributed to the remaining people in the Plan. It is not to be
returned to the Town.
The question before the Board today was : Should, in the future, the
current forfeiture plus interest for the year be divided equally
among all of the employees in the Plan - or should it be done on a
percentage basis for the total amount the individual employee had in
the Fund?
After further discussion, a Motion was made by Patrolman Cecere and
seconded by Commissioner Clark that Schedule "B" be adopted and that
formula be used in the future.
ROLL CALL on the Motion Carried Unanimously.
Board of Trustees
Retirement Plan
Special Meeting
r February 22 , 1977 Page 2 of 2
Patrolman Cecere then brought up the subject of Patrolman Fred
Simon starting to work on October 4th - which is four days too
late to enroll in the Pension Plan the following year. This
necessitates his having to wait two years following his employment
before he is eligible to join the Plan. Discussion was held on
this matter and according to Article III , Section 2 , it was
determined that an employee must wait until the following October
1st after his year ' s anniversary date .
Mrs . Mumford then read the letter from Mr. Drasal dated February
14 , 1977 for the record. This letter indicated that Mr. Drasal
had conducted the Audit of the Retirement Plan and the balance
of $30, 504.06 as of September 30, 1976 was correct.
Commissioner Clark moved and Patrolman Cecere seconded that the
letter from the Finance Advisor be accepted and placed in the files.
ROLL CALL on the Motion Carried Unanimously.
Maree Birkbeck then announced that she would prepare and present
em each participating employee with a statement of his or her account.
Being no further business to come before the Board, the Special
Meeting ADJOURNED at 9: 25 A.M.
APPROVED: (Absent)
Morton E. Gilday, Chairman
4 ' �-
Commissioner Ruth E Mumford, Secy.
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M. Maree Birkbeck, Treasurer .y
CONCURRED BY: 0,r0" ,
Commissioner Robert D. Clark
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Patrolman William Cecere
ATTEST:- 4.4-1-1--7:-.1/(,� J,�C�4 it t i
ecording Secretary
Dated: March 1, 1977
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