1975.12.16_BTRB_Minutes_Special ! ., BOARD OF TRUSTEES
RETIREMENT PLAN
SPECIAL MEETING
December 16 , 1975 11: 50 A.M.
The Special Meeting of the Board of Trustees (Retirement Fund) was
called to order by Mayor Gilday at 11: 50 A.M. on Tuesday, December
16 , 1975.
In attendance were:
Mayor Morton E. Gilday, Chairman
Commissioner Ruth E. Mumford, Secretary
Maree Birkbeck, Treasurer
Commissioner Robert D. Clark
Officer William Cecere
Also in attendance were :
Mrs . Elaine W. Roberts , Town Manager
Mr. Anton Drasal, Finance Advisor
Bette Barker, Recording Secretary
Mayor Gilday announced that the primary purpose of the special meeting
was to discuss investment of the Funds .
Maree Birkbeck, Treasurer, read the financial report (copy attached)
showing a balance of $19,800.99 as of December 16 , 1975.
Mr. Drasal explained that the $580.84 refunded to the Town represented
the difference between the initial contribution of $5, 000.00 and the
actual distribution of $4 ,419. 16 among the participants. He referred
to Paragraph 10 on Page 2 and the Treasurer gave the names of those
who were eligible to receive a pro-rated portion of the Town ' s
contribution as follows : Higgins, Barker, Lipsky, Jones and Roberts .
Those deemed to be ineligible were : Cecere, Funck, Giordano, Ryan and
Tremitiedi.
At this point, Mr. Drasal recommended that the Board invest $15,000.00
in Savings & Loan Associations at 71% on a four year basis . Maree
1 Birkbeck then informed the Board that she had spoken with Mr. O' Rourke
/"\ of the First Federal Savings & Loan of Delray and he had confirmed
that the present rate of interest on four year CD' s is 71% and the
interest for a two and one-half year CD is 61/4%. She also checked
Board of Trustees (Retirement Plan) Page 2 of
Special Meeting
December 16 , 1975
with the First Federal Savings of Lake Worth and found their rates
to be identical.
Miss Birkbeck added that she had also checked with University
National Bank and while they do not issue Certificates of Deposit
for periods in excess of 21 years, inasmuch as the Town of
Highland Beach is such a good customer, Mr. Osborne, President,
would be willing to issue a four year CD for the Retirement Plan
if the Board would consider University National Bank.
There was some discussion regarding the above and it was the
consensus of the Board that investments at Savings and Loan
Associations would be the best bet at this time and that possibly
the money to be invested could be divided between Savings and Loan
Associations and University National Bank.
Mayor Gilday then inquired if anyone would offer a motion that we
approve of investing $15,000.00 in CD' s through Savings and Loan
A'1 Associations and/or University National Bank. Commissioner Clark
f made this MOTION and Commissioner Mumford seconded. MOTION passed
unanimously.
Miss Birkbeck asked for and received confirmation that the interest
accrued on the CD' s be allowed to remain in those accounts.
Mr. Drasal then brought up the subject of whether the Town ' s
contribution should be deposited monthly or yearly. Mayor Gilday
stated that this would be a matter for the Town Commission ' s decision
and could be placed on the Agenda for the next Workshop or Special
Meeting.
Commissioner Clark, who succeeded Commissioner Bauer, was then welcomed
as a new member of the Board of Trustees.
Mayor Gilday then announced that the meeting had accomplished its
purpose and was ADJOURNED at 12: 10 P.M./�cuf
APPROVED: , �\ 4• 0Lcr., 4p
Morton E. Gilday,Cht . Comm. Ruth E. Mumford, Secretary
Comm. Robert D. Clark M. Maree Birkbeck— ye�Qas�u�r�er
Dated: Decembere9, 19)75 /Officer William Cecere
CONCURRED BY; /ATTEST: ;
ei
Anton Drasal,Advisor cording Secretary