1974.09.27_BTRB_Minutes_Regular . t
MIMUTES: BOARD OF TRUSTEES (Pension Plan)
/ Board of Trustees ' Organizational Meeting held on September 27 , 1974
at 11:00 A.M.
Mayor Gilday, as Chairman of the Board, - See designation in Ordinance
No. 252, copy Attachment "A" , called the meeting to order. Mrs. Ruth E.
Mumford, Commissioner, was absent; all other Trustees were present:
Morton E. Gilday, Mayor; Harry Bauer, Commissioner; William Cecere,
Patrolman; and Thalia Higgins, Town Treasurer. Also in attendance was
Mr. Harold Rosenberg, the Town' s Financial Director.
The first order of business was to fill in the names of the Board on
the signature page of the Pension Plan (See Page 26 thereof) , said
plan is an attachment to Resolution No. 266 (copy of which is Attachment
"B") .
The Mayor advised that, for the record, a motion should be made providing
that the initial deposit of $5,000.00, representing the Town' s
contribution to the Pension Fund for Fiscal Year 1974, should be deposited
in the Pension account in the Boca Raton Federal Savings & Loan
Association. To the extent participating members of the plan are
eligible, this payment would be credited for the pro rata portion due
Omit the eligible employees; viz. , up to 5% of their salary in 1973-1974, if
all other requirements were met, in whole or in part. Mr. Bauer offered
the motion that the deposit of $5,000.00 be made and that appropriate
entries be recorded to show the appropriate interest for eligible
employees who are participating and meet the requirements to have an
interest in the initial funding. Mrs. Higgins seconded the motion and
all Trustees present voted their agreement.
It was agreed that proceeds received from salary deductions and the Town' s
payment payable to the Pension Fund should be deposited once a month
into the aforesaid account. Discussion followed as to whether larger
income could be secured on Pension proceeds from other paper, etc. It
was the consensus of the Trustees that after a deposit is made from
proceeds received in Fiscal Year 1975, the Trustees would consider long-
term investments.
. A motion offered by Mr. Bauer and seconded by Mrs. Higgins that checks
would be used for deposits and/or withdrawals and the signatures of any
two Trustees would be required; viz. , one of which shall be a Commissioner-
Trustee and one an employee-Trustee. All members voted: Aye.
The selection of a Secretary was then considered and the Mayor advised
that the Town Clerk would be the Secretary pro tem and suggested the
nomination of Mrs. Mumford as Secretary. Mrs. Higgins offered the
motion, Mr. Cecere seconded and voting unanimously appointment of Mrs .
Page 2
MINUTES: BOARD OF TRUSTEES (Pension Plan) - September 27 , 1974
P
Mumford as Secretary of the Board of Trustees were: Gilday, Bauer,
Higgins and Cecere. (No other nominations were offered) .
Further discussion took place as to execution of Bond or Stock
Certificates and it was the consensus that Mayor Gilday and Mrs. Higgins
would generally execute same but that others could do so, if necessary.
Mr. Bauer offered the motion, Mrs. Higgins seconded and this was
approved without dissent.
Changes in enrollments were discussed and Mr. Gilday offered the motion
that such changes should be executed by the Secretary or, in her
absence or inability, by the Treasurer. Mr. Bauer seconded the motion
and all members voted Aye.
It was agreeable to all Trustees that any meetings could be called by
any member of the Board of Trustees and as to specific date (s) , this
would be considered and discussed at a later date. Reporting to
participating employees and reports to the Board of Trustees were
discussed. Mr. Bauer offered the motion and Mr. Cecere seconded the
• motion and all Trustees voted their approval that: Each year, every
participating employee would receive a statement of their interest in
L 7 the Pension Plan; and Quarterly, the Board of Trustees would be furnished
an accounting of the Fund as of such date.
With respect to refunds due and/or payable it was deemed advisable that
such distribution should be made not later than 30 days after the end
of the month of termination of the respective participant's employment,
etc. Mr. Bauer offered the motion, Mrs. Higgins seconded, and voting
Aye were: Messrs. Gilday, Bauer, Cecere and Mrs . Higgins.
The meeting adjourned at 11:45 A.M.
APPROVED:
Aler
fl ATTEST: //G^a `//% ¢
DATED: )' 3 j 5
.. Attachment "A"
ORDINANCE NO. c' `1
AN ORDINANCE PROVIDING FOR THE ESTABLISHMENT OF
A PENSION AND RETIREMENT $YSTEM FOR EMPLOYEES OF
THE TOWN OF HIGHLAND BEACH, FLORIDA, TO BE KNOWN
AS "THE TOWN OF HIGHLAND BEACH RETIREMENT FLAP"' ;
CREATING A BOARD OF TRUSTEES AND THEIR POWERS;
CREATION AND MAINTENANCE OF SAID PLAN; KEEPING
OF RECORDS; AND PROVIDING THE EFFECTIVE DATE
THEREOF.
BE IT ORDAINED by the Town Commission of the Town of Highland Beach,
Highland Beach, Florida that:
The Code of Ordinances of the Town of Highland Beach is hereby
amended by adding a new Chapter to be numbered, "Chapter 18-1/2"
and be entitled, "Pension and Retirement System" .
Section 1. Establishment of the Town of Highland Beach Retirement
Plan; Appropriation of funds provided by the Town.
The Town of Highland Beach, Florida does hereby establish a
"Town of Highland Beach Retirement Plan"and has appropriated by
the terms of the 1974-75 Budget an amount equal to Five Per Cent (596)
of the total salaries paid to all participants in the Town of
Highland Beach Retirement Plan, and that such sums shall be allocated
in the Budget for the Town of Highland Beach at the beginning of
each fiscal year.
Section 2. Definitions.
The following words and phrases as used herein shall have the
following meanings, unless a different meaning is plainly required
by content:
(a) "Participant" means any eligible employee who becomes
entitled to/participate in the benefits provided under the
Trust, and who remains qualified.
(b) "Trust" means the Trust Agreement between the Town of
Highland Beach and the Board of Trustees created in Section
3 with any and all amendments or supplements thereto, and the
Trust thereby created.
Section 3. Board of Trustees, members, terms of office.
There is hereby created a"Board of' Trusteeg of the" Town of
Highland Beach Retirement Plan:' The Board of Trustees shall consist
of the Mayor, two (2) Commissioners, and two (2) employees (one of -
which shall be a member of the Police Department. ) The Commissioners shall be appointed by the members of the Town Commission and other
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compensation as such.
Section 4. Powers of the Board of Trustees.
The Board of Trustees may exercise all powers conferred upon the
Board of Trustees.
Section 5. Creation and maintenance of the Town of Highland Beach
Retirement Plan.
The Town of Hsahland Beach Retirement Plan of the Town of
Highland Beach, shall be created and maintained in the following
manner:
(a) By Five Per Cent (5%) of the salary of each
id over
participant which shall be deducted by the Town and p
to the Board of Trustees of the Plan.
(b) By payment by the Town of Highland Beach, Florida,
to the Board of Trustees, an amount equal to Five Per Cent (S%)
ftWom of the total salaries paid to all participants.
(c) By all accruals for the plan by way of interest on
bank deposits or otherwise.
Section 6. Initial Funding.
The sum of Five Thousand Dollars ($5, 000.00) budgeted and
appropriated forthe
Bud0et1coveringlteeFiscal
oYeaYear
tbeginning
goOctober 1,
1973,itending ep for herein.
initial funding for the Pension Plan provided
Secy. Keeping of records, contributions.
The Board of Trustees shall keep and maintain
nraeffull
llsandecocomplete
permanent record of all accounts, receipts,
and all other official actions of the Board. These records shall be
available to all members participating in the Plan.
Section B. Repealing Clause.
All Ordinances or parts thereof, Resolutions or parts thereof, in
conflict with the provisions herein contained are, to the extent of
such conflict, hereby superseded and repealed. -
The provisions of this ordinance shall become and be made a part of- the
Code of ordinances of the Town of Highland Beach. The sections of this
ordinance may be renumbered to accomplish such intention.
annvmED BY THE7 TOWN COMMISSION OF THE TOWN OF HIGHLAND BEACH
1 . 2 Qhall be
Attachment "B"
rts
RESOLUTION NO. G` '4
A RESOLUTION OF THE TOWN OF HIGHLAND BEACH, FLORIDA
APPROVING THE DOCUMENT KNOWN AS THE TOWN OF HIGHLAND
BEACH RETIREMENT - PENSION PLAN FOR EMPLOYEES OF THE
TOWN AND TO DESIGNATE THE MEMBERS OF THE TOWN COMMISSION
AND STAFF OF THE TOWN AND POLICE DEPARTMENT WHO WILL
BE MEMBERS OF THE BOARD OF TRUSTEES.
WHEREAS, The Town Commission of the Town of Highland
Beach, at a Special Meeting held today, had a final reading and
adopted Ordinance No."9' 1g this 24th day of September, 1974, and
said ordinance is relevant to the establishment and adoption of the
Town of Highland Beach Retirement Plan, copy attached,
NOW, THEREFORE, BE IT RESOLVED that:
1. Pursuant to Section 3 of the above mentioned ordinance, this
is to designate the members of the Board of Trustees and such
members shall exercise all powers conferred upon the Board:
Two (2) Members of the Town Commission:
Commissioner
� mi
4r �`-icL-c f_61,4C ,/
Commissioner /-f'lcJ - '
Two (2) Members of the Employees of the Town
(one of which shall represent the Police Department) :
.4-/'eC i ( -e-e
The persons named above shall serve as Trustees for a period of
one year. They and the Mayor shall constitute the Board of
Trustees.
2. The Board of Trustees are hereby directed to hold an organi- ^^
3. The attachment, an Agreement titled "The Town of Highland
Beach Retirement Plan" is to be executed and become effective
pursuant to the provisions therein, and
4. The Funding of the pension plan and all other necessary
actions are hereby authorized.
PASSED AND ADOPTED THIS Yl".{.--e-1:1 day of '���v
1974.
TOWN OF HIGHACH
/ 1
By < v
ATTEST: fr4/f ('�
Town C le (/
seal
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