08-12-04CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES PENSION BOARD MEETING
August 12, 2004
The City of Atlantic Beach Police Employee Pension Board meeting was called to order at 6:07 P.M.
Those members in attendance were Trustees Henry Bartle, Tony Downing, Dale Hatfield and new
member Richard Downes. Also in attendance was, Nelson Van Liere (Boazd Administrator) and
Mike Calloway (Merrill Lynch).
1. Welcome new members: The board was introduced to the newly elected member Richard Downes.
2. Swear in new members: T'he City Clerk, Maureen King, swore Richard Downes in beginning his
term on the board.
3. Swear in others for the record: The other board members Tony Downing, Dale Hatfield and
Henry Bartle were also sworn in for the record. Pension administrator Nelson Van Liere explained
that there was a lack of records regazding the formal swearing in of the other boazd members, so the
formality was performed for the file.
4. Approval of the minutes of May 13, 2004:
Motion made by Dale Hatfield, seconded by Henry Bartle, and unanimously carried to approve the
••. minutes of the May 13, 2004 meeting.
.~ 5. Meeting Calendar:
'The Board established November 4th, 2004 as the date for the next regulaz Board meeting with the
time of the meeting being 6:00 p.m.
6. Merrill Lynch Financial Report:
Mike Calloway delivered the June 30`~ report and gave his presentation. The reports are on file with
the City Clerk's Office at City Hall. Performance of the investment portfolio was discussed as being
below expectations. Calloway questioned the performance of Bill Terry and recommended that the
boazd hear from him at the next meeting before making any decisions to change.
7. List of retirees:
Board accepted report, no action taken
8. Revised List of Board Members:
Board was given the revised list of board members with terms and addresses. The list was accepted,
no action taken.
9. Financial Expenditures:
The boazd was provided a detailed listing of expenditures year to date. The report was accepted, no
action taken.
10. Proposed Budget:
The board was presented a copy of the FY2005 Proposed Operating Budget. The report was
accepted, no action taken.
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Police Employee Pension Minutes
August 12, 2004
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11. Annual Actuarial Report:
The board was provided the annual Actuarial Report from Gabriel Roeder, Smith and Company.
The report was accepted and no action taken.
12. Semi Annual Report to the Commission:
The board directed the Plan Administrator to deliver the report for them using the Merrill Lynch
investment report and the actuary's summary report as a basis.
13. Reception for board members:
The board members were reminded of the reception at the Sea Turtle
14. FPPTA training:
The board decided to allow Dale Hatfield to attend conference in Amelia Island in February, Henry
Bartle made motion, Tony Downing seconded, unanimous vote.
15. Sunshine Law was provided: --
Plan Administrator indicated that at the next meeting we would review the Sunshine Law as it
pertains to the Board Members.
16. Police Pension 2003 Annual Report:
Plan Administrator reported that the Division of Retirement had accepted the report.
17. There was no other business.
Dale Hatfield wanted to have the record reflect that during contract negotiations between the City and
the Police bazgaining unit, the Human Resources Director said that the Pension Board was
responsible for the recommendations on the changes to the benefits being proposed by the City. Dale
Hatfield wanted it clear that the board had nothing to do with those recommendations and was never
brought into the decision making process on the recommendations. Tony added that Mr. Lipscomb,
although on the board and on the committee, did not represent the interests of the boazd while on the
committee.
18, Adjournment.
Motion was made by Henry Bartle to adjourn, Tony Downing seconded; the Boazd adjourned at 7:35
p.m.
r'` .
Henry Bartle To caning -
Boazd Chairperson oazd Secretary
Minutes taken and prepared by Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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