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11-04-04a CITY +CIEF ATLANTIC BEACH 1~~.RJ[~ ~[}' T~t>EJS'T'El~'S C)Il~ THE ATLAI'ti1TIC BEAC~I PENSit)N FiINII- P~]-LICE EMPLC)YE1~S PEN~UN 8t}AR131~EETlNU November a~, 2U~4 1. Tice Cite of .atlaQtiC )13~ac6 Falice Employee Peusta~t Batted meeting ws~ csrllred to order at fi:tlU Y.M. 'I"hcyse rnemhers in attendance were Truskees, Harty McNal1}•. T'tarty ~~-ning, Tale J3atfetd and Richard i3c,wnes..41so in attendance wtrre, Nelson Van I.iere, Plan Adnrinistrator, Tray i3ro~vn of tilerri(l Lynch, and Mich~iel Sebesta of"l'rusco C'a{~itttf Mtir~ti~;ernent. 2. Approv>z1 taP the miou-tes of An~,ust 12, 21104; Motion made h}~ t?a1e Hatfield, se~araded by Harr~~ McNally, Dale indicated that other business item refirrirtg to the 1x:nsiorl comtnitiee was an the r~:ord as 1{ettry $rtxtle and should. be male Hatfield. "I~he minutes were trnaniniotasly approved with tht-t rrrectan for the .4ttgust 12, 240~t meetin ~. 3. Meeting Calrcndar. 7'lte Btzard estahlislied February tU'~, 20t~5 ,~ the date far tfle nest regular Board muting with the time of the muting being t~i:0t3 p,m. 4. Nelson Yon I.iere agreed tea check with P'~`tasion .4ttcrrney~ Srtgarrnart ern the arnattr-t a!' inst,;trazace that dun Trust Carries for us and report. back, ' ~. Miehact G. ~ebesta, CFA intradruced hi-nself as the rnana~;ing director ofour fiends invested with 'J'rusco Capital Management 6. Michael G. Sebests, C"FA reported ora the im~estment performance l~jr the quarker ended September 3i~, 2Qfl~ d Yew` ko date. C;olry taf the presenkattan is can f i1e. After the pre~ent~ttion, Mike suggested that the alii>catic~n of securities be ehan};ed tea include less grcawth and tnorc value stocks. Ttto hc~.rd agrcc~i with the, recornmendatic~n and authori, this change. T<any Ihnvning inquired about class action lawsuits cc~ncerrrirag reimbursements nf'settlernent,~ gr~irtg b~tc:k to rnemher'S trccounts. Mike suggested that l.)ianc Garcia could p~:rhaps attend the next nia,~~ting to give t:xplattatican and update. 7. Mt:r•ri11 LytaclJt Fi~amcial Report: Troy Brown del~+ered the September ~tl°irepc7rl anti gave his presentatiatt. Zv1r. J3mwn a#reed with Michael Sebesta's assessment of the market and weed with the recommendation to »>crvt: some equities from graw~th to value c,ricnted shares. T`lie repprts are on fi(e with the +City Clerk"'s ~t~ice at !City Hall. Performance ofthe investrttentlaortfalio was discussed as being, below expectations. g, Flaancial iEapendituresa The btaarcl was peovided a dekailed listing of expenditures year eta date. I)a!e llat~eld tr~c~tic~n to accepk, Harry McNally seetanrded the vote was una»imous, 9, Semi Annua! lttpart to the City Commission: Nelson. Van Lure discussed h:is report to the City Comminsi~n, l•te prnpc~sccl and the Ccarnrrtissian. agreed that at bast cancc a year th~uy should here Pram t4tc Money Manager and the; Actuary. Nelson agreed to strhedule at the mast ataprapriate times. Page" 1 of 2 _ Police Employee Pension P4finutes November 04„ ?Cifkl Page 2 1U. At~"n!m the retireme~tt y entering tare ll~.fJF at'Jsarsrea Crti~tm~en: Dale Hatfcld made a ts~~tion to a}apmye, Larry McNally seconded it aired the vote was unanimous to appro~+e the retirement,. '1+'arious training apportunities were presented, the bcaard agreed elaaC it training opporturrt%es arose between mcctir~gs th,,t it was yak fc-r arty' rnembcr to attend within reason for lauar~i related trainingx without waiting ter board alapraval .~ t2. Sunshine l.s~w ws pr'tmvided Flan ~dministratar reminded. the biaard memtaers of the importance caf the sunshine laws and indicated that a trainipz tiussiun should be available fir t;trearr sin, 13. Actjourn:mertL Moti©n was rrtade lay'tatry McNally to adjcwrn, male I~attield seconded; the Board adjourned at 7:45 p.. --~+~ . Henry 13arte `~~~~.._,.-....~ ~oarci Chairpcrstrn. .ff'' To ^rwning curd Secretary twtina~es t:tkrar and ~pamt by Nr3san'dun Lieraw, t~nsiart liaard.AdminisMataua ~ 247-5$Q)'