02-10-05GTY [lF ATIC.ANTIC gE~CI
13vARD OF '~'R11:7STEES t)F THE ATLAl"t1T1E+C ii3EACH I'EN~i(~1V F`t.JI'r1D
PtlL1CE EMl'L+C?'!-~EF,S Pl(a1'~~i[~liN ~ClART)1tvIE~:T'tNC:
Febru~ry~ iil, 2CIC1
1. True t~ity of Atlantic aarclr Police F:mpMyee £'errainn Iitrs-rtl ~rtttrr~ wax catled tar c-rderr r;t
6:t1{1 F,1N. Those members in attencian were Trttstee~., Barry McNaltyr Tnny C3owning, Dale
Hatfield artd Ri4hani t)rµn~. 111s~ in attc:nci~incc ware, Ncls<m ~ttrt [.icrc. Plan ;1clrninistrator, and
Michael ~Callawtty cf~1errill r.}=nc.
2. Appntrval crf ~tbc m:aretep of November 44, 2Uti4:
Nation made by Dale Fiattieldr seconded fity harry McNally, Dale l t~tfiele) seconded. The minutes
wereunarrirrrc~usl}' api~rovcd.
3. M~eetiin~ Cakrsdar.
The [3osrd estahlished May 12`h, ~tft}5 as ttte date far the next regttlar Board meeting with. floe time of
the me~;ting tx:ing ~i,t)U p.m.
~. I}istriibuted a lcttcrfram ]1±Tichacl G, Seb+e:~tx regat'dt~g a narrative r~f'the 1`aurth ctuarter
results ended llc~cettib~er 31, 2i}tl~.
~. Diatribut~ed a letter Pram 14'Iiclbael U, Sebesta regarding issues from pre~Piaus meeting;
concerning settlt;xnent prrtceeds. Also dsctts.~~ were the fees being cliret:t~:d t~ Merrill
. Lynch for trantrnission otT set. Nelson Vata I,iere to discuss with ~ebesta to r+esaJve.
~. Mic.~at~1 ~. ~ebesta, ~"FA report dstribute~t an the nvrrstrrtent performance far the quarter
ended Deeerr~ticr 3l, ?~}()~ and }ear to date. Copy af`the presentation is on tile. Board
memten were infc~rrneci that Mike's sutgestic5ns front the Pr~;vious meeting to r.;ha~rtge the
allctcatiot~ cif ~;c;GUritics ic> include less grcj~w'tii and Mare value stocks ~~•as dcrt-te
7. Merr~71 Lynch Fincuti Reptrrt: Mi+~ltiae~ Crtll~+way delivered. the T}cu~mher 31, ~?t104
report ttrtd' gave his presentation. Mike expressed.. concern with'1'rusca's pertormance, however with
the recent ctt:irrges in n~snagemcnt, he recc~rrtmet~ded eta}~ing r~i~ith tlrcrTr in at "wait artd ~" pasture,.
Ivdike s:xplained that it is herd to find the kind afmanagenr~~t they do for small accounts such as
atrrs. ivltttual funds we~trld b~: the next best thing. "f'h4 rrpatts arL ern file with the City Clerk's
afiice at Cite f loll. Performance of the investment pnrtf"olia was discussed as being lretaw others
snd e:tpeCtations, J~iike alst~ recammertded that the ps~rtfr~li€r be rebalrtnced E}et.~4en d+trrtlestic and
foreign investt~tents. 1 I~ agreed to figure the amounts needed and far~vard tl~ern tct Nielson to tt3acr:
the transfers. Tv[otiUrt by Harry McNally, Second by Uaie Hatfielda vote unanimous.
$, pinunciallN:xpenditures:
Thu board wets provided a detaiicd listing of expenditures ,year to date. Dale 1 latti~^Id motion to
accept, Tony Downing seconded; the vrrt!e was unanimous.
9, li l'lr•'`1'A, training.
yarioustraining opportunities mere presented, the board agreed that ftxaining opt7artuntics arnsc
between nr~:tings that it was ctk fc>r arty mtrb~rtrt trttcnd within ra~.~c~n far bvtrrd reiak:d training
w ithc}ut waiting far lttrci approval.
)age 1 of
l'otic;e lvmpiv."ci Yentiic,n hlintrtr,
t'ebruary~ ltl, 20US
Page 2
iti. Sanshiine Law ~ pmViidedr.
Plan Administrator reminded th ~u•i rttcml?ers of tlrc irn~rtatrtcc: +~l'the srxnshin~ laws and
indicated that a training session should be available for theta sr~on.
11. Iatet^~t an Merrther Coratrihutiops wa•~ s~:t at I.°~+,, trrt,tion ~y Tim "l"Qwnsend, Sewnd by'I'ony
l3~owning, unanimous ~~c,te,
12. Irrvesttttertt ~Q1lcy ~ It wa,s rcqucstcrl that we rr~vicw the ittr-•trstmerrt Pc,licy at tltt~ next meeting.
Nelsen is to provide copies o~ttte signed pztlicy tr, Merrill 1.}"nch and t`or the br,ard at thr; next
tttttng.
1'i. Attendance on [raising provided lry the City'' nn Robert's Rules Ann Miner, Rcl>ard Downes anti.
fictny l~wning
14. M3.ccellaaanas discussi+~n: lT was brought tct board.°s attention that the Pension Attorney suggested
that a medical review be done Enr mach. retiree that was retired disabled to deterntine if the disability
still applies..
15. Harry McNally vr~s re-elected to another term. by motion from C7al~e Hatfield, second by'Tony
Downing and unanirtrous vpte of all wiklt Harry McNally acct voting. ?~ielsnn was instructed trr report
the filling af'this vacant position ttt tl'ie City C'ommissinn.
16. Adjc-nrnmenL
Motiort kvas made by Flarry McNally to aclpaurn, [3ale t latlield seconded; the Board adjoume~t at 7:45
p.in.
17. There was no other business.
~~
H artle Tony l~erwnirt~
Rotird tt•hairprMr, Board Secretar.
Mxnutt~ taken. amt Fxa~arod ~}' Nei~an Van Licre, t'enxion [3oartr: Acrmit~iaMratiut Manab~cr, 247-'36U7
laS~e 7 pf '?