05-12-05'" CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES FENSION BOARD MEETING
May 12, 2005
1. The City of Atlantic Beach Police Employee Pension Board meeting was called to order at
6:25 P.M. Those members in attendance were Trustees, Harry McNally, Tony Downing, Dale
Hatfield and Richard Downes. Also in attendance were, Nelson Van Liere, Plan Administrator, and
Michael Callaway of Merrill Lynch as well as Mike Sebesta of Trusco.
2. Michael G. Sebesta, CFA report distributed on the investment performance for the quarter
ended March 31, 2005 and year to date. Copy of the presentation is on file. Page 19 of
report indicates a 1.18% loss for the 1 rst quarter. Mike indicated that they expect value
stocks to rebound after 5 years of underperforming value stocks.
3. .Merrill Lynch Financial Report: Michael Callaway delivered the March 31, 2005
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 others and expectations.
Overall we are meeting the goals over 5 year period but not in the short term three year period.
4. Meeting Calendar:
The Board established August 1 l~', 2005 as the date for the next regular Board meeting with the time
of the meeting being 6:00 p.m. in the City Commission Chambers
5. Plan administrator to reschedule Board Meeting to finish items not covered.
6. Adjournment.
Motion was made by Harry McNally to adjourn, Dale Hatfield seconded; the Board adjourned at 6:45
p.m.
Henry Bartle
Board Cha'
~ ~
Tony Downing
Board Secretary
Minutes taken and prepared by Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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