08-11-05 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES PENSION BOARD MEETING
August 11, 2005
1. The City of Atlantic Beach Police Employee Pension Board meeting was called to order at
6:00 P.M. Those members in attendance were Trustees, Harry McNally, Tony Downing, Henry
Bartle, Dale Hatfield and Richard Downes. Also in attendance was Nelson Van Liere, Plan
Administrator.
2. Approval of the minutes from the May 24`x, 2005, Police Employees Pension Board Meeting:
Motion made by Dale Hatfield, seconded by Richazd Downes. The minutes were unanimously
approved.
3. Meeting Calendar Established
The board established November 10`~ 2005 as the date for the next regular board meeting with the
time of the meeting being 6:00p.m.
4. Sun Trust Investment Report: -Second Quarter
Discussion related to the Financial Presentations given by Michael Sebesta. Investment report
provided and accepted.
5. Merrill Lynch Investment Consulting Report:.-Second Quarter
Discussion related to the Financial Presentations given by Michael Callaway. Consuhing Report
provided and accepted.. Boazd Members discussed alternatives to Sun Trust as performance
continues to run below expectations. Michael Calloway said he would think about mutual fund
options and get back with the board on that issue at the next meeting.
6. Financial Eapenditares:
The board was provided a detailed listing of expencli~res through the third quarter. Harry McNally
motion to accept, Henry Bartle seconded; the vote was unanimous.
7. FTTP Upcoming Events calendar discussed briefly.
8. Dale Hatfield Term: The plan administrator reported that nominations to fill the expiring term
of Dale Hatfield for the Police Employee's $oazd of Trustees were received in preparation for an
election. All nominations were for Dale Hatfield to resume his position on the board and he has
agreed to continue to serve. The board accepted his continued status for a term ending 08!06/07.
9. Contribution rate from 1% to 2%: The plan administrator discussed the status of changing
the contribution rate of Police Employees to the pension plan from 1 % to 2% as on hold due to
union negotiations.
10. Changes in beneficiaries after retirement: Plan administrator discussed the status of a
proposed ordinance to amend the pension plan to accommodate changes in beneficiaries after
retirement. This proposed amendment is also being delayed pending union negotiations with the
-* police.
11. New Merrill Lynch contact information was distributed. The office has moved to Ponte Vedra
Beach.
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12. General Employee Actuarial Report Distributed. The Plan Administrator reported that the City
Commission received the report by Brad Armstrong. There was no discussion by the City
Commission.
Date Hatfield commented that on page A-4 of the report, there is an indication that a
surplus of excess Chapter 185 funds exists and that decisions as to how to spend this money is
usually made by a majority of the active members. Plan administrator will report on the funds
received at the next meeting.
13. The Annual Actuarial and Consulting Services quote from Gabriel Roeder was discussed and no
proposed changes were suggested. The board expressed that they will continue with the same firm.
14. Richard Downes Term Expiration: The Plan Administrator discussed the possibility that in
order to have Richard Downes continue to serve on the board with a new term we would have to
comply with additional procedures because the City Commission selected him. The Plan
Administrator will check to see if the pension board members who volunteer to continue to serve are
subject to the newly formed board member selection committee to be re-appointed and report back to
the board.
15. Adjourn -Motion by Dale%Ha~tfield at 7:46pm
`9~
Tim Townsend
Board Chairperson
/ L_
Tony Downing
Board Secretary
Minutes taken and prepared by Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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