11-10-05 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES PENSION BOARD MEETING
November 10, 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. Absent was Dale Hatfield and Richard Downes. Also in attendance was Nelson Van Liere,
Plan Administrator.
2. Approval of the minutes from the August 11"', 2005, Police Employees Pension Board
Meeting:
Motion made by Henry Bartle, seconded by Harry McNally. The minutes were unanimously
approved.
3. Meeting Calendar Established
The board established February 9s' 2006 as the date for the next regular board meeting with the time
of the meeting being 6:OOp.m.
4. Sun Trust Investment Report: -Third Quarter
Discussion related to the Financial Presentations given by Michael Behests. Investment report
provided and accepted. Mr. Sebesta presented his report and indicated that the top manager for our
funds had retired and that a new team would take over.
5. Merrill Lynch investment Consulting Report: -Third Quarter
Discussion related to the Financial Presentations given by Michael Callaway. Consulting Report
provided and accepted. Board Members discussed alternatives to Sun Trust as performance
continues to run below expectations. Michael Calloway said he would bring a selection of mutual
fund options and get back with the board on that issue at the next meeting. Mr. Calloway expressed
high concern over the turnover of mangers indicating that it is near impossible to grade performance
on a constantly changing management team.
6. Financial Eapenditures:
The board was provided a detailed listing of expenditures through the fourth quarter. Harry McNally
motion to accept, Henry Bartle seconded; the vote was unanimous.
7. FTTP Upcoming Events calendar discussed briefly.
8. Board Member Changes: The plan administrator met with the boazd member review committee
and recommended the re-appointment of Richard Downes based on his past record as a boazd
member and valued contribution. The Board Member Review Committee then made that
recommendation to the City Commission on September 26`x, and the City Commission voted to re-
appoint Richard Downes for another team. The Commission also re-appointed Tony Downing to
another term based on Board Member Recommendation. Both of these terms will expire on
10/11 /07.
9. Section 185 funds update: The board was provided information on the receipt of the section 185
monies in the amount of $108,818.30. The excess over the $88,806 base amount should be reserved
for additional benefits. Funds were received and deposited on 8/26/05.
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10. 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.
11. 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.
12. Retirement: The board voted to approve the retirement of David Thompson. The motion was made
by Henry Bartle, seconded by Harry McNally and unanimously approved.
13. Adjourn -Motion by Harry McNally at 7:45pm
r
enry Bartle
Board Ch ' on
Tony Downing
Board Secretary
Minutes taken and prepared by Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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