05-13-04 vATTACH I
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES PENSION BOARD MEETING
MAY 13, 2004
The City of Atlantic Beach General Employee Pension Board meeting was called to order at 6:OS P.M.
Those members in attendance were Trustees Tim Townsend, Tony Downing, Harry McNally and Tom
Wells. Also in attendance were George Foster (Board Administrative Manager), Nelson Van Liere
(Board Administrative Manager) and Mike Calloway (Merrill Lynch).
1. Approval of the minutes of February 5, 2004.
Motion made by Tim Townsend, seconded by Harry McNally, and unanimously carried to approve the
minutes of the February 5, 2004 meeting.
2. Meeting Calendar.
The Board established August 12, 2004 as the date for the next regular Board meeting with the time of
the meeting being 6:00 p.m.
3. Merrill Lynch Financial Report.
The following is from the March 31, 2004 financial summary report.
Total Market Value:
Bonds (Trusco):
Equity (Trusco):
Intl Equity (EuroPacific):
Cash & Equiv (Trusco)
$ 6,049,986 (100.00%)
$ 2,409,435 (39.82%)
$ 2,780,720 (45.96%)
$ 701,309 (11.59%)
$ 158,522 (2.62%)
Performance Qtr FisYTD 1 Yr 2 Yr 3 Yr 4 Yr S Yr
Total Fund 3.2 9.7 19.8 3.9 4.0 3.9 3.6
Trusco
EuroPacific 2.7
6.8 8.3
21.9 16.2
57.1 3.2
9.9 3.8
5.6 4.6
-- 4.2
__
Total Net of Fees 3.0 9.3 18.9 3.2 3.4 3.3 2.9
4. Merrill Lynch discussed Sugarman letters dated 2/17/04 and Trusco response dated 3/18/04
concerning illegal late trading and abusive market timing activities. Trusco indicates no unusual
activities and responded to all questions satisfactorily. Merrill Lynch to continue to monitor this issue
for the board.
5. Financial Expenditures.
The Board was provided with a summary of the $ 64,110.51 financial expenditures, excluding investing
expenses and fees, for the period of January through March 2004. After review, a motion was made by
Tim Townsend, seconded by Tom Wells, and unanimously carried to ratify expenses paid.
'` General Employee Pension Minutes
May 13, 2004
Page 2
6. Schedule of Retiree changes beginning October 1, 2002 through March 2004 and now includes E.
Beadle effective 1 /31 /04.
7. The board reviewed the trustee information update for accuracy.
The board was informed by George Foster of the transfer of responsibilities of Plan Administrator to
Nelson Van Liere, Finance Director.
9. Replacement of Board Member Ed Lipscomb:
Replacement of Board Member Ed Lipscomb was discussed, Nelson Van Liere will prepare the
necessary report to the City Commission informing them of the vacancy and requesting a replacement.
The vacated position is a commission appointed member.
10. George Foster discussed changes to service buy back for re-hired employees including limits on time
and the cost to buy back.
11. Handouts were provided including FTTP Agenda for a conference in Naples, Florida, TRUSCO April
23, 2004, TRUSCO Proxy policy and Fiduciary Fitness information..
12. There was no other business.
13. Adjournment.
Motion by Timothy Townsend made to adjourn with the Board adjourned at 7:05 p.m.
Tim T send To ping ~~-"`-
Board airperson Board Secretary
Minutes taken and prepared by Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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