08-12-04 v"' CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES PENSION BOARD MEETING
August 12, 2004
The City of Atlantic Beach General Employee Pension Boazd meeting was called to order at 6:07
P.M. Those members in attendance were Trustees Tim Townsend, Tony Downing, and Ann Minor.
Also in attendance was Nelson Van Liere (Boazd Administrative Manager), Maureen King. City
Clerk and Mike Calloway (Merrill Lynch).
1. Welcome new members: The board was introduced to the newly elected member Ann Minor.
2. Swear in new members: The City Clerk, Maureen King, swore Ann Minor in beginning her term
on the boazd.
3. Swear in others for the record: The other board members Tim Townsend and Tony Downing
were also sworn in for the record. Pension administrator Nelson Van Liere explained that there was
a lack of records regazding the formal swearing in of the other board members, so the formality was
performed for the file.
4. Approval of the minutes of May 13, 2004:
Motion made by Tim Townsend, seconded by Tony Downing, and unanimously carried to approve
the minutes of the May 13, 2004 meeting.
,~ 5. Meeting Calendar:
The Boazd established November 4th, 2004 as the date for the next regulaz Boazd meeting with the
time of the meeting being 6:00 p.m.
6. Merrill Lynch Financial Report:
Mike Calloway delivered the June 30"' 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 expectations. Calloway questioned the performance of Bill Terry and recommended that the
boazd heaz from him at the next meeting before making any decisions to change.
7. List of retirees:
Board accepted report, no action taken
8. Revised List of Board Members:
Boazd was given the revised list of boazd members with terms and addresses. The list was accepted,
no action taken.
9. Financial Expenditures:
The boazd was provided a detailed listing of expenditures year to date. The report was accepted, no
action taken.
10. Proposed Budget:
The board was presented a copy of the FY2005 Proposed Operating Budget. The report was
accepted, no action taken.
Page 1 of 2
'"' General Employee Pension Minutes
August 12, 2004
Page 2
11. Annual Actuarial Report:
The board was provided the annual Actuarial Report from Gabriel Roeder, Smith and Company.
The report was accepted and no action taken.
12. Semi Annual Report to the Commission:
The boazd directed the Plan Administrator to deliver the report for them using the Merrill Lynch
investment report and the actuary's summary report as a basis.
13. Reception for board members:
The board members were reminded of the reception at the Sea Turtle
14. FPPTA training:
The board decided to allow Ann Minor to attend conference in St. Pete in October, Tim Townsend
made motion, Tony Downing seconded, unanimous vote.
The board decided to allow Tony Downing to attend conference in St. Pete in October, Tim
Townsend made motion, Ann Minor seconded, unanimous vote.
15. Sunshine Law was provided:
Plan Administrator indicated that at the next meeting we would review the Sunshine Law as it
pertains to the Board Members.
16. There was no other business.
17. Adjournment.
Motion was made by Timothy Townsend to adjourn, seconded by Ann Minor; the Board adjourned at
7:35 p.m.
~-
Tim T end To 'ng ~""'~-•-~
Boazd
airperson
Board Secretary ~
Minutes taken and prepared by Nelson Van Liere, Pension Board Administrative Manager, 2a7-5807
Page 2 of 2