11-04-04 v
CITY +Cll~' A`lt'1LAN7`IC BEACH.
BHA CiF TRUSTEES OE THE ATLAiw1TIC BEACIIi I'ENSIUI'V lF (T1~D
GEl'KERA[. E11~~'Ii.HYEES PENSIGIN BUARE)14'IEETiI'~G
November (1#4, 24
1. The City o~ Atlantic Beach General Enrptoyee Nensinn Bo>ird rnaeeting ~ +called to artier at
bc00 P.M. 'Those members in aitendance were Trustees Tirn "Cownsend, Tony E}owning, Tam..
Wells, ~~ tti/lcNally and Ann Minor. Also in attendance ware Nelson Vary Lere, Plan
t~dministrator, Tray Brown of l~lerrill Lynch, and l++i:iciyaei Sabesta of Trusca Capital Management
2. Appr~twal of the mignteaa tyf August 12, 2{aff4:
Motiory made by Tim T'awns~end, seconded- by Harry McNally, anti unanimously carri~l w approve
the minutes of the August l 2, 2t}~Dd meeting.
3. l1!leeting Calendar:
'Che Board established February l 0t°, 245 as the daa<te fore the next regular ward meeting with the
time afthe meeting being ~i:(}t) p.rn.
4. l~lcisan Van Lere a~~reed to check with 1'ensian. A,ttomey Suga3rrryan an the atnaunt of
insur~'tce that Sun Trust C~-rries Far +„~ and report back:.
~. MichatRel G. Scbesta, CIA ntrtxitu~d himself as the marmging dir~:c:tar of our funds
""'~ invested. with Tntseo Capital Ivl~agernent
6. Michael G. Sebesta, CI~~L reptyrteci on the investment. perforznunre tax the quarter ended
September 30, 2[)U4 aztd year to date. Copy of the presentatiian. is cn file. After the
presentatiaa~t, Dike scyggested that the alloc:aticyn +af securities charyged to include loss
growth. and mare valyze stacks. The beard agreed with. the commend,atiory and authorized
this chase. Tarry 13awxt,ing inquired about clans action. lawsuits concerning
reimburseaments 4yf settlentents going back to member°s accounts. lvlike sug~=,ested that
l3iarye rcia could perhaps aiter>~d fife next meeting to give axy explanatiran and update.
'~. Merrill L.yaatch Fansnaeial Report.
Tray Brown detivc! the September 3ftt1i report aryl have his prescr~tatic~n. Mr. Brawn agreed with
Michael Sebrrsta's assessmentofthe market sand agreed witty the recommendasian to move sorrye
equities from gro~rth to value oriented shares. The reports acre an file witty the City Clerk's f}re at
City Halt. performance of the investment portfolio was discussed a_s being lx~law exptations.
& Financial ~xpendituaresr
The lne~ard was provided a detailed. listing of expenditures year to close, 'l im T'awnseryd motion to
accept, Tom Wells seconded; the vote wa.5 unanimcys.
9. Semi Aaaynual Repeyrt to the City C:vnrtaraissioan:
Nelson. Van Lere discussed his report to titre City Commission. He proposed and tiye Commission
agreed. that at least once a year they should here frcyrry the Money [vlaayager axyd the Actuary. Nelson
agreed. w schedule at tlye mgt appropriate tunes. `--
Paget 4f 2
~enerttl Et~ployee Pension Minutes
N~avember UAfi 2i)(W
E'a~e 2
it}. FPPTA ft~ining:
Various training apportuni#ies w presented, ~ board agreed that if training tr~laortunities amstw
between mc~tings that it vitas ok for any metnb~er to attend within re:~tan for taoatd related training
without waiting fear hard appro~ral
1T. Snnsl~ine Law was provided:
Plan Administrator remitadcd the t~oa~rd rr~ernbers Uf the itn~xartance of the sunshine laws and
indicated that a training session should be available fortheara soon.
12. There was o0 other' busn~.~.
13. Adjournratent,
Motion ~,=as made by Hart}: McNally tca adjourn, seconder) by Tim Townsend, the Board adjcaurned at
7.+15 p.m.
~LfIa CownseR
Board ~haJ rson
.•~.~--~
T4n~ l~olNTaln~
$oard Se~cri.'"ta1'
hiotuca mk~m and ~.xctvaruk by iw~latfn Van l,ic~e, Pi¢nSO~n titYAtd AdKninistza~6wc Manag,~r. Z47-~8~39
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