02-10-05 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES PENSION BOARD MEETING
February 10, 2005
1. The City of Atlantic Beach General Employee Pension Board meeting was called to order at
6:00 P.M. Those members in attendance were Trustees Tim Townsend, Tony Downing, Tom
Wells, Harry McNally and Ann Minor. Also in attendance were Nelson Van Liere, Plan
Administrator, and Michael A. Callaway of Merrill Lynch.
2. Approval of the minutes of November 4, 2004:
Motion made by Tim Townsend, seconded by Harry McNally, and unanimously carried to approve
the minutes of the November 04, 2004 meeting.
3. Meeting Calendar:
The Board established May 12"' , 2005 as the date for the next regular Board meeting with the time
of the meeting being 6:00 p.m.
4. Distributed a letter from Michael G. Sebesta regarding a narrative of the fourth quarter
results ended December 31, 2004.
5. Distributed a letter from Michael G. Sebesta regarding issues from previous meeting
'" concerning settlement proceeds. Also discussed were the fees being directed to Merrill
Lynch for commission off-set. Nelson Van Liere to discuss with Sebesta to resolve.
6. Michael G. Sebesta, CFA report distributed on the investment performance for the quarter
ended December 31, 2004 and year to date. Copy of the presentation is on file. Board
members were informed that Mike's suggestions from the previous meeting to change the
allocation of securities to include less growth and more value stocks was done
7. Merrill Lynch Financial Report: Michael Callaway delivered the December 31, 2004
report and gave his presentation. Mike expressed concern with Trusco's performance, however with
the recent changes in management, he recommended staying with them in a "wait and see" posture.
Mike explained that it is hard to fmd the kind of management they do for small accounts such as
ours. Mutual funds would be the next best thing. The reports are on file with the City Clerk's
Office at City Hall. Performance of the investment portfolio was discussed as being below others
and expectations. Mike also recommended that the portfolio be rebalanced between domestic and
foreign investments. He agreed to figure the amounts needed and forward them to Nelson to make
the transfers. Motion by Tim Townsend, Second by Harry McNally, Vote unanimous.
8. Financial Expenditures:
The board was provided a detailed listing of expenditures year to date. Tim Townsend motion to
accept, Harry McNally seconded; the vote was unanimous.
9. Affirm retirement of Julie Brandt, Motion by Tony Downing, seconded by Ann Minor, the
vote was unanimous.
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General Employee Pension Minutes
February 10, 2005
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10. Affirm the retirement of Glenda Dedenbach by drop. Motion by Tony Downing, seconded by
Ann Minor, the vote was unanimous.
11. Affirm the retirement of Maureen King Motion by Tony Downing, seconded by Ann Minor, the
vote was unanimous.
12. FPPTA training:
Calendaz of events was discussed as well as the quality of the training that Dale Hatfield attended in
Dentin.
13. Interest on Member Contributions was set at 1.5%; motion by Tim Townsend, Second by Tony
Downing, unanimous vote.
14. Investment Policy - It was requested that we review the investment policy at the next meeting.
Nelson is to provide copies of the signed policy to Merrill Lynch and for the board at the next
meeting.
15. Attendance on training provided by the City on Robert's Rules Ann Minor, Richard Downes and
Tony Downing
16. Miscellaneous discussion: IT was brought to board's attention that the Pension Attorney suggested
that a medical review be done for each retiree that was retired disabled to determine if the disability
still applies.
18. Adjournment.
Motion was made by Harry McNally to adjourn, seconded by Tim Townsend; the Boazd adjourned at
7:45 p.m.
Tim T wn nd Tony Downi
Board irperson Board Secretary
Minutes taken and prepared by Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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