05-24-05 v"~ CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES PENSION BOARD MEETING
May 24, 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, Tim Townsend, Harry McNally, Tony
Downing, Tom Wells and Ann Minor. Also in attendance was Nelson Van Liere, Plan
Administrator.
2. Meeting Calendar Established
The board established August 11 ~' 2005 as the date for the next regular board meeting with the time
of the meeting being 6:OOp.m.
3. Investment Reports:
Discussion related to the Financial Presentations given by both Michael Callaway and Michael
Sebesta for the benefit of those that were not present to heaz the report.
4. Financial Expenditures:
The boazd was provided a detailed listing of expenditures year to date. Tim Townsend motion to
accept, Harry McNally seconded; the vote was unanimous.
5. Disability Retiree Status:
The board discussed the status of disability retirees from the list provided. A motion to take no
action made by Tim Townsend and seconded by Tom Wells was unanimously approved.
6. Discussion on Investment Policy - No action taken.
7. Discussion on how to determine if beneficiaries are still alive - No action taken.
8. An update on Contribution rate changing from 2% to 3% was discussed for general
employees. This change is now in effect. - No action taken
10. Code Change for changes in beneficiaries.
Request to have the Pension Attorney write language into the code allowing for benefit changes after
retirement as long as it is cost neutral to the plan. A motion made by Tim Townsend and seconded
by Harry McNally was unanimously approved.
12. Adjourn -Motion by Tony Downing at 6:35pm
Tim T wn end
Boazd irperson
/~
Tony Downing
Boazd Secretary
Minutes taken and prepared by Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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