11-10-05 vCITY OF ATLANTIC BEACH
,,, BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES PENSION BOARD MEETING
November 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, Harry McNally, Tony
Downing, and Tom Wells. Absent was Richard Downes. Also in attendance was Nelson Van Liere,
Plan Administrator.
2. Approval of the minutes from the August 11`x, 2005, General Employees Pension Board
Meeting:
Motion made by Tim Townsend, seconded by Tony Downing. The minutes were unanimously
approved.
3. Meeting Calendar Established
The board established February 9"' 2006 as the date for the next regular board meeting with the time
of the meeting being 6:OOp.m.
4. Snn Trast Investment Report: -Third Quarter
Discussion related to the Financial Presentations given by Michael Sebesta. Investment report
provided and accepted. Mr. Sebesta presented his report and indicated that the top manager for our
funds had retired and that a new team would take over.
5. Merril! Lynch investment Consalting Report: -Third Quarter
Discussion related to the Financial Presentations given by Michael Callaway. Consulting Report
provided and accepted. Board Members discussed alternatives to Sun Trust as performance
continues to run below expectations. Michael Calloway said he would bring a selection of mutual
fund options and get back with the board on that issue at the next meeting. Mr. Calloway expressed
high concern over the turnover of mangers indicating that it is near impossible to grade performance
on a constantly changing management team.
6. Financial Eapenditnres:
The boazd was provided a detailed listing of expenditures through the third quarter. Tim Townsend
motion to accept, Tom Wells seconded; the vote was unanimous.
7. FTTP Upcoming Events calendar discussed briefly.
8. General Employee Board Member Changes: The board accepted the resignation of Ann Minor,
moving to Gainesville Florida. Also the board acknowledged the decision of the City Commission
to appoint Richard Downes to serve on the General Board to fulfill the balance of Ann Minor's
unexpired term.
9. Adjourn -Motion by Tom Wells at 7~45pm
I /
~d ~' ~~
Tim T end
Board irperson
L~.~ _
Tony Downing
Boazd Secretary
Minutes taken and prepared try Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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