08-11-05 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES PENSION BOARD MEETING
August 11, 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 Ann Minor. Also in attendance was Nelson Van Liere, Plan
Administrator.
2. Approval of the minutes from the May 24"', 2005, General Employees Pension Board Meeting:
Motion made by Tim Townsend, seconded by Harry McNally. The minutes were unanimously
approved.
3. Meeting Calendar Established
The boazd established November 10t° 2005 as the date for the next regular board meeting with the
time of the meeting being 6:OOp.m.
4. Sun Trust Investment Report: -Second Quarter
Discussion related to the Financial Presentations given by Michael Sebesta. Investment report
provided and accepted.
5. Merrill Lynch investment Consulting Report: -Second 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 think about mutual fund
options and get back with the board on that issue at the next meeting.
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6. Financial Expenditures:
The board was provided a detailed listing of expenditures through the `r~~'srd quarter. Harry McNally
motion to accept, Tom Wells seconded; the vote was unanimous.
7. FTTP Upcoming Events calendar discussed briefly.
8. Changes in beneficiaries after retirement: Plan administrator discussed the status of a
proposed ordinance to amend the pension plan to accommodate changes in beneficiaries after
retirement. This proposed amendment is being delayed pending union negotiations with the police.
9. New Merrill Lynch contact information was distributed. The office has moved to Ponte Vedra
Beach.
10. The Plan administrator informed the board of the deaths of two retirees. Ernest Beadle and
Michael T. Sgambettera died 6/30/2005 and 7/30/2005 respectively. Due to the dates in which they
died in relation to the City being informed, the City released payments to the beneficiaries with
incorrect amounts since the benefit amount declines after the death of the retiree. The boazd
instructed the Plan Administrator to not try to recover the small overpayments for both beneficiaries.
,"` Tim Townsend made a motion that was seconded by Tom Wells. The vote to not recover the funds
was unanimous.
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11. General Employee Actuarial Report Distributed. The Plan Administrator reported that the City
Commission received the report by Brad Armstrong. There was no discussion by the City
Commission.
12. The Annual Actuarial and Consulting Services quote from Gabriel Roeder was discussed and no
proposed changes were suggested. The board expressed that they will continue with the same firm.
13. Adjourn -Motion by Tom WelJsrat 7:46pm
Tim
-~
Tony Downi
Board Secretary
Minutes taken and piepared by Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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