08-10-06 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES PENSION BOARD MEETING
August 10, 2006
1. The City of Atlantic Beach General Employee Pension Board meeting was called to order at
6:05 P.M. Those members in attendance were Trustees, Tim Townsend, Harry McNally, Tony
Downing, and Richard Downes. Tom Wells was absent. Also in attendance was Nelson Van Liere,
Plan Administrator and Michael Calloway of Merrill Lynch.
2. Approval of the minutes from the May 11'x, 2006, General Employees Pension Board Meeting:
Motion made by Tim Townsend, seconded by Richard Downes. The minutes were unanimously
approved.
3. Meeting Calendar Established
The board established November 9`~ 2006 as the date for the next regular board meeting with the
time of the meeting being 6:OOp.m.
4. Merrill Lynch investment Consulting Report: -Second Quarter
Discussion related to the fmancial presentations given by Michael Callaway.
The overall fiscal year to date return for the General Pension Plan is 6.2%. Domestic stocks
are up 5.4%, Foreign investments up 14.4% and the Fixed Income investments were at 0.4%.
5. Financial Expenditures:
The boazd was provided a detailed listing of expenditures through the second quarter. Tim
Townsend motion to accept, Harry McNally seconded; the vote was unanimous.
6. FTTP Upcoming Events calendar provided, no issues discussed.
7. The Boazd accepted the Annual Actuarial Report provided by Gabriel Roeder Smith and Company
for the yeaz ended September OS for General Employees. Harry McNally made the motion, Richard
Downes seconded and the vote was unanimous to accept.
8. COLA Proposed: The General Boazd instructed the Plan Administrator to propose to the City
Commission a 3% one time cost of living adjustment for all retirees. The boazd discussed the option
of limiting the eligibility of those to receive it to members having been retired more than five years
or ten years. The board did not want to discriminate and recommends the adjustment to apply to all
retirees. A motion was made by Tony Downing to authorize the Plan Administrator to propose the
ordinance change and seconded by Richazd Downes. The vote was unanimous in favor.
9. Beverly Keys retirement into the General Employee DROP plan was confurned by the board with a
motion to approve by Harry McNally and a second by Dick Downes. The vote was unanimous to
approve. The retirement is effective 7/08/2006.
10. Lawrence J. Higgins retirement into the General Employee plan was confvmed by the board with a
motion to approve by Tony Downing and a second by Harry McNally. The vote was unanimous to
approve. The retirement is effective 9/24/2006.
11. Short discussion concerning the status of James Wells, an employee that recently had a stroke and
will be applying for disability retirement before the next meeting. Medical Records, Application and
benefit calculations will be put together for review by the Plan Administrator.
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12. James Wells was also a board member and chairman pro-tem. His term expires 9/06/2006 and an
election will be held to fill his position on the General Board.
13. The board was informed of two retiree deaths, Joseph K. Wise and Robert B. Cook
Adjourn -Motion by
at 7:12pm
Tony owning
Board Secre
Minutes taken and prepared by Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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