11-09-06 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES PENSION BOARD MEETING
November 09, 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, Richard Downes and Malcolm Clemons. Tony Downing arrived at 6:09pm. Also in
attendance was Nelson Van Liere, Plan Administrator and Michael Calloway of Merrill Lynch. The
Beaches Leader also had a reporter present at the meeting.
2. Approval of the minutes from the August 10'x, 2006, General Employees Pension Board
Meeting;
Motion made by Tim Townsend, seconded by Richazd Downes. The minutes were unanimously
approved.
3. Approval of the minutes from the September 21s', 2006, Special Called General Employees
Pension Board Meeting:
Motion made by Tim Townsend, seconded by Richazd Downes. The minutes were unanimously
approved.
4. Meeting Calendar Established
The board established February 8`~ 2007 as the date for the next regular board meeting with the time
of the meeting being 6:OOp.m.
5. Merrill Lynch investment Consulting Report: -Third Quarter
Discussion related to the fmancial presentations given by Michael Callaway. Results for the quarter
were very good and Mike expressed that so far the changes made in the portfolio have proven to be
good for the plan.
The overall fiscal year to date return for the General Pension Plan is 10.0%. Domestic stocks
are up 8.3%, Foreign investments up 20.1% and the Fixed Income investments were at 4.3%.
6. Financial Expenditures:
The board was provided a detailed listing of expenditures through the fiscal yeaz fourth quarter. Tim
Townsend motion to accept, Richard Downes seconded; the vote was unanimous.
7. FTTP Upcoming Events calendar provided, no issues discussed.
8. COLA Proposed: The Plan Administrator proposed to the City Commission a 3% one time cost of
living adjustment for all retirees. The City Commission discussed the three percent increase as well
as other less expensive options such as limiting the eligibility ofthose to receive it to members
having been retired more than five years or ten years. The commission declined to consider the cola
at that meeting, but instead requested more time to consider. At a subsequent meeting, the City
Manager gave a report to the commission on the Cola and the Commission as a result requested that
the Cola be addressed in the strategic planning sessions as part of the budgetary process. These
meetings aze usually held in Mazch. Tim Townsend suggested that in the meantime, the board
should work on a proposal that may be acceptable to the commission.
9. Barbara Tyner was confirmed as a Drop retirement effective 10/31/2006 after 17 years of service.
Harry McNally made the motion and that was seconded by Tony Downing. The request was
unanimously approved.
10. Wesley F. Taylor III a former employee, recently re-hired has requested to purchase approximately
thrPP vParr of cPrvi~a by t~avina hark hic rafimr~Pr~ nPncinn ~.nntrihntinnc with intPrPCt nvPr a thr~
year period. Tony Downing made a motion that was seconded by Malcolm Clemons and the vote
was unanimous to approve the request. The plan administrator agreed to forward the code section on
this process to the board members for possible discussion at the next meeting.
11. Adjourn -Motion by Harry McNally at 7:15pm
im T end
Boazd airperson
Tony Downing
Boazd Secretary
Minutes taken and prepared lry Nelson Van Liere, Pension Board Administrative Manager, 247-5807
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