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11-13-08CITY OF ATLAl`l"1'IC BB.A.CH BOARD OF TRI~S1`EES OF THE ATLANTIC DEACS PENNON FUND GB~iFi~ttO~ LiMIPLOY'EF.S PENSION BOARD- MEETING Nove~rber 13, 2~t18 1. The GSty of Atlantic BeutcL Gegeral Empbyee Peasio~ Board meeting was coiled to order at 6:00 P.M. Those members in attendance were hvstees, Alan Glen; Mak:a~im Giemons, Tim Townsend, Harry McNally and Bob Sterafeld. Also in artteixlance was Nelson Yon Here, Plan Administrator. 2. Apprmral of the mLuates from the September 28y 2008, General Employees Pensiot Board The motion was made by Tim. Townsend and seconded by Also Glen The minutes were unatwnously apprarve:d. 3. AppraPal of tie mLs~ from tie Special Cs/ed Odiober 30i, 2008, General Employees Penaioi Board Mex4ag: TLe: motion was made by Tmu Townsend and seconded by Malcolm Chons. The minutes were unanimously approved. 4 ~ Calradar F.stabbihied The board. establisLed Thursday Febzaary 12'k, 2Q09 as the date for the next regular board meeting with the time of the meeting being 6:OOp~. 5. Apprnval of a Canas~ Agseemetzt betwoei- UB5 at:d t1m Gea~essrl Empbyre ll'~irement 3ytst~ns lead bees deferred due to revisoss merle ~ tie UBS ~ Michael (J-'Shields attended and cleared up questions the board had surmanding tLe revised n Theo board had :Dine final regoesrs for minor language changes. Those cLa~es vrere to be ~ ~" the neat r~ion and the c~tsact finalized with those cLanges_ liens relat;mg to accottatset-up ~ wwere agreed 1bo with the promise of a side letter to the agreement g the ©or~ttltiog ag~ne>rt bald ~ arbitration clime amended, and ~ the account agreemend needed to reBect that" 6r. Isvexhatest Report: Fonrtlt Q~rber-Fiacsi Your 1:000 The board was providexl a sc~dule prepared by ~ ~ ~P' of the City of Atlantic Beach indicating the refutes far flee quarUer and year to date. The Quaztet' ended September 3Q, 2t>aa indxsted aE negptive 7.titi'/o return and the yeas to date retora wTas ne~tive 121t1°Y. The traditional gnarterty ecntanltaat analysis was not performed. as 1:JBS has not o~lly begpn >o work for the board. The overall fiscal year to date retsro for fbe Gesessl Peiaiian P'isnt is -12.1©Yw 7. Financial Eapeaditens: The board was provided a detailed of Mures throag~ September 30, 2t>a8. Tim Townseaici made a motion to move and }Lrry Me~Tally' seconded; the vote was unanimous to approve. $r Assamed Bate of reta~ on It~eslatseat Plans - Tea Toavn®end lead a brief discussion arf ba~8t boar+~ about the assumed. interest rate of !t'9ty b~rt no marina ~ made to move: towards chat~irtg that rate. The discussiot- is to resume when we: Lave our neadt aduatia~ repoet. 9. ~l-ifirsos si Receet r~diemests of Harry Royal, Base B~lastcLard and JoLn Blastchard. Motion made by Harry McNally io appron~e the actions and secancied by Tint Ta~end. The vote was ~ to approve. 10. Otker Business: The board requested that the plan adaainistra~or proceed with finding a new attorney and inform Ken Harrison that we will be changing att«neys.. 11. Adjou - Motion by Harry M ly at 7:30pm Tim To send ` Bob Stt~rnfeld Board erson Board Secretary Minutes fakes and pnepaned !sy Nelson Van Liere, Pension Baud P1m Ammar asd reproamt a smnrn~y of t6a ac6ans taken. Audio tapes of 16e me n~aiaod far a P~~ roeordy 247-SEOT