5-8-08CITY OF ATLANTIC BEACH
BOAIID OF TRITSTEES OF THE ATLANTIC BEACH PENSION FiJND
GENERAL EMPLOYEES PENSION BOARD MEETING
May O8, 2008
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, Malcolm Clemons, Alan Gleit and Harry
McNally. Bob Sternfeld was absent. Also in attendance were Nelson Van Liere, Plan Administrator and
Dan Johnson of Merrill Lynch.
2. Approval of the minntes from the February 13th, 2008, General Employees Pension Board Meeting:
The motion was made by Tun Tov~nlsend and seconded by Malcohn Clemons. The minutes were
unanimously approved.
3. Meeting Calendar Established
The board established Thursday August 14~', 2008 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 Qnarter -Fiscal Year
Dan Johnson began his report by addressing the May 2, 20081etter the board received announcuig that
Merrill Lynch was terminating its contract with the City of Atlantic Beach, General Pension Plan. He
expressed deepest regret that the relationship was ending as of June 2, 2008. Dan offered that he would
help us in any way he could. Discussion related to the investing results for the quarter were not good but
not as bad as others and Dan expressed that the changes made to move to mutual funds have proven to be
good for the plan. See attached report.
The overall fiscal year to date return for the General Pension Plan is -3.4%. Domestic stocks are down
11.5%, Foreign investments are down 6.4% and the Fixed Income investments were up at 7.4% fiscal year
to date.
5. Financial Expenditures: The board was provided a detailed listing of expenditures through March 31,
2008. Tim Townsend made a motion to approve the expenditures and Malcohn Clemons seconded; the
vote was unanimous to approve.
6. Vesting Period Increase -The plan administrator informed the board that the amendment to the plan to
increase the vestuzg period from 5 to 10 years was still being negotiated with the union.
7. The Plan Administrator disbursed the General Plan Actuary Report to the board members and
reviewed with them the amiual contributions and the funding percentages. Malcolm Clemons made a
motion to accept the report from Gabriel Roeder Smith and Company, Harry McNally seconded the motion
and the vote was unanimous to approve the motion.
8. New business Both boards discussed sunultaneously the need to have a special meeting to select a new
consultant for investment perforniance. The plan administrator agreed to coorduiate this effort with the
board members.
~. Adjourn -Motion by Hairy McNally at 7:30pm
r
~Tll~pT~ Sen~
Board'Chairperson
Bob Sternfeld
Board Secretary
Minutes taken and prepared by Nelson Van Liere, Pension Board Plan Administrator and represent a summary of the actions taken. Audio tapes of the
meetings are rest} Figs ~a xerraplxpt ~, =txcgxi, 24?_ssnz