2-13-08CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES PENSION BOARD MEETING
February 13, 2008
1. The City of Atlantic Beach General Employee Pension asoard meeting was ..abed too uer at 6:02 P .li'I.
Those members in attendance were trustees, Tim Townsend, Malcolm Clemons, Bob Sternfeld, Alan Gleit
and Harry McNally. Also in attendance were Nelson Van Liere, Plan Administrator and Dan Johnson of
Merrill Lynch.
2. The newly selected officers of the board:
Chairman =Harry McNally made a motion to select Tim Townsend as the Chairman of the General
Employee Board of Trustees. The motion was seconded by Malcolm Clemons and unanimously supported.
Chairman Pro-Tem -Harry McNally made a motion to select Malcolm Clemons as the Chairman -Pro
Tem of the General Employee Board of Trustees. The motion was seconded by Malcolm Clemons and
unanimously supported.
Secretary Alan Gleit made a motion to select Bob Sternfeld as the Secretary of the General
Employee Board of Trustees. The motion was seconded by Malcolm Clemons and unanimously supported.
3. Approval of the minutes from the November 8`~, 2007, General Employees Pension Board Meeting:
The motion was made by Tim Townsend and seconded by Bob 5ternfeld. The minutes were unanimously
approved.
4. Meeting Calendar Established
The board established Thursday May 8'~, 2008 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: -First Quarter -Fiscal Year
Discussion related to the financial presentations given by Dan Johnson. Results for the quarter were not
good but not as bad as others and Dan expressed that the changes made six quarters ago to move to mutual
funds have proven to be good for the plan. Tle board had a brief discussion on the process by which they
would choose investment alternatives and the role Merrill Lynch would play in that decision.
The overall fiscal year to date return for the General Pension Plan is 0.1%. Domestic stocks are down
3.6%, Foreign investments up 1.3% and the Fixed Income investments were at 3.9°/Q fiscal year to date.
6. Financial Expenditures: The board was provided a detailed listing of expenditures through December 31,
2007. Harry McNally made a motion to approve the expenditures and Tim Townsend seconded; the vote
was unanimous to approve.
7. Interest Rate adjustment for member's contributions -The board discussed the appropriate mate of return
on member contributions. Harry McNally made a motion to keep the rate at 1.5%. Malcolm Clemmons
seconded the modon and the vote was unanimous for the motion.
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S. Vesting Period Increase -The plan administrator informed the board that the amendment to the plan to
increase the vesting period from 5 to 10 years was still being negotiated with the union.
9. Georgia Horn Disability -The plan administrator informed the board that the time periad for Georgia
Horn's appeal on her disability application denial has passed and the file is closed.
liD. yrop Asset CpB.ii -The plan a~*nin~strator informed the board that the splitting of tl;e drop assets would be
done by the City Commission, not the Pension Board of Trustees.
11. FTTP Upcoming Events calendar provided.
12. Adjourn -Motion by Malcolm Clemons at 7:21pm
- ~^
Tirri To end
Bo t hairperson
Bob Sternfeld
Board Secretary
Minutes taken and prepazed by Nelson Van Liere, Pension Board Plan Administrator and represent a surrunary of the actions taken. Audio tapes of the
meetings are retained for a complete public record, 247-5807
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