9-18-08CITE ®F A'I'I,AI~TIC BEACH
BOARD ®F TRUSTEES ®I+' THE A'TLAl~TTIC BEACH pENSI®N FU1~~9
GEllTERAL El®'IPL®YEES PEI~TSI®l~l ~®ARD MEETIl~1G
Septearaber I8, 2008
1. The City of Atlantic Beach General Employee Pension Board meeting wMcNalld tBob Stern eld and Malcolm
members ui attendance were trustees, Tim Townsend, Alan Gleit and Harry Y•
Clemons were absent. Also in attendance were Nelson Van Liere, Plan Administrator and Thomas R. Burdette, IV
of UBS Financial Services Inc..
2. Approval of the minutes from the May 08, 2008, General Employees Pension Board Meeting:
The motion was made by Tun Townsend and seconded by Harry McNally. Tlie miliutes were unanunously approved.
3, Approval of the minutes from the June 2~, 2®08, General Employees Special Pension Board Meeting:
The motion was made by Harry McNally and seconded by Tim Townsend. The minutes were unanimously approved.
4. Meeting Calendar Established
The board established Thursday November 134', 2008 as the date for the next regular board meeting with the time of
the meeting being 6:OOp.m.
5. Approval of a Consulting Agreement between UBS and the General Employee Retirement System was
approved with a motion by Tun Townsend and seconded by Alan Gleit that included a condition flat the contract
was to be approved as proposed with language amended that would be acceptable to UBS to accept New York law.
Ken Harrison to work that out. The vote was unanimous to approve.
6. Investment Report: -Third quarter -Fiscal Year 2008
The board was provided a schedule prepareo aed and no marketupdatetsmce an agreementanw ~ a consulant has not
returns for the quarter. No analysis was p
been reached.
The overall fiscal year to date return for the General Pension flan is -'1.81°/m.
7. Financial Expenditures: The board was provided a detailed listinM Nalpesecondedhtheg ote was unanimous to
Townsend made a motion to approve the expenditures and Harry Y
approve.
8. Gabriel Roeder Smith and Company Annual Agreement f®r Services• A motion was made by Harry McNally to
approve the agreement and seconded by Tim Townsend. The vote was unanimous to approve.
9. The board was informed that the City Commission passed ®rdinance 58-08-3~ on August 11, 2®08
10. Renewal of the Fflduciary Liability Polacy with Public RisIl~ Insurance Agency. A motion was made to approve
using a $25,000 deductable by Harry McNally and seconded by Tim Townsend. The vote was unanimously
approved.
11. A letter regarding Merrill Lynch terminating consulting service was provided.
12. Add®urn -Motion by Harry ally at 6:52pm --
r ~ ~r~_
`/~
~~~~ ~ "" ~ ~ ~ Bob Sternfeld
Tnn`To send Board Secretary
Boar~d-e' airperson
Minutes taken and prepazed by Nelson Van Liere, Pension Bo e a nie~ f dmm~~e~e a~ndbl eP ecc°s!, 247 5-- S07y of the actions taken. Audio tapes of the meetings are