11-08-07 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
G~;~RAi, EMPLOYEES PENSION BOARD MEETING
November 08, 2007
1. The City of Atlantic Beach General Employee Pension'Board meeting was called to order at 6:01 P.M.
Those members in attendance were trustees, Tim Townsend, Tony Downing, Malcolm Clemons, Alan Gleit
and Harry McNally. Also in attendance were Nelson Van Liere, Plan Administrator and Ilan Johnson of
Merrlll Lynch.
2. The new board members were introduced to the City Clerk, Donna Bussey. New member Alan Gleit, and
future member Bob Sternfeld were sworn in. Alan Gleit replaces Richard Downes and Bob Sternfeld
replaces Tony Downing when his term expires on 12/31/2007.
3. Approval of the minutes from the Angnst 9a', 2007, General Employees Pension Board Meeting:
The. motion was made by Harry McNally and seconded by Tony Downing. The minutes were unanimously
approved.
4. Approval of the minutes from the Speeial Called Angast 29a', 2007, General Employees Pension
Hoard Meeting:
The motion was made by Harry McNally and seconded by Tony Downing. The minutes were unanimous y
approved.
5. Meeting Calendar FJstablished
The board established Wwinesdav, Februars-13°~ as the date for the next regular board meeting with
the time of the meeting being 6:110p.m. This meeting ~s Wednesday due to Valentine's Day.
6. Dan Johnson, the replacement for Mike Callaway introduced hrmss ~e let ears ~ M b~°,1 Lynch~and
fully intend to continue providing full services to the boards despite ent fees. The
Mdse Callaway about the SEC ipvestigation surrounding issues of disclosure and managem
board discussed the fee shuctuee'snd recalled numerous instances of discussions about the fee structure
with Mike Callaway over the years. Tors Townsend indica#ad that the board has been satisfied with the
services of Mike Callaway and MertiU Lynch and are fully aware of the fee arrangement. The bo was
discussed the. contract with Merrill Lynch and that it was executed in 1993. The fee arrangem
amended with a letter on August 15, 2001 indicating that Merrill Lynch would continue to off-set fees by
5.50 of each $1.00 m commissions recen'ed by Merr~1 Lynch for the execution of securities transactions
on behalf of the fiords. Dan Johnson also informed the members that this had again been amended about a
year ago to refimd ~P~Co1 ~%f the contract and the letter are attached to th sa m for the last two
quarters for both p P
7. Merrill LyncL investment Consulting Relwrr - Fonrth Quarter -Fiscal Year
Discussion related to the financial presentations given by Dan Johnson. Results for the quarter were good
and Dan expressed that the changes made five quarters ago to move to mutual funds have proven to be good
for the plan.
The overall fiscal year to date return for We General Pension Play is 14.8%. Domestic stocks are up
18.8%, Foreign investments up 27.6% and the Fixed Income investments were at S.9% fiscal year to date.
pate 1 oil
iv
S. Finaaclal Expenditures: nditures through the fiscal year fourth quarter. Ha-y'Y made a motion
The board was provided a detailed listing of ~~nntnishator provides details on actuary costs and on the insurance
to defer approval of the expenses antil the p
allocation. Malcolm Clemons seconded; the vote was unaniittaus to defer.
9. P"I"rP Upcoming Events calendar provided, There was discussion of the FPPTA seminars available at
Sawgrass in January. Any interested members need to contact the Plan Administrator for details.
10. Ten Year Vesting Statue: The Plan administrator informed the board that the status of the vesting
cages to ten years from five is on the table as part of on-going union negotiations.
11. Adjourn -Motion by Harry McNally at 7:30pm
,~
aw eN~ 3~b ~S~'~e~r~~~e.~c~1
T N ~ Board Secretary
$oard Chairperson
" of tho actions liken. Audio tepee of the
Minutes tskcn oust prepared lry Nelson Van L~e~~ me Vinod for s com$ pl ~>~~ ~~~ ~~~07
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