08-09-07CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNS)
GENERAL EMPLOYEES PENSION BOARD MEETING
August 09, 2007
1. The City of Atlantic Beach General Employee Pension Board- meeting was called to order at 6:03 P.M.
Those members in attendance were Trustees, Tiin Townsend, Tony Downing, Malcolm Clemons and Richard
Downes. Harry McNally was absent. Also in attendance were Nelson Van Liere, Plan Administrator and
Michael Calloway of Merrill Lynch.
2. Approval of the minutes from the May 10~'', 2007, General Employees Pension Board Meeting:
The motion was made by Tim Townsend and seconded by Richard Downes. Tle minutes were unanimously
approved.
3. Meeting Calendar Established
The board established November 8°t 2007 as the date for the next regular board meetlig with the time of the
meeting being 6:OOp.m.
4. Merrill Lynch investment Consulting Report: -Third Quarter -Fiscal Year
Discussion related to the financial presentations given by Michael Callaway. Results for the quarter were
good and Mike expressed that so far the changes made in the portfolio have proven to be good for the plan.
The overall fiscal year to date return for the General Pension Pian is 10.7%. Domestic stocks are up
16.0%, Foreign investments up 21.3% and the Fixed Income investments were at 1.3% fiscal year to date.
5. Financial Expenditures:
The board was provided a detailed listing of expenditures through the fiscal year third quarter. Malcom
Clemons made a motion to accept and Tim Townsend seconded; the vote was unanimous in favor.
6. FTTP Upcoming Events calendar provided, no issues discussed.
7. The board agreed to invite Ken Harrison, the' attorney representing, the pension plans to a special called
meeting to discuss various matters related to the board. The Plan Administrator is to coordinate the
meeting with Ken Harrison and notify members of the meeting time and date.
8. Approval of an amendment to previously approved form 02 whereby an employee has options with regard
to withdrawing contributions. Tle amendment added language further clarifying the possibility that they may
not be eligible to use years of credited service from Atlantic Beach with another agency.
9. The plan administrator informed the board that the City was having the actuary perform an impact study on
changing the General Employee vesting period to ten years for new employees from five to save money.
10. Other Business, George Foster read for the record a statement addressing concerns brought up at the previous
meeting relating to the processing of Georgia Horn's termination of employment while he was the Human
Resources Director. His statement is attached to these minutes.
11. Adjourn - tion by Malco Clemons at 6:SSpm
T' T nsend Tony Downing
Boar Chairperson Board Secretary
1'vliw-tes taken and prepared by Nelson Van Liere, Pension Board Plan Administrator, 247-5807
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