11-13-08CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES PENSION BOARD MEETING
November 13, 20(18
1. The City of Atlantic Beach Ponce Employee Pension Board meeting was caged to order at 6:00 P.1VL
Those members in attendance were hustees, Date Hatfield, Victor Gualillo, John Wolfe, Harry McNally
and Bob Sternfeld. Also in attendance was Nelson Van Liere, Plan Administrator.
2. The motion was made by Date Hatfie d and seconded Harry McNaIty.yThe muutes were~unanunausly
approved.
3. Approval of the minutes frnm the Special Called October 30, 2008, Police Empbyees Pension Board
Meebtag: The motion was made by Dale Hatfield and seconded by John Wolfe. The minutes were
unanimously approved.
4. 1Vleealug Calendar Estalriiahed
The board established Thursday February 12e, 2009 as the date for the next regutlar board meeting wills the
time of the meeting being 6:OOpm.
g. Approval of a Consulting Agreement between UBS sad the Ponce Faapbyee Retlremeat System had
been deferred die to r+cvisions wade by the UBS attorneys. Iviichael O'Shields attended and cleared ~
questions the board had suaounding the revised langusg~e. The board had. same final requests for minor
language changes. Those changes were to be incorporated i~u the next revision and the cam finals'zed
with those changes. Items relar~g to account set-up ageements were a8reed to with the promise of a side
letter te- the agreement indicaring the co~nsulfmg agreement had the a~rbttration clause amended, and that the
account agreement needed to reflect that.
6. Iavestme>st Report: Fourth Qearter -Fiscal Year 2008
T'he trvard was provided a schedule prepared by the Finance Department of the City of Atlantic Beach
indicating the returns for the quarter and year to date. The quarter ended September 30, 2Q08 indicated a
negative 7.08% return and the year to date return was negative 11.64% Tht traditional quarterly
consullant analysis was not perfoffi-ed as t;JBS has not officially begun to wank for flee board.
The overall ilseal year to date return for the Police Pension Plea is -11.64•/..
7. F~rne>at Exp~tditnres: The board was provided a detailed ling of e~cpenditures through September 30,
2008. Harry McNally made a motion to approve and John. Wolfe seconded; the vote was unanimous to
approve.
8, a®ed Rate of retarn on Investment Phu~s -Tim Townsend lead a brief discussion of ~ a~~
about0se assumed interest rate of 89/0, but no motion was made tv move ~rards clumging
disea~io~n ~ to resume when we have our next actuarial report
9~. of Recent retireaneat~ of Gerald Bnssell Jr, and Henry Bartle. Motion made by Dale Meld
td a the actions and seconded by Bab Sternfeld. The vnte'was unanimous to a~prwe.
10, ~~, Dale Hatfield made a motion and Aarry Mal3ally seconded to seek new legal caunael to
replace Kea Harrison
11. Adjoin - M r Harry McNally at 73t?pm
r~
"- Bob ~ternfeld
Board Chairpe ~ 'Y
i~aa Van Line, Pension 13oazd P1sn A~isfrabr and s sY of the sdions ~. Andio tapes of the
MiwOes taker snd prapand by ~ are ~~ ~ s ~~ ~, 247-SS07