05-08-08 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES PENSION BOARD MEETING
May 08, 2008
1. The Cit`,~ of Atlantic Beach Police Employee Pens.on'Bo~.rd me..ting :: as Balled to order at 5:00 P.M.
Those members in attendance were trustees, Vic Gualillo (arrived after approval of the previous meeting
minutes), Dale Hatfield, John Wolfe and Harry McNally. Bob Stenifeld was absent. Also ui attendance
were Nelson Van Liere, Plan Administrator and Dan Johnson of Merrill Lynch.
2. Approval of the minutes from the February 13`b, 2008, Police Employees Pension Board Meeting:
The motion was made by Dale Hatfield and seconded by John Wolfe. The minutes were unanimously
approved.
3. Meeting Calendar Established
The board established Thursday August 14~', 2008 as the date for the next regular board meeting with the
time of the meeting being 6:OOp.m.
4. Merrill Lynch investment Consulting Report: -Second Quarter -Fiscal Year
Dan Johnson began his report by addressing the May 2, 2008 letter the board received announcing that
Merrill Lynch was terminating its contract with the City of Atlantic Beach, Police Pension Plait. He
expressed deepest regret that the relationship was ending as of June 2, 2008. Dan offered that he would
help us in any way he could. Discussion related to the investing results for the quarter were not good but
not as bad as others and Dan expressed that the changes made to go with all mutual funds has proven to be
good for the plan. See attached report.
The overall fiscal year to date return for the Police Pension Plan is -3.7°/®. Domestic stocks are down
11.5%, Foreign investments down 6.8% and the Fixed Income investments were up at 7.3% fiscal year to
date.
5. Financial Ezpendeld made a motion t aapprove tle expendgets and John Wolfe seconded; the vote was
2008. Dale Hatf
unanimous to approve.
6. The plan administrated discussed the status of the health check requirement for those retirees wanting
to change beneficiaries. The ordinance to effect the elimination of that requirement will be considered for
adoption in an up-coming commission meeting.
7. The Plan Administrator disbursed the Police Plan Actuary Report to the board members and reviewed
with them the annual contributions and the funduig percentages. Vic Gualillo made a motion to accept the
report from Gabriel Roeder Smith and Company, John Wolfe seconded the motion and the vote was
unannnous to approve the motion.
8. A packet of adminment.~Dale Hatfeld made a motion t approve~Jolu~Wolfegseconded and they oe was
approval to ample
unanimous to approve.
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q, l~ew k~aasiness Both boards discussed T.l~ie ltaneadmuisltrator agreed to coordu1 to this ffortewith the w
consultant for investment performance. p
board members.
9. t~dj®ealr¢a -Motion by Dale Hatfield at 7:30pm
/~/J//,~7 AA ~~
Dale Hatfiel µ
Board Chairpers n
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Bob Stern eld
Board Secretary
Minutes taken and prepared by Nelson Vau Lier meetings aBe retainled fo~a omplete publicp ecord, 247 S07 of the actions taken. Audio tapes of the
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