02-13-08CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNID
POLICE EMPLOYEES PENSION BOARD MEETING
February 13, 200$
1. The City of Atlantic Peach Police Employee Pension Board meeting was Balled to order at 6:02 P.ii~i.
Those members in attendance were trustees, Vic Gualillo, Dale Hatfield, Bob Sternfeld, John Wolfe and
Harry McNally. Also in attendance were Nelson Van Liere, Plan Administrator and Dan Johnson of Merrill
Lynch.
2. The newly selected officers of the board:
Chairman -Harry McNally made a motion to select Dale Hatfield as the Chairman of the Police Employee
Board of Trustees. The motion was seconded by Bob Sternfeld and unanimously supported.
Chairman Pro-Tem -Harry McNally made a motion to select Vic Gualillo as the Chairman -Pro Tem of
the Police Employee Board of Trustees. The motion was seconded by John Wolfe and unanimously
supported.
Secretary Harry McNally made a motion to select Bob Sternfeld as the Secretary of the Police
Employee Board of Trustees. The motion was seconded by John Wolfe and unanimously supported.
3. Approval of the minutes from the November 8a`, 2007, Police Employees Pension Board Meeting:
The motion was made by Dale Hatfield and seconded by Harry McNally. The minutes were unanimously
approved.
4. Meeting Calendar Established
The board established Thursday May 8~', 2008 as the date for the next regular board meeting with the time of
the meeting being 6:OOp.m.
5. Merrill Lynch investment Consulting Report: -First Quarter -Fiscal Year
Discussion related to the financial presentations given by Dan Johnson. Results for the quarter were not
good but not as bad as others and Dan expressed that the changes made six quarters ago to move to mutual
funds have proven to be good for the plan. The board had a brief discussion on the process by which they
would choose investment alternatives and the role Merrill Lynch would play in that decision.
The overall fiscal year to date return for the Police Pension Plan is -0.2%. Domestic stocks are down
3.6%, Foreign investments up 1.3% and the Fixed Income investments were at 3.9% fiscal year to date.
6. Financial Expenditures: The board was provided a detailed listing of expenditures through December 31,
2007. Dale Hatfield made a motion to approve the expenditures and Vic Gualillo seconded; the vote was
unanimous to approve.
7. Interest Rate ad,~nstment f®r anember's contributions -The board discussed the appropriate rate of return
on member contributions. Dale Hatfield made a motion to keep the rate at 1.5%. Harry McNally seconded
the motion and the vote was ian~nimous for the motion.
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8. Drop Asset Split -The plan administrator informed the board that the splitting of the drop assets would be
done by the City Commission, not the Pension Board of Tnistees.
9. FTTP Upcoming Events calendar provided.
10. Adjourn -Motion by Dale Hatfield at 7:21pm
Dale Hatfield
Board Chairperson
Bob Sternfeld
Board Secretary
Minutes taken and prepared by Nelson Van Liere, Fension Soard Flan Administrator and represent a summary of the actions taY.en. Audio tapes of the
meetings are retained for a complete public record, 247-5807
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