10-30-08 vCITY OF ATLAl®TTIC BEACII
BOARD OF 'I'I2IJSTEES OF TIIE ATLAloTTIC BEACII PENSIOl~ FIJlaTD
POLICE EMPLOYEES SPECIAL I'E1~1SIOl~t BOA1~D MEETIl~O
Octaber 30, 200
1. The City of Atlantic Beach Police Effiployee Special Called Pension Board ffieeting was called to order at 6:00
P.M. Those members ul attendance were trustees, Dale Hatfield, John Wolfe, Harry McNally, Vic Gualillo and Bob
Sterifeld. Also hi attendance were Nelson Van Liere, Plan Admhiistrator and Ken Harrison via conference call.
2. Approval of a Consulting Agree><neaat between UBS and the Police F,><tinployee ~etireanent Systean was deferred
with a motion by Dale Hatf eld and seconded by Bob Sternfeld based on the previous approval's conditions not
having been met. The vote was unanunous to defer until the November 13, 2008 meeting.
At the September 18, 2008 third quarter meeting, the board unanimously approved going forward with the iJBS
contract. The condition for approval was that the board attoriey would work out the details agreeable to the board
and UBS specifically agreeing on everything as proposed including the provision on New York law. Subsequently
the contract went to UBS for final approval and was returned with substantive additional changes. Those changes
were discussed with the board at this October 30, 2008 meeting and determined to be unacceptable according to Ken
Harrison. Mr. Harrison was given until the November 13, 2008 meeting to come up with language he thought would
best protect the City. The action on the contract was deferred until the next meeting after much discussion related to
the services to be performed, conflict of interest between managing the funds and performance evaluation and the
liability exposure to the board members. The board again expressed a desire to have all issues resolved by the next
meeting.
3. - d'ourn - Motio b Ha t 6:45pin
Dale Hatfie d Bob Sternfeld
Board Chairperson Board Secretary
Minutes taken and prepared by Nelson Van Liere, Pension Board Plan Administrator and represent a summary of the actions taken. Audio tapes of the meetings are
retained for a complete public record, 247-5807
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