9-18-08 vCITY ®F' ATI,Al~TIC BEAC~I
~®ARIB ®I+' 'I'RIJS'TEES ®~ 'TIDE ATLAl`T'TIC BEACII IPEl~SI®l~ FIJ1~I)
P®IIICE ElO~I.®YEES i'El®TSI®l~ ~®AItD MEE'TIImTG
September 18, 2008
1. The City off Atlantic Beach police Employee Pension Board meeting was called to order at 6:00 P.M.
Those members in attendance were trustees, Dale Hatfield, Victor Gualillo, John Wolfe and Harry McNally.
Bob Sternfeld was absent. Also ui attendance was Nelson Van Liere, Plan Administrator.
2. Approval of the minutes from the May 08, 2008, police Employees pension Board Meeting:
The motion was made by Vic Gualillo and seconded by John Wolfe. The minutes were unanimously approved.
3. Approval of the minutes ffrom the dune 26, 2008, police Employees Special pension Board Meeting:
The motion was made by Vic Gualillo and seconded by John Wolfe. The muiutes were unanimously approved.
4. Meeting Calendar Established
The board established Thursday November 13~, 2008 as the date for the next regular board meeting with the
time of the meeting being 6:OOp.m.
5. Approval of a Consulting Agreement between iTBS and the Police Employee Retirement System was
approved with a motion by Dale Hatfield and seconded by Jolui Wolfe that included a condition that the
contract was to be approved as proposed with language amended that would be acceptable to UBS to agreeing
New York law. Ken Harrison to work that out. The vote was approved with three for and one against. Vic
Gualillo was the "no" vote.
6. Investment Report: -'Third Quarter -Fiscal Year 2008
The board 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. No analysis or market update was provided since an
agreement with a consultant has not been reached.
The overall ffiscal year to date return for $he Police Pension plan is -x.91%.
7. Financial Expenditures: The board was provided a detailed listing of expenditures through June 30, 2008.
Vic Gualillo made a motion to approve and John Wolfe seconded; the vote was unanimous to approve.
8. Gabriel Roeder Smith and Company Annual Agreemen$ for Sea-vices. A motion was made by Vic Gualillo
to approve the agreement and seconded by John Wolfe. The vote was unanimous to approve.
9. 'The board was informed $hat $he City Commission passed ®rdinance 58-08-33 on Augus$ fl 1, 2008
10. Renewal of the Fidaaciary T,iabili$y Polacy wi$h Public Risk; Insurance Agency. A motion was made to
approve using a $25,000 deductable by Harry McNally and seconded by Vic Gualillo. The vote was
unanimously approved.
11. A letter regarding Merrill LyTncla termit?3tiIIg coiz~?ltng rert~'ice ~'as prc;L~dect.
12. ®ther Business: Dale Hatfield instructed the plan administrator to seek a reconunendation for options
regarduig the section 185 funds.
13. j®urn -Motion ale Hatfield at 6:52pm
.~
/~ 6
ale Hi atfield f 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 I I