08-09-07 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES PENSION BOARD MEETING
August 09, 2007
1. The City of Atlantic Beach Police Employee Pension Board meeting was called to order at 6:03 P.M.
Those members in attendance were trustees Henry Bartle, Tony Downing, Dale Hatfield and Richard
Downes. Harry McNally was absent. Also in attendance were Nelson Van Liere, Plan Administrator and
Mike Calloway of Merrill Lynch.
2. The members of the Police Pension nominated Dale Hatfield and Vic Gualillo to fill Dale Hatfield's
expiring term. Vic Gualillo declined to run against Dale in an election in resulting in Dale Hatfield being
unopposed. The board agreed to have Dale serve another term.
3. Approval of the minutes from the May 10"`, 2007, Police Employees Pension Board Meeting:
Motion made by Dale Hatfield and seconded by Henry Bartle. The minutes were unanimously approved.
4. Meeting Calendar Established
The board established November $a' 2007 as the date for the next regular board meeting with the time of the
meeting being d:00p.m
5. Merrill Lynch investment Consulting Report: -Third Quarter -Fiscal Year
Discussion related to the financial presentations given by Michael Callaway. Results for the quarter were very
good and Mike expressed that so far the changes made in the portfolio have proven to be good for the plan.
The overall fiscal year to date return for the Police Pension Plan was 10.5%. Domestic stocks were up
15.9%, Foreign investments up 21.4% and the Fixed Income investments improved I.3% fiscal year to date.
6. Financial Expenditures: The board was provided a detailed listing of expenditures through the fiscal year
Third quarter. Henry Bartle made a motion to accept, Richard Downes seconded; the vote was unanimous to
approve.
7. FTTP Upcoming Events: Calendar provided, no issues discussed.
8: The plan administrator informed the board that the ordinance including the provision to increase the
Police employees contributions to the plan had been approved by the State.
9. The board agreed to invite Ken Harrison, the attorney representing the pension plans to a special
called meeting to discuss various matters related to the board. The Plan Administrator is to coordinate
the meeting with Ken Harrison and notify members of the meeting time and date.
10. Approval of an amendment to previously approved form 02 whereby an employee has options with
regard to withdrawing contributions. The amendment added language further Clarifying the possibility that
they may not be eligible to use years of credited service from Atlantic Beach with another agency.
11. Adjourn -Motion by Dale Hatfield at 6:SSpm
``~`~'
enry Bartle
Board Cha' rson
Tony Downing
Board Secretary
Minutes taken and prepared by Nelson Van Liere, Pens{on Soard Plan Administrator, 247-5807
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