02-19-09P vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES PENSION BOARD MEETING
February 19, 2009
1. The City of Atlantic Beach General Employee Pension Board meeting was called to order at 6:05 P.M.
Those members in attendance were trustees, John Wolfe, Dale Hatfield, Vic Gualillo, Harry McNally and Bob
Sternfeld. Also in attendance were Nelson Van Liere, Plan Administrator Michael O'Shields and Thomas R.
Burdette, N of UBS Financial Services Inc..
2. Approval of the minutes from the November 13, 2008, Police Employees Pension Board Meeting:
The motion was made by Dale Hatfield and seconded by John Wolfe. The minutes were unanimously
approved.
3. Approval of the minutes from the January 15, 2008, Police Employees Special 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 14'x, 2009 as the date for the next regular board meeting with the time of
the meeting being 6:OOp.m.
5. An investment follow up discussion with UBS was lead by Michael O'Shields regarding mutual fund fees and
the desire to switch ftom A class to F class shares. Mr. O'Shields gave a short market update, but no analysis
was provided and no market update since the information was distributed to the members at the January 15~'.
Mr. O'Shields explained the rebalancing that was done since the previous meeting. This was an educational
session with O'Shields for the purpose of setting the course for the future of our investments. He indicated that
he would make more recommendations once he had the actuary reports. He will schedule a meeting when he
has received the report and done his analysis. The plan administrator indicated that the actuary report from
Gabriel Roeder should be arriving any day.
At the direction of Mr. O'Shields, Dale made a motion to direct UBS to transfer the "A" shares of Washington
Mutual, Growth Fund of America and Euro Pacific to "F" class shares. Bob Sternfeld seconded the motion and
the vote was unanimous to approve.
6. Financial Expenditures: The board was provided a detailed listing of expenditures through December 31,
2008. Dale Hatfield made a motion to approve the expenditures and Harry McNally seconded; the vote was
unanimous to approve.
7. The assumed interest rate was briefly discussed by the board. The board took no action and is satisfied with
the current rate being used.
8. Pension Attorney Search -The board was provided the following proposals:
1. Klausner & Kaufman P.A. Plantation, Florida $300.00/hr Clients include
City of Jax and many other Florida municipalities
2. Christiansen & Dehner. P.A. Sarasota, Florida $290.00/hr Clients include
Neptune Beach and many other Florida municipalities
3. COnstanQV Brooks & Smith. L.L.P. Jacksonville, Florida - Did not specialize in government
pension plans
4. Ford & Harrison L.L.P. Jacksonville Florida Did not specialize in government pension
plans ~ ~ I
5. Gray Robinson Attorneys at Law Tampa is main office with Bill Andrews working out of a
Jacksonville Florida office Rates depend on the work ranging from $225.00 to 375.00
Clients include Tampa and many other Florida plans.
After discussion of the firms above, the board instructed the plan administrator to arrange meetings with the
three firms that perform the kind of services we need. From the list above, they are numbers 1,2 and 5.
9. The plan administrator informed the board that the actuary report should be in soon and that he would forward it
to all of the members as soon as it arrives.
10. Options for the section 185 monies received to date were discussed. The plan administrator expressed that this
was not the time to be adding benefits as is required to spend these funds. Options from the actuary will be
obtained for future discussion including the member distribution option.
11. The board briefly discussed the letter from Mike Calloway, formerly of Merrill Lynch, and his intentions of not
settling with the SEC in his personal suit.
12. The board agreed to have a special meeting to address the investment plan after Mr. O'Shields has a chance to
do his analysis and to interview prospective attorneys on the same night if possible.
13. Adjourn -Motion by Dale Hatfield at 7:36pm
Dale Hatfiel
Board Chairperson
Bob Sternfeld
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 reta~nea for a complete pabL'c record, 247-5807