05-21-09 General & PoliceCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL AND POLICE EMPLOYEES PENSION BOARD MEETING
May 21, 2009
1. The City of Atlantic Beach General and Police Employee Pension Board meeting was called to order at 5:34
P.M. Those members of the General Board that were in attendance were trustees, Tim Townsend, Alan Gleit, Harry
McNally, Bob Sternfeld and Malcolm Clemons. Those members of the Police Board that were in attendance were
trustees, Dale Hatfield, John Wolfel, Harry McNally, and Bob Sternfeld. Also in attendance were Nelson Van
Liere, Plan Administrator
2. Interview with the law firm Klausner & Kaufman P.A. was conducted. Stuart A Kaufman was the firm
representative.
Interview with the law firm Christiansen & Delmer, P.A. was conducted. Scott Christiansen was the firm
representative.
4. Discussion related to the resolution of the UBS transaction error resulted in both boards concluding to
accept the UBS proposed fix which includes distributing the profit that the plans would have benefited from
since those transactions had they been recorded correctly.
Alan Gliet made a motion to cancel the shares purchased on our behalf and the overage is to be credited to
our account per Mr. Regazzo's suggestion. Harry McNally Seconded the motion. The vote was unanimous to
approve.
Dale Hatfield made a motion to cancel the shares purchased on our behalf and the overage is to be credited
to our account per Mr. Regazzo's suggestion. Jon Wolfel Seconded the motion. The vote was unanimous to
approve.
5. Both boards discussed the replacement of UBS as our investment consultant and to meet again on June 11,
to decide what course to take.
Dale Hatfield made a motion to have the Plan Administrator obtain updated quotes from the firms previously
solicited. Harry McNally seconded the motion and the vote was unanimous to approve.
Alan Gleit made a motion to have the Plan Administrator obtain updated quotes from the firms previously solicited.
Harry McNally seconded the motion and the vote was unanimous to approve.
6. Adjourn -Motion by Harry MaNally at 8:40pm
7. Adjourn -Motion by John Wolfel at 8:40pm
General Employee
Tim Townsend
Board Chairperson
Polic Em to ee
Dale Hatfield
Board Clairperson
Bob Sternfeld
Board Secretary
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 retained for a complete public record, 247-5807