Minutes 8-20-09 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEE'S PENSION BOARD MEETING
MINUTES
August 20, 2009
1. The City of Atlantic Beach General Employee's Pension Board meeting was called to order at
7:03 PM. The members in attendance were trustees: Timothy Townsend, Malcolm Clemons, Bob
Sternfeld, Alan Gleit and Harry McNally. Also in attendance were: Scott Christiansen, Pension
Attorney; Nelson Van Liere, Pension Administrator; Jon Ledoyen & Tom Burdette, Investment
Consultants.
2. Approved the schedule of the General Employee's Pension Board of Trustees.
3. Approved the Minutes for May 14, 2009, General Employee's Pension Board meeting: the
motion was made by Malcolm Clemons, seconded by Tim Townsend & unanimously approved.
4. Approved the Minutes for May 21, 2009, General Employee's Pension Board meeting: the
motion was made by Malcolm Clemons, seconded by Tim Townsend & unanimously approved.
5. Meeting Calendar Established: The next meeting date is 11/19/09 at 7:00 PM.
6. The Quarterly Investment Performance Report for the quarter ended 06/30/09 was provided by
Jon Ledoyen of UBS. He was accompanied by Thomas Burdette. According to the report
distributed by Mr. LeDoyen, the portfolio had a 12.18% increase quarter to date & 8.27% increase
year to date.
7. Provided copies of the UBS General Pension Fund Account #NU 02234 Share Adjustment Cost
Basis on 07/10/09. No discussion.
8. Affirmed the General Employee's Pension Changes: the motion to approve was made by Tim
Townsend, seconded by Malcolm Clemons & unanimously approved.
9. The Correction to Buy Back of Service - Barrion C. Hill: the motion to approve was made by
Harry McNally, seconded by Malcolm Clemons & unanimously approved.
10. Approved the renewal of the Fiduciary Liability Insurance - $2,501.21 for policy Dated 10/01/09
to 09/30/10 for General Employee's Pension: the motion was made by Malcolm Clemons, seconded
by Tim Townsend & unanimously approved.
11. Approved the Annual Actuarial & Consulting Services for the General Employee's Retirement
System -Gabriel Roeder Smith & Company: $7,575 fee per year; benefit computations in excess
of three will be $150 each; & the fee for the individual Benefit Statements will be $975. The motion
was made by Malcolm Clemons, seconded by Tim Townsend & unanimously approved.
12. Discussed if General Employee's & Police Employee's Pension Plans Desire Separate External
Audits: the motion to continue to do a combined external audit was made by Harry McNally,
seconded by Malcolm Clemons & unanimously approved.
13. Reviewed Letter from Michael A. Callaway.
14. Approved the Financial Expenditures through June 30, 2009 for the General Employee's
Pension Plan: the motion was made by Malcolm Clemons, seconded by Tim Townsend &
unanimously approved.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEE'S PENSION BOARD MEETING
August 20, 2009
15. Selection of the Investment Consultant: A presentation was made by Joe Bogdahn & Daniel
Johnson of The Bogdahn Group. Per Jon Ledoyen of UBS, they would have a quote by the next
meeting. The Board needs to confirm the length of the contract with Michael O'Shields of citi
smith barney. The pension board attorney Scott Christiansen of Christiansen & Dehner, P.A.
recommended a change in the verbiage of any contract the City signs to include fiduciary
responsibility & remove the arbitration clause. The motion to approve the deferral of the
selection until the next meeting was made by Harry McNally, seconded by Bob Sternfeld &
unanimously approved.
16. Pension Board Attorney Scott Christiansen of Christiansen & Dehner, P.A. discussed:
Suggested Pension Plan Documents (a list of the documents, contracts & statements needed),
changes needed in the contracts with investment advisors & actuaries; & will restate the entire
plan for the next meeting, not to exceed 7-8 billable hours. The motion was made by
Malcolm Clemons, seconded by Tim Townsend & unanimously approved.
17. No New Business.
18. Adjourn -Motion by Tim Townsend at 9:23 PM
Ti T wnsend
Ch
%,-.G(/
Bob Sternfeld
Secretary