Minutes 8-20-09P vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEE'S PENSION BOARD MEETING
MINUTES
August 20, 2009
1. The City of Atlantic Beach Police Employee's Pension Board meeting was called to order at
7:03 PM. The members in attendance were trustees: Vic Gualillo, Dale Hatfield, Bob Sternfeld,
John Wolfel and Harry McNally. Also in attendance were: Scott Christiansen, Pension Attorney;
Nelson Van Liere, Pension Administrator; Jon Ledoyen & Tom Burdette, Investment Consultants.
2. Confirmed selection of Dale Hatfield on the Police Employee's Pension Board of Trustees for
another term. He was the only person nominated.
3. Approved the schedule of the Police Employee's Pension Board of Trustees.
4. Selected Dale Hatfield as Chairman of the Board: the motion was made by was Harry McNally,
seconded by John Wolfel & unanimously approved.
5. Approved the Minutes for May 14, 2009, Police Employee's Pension Board meeting: the motion
was made by Dale Hatfield, seconded by Bob Sternfeld & unanimously approved.
6. Approved the Minutes for May 21, 2009, Police Employee's Pension Board meeting: the motion
was made by Dale Hatfield, seconded by Bob Sternfeld & unanimously approved.
7. Meeting Calendar Established: The next meeting date is 11/19/09 at 7:00 PM.
8. 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 11.71% increase quarter to date & 7.95% increase
year to date.
9. Provided copies of the UBS Police Pension Fund Account #NU 02235 Share Adjustment Cost
Basis on 07/10/09. No discussion.
10. Affirmed the Police Employee's Pension Changes: the motion to approve was made by Dale
Hatfield, seconded by Bob Sternfeld & unanimously approved.
11. The Reinstatement of Pension Credited Service, Determination of Final Average Compensation
& Pension Contribution Amounts -Victor L. Raynor: the motion to approve was made by Dale
Hatfield, seconded by Harry McNally & unanimously approved.
12. Approved the renewal of the Fiduciary Liability Insurance - $2,501.21 for policy dated 10/01/09
to 09/30/10 for Police Employee's Pension: the motion to approve was made by Harry McNally,
seconded by Dale Hatfield & unanimously approved.
13. Approved the Annual Actuarial & Consulting Services for the Police Officer's Retirement
System -Gabriel Roeder Smith & Company: $7,150 fee per year; benefit computations in excess
of two will be $150 each; & the fee for the individual Benefit Statements will be $750. The motion
to approve was made by Bob Sternfeld, seconded by Dale Hatfield & unanimously approved.
14. 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 Dale Hatfield, seconded
by Harry McNally & unanimously approved.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEE'S PENSION BOARD MEETING
August 20, 2009
15. Reviewed Letter from Michael A. Callaway.
16. Approved the Financial Expenditures through June 30, 2009 for the Police Employee's
Pension Plan: the motion to approve was made by Bob Sternfeld, seconded by Dale Hatfield &
unanimously approved.
17. 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 Dale Hatfield, seconded by John Wolfel & unanimously approved.
18. 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 to approve was made by Dale
Hatfield, seconded by John Wolfel & unanimously approved.
19. Change of Beneficiary - Charles A Greene -Police Pension Plan: the spouse may be removed by
the recipient but the Retirement Option Selected may not be changed. George Foster will obtain
revised documents as approved by the Board. The motion to approve was made by Harry McNally,
seconded by Dale Hatfield & unanimously approved.
20. Change of Beneficiary -Raymond D. Kaczmarczyk -Police Pension Plan: the spouse may be
removed by the recipient. The motion to approve was made by Harry McNally, seconded by Dale
Hatfield & unanimously approved.
21. Discussed the Share Plan for Police Employee's Retirement System: deferred a decision until the
next meeting.
22. Discussed Significant Variations & Special Calculations for the Police Officer's 2008 Premium
Taxes -Department of Management Services Letter: no decision was made on the excess funds
received in prior years.
23. No New Business.
24. Adjourn -Motion by Dale Hatfield at 9:23 PM
Dale Hatfield
Chair
Bob Sternfeld
Secretary