11-19-09CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEE'S PENSION BOARD MEETING
MINUTES
November 19, 2009
1. The City of Atlantic Beach General Employee's Pension Board meeting was called to order at
7:00 PM. The members in attendance were trustees: Tim Townsend, Malcolm Clemons, Bob
Sternfeld and Alan Gleit. Harry McNally was absent. Also in attendance were: Scott Christiansen,
Pension Attorney; Nelson Van Liere, Pension Administrator; & Michael O'Shields, Investment
Consultant.
2. Approved the Minutes for August 20, 2009, General Employee's Pension Board meeting: the
motion was made by Tim Townsend, seconded by Malcolm Clemons & unanimously approved.
3. Meeting Calendar Established: The next meeting dates are: 02/18/10, 05/20/10, 08/19/10 & 11/18/10,
all at 7:00 PM.
4. The Quarterly Investment Performance Report for the quarter ended 09/30/09 was provided by
Jon Ledoyen of UBS via conference call. According to the report received from Mr. LeDoyen, the
portfolio had a 12.27% increase quarter to date & 21.50% increase year to date.
5. Selection of the Investment Consultant: Presentations were made by Jon LeDoyen of UBS via
conference call & Michael O'Shields of MorganStanley SmithBarney. The motion authorizing
Nelson Van Liere, Pension Administrator, & Scott Christiansen, Pension Attorney, to negotiate a
contract with MorganStanley SmithBarney was made by Tim Townsend, seconded by Alan Gleit, &
unanimously approved.
6. The General Employees Pension Changes were acknowledged: Alexander Sherrer retired
10/08/09 and William Bisbing died 10/23/09 with no beneficiary benefits.
7. Approved the Financial Expenditures through September 30, 2009 for the General
Employee's Pension Plan: the motion to approve was made by Tim Townsend, seconded by
Malcolm Clemons & unanimously approved.
8. The Discussion of Matters of Interest to the Police Employees Pension Board by Pension Board
Attorney Scott Christiansen of Christiansen & Dehner, P.A. was deferred to the next meeting.
9. No New Business.
10. Adjourn -the motion to approve was made by Tim Townsend, seconded by Malcolm Clemons &
unanimously approved at 9:30 PM
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Malcolm Clemons
Chair
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Secretary