9-19-09PCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEE'S PENSION BOARD MEETING
MINUTES
November 19, 2009
1. The City of Atlantic Beach Police Employee's Pension Board meeting was called to order at
7:00 PM. The members in attendance were trustees: Vic Gualillo, Dale Hatfield, Bob Sternfeld and
John Wolfel. Harry McNally was absent. Also in attendance were: Scott Christiansen, Pension
Attorney; Nelson Van Liere, Pension Administrator; & Michael O'Shields, Investment Consultant.
2. Approval of Police Employee's Pension Board of Trustees: the motion was made by Vic Gualillo,
seconded by Dale Hatfield & unanimously approved.
3. Approved the Minutes for August 20, 2009, Police Employee's Pension Board meeting: the
motion was made by Dale Hatfield, seconded by Vic Gualillo & unanimously approved.
4. Meeting Calendar Established: The next meeting dates are: 02/18/10, 05/20/10, 08/19/10 &
11/18/10,a11 at 7:00 PM.
5. 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 11.92% increase quarter to date & 20.82% increase year to date.
6. 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 John Wolfel, seconded by Vic Gualillo, &
approved by all board members except for Dale Hatfield. He was opposed to the motion.
7. The Police Employees Pension Changes were acknowledged: James Christman retired 10/31/09.
8. Approved the Financial Expenditures through September 30, 2009 for the Police
Employee's Pension Plan: the motion to approve was made by Dale Hatfield, seconded by John
Wolfel & unanimously approved.
9. 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.
10. The 185 Share Plan Update will be added to the Pension Ordinance: the motion to approve was
made by Dale Hatfield, seconded by Bob Sternfeld & unanimously approved.
11. No New Business.
12. Adjourn -the motion to approve was made by Dale Hatfield, seconded by Bob Sternfeld & unanimously
approved at 9:30 PM
Dale Hatfield
Chair
~~~
Bob Sternfeld
Secretary