5-20-10 - General v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 20, 2010
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
7:01 PM. The members in attendance were trustees: Malcolm Clemons, Bob Sternfeld, Alan Gleit,
Harry McNally and Jeri Benjamin. Also in attendance were: Scott Christiansen, Pension Attorney;
Nelson Van Liere, Pension Plan Administrator; & Michael O'Shields, Investment Consultant from
Morgan Stanley Smith Barney.
2. The Minutes for February 18, 2010, General Employees' Pension Board meeting were
approved: the motion was made by Malcolm Clemons, seconded by Harry McNally & unanimously
approved.
3. The Minutes for March 4, 2010, General Employees' Pension Board Special meeting were
approved: the motion was made by Bob Sternfeld, seconded by Harry McNally & unanimously
approved.
4. The Investment Policy approved at the March 4, 2010 General Employees' Pension Board
Special meeting was signed by the Chairman of the Board, Malcolm Clemons.
5. The Quarterly Investment Performance Report for the quarter ended March 31, 2010 was
provided & presented by Michael O'Shields of Morgan Stanley Smith Barney. According to the
report received from MSSB, the portfolio had a 1.85% increase as of April 30, 2010. Mr O'Shields
will be adding the data from the UBS statements for the quarter ending March 31, 2010 for reporting
purposes. Additionally, he will provide the investment returns in a summary report to the Board prior
to the quarterly meetings.
6. A discussion was held about the 401 DROP Distribution changes: when an employee separates
service from the City, a distribution of their monies in the 401 ICMA account should be executed.
7. The Gabriel Roeder Smith & Company Actuarial Valuation Report for the General
Employees' Retirement System was approved: the motion was made by Alan Gleit, seconded by
Harry McNally & unanimously approved.
8. The Gabriel Roeder Smith & Company Actuarial Services Agreement for the General
Employees' Retirement System expires July 10, 2010. The Board deferred action on the renewal
until the August 20, 2010 meeting & Jim Rizzo will be invited to attend. The motion for the deferral
was made by Malcolm Clemons, seconded by Jeri Benjamin & unanimously approved.
9. The Financial Expenditures through March 31, 2010 for the General Employees' Pension
Plan were approved: the motion to approve was made by Harry McNally, seconded by Jeri
Benjamin & unanimously approved.
10. The Discussion of Matters of Interest to the General Employees' Pension Board by Pension
Board Attorney Scott Christiansen of Christiansen & Dehner, P.A.: the proposed fee increase
from $290 to $325 per hour as of July 1, 2010 and an annual increase of 4% was discussed. The
motion to motion to approve was made by Malcolm Clemons, seconded by Harry McNally, approved
by Alan Gleit, opposed by Jeri Benjamin & Bob Sternfeld. Also, an executive summary of the
changes to the proposed pension plan document will be provided to the Board by Scott Christiansen
no later than June 30, 2010. .
11. No New .Business.
12. Adjournment — the meeting was adjourned at 9:11 PM
2 c ilst
Harr cNally Alan GI
Vice- hair Secretary