5-20-10 - Police v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE OFFICERS' PENSION BOARD MEETING
MEETING MINUTES
May 20, 2010
1. The City of Atlantic Beach Police Officers' Pension Board meeting was called to order at 7:01
PM. The members in attendance were trustees: Bob Sternfeld, John Wolfel, Harry McNally and Vic
Gualillo. Dale Hatfield was absent. 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, Police Officers' Pension Board meeting were approved: the
motion was made by John Wolfel, seconded by Bob Sternfeld & unanimously approved.
3. The Minutes for March 4, 2010, Police Officers' Pension Board Special meeting were approved:
the motion was made by John Wolfel, seconded by Bob Sternfeld & unanimously approved.
4. The Investment Policy approved at the March 4, 2010 Police Officers' Pension Board Special
meeting was signed by the Vice Chairman of the Board, Vic Gualillo.
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 1.80% 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 Police Officers'
Retirement System was approved: the motion was made by John Wolfel, seconded by Vic Gualillo
& unanimously approved.
8. The Gabriel Roeder Smith & Company Actuarial Services Agreement for the Police Officers'
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 John Wolfel, seconded by Harry McNally & unanimously approved.
9. The Notice of Review & Approval of the 2009 Annual Report from the State of Florida for the
Officers' Pension Plan was presented to the Board.
10. The Financial Expenditures through March 31, 2010 for the Police Officers' Pension Plan
were approved: the motion to approve was made by Vic Gualillo, seconded by John Wolfel &
unanimously approved.
11. The Discussion of Matters of Interest to the Police Officers' 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
approve was made by Vic Gualillo, seconded by John Wolfel & unanimously approved. Also, a
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.
12. No New Business.
13. Adjournment - the meeting was adjourned at 9:11 PM
2z-9 vyle
Dale Hatfield Harry McNally
Chair Secretary