11-18-10 - General v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
November 18, 2010
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
7:00 PM. The members in attendance were trustees: Bob Sternfeld, Alan Gleit, Harry McNally,
Erika Hall and Jeri Benjamin. Nelson Van Liere, Pension Plan Administrator was also in attendance.
2. The Minutes for August 19, 2010, General Employees' Pension Board meeting were approved:
the motion was made by Bob Sternfeld, seconded by Jeri Benjamin & was unanimously approved
(Erika Hall abstained from voting as this was her first meeting as a Trustee).
3. The General Employees' Pension Board election was discussed & Erika Hall was introduced.
4. The selection of the Chair for the General Employees' Board of Trustees was: Jeri Benjamin.
The motion was made by Harry McNally, seconded by Bob Sternfeld & was unanimously approved.
5. The Quarterly meeting times were discussed: the meetings will be held on February 17, 2011; May
19, 2011; August 18, 2011 & November 17, 2011. The meetings will start at 6:30 PM. The motion
to approve these dates & time was made by Jeri Benjamin, seconded by Erika Hall & was
unanimously approved.
6. The Quarterly Investment Performance Report for the quarter ended September 30, 2010 was
provided & presented by Michael O'Shields of Morgan Stanley Smith Barney. According to the
report received from MSSB, the portfolio had an 11.42% increase for the fiscal year ending
September 30, 2010.
7. The status of contract with Gabriel, Roeder Smith & Company was discussed: the letter from
Gabriel, Roeder Smith & Company was approved by the Board & Pension Board Attorney Scott
Christiansen of Christiansen & Dehner, P.A. After the contract is executed, Mr. James Rizzo, Senior
Consultant & Actuary of Gabriel, Roeder, Smith, & Company, will complete an experience and
assumption study to be included in the next actuarial report. The motion to approve these items was
made by Jeri Benjamin, seconded by Harry McNally & was unanimously approved.
8. 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 Pension Plan
documents are to be forwarded to Mr. James Rizzo, Senior Consultant & Actuary of Gabriel, Roeder,
Smith, & Company. The IRS Determination Letter is not required per Mr. Christiansen. The Claims
Procedures & Application for Disability Retirement for General Employees was deferred until a later
date.
9. The Financial Expenditures through September 30, 2010 for the General Employees'
Pension Plan were approved: the motion was made by Harry McNally, seconded by Alan Gleit
& unanimously approved.
10. The Schedule of General Employees Pension Changes was discussed.
11. No New Business.
12. Adjournment — the meeting was adjourned at 8:40 PM by Erika Hall.
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