11-18-10 - Police v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE OFFICERS' PENSION BOARD MEETING
MEETING MINUTES
November 18, 2010
1. The City of Atlantic Beach Police Officers' Pension Board meeting was called to order at 7:00
PM. The members in attendance were trustees: John Wolfel, Bob Sternfeld and Harry McNally.
Dale Hatfield arrived at 8:00 PM. Vic Gualillo was absent. Nelson Van Liere, Pension Plan
Administrator was also in attendance.
2. The Minutes for August 19, 2010, Police Officers' Pension Board meeting were approved: the
motion was made by Bob Sternfeld, seconded by Harry McNally & was unanimously approved.
3. The Minutes for September 24, 2010, Police Officers' Pension Board Special meeting were
approved: the motion was made by Harry McNally, seconded by Bob Sternfeld & was unanimously
approved.
4. 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 Bob Sternfeld, seconded by Harry McNally & was
unanimously approved.
5. 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 a 9.43% increase for the fiscal year ending September
30, 2010.
6. 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 John Wolfel, seconded by Harry McNally & was unanimously approved.
7. 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 Pension
Plan documents are to be forwarded to Mr. James Rizzo, Senior Consultant & Actuary of Gabriel,
Roeder, Smith, & Company. The share plan ballots are to be distributed to the eligible Police
Officers & returned to Mr. Christiansen. The IRS Determination Letter is not required per Mr.
Christiansen. The hearing to determine eligibility to apply for a disability pension will be held on
December 14, 2010 at 1:00 PM.
8. The Financial Expenditures through September 30, 2010 for the Police Officers' Pension
Plan were approved: the motion was made by Dale Hatfield, seconded by Bob Sternfeld &
unanimously approved.
9. No New Business.
10. Adjournment - the meeting was adjourned at 8:40 PM by Harry McNally.
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Dale Hatfield / Harry McNally
Chair Secretary