General Employees' Pension Board Meeting Minutes 02-17-11 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
February 17,2011
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:05 PM. The members in attendance were trustees: Alan Gleit, Harry McNally, Erika Hall and Jeri
Benjamin. Bob Sternfeld was not present. Nelson Van Liere, Pension Plan Administrator; Piotr
Krekora, Senior Actuarial Analyst of Gabriel, Roeder Smith& Company; Michael O'Shields, Senior
Vice President& Institutional Consultant, Morgan Stanley Smith Barney were also in attendance.
Pension Board Attorney Scott Christiansen of Christiansen& Dehner, P.A joined the meeting after
the starting time.
2. The recommended assumption changes, pension documents & impact statements for the
General Employees' Pension were presented by Piotr Krekora, Senior Actuarial Analyst of
Gabriel,Roeder Smith & Company. After discussing the changes presented,the Board deferred all
of the changes until the May 19, 2011 quarterly meeting.
3. The Minutes for November 18,2010, General Employees' Pension Board meeting was
approved: the motion was made by Harry McNally, seconded by Erika Hall& unanimously
approved.
4. The Financial Expenditures through December 31,2010 for the General Employees' Pension
Plan were approved: the motion was made by Harry McNally, seconded by Jeri Benjamin&
unanimously approved.
5. The Schedule of General Employees' Pension Changes was approved: the motion was made
by Harry McNally, seconded by Alan Gleit&unanimously approved.
6. The interest rate for General Employees' Pension Plan was approved at.75%: the motion was
made by Harry McNally, seconded by Jeri Benjamin& unanimously approved.
7. The following was presented by Michael O'Shields of Morgan Stanley Smith Barney:
i. The Quarterly Investment Performance Report for the quarter ended 12/31/10 had a 6.5%
increase for fiscal year to date as of December 31, 2010.
ii. The Board discussed the Met West Large Cap Value General account& selected Cambiar Large
Cap Value Equity as their replacement. The motion for the replacement as of March 18, 2011
was made by Erika Hall, seconded by Jeri Benjamin&unanimously approved.
iii. The changes to the cash sweep features in the investment accounts were discussed.
8. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Dehner,P.A.:
i. Per James J. Rizzo, Senior Consultant& Actuary, of Gabriel, Roeder Smith& Company,the
proposed Pension Plan documents will have no impact on the actuarial study.
ii. The selection of a Records Management Liaison Officer was deferred to the May 19, 2011
quarterly meeting.
iii. The FINRA report for consultant Michael O'Shields of Morgan Stanley Smith Barney was
discussed&the case referenced was dismissed.
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CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
February 17,2011
9. New Business: Harry McNally's term as the Resident Selected by the Board & Confirmed
by the Commission expires May 9,2011. The motion for a new term of four years was made by
Erika Hall, seconded by Jeri Benjamin& unanimously approved.
10. Adjournment—the meeting was adjourned at 9:30 PM by Harry McNally.
n3 /l'Z (1(./L
ri Benjamin a Alan Gleit
air Secretary
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