General Employees' Pension Board Meeting Minutes 03-21-11 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
SPECIAL MEETING MINUTES
March 21,2011
1. The City of Atlantic Beach General Employees' Pension Board Special meeting was called to
order at 8:05 AM. 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
and Michael O'Shields, Senior Vice President& Institutional Consultant, Morgan Stanley Smith
Barney were also in attendance.
2. The recommended assumption changes provided by Gabriel,Roeder Smith & Company at the
February 17,2011 Quarterly meeting for the General Employees' Pension were discussed. A
motion was made to adopt all of the actuarial assumptions on page 2 of the City of Atlantic Beach
General Employees' Pension Plan Actuarial Experience Study as of September 30, 2010 with a rate
of Return of 8%by Jeri Benjamin and seconded by Harry McNally. After a discussion about the
Rates of Investment Return, (Item#8),the 1st and 2nd motions were withdrawn. A motion to adopt
items 1 - 7 was made by Jeri Benjamin and seconded by Harry McNally& unanimously approved.
Various rates of return were discussed and a motion was made by Erika Hall to utilize a rate of return
of 8%. This motion was seconded by Harry McNally and approved by Harry McNally, Erika Hall,
and Jeri Benjamin. Alan Gleit opposed the motion.
3. No New Business.
4. Adjournment—the meeting was adjourned at 8:41 AM by Jeri Benjamin
pl c. arm PI. OA'
Jeri Benjamin Alan Gleit
Chair Secretary