Police Officers' Pension Board Meeting Minutes 02-17-11 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE OFFICERS' PENSION BOARD MEETING
MEETING MINUTES
February 17,2011
1. The City of Atlantic Beach Police Officers' Pension Board meeting was called to order at 6:05
PM. The members in attendance were trustees: John Wolfel, Dale Hatfield, Vic Gualillo and Harry
McNally. Bob Sternfeld was absent. 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 Police
Officers' 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, Police Officers' Pension Board meeting was approved: the
motion was made by Dale Hatfield, seconded by Harry McNally & unanimously approved.
4. The Minutes for December 14,2010,Police Officers' Pension Board Special meeting was
approved: the motion was made by Dale Hatfield, seconded by Harry McNally &unanimously
approved.
5. The Financial Expenditures through December 31,2010 for the Police Officers' Pension Plan
were approved: the motion was made by Dale Hatfield, seconded by Harry McNally& unanimously
approved.
6. The Schedule of Police Officers' Pension Changes was approved: the motion was made by
Dale Hatfield, seconded by John Wolfel & unanimously approved.
7. The interest rate for Police Officers' Pension Plan was revised to .75%: the motion was made by
Dale Hatfield, seconded by John Wolfel & unanimously approved.
8. 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 5.09%
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 Dale Hatfield, seconded by Harry McNally&unanimously approved.
iii. The changes to the cash sweep features in the investment accounts were discussed.
9. 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 F1NRA report for consultant Michael O'Shields of Morgan Stanley Smith Barney was
discussed&the case referenced had been dismissed.
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CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE OFFICERS' PENSION BOARD MEETING
MEETING MINUTES
February 17,2011
iv. The disability claim for Police Officer L. Jackson is in the records collection stage.
v. The Police Officers Share Plan ballots are included in the revised ordinance mailed to the City
Manager on February 25, 2011.
10. New Business—Harry McNally's term as the Resident Selected by the Board & Confirmed
by the Commission expires May 14,2011. The motion for a new term of two years was made by
Dale Hatfield, seconded by John Wolfel &unanimously approved.
11. Adjournment—the meeting was adjourned at 9:30 PM by Dale Hatfield.
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Vic Gualillo Har cNally
Vice Chair Secretary
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