Police Officers' Pension Board Meeting Minutes 03-21-11 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE OFFICERS' PENSION BOARD MEETING
SPECIAL MEETING MINUTES
March 21,2011
1. The City of Atlantic Beach Police Officers' Pension Board Special meeting was called to order
at 8:25 AM. The members in attendance were trustees: John Wolfel, Vic Gualillo and Harry
McNally. Bob Sternfeld and Dale Hatfield were 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 Police Officers' 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 7.25%by Vic Gualillo and seconded by John Wolfel. 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Investment Return, (Item#8), the 1St and 2nd motions were withdrawn.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 Vic Gualillo and seconded by John Wolfel &unanimously approved. Various rates of
return were discussed and a motion was made by John Wolfel to utilize a rate of return of 7.75%.
There was no second motion. A motion was made by Vic Gualillo to utilize a rate of return of 8%.
This motion was seconded by Harry McNally and approved by Harry McNally and Vic Gualillo.
John Wolfel opposed the motion.
3. New Business: At the May 19, 2011 Quarterly Meeting there will be a review of the
documentation to be provided by Michael O'Shields, Senior Vice President& Institutional
Consultant, Morgan Stanley Smith Barney,regarding the presentation of the fiscal year end
investment results.
4. Adjournment—the meeting was adjourned at 8:41 AM by Harry McNally.
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Vic ualillo Harry McNally
Vice Chair Secretary