Police Officers Pension Board Minutes 5-19-11 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE OFFICERS' PENSION BOARD MEETING
MEETING MINUTES
May 19, 2011
1. The City of Atlantic Beach Police Officers' Pension Board meeting was called to order at 6:52
PM. The members in attendance were trustees: John Wolfel, Bob Sternfeld and Harry McNally.
Board Member Vic Gualillo arrived at 7:03 PM. Dale Hatfield was absent. Pension Board
Attorney Scott Christiansen of Christiansen & Dehner, P.A; Nelson Van Liere, Pension Plan
Administrator & Michael O'Shields, Senior Vice President & Institutional Consultant, Morgan
Stanley Smith Barney were also in attendance.
2. The Minutes for February 17, 2011, Police Officers' Pension Board meeting was approved:
the motion was made by Bob Sternfeld, seconded by John Wolfel & unanimously approved.
3. The Minutes for March 21, 2011, Police Officers' Pension Board meeting was approved: the
motion was made by Harry McNally, seconded by John Wolfel & unanimously approved.
4. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Dehner, P.A.:
i. Forms PL -1, PL -2 & PL -3 were discussed. Nelson Van Liere, Pension Plan Administrator,
will ensure these forms are sent to the proper authorities within the required deadlines.
ii. The selection of a Records Management Liaison Officer was discussed and Nelson Van
Liere, Pension Plan Administrator was selected: the motion was made by Harry McNally,
seconded by John Wolfel & unanimously approved.
iii. Other matters discussed included: financial disclosures by all Board members need to be
completed prior to the next quarterly meeting on 08/18/11 & the status of the proposed
ordinance is pending until the State of Florida Legislature has completed their changes & the
actuarial study by Foster & Foster is completed.
5. The Quarterly Investment Performance Report for the quarter ended 03/31/11 was presented
by Michael O'Shields of Morgan Stanley Smith Barney. For the quarter ending 03/31/11, the
investment portfolio had a 3.39% increase.
6. The Financial Expenditures through March 31, 2011 for the Police Officers' Pension Plan
were approved: the motion was made by Vic Gualillo, seconded by Harry McNally &
unanimously approved.
7. The Budget for General Employees' Pension Fund was discussed & it was agreed to increase
the Training line item. The motion to adopt the revised budget was made by Harry McNally,
seconded by John Wolfel & unanimously approved.
8. New Business: the status of the Police Disability hearing on L. Jackson was briefly discussed.
9. Adjournment - the meeting was adjourned at 8:20 PM by Harry McNally.
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Vic Gualillo Harry , Nally
Vice Chair Secretary