General Employees Pension Board Minutes 8-18-11 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
August 18, 2011
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:30 PM. The members in attendance were trustees: Alan Gleit, Harry McNally, Dennis Roberts,
Bob Sternfeld and Tim Townsend. Nelson Van Liere, Pension Plan Administrator; Pension Board
Attorney Scott Christiansen of Christiansen & Delmer, P.A. & Michael O'Shields, Senior Vice
President & Institutional Consultant, Morgan Stanley Smith Barney, were also in attendance.
2. The General Employees' Board of Trustees resignations & election results were discussed. A
motion was made by Harry McNally, seconded by Bob Sternfeld & and the motion was
unanimously approved to ratify the election. A motion was made by Harry McNally, seconded by
Bob Sternfeld & and the motion was unanimously approved to select Tim Townsend as Chair
Person.
3. The Minutes for May 19, 2011, General Employees' Pension Board meeting was approved:
the motion was made by Bob Sternfeld, seconded by Harry McNally & unanimously approved.
4. The Minutes for June 28, 2011, General Employees' Pension Board Special meeting was
approved: the motion was made by Alan Gleit, seconded by Harry McNally & unanimously
approved.
5. The Quarterly Investment Performance Report for the quarter ended 06/30/11 was presented
by Michael O'Shields of Morgan Stanley Smith Barney. For the quarter ending 06/30/11, the
investment portfolio had a .62% increase.
6. The Schedule of General Employees' Pension Changes was approved: the motion was
made by Harry McNally, seconded by Alan Gleit & unanimously approved.
7. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Dehner, P.A.:
i. Nelson Van Liere, Pension Plan Administrator was selected as the Board's RMLO.
ii. The dual office of Pension Board Trustees was discussed. As elections are held in
the future, these duplications will be eliminated.
iii. The term expirations of the elected & replacement Trustees was discussed.
8. The Financial Expenditures through June 30, 2011 for the General Employees' Pension Plan
were approved: the motion was made by Harry McNally, seconded by Tim Townsend &
unanimously approved.
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CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
August 18, 2011
9. The presentation of the General Employees' Actuarial Report to the City Commission on
07/11/11 was discussed.
10. No New Business.
11. Adjournment — the meeting was adjourned at 7:44 PM by , McNally.
r / '
Tim ► ( wns nd Alan ""it
Chair Secretary
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