General Employees' Pension Boardd Meeting Munites 11-17-11 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
November 17, 2011
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:35 PM. The members in attendance were trustees: Alan Gleit, Harry McNally, Dennis Roberts
and Tim Townsend. Bob Sternfeld was not present. Nelson Van Liere, Pension Plan Administrator;
Pension Board Attorney Scott Christiansen of Christiansen & Dehner, P.A. & Michael O'Shields,
Senior Vice President & Institutional Consultant, Morgan Stanley Smith Barney were also in
attendance.
2. The Minutes for August 18, 2011, General Employees' Pension Board meeting were approved:
the motion was made by Tim Townsend, seconded by Dennis Roberts & unanimously approved.
3. The following was presented by Michael O'Shields of Morgan Stanley Smith Barney:
i. The Quarterly Investment Performance Report for the quarter ended 09/30/11 had a 2.2%
decrease for fiscal year to date as of September 30, 2011.
ii. The Board discussed the rebalancing of the investment portfolio. The motion for the rebalancing
was made by Alan Gleit, seconded by Tim Townsend & unanimously approved.
4. The Schedule of General Employees' Pension Changes was discussed.
5. The Financial Expenditures through September 30, 2011 for the General Employees' Pension
Plan were approved: the motion was made by Tim Townsend, seconded by Dennis Roberts &
unanimously approved.
6. The Fee for Gabriel, Roeder Smith & Company to calculate changes to the Actuarial
Valuation Report for General Employees' was confirmed: the motion was made by Tim
Townsend, seconded by Harry McNally & unanimously approved.
7. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Dehner, P.A.:
i. Status of the Ordinance — has not been reviewed by the City Manager
ii. The upcoming legislation was reviewed.
8. New Business: the Board agreed to renew the FPPTA membership & attend the local
conference: the motion was made by Tim Townsend, seconded by Harry McNally &
unanimously approved for the membership fee & the motion was made by Tim Townsend,
seconded by Harry McNally & unanimously approved for attending the conference in
Jacksonville.
9. Adjournment — the meeting was adjourned at 7:37 PM.
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Tim To , nsend Alan eit
Chair Secretary