Police Employee Pension Board Minutes 02-16-2012 - Quarterly v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE OFFICERS' PENSION BOARD MEETING
MEETING MINUTES
February 16, 2012
1. The City of Atlantic Beach Police Officers' Pension Board meeting was called to order at 6:37
P.M. The members in attendance were trustees: John Wolfel, Brannon Hicks, Vic Gualillo and
Harry McNally. Bob Sternfeld was not present. Nelson Van Liere, Pension Plan Administrator; &
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.
arrived at 7:27 P.M.
2. The Minutes for November 17, 2011, Police Officers' Pension Board meeting were approved:
the motion was made by Harry McNally, seconded by Brannon Hicks & unanimously approved.
3. The following was presented by Michael O'Shields of Morgan Stanley Smith Barney: the
Quarterly Investment Performance Report for the quarter ended 12/31/11 had a 5.15% increase for
fiscal year to date.
4. The Financial Expenditures through December 31, 2011 for the Police Officers' Pension Plan
were approved: the motion was made by Vic Gualillo, seconded by Brannon Hicks & unanimously
approved.
5. The Addendum to the Actuarial Services Agreement for Gabriel, Roeder Smith & Company
for Police Officers' was executed: the motion was made by Harry McNally, seconded by John
Wolfel & unanimously approved.
6. 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.
iii. The ADR or foreign tax paid through Morgan Stanley Smith Barney can be recouped through
tax recovery. Nelson Van Liere, Finance Director & Pension Plan Administrator agreed to
pursue the refunds.
iv. A new trustee needs to be nominated & selected as Vic Gualillo's term expired 02/09/12.
v. Mr. Christiansen requested copies of the summary plan descriptions.
7. New Business: Requests for Proposals were discussed for new actuary services.
8. Adjournment — the meeting was adjourned at 8:17 PM.
r'l2,
Vic Gualillo Harry lqcNally
Chair Secretary