Police Employee Pension Board Minutes 05-17-2012 - Quarterly v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE OFFICERS' PENSION BOARD MEETING
MEETING MINUTES
May 17, 2012
1. The City of Atlantic Beach Police Officers' Pension Board meeting was called to order at 6:34
P.M. The members in attendance were trustees: John Wolfel, William (Bill) Tomson, Brannon
Hicks, Vic Gualillo and Harry McNally. 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
7:07 P.M.
2. The Minutes for February 16, 2012 Police Officers' Pension Board meeting were approved: the
motion was made by Harry McNally, seconded by John Wolfel & unanimously approved.
3. The Minutes for February 17, 2012 Police Officers' Pension Board Special meeting were
approved: the motion was made by Harry McNally, seconded by Bill Tomson & unanimously
approved.
4. The election of Vic Gualillo for Police Officers' pension Board of Trustees was confirmed. The
motion to approve the election results was made by Harry McNally, seconded by Brannon Hicks &
unanimously approved.
5. The following was presented by Michael O'Shields of Morgan Stanley Smith Barney:
i. The Quarterly Investment Performance Report for the quarter ended 03/31/12 had an 6.67%
increase for fiscal year to date as of March 31, 2012.
ii. The Morgan Stanley Smith Barney Global Investment Committee's 2012 Strategic Asset
Allocation was discussed.
iii. The Board also discussed having alternatives in the investment policy to give them more
flexibility regarding asset allocations. The possibility of having three separate strategies
regarding the portfolio components to be used depending on the market conditions was
discussed.
6. The Schedule of Police Officers' Benefit Status was discussed. The motion to approve the statuses
was made at the February 17, 2012 Special Meeting.
7. The Financial Expenditures through March 31, 2012 for the Police Officers' Pension Plan were
approved: the motion was made by Vic Gualillo, seconded by Bill Tomson & unanimously
approved.
8. 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 ADR or foreign tax paid through Morgan Stanley Smith Barney can be recouped through
tax recovery. Michael O'Shields of Morgan Stanley Smith Barney agreed to pursue the
refunds.
iii. The financial disclosure forms are due by 07/01/12.
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CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE OFFICERS' PENSION BOARD MEETING
MEETING MINUTES
May 17, 2012
iv. No new legislature was passed on pension plans so no changes need to be made.
v. Merrill Lynch is involved in a class action suit by other cities in the State of Florida. Mr.
Christiansen's office will assist the Board in filing the necessary forms /claims prior to
09/11/12. The motion to approve the class action status was made by Dennis Roberts,
seconded by Tim Townsend & unanimously approved.
9. No new business.
10. Adjournment — the meeting was adjourned at 8:29 PM.
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Vic Gualillo Harry MAally
Chair Secretary
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