General Employee Pension Board Minutes 05-17-2012 - Quarterly v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 17, 2012
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:35 P.M. The members in attendance were trustees: Alan Gleit, Dennis Roberts and Tim
Townsend. 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 7:07 P.M.
2. The Minutes for March 7, 2012, 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 03/31/12 had an 8.20%
increase for fiscal year to date as of March 31, 2012.
ii. After the Quarterly Investment Performance Report was received and discussed, the board
discussed the topic of portfolio insurance.
iii. The Morgan Stanley Smith Barney Global Investment Committee's 2012 Strategic Asset
Allocation was discussed.
iv. 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.
4. The Schedule of General Employees' Benefit Status was discussed. The motion to approve
the statuses was made by Tim Townsend, seconded by Alan Gleit & unanimously approved.
5. The Financial Expenditures through March 31, 2012 for the General Employees' Pension Plan
were approved: the motion was made by Tim Townsend, seconded by Dennis Roberts &
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 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.
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.
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CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 17, 2012
7. The Board discussed the vacant trustee position. Two of the three applicants withdrew their
application & Tim Townsend requested an application for a new member.
8. No new business.
9. Adjournment — the meeting was adjourned at 8:40 P.M. Dennis RI s.
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Tim Town .n i Alan Gleit
Chair Secretary
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