General Employee Pension Board Minutes 08-16-2012 - QuarterlyCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
August 16, 2012
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:30 P.M. The members in attendance were trustees: Timothy Townsend, Dennis Roberts & Alan
Gleit. 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 & Delmer, P.A. arrived at
6:44 P.M.
2. The Minutes for May 17, 2012 General Employees' Pension Board meeting was approved: the
motion was made by Alan Gleit, 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 06/30/12 had a 11.75%
increase for fiscal year to date as of June 30, 2012.
ii. Michael requested a meeting with the General Employees' Pension Board of Trustees on
October 11, 2012 to discuss the upcoming fiscal year's investment strategies. The motion to
approve the meeting date was made by Timothy Townsend, seconded by Alan Gleit &
unanimously approved.
4. The Financial Expenditures through June 30, 2012 for the General Employees' Pension Plan
were approved: the motion was made by Dennis Roberts, seconded by Timothy Townsend &
unanimously approved.
5. The General Employees' Board of Trustees Resident Selected By Board & Approved by the
Commission was Gil Flores. The motion to approve Mr. Flores was made by Timothy
Townsend, seconded by Dennis Roberts & unanimously approved.
6. The General Employees' Board of Trustees discussed the attendance of the Trustees and
will monitor absences. Nelson Van Liere, Pension Plan Administrator, will call the Trustee if
absences exceed the allotted amount.
7. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Delmer, P.A.:
i. Status of the Ordinance — is being reviewed by the attorneys handling Union negotiations for
the City
ii. The change in beneficiary of a deceased retiree's pension when divorced was discussed.
iii. Notarized affidavits should be received from retirees annually at minimum to verify benefits
are being distributed properly.
iv. All of the Board members have submitted their Financial Disclosure forms.
v. The Merrill Lynch litigation was discussed.
8. No new business.
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9.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
August 16, 2012
Adjournment — the meeting was adjourned at 7:51 PM
Secretary
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