3-4-10 - General Special CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD SPECIAL MEETING
MINUTES
March 4,2010
1. The City o Atlantic Beach General Employees' Pension Board Special Meeting was called to
order at 5: 3 PM. The members in attendance were trustees: Malcolm Clemons,Bob Steinfeld,
Alan Gleit, arry McNally and Jeri Benjamin. Also in attendance were Nelson Van Liere, Pension
Plan Administrator; &Michael O'Shields, Investment Consultant from Morgan Stanley Smith
Barney.
2. The Investment Policy for the General Employees' Pension was approved: the motion was made
by Alan Gleit, seconded by Bob Steinfeld&unanimously approved.
3. The selection of the Investment Managers for the General Employees' Pension was:
Investment Manager
Investment Type Selected First Motion Second Motion Approved Opposed
Winslow Capital Malcolm
Large Cap Growth Management Alan Gleit Clemons All None
Metropolitan West
Large Cap Value Capital Management, LLC Alan Gleit Harry McNally All None
Penn Capital Malcolm
Mid Cap Management Clemons Bob Sternfeld All None
Small Cap Growth Riverbridge Partners Bob Sternfeld Jeri Benjamin All None
Malcolm All but
Small Cap Value GW Capital Inc. Alan Gleit Clemons Jeri Jeri
Malcolm
International Harding Loevner Jeri Benjamin Clemons All None
Malcolm
Fixed Income PIMCO Total Return Clemons Harry McNally All None
4. Discussion of Investment Policy adopted above: the motion was made by Alan Gleit to amend page
3 to delete MSCI EAFE&add MSCI AC World EX US, seconded by Malcolm Clemons¢i
unanimously approved;the motion was made by Alan Gleit to amend page 5 to delete interest rate
swaps &add derivatives with the disclaimer the Board prefers not to have them, seconded by Harry
McNally&unanimously approved.
5. No New Business.
6. Adjourn—the motion was made by Harry McNally&the meeting was adjo 1 -d at 7:04 PM
4 i
Malcolm Clemons Alan Gleit ,
Chair Secretary