Untitled CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MINUTES
February 18,2010
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
7:05 PM. The members in attendance were trustees: Malcolm Clemons,Bob Steinfeld,Alan Gleit,
Harry McNally and Jeri Benjamin. Also in attendance were: Scott Christiansen, Pension Attorney;
Nelson Van Liere,Pension Plan Administrator; &Michael O'Shields, Investment Consultant from
Morgan Stanley Smith Barney.
2. The General Employees' Board of Trustees was approved: Tim Townsend's term on the Board
expired 01/01/10. There were 2 members nominated for the Board: Tim Townsend&Jeri Benjamin.
In an election held in February, 2010 Jeri Benjamin was elected to the Board by a majority of votes.
3. The selection of the Officer's for the General Employees' Board of Trustees were: the motion for
Malcolm Clemons as Chair was made by Alan Gleit, seconded by Bob Steinfeld&unanimously
approved;the motion for Harry McNally as Vice Chair was made by Bob Stemfeld, seconded by
Malcolm Clemons&unanimously approved; &the motion for Alan Gleit as Secretary was made by
Harry McNally, seconded by Bob Sternfeld&unanimously approved.
4. The Minutes for November 19,2009,General Employees' Pension Board meeting were
approved: the motion was made by Bob Stemfeld, seconded by Jeri Benjamin&unanimously
approved.
5. The Quarterly Investment Performance Report for the quarter ended 12/31/09 was provided by
UBS & presented by Michael O'Shields of Morgan Stanley Smith Barney. According to the
report received from UBS,the portfolio had a 3.83% increase quarter to date.
6. The Institutional&Fiduciary Services Agreements with Morgan Stanley Smith Barney were
ratified: the motion was made by Alan Gleit, seconded by Harry McNally&unanimously approved.
7. The Investment Policy for the General Employees' Pension was debated: the changes proposed
by the Board are to be executed by Michael O'Shields,reviewed by Nelson Van Liere, Pension Plan
Administrator&•Scott Christiansen,Pension Attorney._ There will be a special meeting on March 4,
2010 to approve the Policy.
8. The Financial Expenditures through December 31,2009 for the General Employees'
Pension Plan were approved: the motion to approve was made by Malcolm Clemons, seconded
by Jeri Benjamin&unanimously approved.
9. The Discussion of Matters of Interest to the General Employees' Pension Board by Pension
Board Attorney Scott Christiansen of Christiansen & Dehner,P.A.: the proposed pension plan
document will be discussed at City Hall on 02/19/10 &a summary of the changes will be presented to
the Board at the next quarterly meeting.
10. The FPPTA Schedule of Events was distributed to the Board.
11. No New Business.
12. Adjourn—the motion was made by Alan Gleit&the meeting was adjourned at 9:20 PM -
I
Malcolm Clemons Alan cit
Chair Secretary