Police Employee Pension Board Minutes 05-09-2013CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 09,2013
1. The City of Atlantic Beach Police Employees' Pension Board meeting was called to order at
6:30 P.M. The members in attendance were trustees: John Wolfel, Harry McNally, Vic Gualillo and
Bill Tomson. David Cameron was absent. Nelson Van L ere, Pension Plan Administrator; &
Michael O'Shields, Senior Vice President & Institutional Consultant, Morgan Stanley was also in
attendance.
2. Approval of the minutes from the Police Employee Retirement System April 11, 2013 meeting.
Motion to approve was made by Vic Gualillo and seconded by Bill Tomson. The vote was
unanimous to approve.
3. Michael O'Shields of Morgan Stanley Smith Barney led a discussion about the performance of
the investments since the last meeting in April.
Michael explained that the decision that the Police Board of trustees made to sell one of the
mutual funds that has a high concentration of Government bonds, (McDonald Investment
Management Government/ Credit Fund ), and purchase a fund with corporate notes, ( Sage
Intermediate Corporate Only Fund ) turned out to be a good move for better dividends and
potential market appreciation. The Police investments are at 3.4% year to date so we are
almost half way to our goal of 8%. He explained that we need to see a 10% pull back in
equities to deploy our cash. At this time, Michael advised to sit tight and make no changes to
the mix.
Investment Results POLICE October 1 through April 30, 2013
Michael O'Shields discussed the Investment Summary provided indicated an increase in the fund
of$238,604 and 3.4% return through April 2013.
4. No new business.
The board discussed the available applicants to serve on the board and requested that the
Plan Administrator contact Tim Saggau and determine if he is still interested in serving. If
he is willing to serve on the board then invite him to the May 16, 2013 meeting.
5. Adjournment—the meeting was adjourned at 7:30 PM.
4.17
Vic Gualillo
Chair Secretary
Attached:
1. Morgan Stanley Police Portfolio Review for April YTD
2. Global Investment Committee Commentary Report for May
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