Police Employee Pension Board Minutes 08-15-2013 - Quarterly CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
August 15,2013
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: Vic Gualillo, David Cameron, John Wolfel,
and Tim Saggau. Nelson Van Liere, Pension Plan Administrator and Investment Advisor Michael
O'Shields were also in attendance.
2. Approval of the minutes from the Police Employee Retirement System July 16, 2013 meeting.
Motion to approve was made by Vic Gualillo and seconded by David Cameron. The vote was
unanimous to approve.
3. Michael O'Shields led the discussion on the investment performance for the month of July
including year to date information. Discussion related to current equity and bond investment
allocation. Current quarterly performance has resulted in a$157,978 gain with a current ending
portfolio value of$7,264,778.
4. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Dehner,P.A.:
i. Operating rules, summary plan description, and additional forms will be pushed back
a quarter and be placed on the next agenda.
ii. Current legislation requires the board to estimate the expected investment return
based on the current portfolio for several time periods including 1 year, several years,
and the long term thereafter. Based on the board's investment advisor's statements,
the board adopted an 8%expectation across all time periods. Motion to adopt 8%as
the expectation across all time periods was made by Vic Gualillo and seconded by
David Cameron.
iii. There is a possibility of legislation that may require the city to acquire actuarial
valuations for a variety of possible outcomes. The legislation may be challenged as
an unfunded mandate by other cities.
iv. Verbiage must be added to the agenda as a courtesy to the public to allow the public
to speak at board meetings.
5. Board discussed the possibility of hiring another actuary due to price of additional projects
charged by current actuary. No interest was shown and no motion was made.
6. Adjournment—the meeting was adjourned at 7:41 PM.
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Vic ualillo David Cameron
Chair Secretary
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