Police Employees Pension Board Draft Minutes 11-14-2013 - Quarterly
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
November 14, 2013
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, Bill Tomson, and Tim Saggau. Pension
Plan Administrator Nelson Van Liere, Investment Advisor Michael O’Shields, and Pension Board Attorney Scott Christiansen of Christiansen & Dehner, P.A were also in attendance.
Courtesy
of the floor to visitors. No visitors exercised their right to speak.
Approval of the minutes from the Police Employee Retirement System October 10, 2013 meeting. Motion to approve
was made by Bill Tomson and seconded by David Cameron. The vote was unanimous to approve.
Discussion related to board member composition. The city commission approved the recommendation
to reappoint John Wolfel and Bill Tomson to the Police Pension Board of Trustees.
Quarterly meeting dates for 2014 were announced. No motion to change dates was made.
The Financial
Expenditures through September 30, 2013 for the Police Employees’ Pension Plan were approved: the motion was made by Vic Gualillo and seconded by David Cameron. The vote was unanimous
to approve.
The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen & Dehner, P.A.:
Report of financial assets needs to be given to city commission for
the fiscal year ended September 30, 2013.
Discussion related to the Florida Retirement System revolving around the police
pension plan. The Board discussed the advantages and disadvantages
of a police pension plan entering the Florida Retirement System. No interest from board members was expressed at this time.
Motion to adopt plan documents (operating rules, summary
plan description, and
other forms) prepared by Christansen & Dehner, P.A was made by Vic Gualillo and seconded by David Cameron. The vote was unanimous to approve.
Michael O’Shields
led the discussion on investment performance for the month of October including year to date information. Discussion related to current equity and bond investment allocation. Current
quarterly performance has resulted in a $143,492 gain with a current ending portfolio value of $7,513,074. This gain represents a quarterly gain of 1.9% after the first month of the
fiscal year ended September 30, 2014.
No new business.
Adjournment – David Cameron made the motion to adjourn the meeting at 7:32 PM.
___________________________ ____________________________
Vic Gualillo David Cameron
Chair Secretary