General Employee Pension Board Minutes 04-11-2013CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
April 11, 2013
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:30 P.M. The members in attendance were trustees: Timothy Townsend, Alan Gleit, Gil Flores and
Dennis Roberts. Michael Diaz was absent. Nelson Van Liere, Pension Plan Administrator; &
Michael O'Shields, Senior Vice President & Institutional Consultant, Morgan Stanley was also in
attendance.
2. Approval of the minutes from the General Employee Retirement System March 14, 2013
meeting. Motion to approve was made by Tim Townsend and seconded by Alan Gleit. 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 March.
Considering the equity markets were still elevated in an overvalued position, Michael
suggested that the Police Board of trustees 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) for better dividends and potential market appreciation. In conjunction with this trade,
Michael was instructed to also move from cash enough funds added to Sage to put the fixed
income allocation to 50% of the portfolio. Harry McNally made the motion, seconded by
David Cameron and unanimously approved.
The General Employees made a motion to move 1,000,000 form cash and into Sage
Intermediate Corporate Only Fund. The criteria to re- invest those funds into equities have not
been met. Alan Gleit made the motion and Dennis Roberts seconded it. The motion passed
unanimously
Investment Results for GENERAL October 1 through March 31, 2013
Michael O'Shields discussed the Investment Summary provided indicated an increase in the fund
of $414,792 and 3.3% return through March 2013.
4. No new business.
5. Adjournment — the meeting was adjourned at 7:30 PM.
Timo vwnsend A eit
Chair Secretary
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