General Employee Pension Board Minutes 05-09-2013CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 09,2313
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at6:30 P.M. The members in attendance were trustees: Tiipothy Townsend, Alan Gleit, Gil Flores and
Dennis Roberts. Michael Diaz was absent. Nelson Van I,iere, 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 April 11, 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 ld a discussion about the performance of
the investments since the last meeting in April.
Michael gave the opinion that the movement of the $1,000,000 form cash and into Sage
Intermediate Corporate Only Fund was a good mve. The criteria to re-invest those funds
into equities have not been met. Michael explained that a 10 %pullback would be necessary
to re-deploy the cash. Michael advised the board to sit tight and not make any adjustments at
this time.
Investment Results for GENERAL October 1 throigh April 30, 2013
Michael O'Shields discussed the Investment Summa provided indicated an increase in the fund
of$520,209 and 4.1% return through April 2013.
4. No new business.
5. Adjournment—the meeting was adjourned at 7:30 PM.
111,/
Tim ownsend Alain a eit
Chai Secretary
Attached:
1. Morgan Stanley Police Portfolio Review for April VTD
2. Global Investment Committee Commentary Report for May
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