General Employee Pension Board Minutes 06-13-2013 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
June 13,2013
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, Gil Flores, Dennis
Roberts, Alan Gleit and Michael Diaz. Nelson Van Liere, Pension Plan Administrator and
Investment Advisor Michael O'Shields were also in attendance.
2. Approval of the minutes from the General Employee Retirement System May 16, 2013 meeting.
Motion to approve was made by Timothy Townsend and seconded by Dennis Roberts. The vote was
unanimous to approve.
3. Michael O'Shields led the discussion on the investment performance for the month of May
including year to date information. The General Employee investment portfolio decreased by
$1,582 to $12,097,941. Basically,no change from the prior month. Discussion related to the
market's being overvalued was the reason that the board did not vote to re-deploy un-invested cash.
Michael distributed the Investment Summary Portfolio Review through June 13,2013 indicating
$326,365 in gains of 2.5% year to date. The board agreed with Michael to keep the cash un-invested
until we discuss it at the July meeting.
4. The board agreed to Michael's recommendation to sell$1,400,000 of Pimco and purchase Sage
Advisory Corporate Bonds. Timothy Townsend made the motion and it was seconded by Dennis.
The vote was unanimous to approve.
5. No new business.
6. Adjournment—the meeting was adjourned at 7:15 PM. /
Timothwnsend Alan Gleit
Chair Secretary