General Employee Pension Board Minutes 07-16-2013 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
July 16,2013
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, and Dennis
Roberts. 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 June 13,2013 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 June
including year to date information. Discussion related to the market updates including the losses
the bond market has endured. Discussion moved to Morgan Stanley's position that the market is now
fairly valued and equity risk has returned to a more neutral position. Additionally,institutional
investors have been shunning foreign markets and moving to U.S positions. The board discussed
moving from a conservative strategy to a more aggressive strategy under the condition that Bernake's
comments on July 17th, 2013 are favorable to the bond and equity markets regarding tapering
purchases.
4. The board agreed to move to a more aggressive strategy under that condition that Bernake's
comments on July 17th,2013 are favorable to the bond and equity markets regarding tapering
purchases. The board agreed to remain with the current conservative strategy if the comments are
unfavorable. Gil Flores made the motion and it was seconded by Dennis. The vote was unanimous
to approve.
5. No new business.
6. Adjournment—the meeting was ad'ourned at 7:44 PM.r
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im ownsend Alan Gleit
Chair Secretary
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