General Employee Pension Board Minutes 08-15-2013 - Quarterly v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
August 15,2013
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 July 16,2013 meeting.
Motion to approve was made by Timothy Townsend and seconded by Gil Flores. The vote was
unanimous to approve.
3. Michael O'Shields led the discussion on the investment performance for the month of July
including year to date information. Discussion related to current equity and bond investment
allocation. Current quarterly performance has resulted in a$244,201 gain with a current ending
portfolio value of$13,532,447. The board discussed moving money from PIMCO to Sage to
continue to move to shorter duration corporate bonds. Motion was made by Dennis Roberts to leave
a million dollars in PIMCO and move the rest into Sage; motion seconded by Michael Diaz.
4. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen&
Dehner, P.A.:
i. Operating rules, summary plan description, and additional forms will be pushed back
to next quarter and placed on the next agenda.
ii. Current legislation requires the board to estimate the expected investment return
based on the current portfolio for several time periods including 1 year, several years,
and the long term thereafter. Based on the board's investment advisor's statements,
the board adopted an 8%expectation across all time periods. Motion to adopt 8%as
the expectation across all time periods was made by Dennis Roberts and seconded by
Timothy Townsend.
iii. Talked about legislation that may require the city to acquire actuarial valuations for
a variety of possible outcomes. The legislation may be challenged as an unfunded
mandate by other cities.
iv. Verbiage must be added to the agenda as a courtesy to the public to allow the public
to speak at board meetings.
v. Dennis Roberts made a motion to re-elect Timothy Townsend as the Chairman and
Alan Gleit as the Secretary; motion seconded by Michael Diaz.
vi. Dennis Roberts made a motion to elect Michael Diaz as the Vice Chairman;motion
seconded by Tim Townsend.
5. The General Board approved Doris Smith going into the DROP as of July 1,2013 and
Georgia Horn changing from vested to retired as of May 31,2013 with a motion by Alan Gleit
and seconded by Michael Diaz. The vote was unanimous.
6. Board discussed the possibility of hiring another actuary due to price of additional projects
charged by current actuary. No interest was shown and no motion was m.,e.
7. Adjournment—the meeting was adjourned at 7:41 PM. /
Timothy 'ownsend Alan Gleit
Chair Secretary
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