General Employee Pension Board Minutes 11-14-2013 - Quarterly CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
November 14,2013
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,and Alan Gleit. Pension Plan Administrator Nelson Van I,iere, Investment Advisor Michael
O'Shields,and Pension Board Attorney Scott Christiansen of Christiansen& Dehner,P.A were also
in attendance.
2. Courtesy of the floor to visitors. No visitors exercised their right to speak.
3. Approval of the minutes from the General Employee Retirement System October 10,2013
meeting. Motion to approve was made by Dennis Roberts and seconded by Timothy Townsend. The
vote was unanimous to approve.
4. Quarterly meeting dates for 2014 were announced. No motion to change dates was made.
5. The Financial Expenditures through September 30,2013 for the General Employees' Pension
Plan were approved: the motion was made by Timothy Townsend, seconded by Dennis Roberts.
The vote was unanimous to approve.
6. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Dehner,P.A.:
i. Report of financial assets needs to be given to city commission for the fiscal year
ended September 30, 2013.
ii. Discussion related to the Florida Retirement System revolving around the police
pension plan. The Board discussed the advantages and disadvantages of a police
pension plan entering the Florida Retirement System. No interest from board
members was expressed at this time.
iii. Motion to adopt plan documents (operating rules, summary plan description, and
other forms)prepared by Christansen&Delmer,P.A was made by Dennis Roberts
and seconded by Timothy Townsend. The vote was unanimous to approve.
7. Michael O'Shields led the discussion on investment performance for the month of October
including year to date information. Discussion related to current equity and bond investment
allocation. Current quarterly performance has resulted in a$251,638 gain with a current ending
portfolio value of$13,977,648. This gain represents a quarterly gain of 1.8%after the first month of
the fiscal year ended September 30, 2014.
8. The General Board approved Shelton Flowers entering the DROP as of September 2,2013
and Desmond Green entering the DROP as of September 23,2013 with a motion by Timothy
Townsend and seconded by Dennis Roberts. The vote was unanimous to approve.
9. No new business.
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10. Adjournment—Timothy Townsend : ade the motion to .•'ourn the meet' . 7:32 PM.
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r„h%,i- Al .,. .d,-_,:,.:t..,/ 1
imoth To• nsend Alan Gleit
Chair Secretary
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