Police Employee Pension Board Minutes 06-13-2013 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
June 13,2013
1. The City of Atlantic Beach Police Employees' Pension Board meeting was called to order at
6:30 P.M. The members in attendance were trustees: Vic Gualillo,William Tomson and Tim
Saggau. Nelson Van Liere,Pension Plan Administrator and Investment Advisor Michael O'Shields
were also in attendance.
2. Approval of the minutes from the Police Employee Retirement System May 16,2013 meeting.
Motion to approve was made by Vic Gualillo and seconded by William Tomson. 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 investment account decreased by$10,236 for the month of
May which is basically no change for the month. The month end balance was $7,234,430.
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. The report indicated$150,107 earnings to date. This was a 2.1%increase year to
date. The board agreed with Michael to keep the cash un-invested and to discuss it again in July's
meeting.
4. No new business.
5. Adjournment—the meeting was adjourned at 7:15 PM.
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Vic alillo David Cameron
Chair Secretary
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