General Employee Pension Board Minutes 01-09-14 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
January 9,2014
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. Pension Plan Administrator Nelson Van Liere and Investment Advisor Michael O'Shields
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 December 12,2013
meeting. Motion to approve was made by Timothy Townsend and seconded by Dennis Roberts. The
vote was unanimous to approve.
4. Michael O'Shields led the discussion on investment performance for the month of December •
including year to date information. Discussion related to current equity and bond investment
allocation. Current quarterly performance has resulted in a$619,193 gain with a current ending
portfolio value of$14,346,186. This represents a gain of 4.5%after the first quarter of the fiscal year
ended September 30,2014. A motion was made to liquidate the remaining position in PIMCO and
invest the capital in Sage to provide better results on the fixed income portion of the portfolio.
Motion was made by Dennis Roberts and seconded by Timothy Townsend. The vote was unanimous
to approve.
5. No new business.
6. Adjournment—motion to adjourn the meeting at 6:49 PtUuA '
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Timoth ownsend Alan Gleit
Chai Secretary
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