Police Employee Pension Board Minutes 02-13-14CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
February 13, 2014
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, David Cameron, John Wolfel,
and Bill Tomson. Pension Plan Administrator Nelson Van Liere, 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 Police Employee Retirement System January 9, 2014
meeting. Motion to approve was made by David Cameron and seconded by Bill Tomson. The vote
was unanimous to approve.
4. Discussion on board member composition. Vic Gualillo's term expires on February 28, 2014.
Nominations have been submitted and an election is to follow.
5. The Financial Expenditures through December 31, 2013 for the Police Employees' Pension Plan
were approved: the motion was made by David Cameron and seconded by Bill Tomson. The vote
was unanimous to approve.
6. Michael O'Shields led the discussion on investment performance for the month of January
including year to date information. Discussion related to current equity and bond investment
allocation. Current quarterly performance has resulted in an $41,695 loss with a current ending
portfolio value of $7,676,152. This represents a cumulative gain of 4.1% after the fourth month of
the fiscal year ended September 30, 2014.
7. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Dehner, P.A.:
A. Discussion related to potential legislation that may affect the use of state monies
provided to the pension plan.
B. Motion made by Bill Tomson to authorize attorney to prepare ordinance with further
IRC updates and to request zero impact study from actuary in regards to proposed
changes in the ordinance. Seconded by David Cameron and the vote was unanimous
to approve.
C. 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 Bill Tomson and seconded by
David Cameron.
8. Discussion of the Annual Valuation Report.
Pension Plan Administrator led discussion revolving around key points of the Annual Valuation
Report including unfunded liability ratios, schedule of funding, and impact statements. Motion to
approve the Annual Valuation Report was made by David Cameron and seconded by Vic Gualillo.
The vote was unanimous to approve.
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9.
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No new business.
Adjournment — Bill Tomson made a motion to adjourn the meeting at 7:58 PM.
Vic Gualillo
Chair
Secretary
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