General Employee Pension Board Minutes 03-13-14 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
March 13,2014
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 Alan
Gleit. 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 February 13,2014
meeting. Motion to approve was made by Timothy Townsend and seconded by Gil Flores. The vote
was unanimous to approve.
4. Michael O'Shields led the discussion on investment performance for the month of February
including year to date information. Discussion related to current equity and bond investment
allocation and current market risks. Current quarterly performance has resulted in a$262,450 gain
with a current ending portfolio value of$14,608,774. This represents a cumulative gain of 6.4% after
the fifth month of the fiscal year ended September 30,2014.
a. Discussion related to geopolitical risk and the impact it may have on foreign
markets. Decision reached to withdraw from all foreign investments and hold
cash until risk and volatility decrease. Motion made by Timothy Townsend and
seconded by Gil Flores. The vote was unanimous to approve.
b. Discussion related to geopolitical risk and the impact it may have on domestic
markets. Decision reached to withdraw from 75% of domestic equities and
hold cash until risk and volatility decrease. Motion made by Timothy
Townsend and seconded by Alan Gleit. The vote was unanimous to approve.
5. No new business.
6. Adjournment—Timothy Townsend made the motion to adjourn the meeti 7a 7:32 PM.
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imoth T i wnsend Alan Gleit
Chair Secretary
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