General Employee Pension Board Minutes 04-10-14 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
April 10,2014
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,Alan Gleit,
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 March 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 March
including year to date information. Discussion related to current equity and bond investment
allocation and current market risks. Current calendar year performance has resulted in a$138,666
gain with a current ending portfolio value of$14,486,831. This represents a cumulative gain of 5.5%
after the sixth month of the fiscal year ended September 30, 2014.
a. Discussion related to changing the lower and upper limits of the investment policy
allocations. Decision reached to remove upper and lower limits for allocation
of domestic equities, fixed income, and cash equivalents in the "Investment
Guidelines" section. International equities will be capped at 25% due to
statutory requirements. Additionally,#2 in the"Equity Securities" section
and #3 in the "Fixed Income Securities" section will be deleted. Motion made
by Timothy Townsend and seconded by Dennis Roberts. The vote was unanimous
to approve.
5. Benefit Changes for Herman Griffin,Paul Paloti,Marcia Baker,and Evelyn Paloti. Motion to
approve was made by Timothy Townsend and seconded by Gil Flores. The vote was unanimous to
approve.
6. No new business.
7. Adjournment—Timothy Townsend made the motion t' . I journ the me:)_ at 7:20 P
Timothy i wnsend Alan Gleit
Chair Secretary
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