Police Employee Pension Board Minutes 04-10-14 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
April 10,2014
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: John Wolfel, Bill Tomson, David Cameron,
and Tim Saggau. 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 Police Employee Retirement System March 13,2014 meeting.
Motion to approve was made by Bill Tomson and seconded by John Wolfel. 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$82,023 gain
with a current ending portfolio value of$7,800,090. This represents a cumulative gain of 5.8%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. #1 in the
"Fixed Income Securities" section will be amended to say"investment grade"
instead of"'A' or higher". Motion made by David Cameron and seconded by
Bill Tomson. The vote was unanimous to approve.
5. No new business.
6. Adjournment—David Cameron made the motion to adjourn the meeting at 7:20 PM.
(a7;
Vic Gualillo David Cameron
Chair Secretary
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